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  1. Ryanair raises annual profit forecast
  2. HSBC sets aside $378M to cover foreign exchange probe
  3. Living wage rise to benefit 35,000 workers
  4. The morning's main business programmes are available on the Live Coverage tab

Live Reporting

By Edwin Lane and Ben Morris

All times stated are UK

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That's it for the Business Live page, we're back tomorrow from 06:00.

Via Twitter


World Service

tweets: "LISTEN: Our latest Business Update - including HSBC sets aside $378m in currency probe, plus @lucykellaway on typos."


Kuwait has awarded a $4.8bn (£3bn) contract to expand the nation's international airport to a local firm. Kharafi National will construct the new terminal and runway. Kuwait wants to boost passenger numbers from seven million a year to 13 million by 2016.


French advertising firm Publicis has offered $3.7bn in cash for US-based Sapient, reports the

Wall Street Journal. The deal is supposed to speed up the companies transition into the digital age, and comes after Publicis's planned merger with Omnicom was called off earlier this year. Sir Martin Sorrell, the boss of rival WPP, said the move "looks like the behaviour of a jilted lover".


Bernie Ecclestone (right)
Getty Images

Europe is becoming a "third world" economy according to F1 chief Bernie Ecclestone in

an interview with the Daily Telegraph. "France is gone and Germany doesn't look good," he says. F1 has been replacing races in Europe with countries that are prepared to pay hefty sums to appear on the F1 schedule. Mr Ecclestone has long been an opponent of the euro, says the Telegraph.

Via Twitter

Douglas Fraser

Business and economy editor, Scotland

North Sea oil platform
Getty Images

tweets: "
Gigantic new North Sea oil field: £125bn revenues, £62bn corp'n tax + colossal jobs bonanza: (btw, it's Norwegian)"


Do spelling mistakes matter? Financial Times columnist Lucy Kellaway

suggests not: "The truth is, I've always had a flair for typos. It is not getting better with experience - nor with spellcheck. My ability to introduce mistakes has kept well ahead of the efforts of Microsoft and Apple to eliminate them."


The mayor of London, Boris Johnson, has announced a rise to the living wage in London to £9.15 an hour. The voluntary rate is £1.30 higher than the

rate for the UK as a whole, reflecting the higher cost of living in the capital. Employers including Nestle and Google have signed up to it.


A major site in the North Sea has started producing oil,

our colleagues in Scotland report. The Golden Eagle Area Development, off the coast of Aberdeen, is expected to reach peak production of about 70,000 barrels per day in 2015.


The European markets are trading lower this morning, with banking stocks among the fallers.


BBC World News

Getty Images

Nigel Cassidy reports from Gorlitz, the most easterly town in Germany, as part of a series of reports marking 25 years since the fall of the Berlin wall. He visits the town's art deco department store - used as the set for the Grand Budapest Hotel in Wes Anderson's film. The owner says eastern Germany looks east - to Poland, Ukraine and Russia - as much as west these days. It's as close to Prague as Berlin, he says.

Via Twitter

Mark Broad

Economics reporter, BBC News

tweets: "Knight Frank: Central London house prices plateau for the first time in 4 yrs. Growth 0% in Oct. But prices have risen 40% over 4yrs"


Proposed garden bridge
Heatherwick Studio

Citigroup has become the first company to make a donation towards the Garden Bridge, a new footbridge across the Thames, with a £3m pledge,

according to the Telegraph. The total cost of the bridge, due to open in 2018, is estimated at £150m, the report says. The Treasury and Transport for London have both committed £30m.
But petitions have been started to stop the bridge ever being built.


BBC World News

Simon Calder

Going into 2015 the travel industry is a bit "gloomy" says Simon Calder, from the BBC World's Travel Show. Weak European economies, worries over Ebola and heightened fears of terrorism are all weighing on the industry.


Macron Stadium

Bolton Wanderers chairman Phil Gartside is in Thailand having discussions about a possible takeover of the Championship side, reports BBC Radio Manchester. Thai entertainment company BEC-Tero and Siam Sport Syndicate have previously been linked with a joint bid for the club.


Italy flag

Italy's economy will contract by 0.3% this year, according to the latest forecast from the country's statistics agency. That's a pretty drastic revision from its previous forecast of 0.6% expansion.

A separate report indicates that Italian manufacturing is shrinking again. The Markit/ADACI PMI index fell to 49.0 from 50.7 in September.


pound dollar

As the chart above shows, the pound jumped against the dollar after the PMI data that came out at 09:30. At one point the pound hit $1.6022. The pound also hit its highest level against the euro in a month.

Via Twitter


Robert Peston

Economics editor

tweets: "Striking in UK manufacturing PMI is up because of domestic demand, momentum in UK economy; exports, predictably, under pressure"


Brompton bicycle factory
Getty Images

A closely watched gauge of the UK manufacturing sector showed activity picked up in October. Rates of production and new business accelerated sharply. But new export orders fell for the second straight month. The

CIPS/Markit index for October was at 53.2, up from 51.5 in September.


BBC News Channel

News Channel

Rhys Moore, director of the Living Wage Foundation, says employers who already pay the living wage are seeing the benefits. "Their experience is that if you invest in your people they tend to be happier, they work harder, they're more productive and they will stay with the business," he says. "You don't have to rehire, retain, and spend money on those costs. It's good for them and good for the bottom line."


