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Summary

  1. The morning's main business programmes are available on the Live Coverage tab
  2. Canary Wharf owner rejects Qatari takeover bid
  3. Osborne to attend EU meeting amid funding row

Live Reporting

By Edwin Lane and Ben Morris

All times stated are UK

Get involved

That's it from us this week. Join us again from 06:00. Have a great weekend from all of us on on the business team.

EU FUNDING

Here's the latest on the row over the £1.7bn bill from the European Commission that has upset the UK government. The European Council will demand that the Commission change the regulation to allow countries to pay the EU in instalments. The Commission will apparently comply with this "as soon as possible" says our Europe business correspondent Nigel Cassidy.

US JOBS

Monthly US jobs figures - a closely watched metric of the US economy - are due out in half an hour or so. Analysts are expecting solid gains in employment. "We are expecting a reading of 240,000 [new jobs] and anything above that, in the region of 250,000 could send the dollar higher," said Geoff Yu, currency strategist at UBS in London.

GOLD PRICE REFORM

Gold bars
Getty Images

Oversight of London's gold price has been awarded to ICE Benchmark Administration. Next year the benchmark price for gold will switch to a new electronic trading system. Under the old system, in place since 1919, a handful of banks agreed a daily price.

But that system has been vulnerable to manipulation.

LISTEN AGAIN

World Service

Listen to the latest business news from World Business Report on the World Service

here, including Egypt's minister of tourism, Hisham Zaazou, telling Russell Padmore that travel warnings issued by governments in Europe are misleading tourists and hurting the tourism economy. "That's the tragedy of it all and I think I am in disagreement with many of these countries in the way they are addressing this issue."

ECONOMIST MAGAZINE

Economist Magazine
Economist

This week's Economist Magazine leads with the fallout from this week's midterm elections in the United States. "Now that Republicans are in charge, voters will expect them to govern, rather than merely obstruct," says the leader.

DARK NET

Our technology colleagues report that more than 400 sites on the so-called

"dark net" have been shut down in a joint operation by US and European agencies. Troels Oerting, head of Europol's European cybercrime centre, said the sites were "vital criminal infrastructures that are supporting serious organised crime".

Via Twitter

Nick Robinson

Political editor

David Cameron is not the only leader under pressure at the Helsinki conference. Our political editor

tweets: "Where the hell is my beer?" says Finnish PM as walks back into summit & takes seat next to UK's PM having survived vote of no confidence"

EU FUNDING

BBC News Channel

Cameron
BBC

David Cameron is speaking at a conference in Helsinki, answering questions about the EU and that £1.7bn extra payment. He tells reporters that the UK will not pay £1.7bn by December, and that the size of the bill is a problem. But his comments leave the door open to a deal to pay off the amount in instalments - one of the solutions being thrown around this morning.

MARKETS UPDATE

The stock market is still trading higher in London this morning, but shares in Europe are down ahead of the US jobs report - always a big event for day-traders.

  • The
    FTSE 100 is up 0.5% at 6,585
  • Mining stocks among the risers on the FTSE
  • The
    Dax is down 0.2%
  • The
    Cac 40 is down 0.5%

GERMAN RAIL STRIKE

train
Getty Images

A rail strike in Germany looks set to disrupt official commemorations marking 25 years since the fall of the Berlin Wall this weekend. A German court last night dismissed an attempt by rail operator Deutsche Bahn to halt the nationwide strike over pay and working hours. Economists estimate a strike of more than three days could cost the economy up to €100m a day.

CANARY WHARF BID

Canary Wharf
PA

Songbird Estates, the owner of Canary Wharf, is worth more than £2.6bn, or 350p per share, according to analysts at stockbrokers Peel Hunt. So the Qatar Investment Authority and Canada's Brookfield will have to significantly raise their offer, which at the moment is worth 295p per share, if they want to win control of the property firm.

ROUBLE ROUT

Rouble vs. Dollar
Bloomberg

It's been another bad week for the rouble. The chart above shows its fall of around 9% this week, for the year it's down by around a third. At one stage today a dollar was buying 48.51 roubles. But UBS strategist Manik Narain says it's still "hard to argue the rouble has significantly overshot".