FTSE 100

Ryanair shares have made the most eye-catching move on the stock exchange this morning. Shares have jumped more than 8% after strong results. That's helped
Easyjet shares which are up 2.4%.

  • The
    FTSE 100 has bounced around - now little changed at 6,540
  • RBS biggest faller on FTSE 100, down 1.6%
  • Dax and
    Cac 40 both down about 0.3%


French advertising giant, Publicis is paying $3.7bn (£2.3bn) to buy US digital marketing specialists Sapient.


don julio
Getty Images

UK drinks giant Diageo has agreed to take over Tequila brand Don Julio. It is also selling its Bushmills whiskey label. Don Julio is an "ultra premium" tequila, according to Diageo's website, with big sales in North America, Colombia and Australia. Our Scotland business editor Douglas Fraser says it's part of Diageo's efforts to push into Mexico.


BBC Radio 4

Our business editor Kamal Ahmed is on

Today talking about HSBC. He says the bank has set aside an additional £353m for PPI repayments. It's a small amount for a bank that makes several billion pounds a quarter profit. But "the problem for banking is that it can't get away from this long list of bad behaviour during and before the financial crisis," Kamal says. "And they can't regain the confidence of the public and investors until they can put these issues to bed."


BBC Breakfast

Mr Osborne is also asked

about reported comments from German Chancellor Angela Merkel that she would rather see Britain leave the European Union than compromise over the principle of freedom of movement. Mr Osborne dismisses the story as speculation over "what Angela Merkel might have said" about something that "David Cameron might say in the future". He says Germany understands Britain's disquiet over immigration.


BBC Breakfast

Chancellor George Osborne

Chancellor George Osborne is on

Breakfast speaking about the announcement of a mayor for Greater Manchester. He thinks it is a "major moment" for Manchester and the North of England. He skirts around the question of whether the people of Manchester want a mayor - they recently voted against having a mayor for the City.


HSBC Hong Kong
Getty Images


reports pre-tax profits of $4.6bn (£2.9bn) for the three months to the end of September, up from $4.5bn for the same time last year.

BreakingBreaking News


HSBC sets aside $378m (£237m) to cover an FCA investigation into foreign exchange trading.


Radio 5 live

Mr Cable is also asked for his reaction to the Virgin Galactic crash on Friday. He says it was an "unfortunate episode". Mr Cable reminds us that Britain is a leading country in the production of small satellites. To help boost that industry, a series of space ports are planned for the UK, he says.


Radio 5 live

Listen up young people! There will be 2.5 million job vacancies in engineering over the next decade says business secretary Vince Cable on

Radio 5 live. This week the government is trying to encourage young people to consider engineering with a week of projects aimed at 11 to 14-year-olds. There is a "yawning gap" between the demand for engineers and supply, Mr Cable said.


BBC Breakfast

michael o'leary

"I'm a very shy retiring Irish farmer," claims Michael O'Leary, the boss of Ryanair, on Breakfast when asked if he likes the limelight.

Ryanair announced strong results this morning. "I think we should have been nicer to customers in the past," he admits, but says there's been a radical change over the last 12 months, with a "new and improved customer experience". "Traffic is up, profits are up, it's working like a dream," he says.

Via Twitter


Douglas Fraser

Business and economy editor, Scotland

tweets: "Mike Ashley tightens grip at Ibrox, appointing ex Newcastle Utd MD Derek Llambias to #Rangers board of directors"


BBC Radio 4

Euro notes
Getty Images

Deflation is stalking the eurozone says Simon Jack on

Today. What can the European Central Bank, which meets this week, do about it? George Magnus from UBS says boss Mario Draghi wants to launch full-on quantitative easing but there is opposition from the Germans, who have an aversion to printing money "in their bones" as a result of the hyper-inflation of the interwar period.

Via Twitter

Richard Westcott

BBC transport correspondent

tweets: "Still not definite...just early indications"

Via Twitter

Richard Westcott

BBC transport correspondent

tweets: "Seems the Virgin crash may hv been structural, not the fuel. The feathering system appears to hv deployed early and engine intact"


BBC Breakfast

Andrew Packman from PwC is on

Breakfast talking about the tax breakdown plans. "I think they're doing it because if you talk about public expenditure of £600bn its quite hard for people to relate to it," he says. "This makes it more real for people." He adds that people might be surprised by how much money goes on welfare, the NHS and education.

Via Twitter

Adam Parsons

Business Correspondent

tweets: "Osborne: Greater Manchester is to get its own directly elected city wide mayor with powers over transport, housing, planning and policing"


Chicken Tikka Masala
Getty Images

Business continues to boom for online takeaway service Just East. It posted a 56% jump in total orders for the three months to 30 September.

Back in August it reported first half pre-tax profits of £8.6m.


The BBC's Joe Lynam says George Osborne's

plan to give taxpayers a breakdown of where their money goes has political benefits for the Conservative party. The breakdown will show the large proportion spent on welfare, which Osborne plans to cut further should the Tories still be in charge after the election. It should also show that the UK's contribution to the EU budget makes up just 0.7% of the tax take.