Via Email

'DEPRESSING' EUROPE

Capital Economics reacts to today's industrial production data from Germany and France: "Overall, the figures suggest that next week's German and euro-zone GDP figures for Q3 will make for depressing reading and suggest that the ECB should complete its preparations for full-blown quantitative easing as quickly soon as possible."

TESCO ACCOUNTING SCANDAL

The Telegraph's retail editor, Graham Ruddick says there are four big questions that remain to be answered about Tesco's accounting scandal. The Serious Fraud Office (SFO) has taken over the investigation. The article speculates that the SFO has seen evidence that "demonstrates it can build a strong case".

ETHICS IN FINANCE

London skyline
PA

Fascinating insight on the ethics, or lack of them, in the finance industry from Edward Hadas, Economics Editor at Reuters BreakingViews and former equity analyst: "The standards of success for our business were impossibly distant from what was good for our clients."

Via Email

Maeve Johnston, UK economist, Capital Economics

"September's trade figures provide further evidence that the UK economy is struggling to rebalance towards the external sector... we remain optimistic that exporters will benefit from stronger global growth next year and that the economy can still rebalance gradually towards the external sector over the medium term."

UK TRADE

Port of Felixstowe
Getty Images

The UK's trade deficit widened in September, the

Office for National Statistics says, from £1.8bn in August to £2.8bn in September.

HOSPITALITY

Radio 5 live

The hospitality industry supplied one third of all new jobs last year, says Ufi Ibrahim, chief executive of the British Hospitality Association on

Radio 5 live. It's a meritocratic industry she says - 80% of leaders in the business started at the bottom and worked their way up.

Via Twitter

Chris Adams, Financial Times Markets Editor

tweets: "Russian bank VTB says rouble slide "poses certain risks for financial stability" and may trigger "sizeable" central bank interventions - BBG"

TUNNEL ANYONE?

The head of the CBI wants the chancellor to announce in the autumn statement that funds will be made available to dig a tunnel under Stonehenge, to relieve a notorious traffic snarl-up. What do you think should be in the autumn statement? Email bizlivepage@bbc.co.uk or tweet @bbcbusiness.

MARKETS UPDATE

Stock markets are up in London this morning, with all eyes on the US jobs report out this afternoon.

EU FUNDING

BBC Radio 4

Ken Clarke, former chancellor of the exchequer, tells

Today the kerfuffle over the EU funding will all be resolved by the finance ministers. He says people should "stop speculating and stop reacting" and let George Osborne get on with negotiating, but he concedes the UK will probably end up paying the £1.7bn extra being demanded.

AIRPORT MENACE

Buffalo
Getty Images

Stray animals are a "growing menace" at some airports in India according to the airline Spicejet. It made the comment after one its planes hit a buffalo at Surat airport in the western state of Gujarat. Nobody was hurt in the incident. Spicejet has suspended flights from that airport.

PENSIONS BLOCK

If you are keen to take control of your pension savings, then you may be disappointed

according to the front page of Telegraph today. The over-55s have been given full access to their pension savings from April, but the Telegraph says that big pension funds are not going to be ready in time. The report says that hundreds of thousands of savers planning to retire next year will be forced to buy an annuity or pay a hefty tax bill.

STONEHENGE

Stone Henge
Getty Images

"If I could have one wish from George Osborne in this year's autumn statement it is that he would agree to a tunnel under Stonehenge," says John Cridland, the director general of the CBI,

speaking to the Guardian. He says the A303 which runs past the historical site is in dire need of an upgrade, and is a key arterial route to London. "You obviously can't move it, so why not go under it?"

GERMAN ECONOMY

Beer carrying competition, Abensberg, September
Reuters

Germany probably avoided falling into recession in the third quarter, economists are saying. If you combine the 1.4% rise in industrial output in September with a 5.5% surge in exports, it was probably enough to push German growth into the plus column, according to economist Andreas Rees of Unicredit.

The German economy contracted 0.2% in the second quarter.

ENGINEERS NEEDED?

Radio 5 live

Steve Holliday the chief executive of National Grid is on

Radio 5 live. He reacts strongly to comments from Ryanair boss Michael O'Leary who said there was no shortage of engineers. "Absolutely extraordinary. I'm staggered by that," says Mr Holliday. "We are desperately short of engineers... we need 40,000 more graduate engineers a year."

LUXEMBOURG

Luxembourg
Getty Images

Luxembourg has promised to end banking secrecy in a fight-back against accusations that it helps leading multinationals avoid billions of dollars in tax,

the Financial Times reports. The accusations, reported in the Guardian yesterday, could be embarrassing for the new president of the European Commission, Jean-Claude Juncker, who is the former prime minister of Luxembourg.

EU FUNDING

Radio 5 live

The benefit for the UK of being in the EU is worth £70bn a year says European Commission spokesperson Jakub Adamowicz on

Radio 5 live. Last year the UK paid in £6.7bn he says. If the UK doesn't pay the extra £1.7bn asked for on time there will be penalties. Interest at 2% above the market rate will be charged, rising by 0.25% every month.

NATIONAL GRID

BBC Radio 4

National Grid has reported pre-tax profits of about £1.2bn for the six months to the end of September. But it says the likely gap between supply and demand is the tightest its been in nine years. "You can't guarantee anything... but I'm confident we can match peak demand," says chief executive Steve Holliday on Today.

GERMAN INDUSTRY SLOWS

German steel plant
Getty Images

German industrial output rose 1.4% in September. But economists were expecting a bigger rebound from a 3.1% drop in August. For the whole third quarter German industrial output was down 0.4% against the previous quarter. Car production was strong though, up 10.1% in September.

CANARY WHARF

Canary Wharf
Getty Images

The owner of London's Canary Wharf, Songbird Estates,

has rejected a takeover proposal from Qatar's sovereign wealth fund and Bermuda based Brookfield Property Partners. Songbird says the bid "significantly undervalues" the business. The bid is worth £2.95 a share in cash, which values Songbird at £2.18bn. Qatar Investment Authority is the owner of London's Shard skyscraper.

EU FUNDING

BBC Radio 4

David Charter, Berlin correspondent for the Times, tells

Today that George Osborne doesn't stand much chance of getting out of paying the £1.7bn extra to the EU budget. Mr Osborne will be attending a meeting of EU finance ministers today. The best Mr Osborne can hope for is that the issue is "kicked into the medium grass" with some kind of technical review, but we'll have to pay it eventually, says Mr Charter.

PEER-TO-PEER LOANS

BBC Radio 4

The Friday boss on

Today this morning is Giles Andrews, the boss of a peer-to-peer lending site called Zopa. He says peer-to-peer lending is expected to be worth more than £1bn this year, and there is "a huge amount of room to grow". He says sentiment towards conventional banks is poor and he doesn't expect that to change any time soon.

COMEDY

BBC Radio 4

Today's Simon Jack is in Kilkenny in Ireland this morning for Kilkenomics - a festival of economics and comedy billed as "Davos with jokes". "Economics was taking itself far too seriously," says David McWilliams, an economist and the founder of the festival. He admits the economic recovery is not being felt across the country, but says "there's something quite resilient" about Ireland.

Via Twitter

PAPERCHASE

Adam Parsons

Business Correspondent

tweets: "On #WUTM, Paperchase confirms it's appointed advisors over £150m sale. Deal won't happen before end of the year. @bbc5live"

PAPERCHASE

Radio 5 live

The British send more greeting cards to each other than any other country in the world, says Timothy Melgund, Paperchase chief executive, on

Wake Up to Money. The greetings card business is worth around $1.5bn a year, he says. "The key to retailing is to get everything right all of the time." Simples.

LORD MAYOR OF LONDON

Radio 5 live

Rehearsal for Lord Mayor's show
City of London Corporation

What does the Lord Mayor of London actually do? On

Wake Up to Money the incoming Lord Mayor Alan Yarrow explains that the role is to be an ambassador for financial services. Lord Mayors get one year in the job and can visit up to 30 countries in that time. He says that the City is recovering from a pretty bad hit to its reputation - a hit that was justified he says.