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Summary

  1. Cameron rejects claims EU vote would be bad for economy
  2. Archbishop tells CBI 'pay the Living Wage'
  3. Serco shares plunge on contract losses and fund raising

Live Reporting

By Rebecca Marston

All times stated are UK

Get involved

Rebecca Marston

Business reporter, BBC News

That CBI conference kept us entertained. All three party leaders and the Archbishop of York. Impressive. It's over now and so is today's Business Live. Back tomorrow at 06.00 as ever. See ya.

Via Twitter

Robert Peston

Economics editor

Ship in Hamburg
BBC

tweets: "Some say this is picture of economic failure. I'm in Hamburg for News at Ten to see if that's right." Looking forward to that, Robert. Oh, hang on a minute. You're also on the quiz show Only Connect on BBC Four just before. Plenty there for the fans.

SERCO

Policemen and Serco van
AFP

Update on outsourcing business Serco. Its

shares closed down 32% after it announced a rights issue of up to £550m, cuts to its profit forecasts and a write down of the businesses value. Not pretty.

Via Twitter

Dominic Laurie

Reporter for Five Live

tweets: "Grocery shopping is by and large a zero sum game. If Aldi is opening another 550 stores, it is banking on rivals closing a similar number." You've read Business Live's thoughts, Dom.

SUPERMARKET SHARES

Business Live noted earlier that Tesco and Sainsbury's share prices had diverged rather markedly. The two were in court earlier where Sainsbury lost a High Court challenge to Tesco's "Price Promise" marketing campaign. It said Tesco's campaign was misleading, unfair and unlawful when comparing certain of its own prices with Sainsbury's. The court did not agree.

Tesco closed up 4.5% and
Sainsbury fell 3%.

MARKET CLOSE

European shares put on a spurt towards the end of business

  • The
    FTSE 100 index rose 0.67% to 6611.25
  • Germany's
    Dax rose 0.65% to 9351.87
  • France's
    Cac-40 gained 0.79% to 4222.82

CBI CONFERENCE

The CBI also had something to say about the Lib Dem leader's speech to the conference. John Cridland said: "It was good to hear Nick Clegg endorse our National Insurance and childcare proposals which will put money in the pockets of lowest paid and help working parents."

CBI CONFERENCE

John Cridland, CBI Director-General, said: "Ed Miliband's commitment to staying in a reformed European Union will be welcomed by business." OK, but there's also this: "But Labour's tendency to market intervention could deter investment. We believe open markets are the best way to deliver growth for all."

Via Email

James Hodges

Two brief answers from Ed Miliband during the Q&A after his speech to the CBI: On whether there had been a crisis of confidence in his leadership - "The answer is No." On whether he now wished "the other guy" (ie his brother, David) had won the Labour leadership competition - "Definitely not."

REFINERY WALKOUT

Phillips 66 which runs the Humber Refinery in S Killingholme says 450 contract workers have walked out. The "unofficial" action is over communication issues at the site. However the GMB union says it's over safety concerns after a gas leak at the site last week in which two men were injured.

SUPERMARKET SHARES

Supermarket signs
PA

What's got in to Tesco? Its

shares are up 5%. A broker upgrade to "outperform" by Bernstein appears to be the reason. It argues there is "little they can do wrong in the next two years that isn't in the price yet". The shares lost 16% amid its recent woes.
Sainsbury shares are down almost 2%, being shed on fears it will cut its dividend along with results later this week.

MARKET UPDATE

European shares have lost some of their earlier gains. As of now

  • The
    FTSE 100 index is 0.39% higher at 6592.67
  • Germany's
    Dax is up 0.07% at 9298.49
  • France's
    Cac-40 is 0.17% up at 4196.84.

CBI CONFERENCE

Robert Plummer

man and ted
Getty Images

The other main party leader, Nick Clegg, also got a turn at the CBI conference. He took issue with his Conservative coalition partners with their policy over the EU. "Petulance and 'if we don't get what we want, we'll throw our teddies out of the pram' is no way to conduct something that important to the national interest." Teddies. Teddies?

CBI CONFERENCE

Ed Miliband is asked if he's on a downer against the better off because of his tax plans, specifically the so-called Mansion Tax. "I think it is fair, if we're trying to fund our NHS, that those people living in a £2m property pay a bit more. I don't think that is inconsistent with saying we want to encourage the wealth creators in this country."

CBI CONFERENCE

Questions are still coming in from the CBI conference floor to Ed Miliband. What will he do for manufacturers? "There's no greater threat to prosperity in my view than from us getting out of the European Union."

CBI CONFERENCE

The first question is on Thomas Piketty's monster tome, Capital in the Twenty-First Century. Ed says he hasn't read it all the way through. And asks for a show of hands in the hall from those who actually have. None I spotted.

CBI CONFERENCE

Ed Miliband is wrapping up his speech to the CBI saying any next Labour government would work with "you", (the CBI), in a bid to make "Britain a better place to do business". He's now taking questions. Lumme.

CBI CONFERENCE

Ed Miliband
AP

"The problems we face do not include our membership of the European Union," says Ed Miliband. He also urges: "We need to restore a sense of fairness. We need to raise the minimum wage over the life of a parliament to allow businesses time to plan."

CBI CONFERENCE

Ed Miliband: "No future for Britain, turning in on ourselves away from the world. Leaving the Single Market and stepping away from a trading bloc would be a disaster for our country."

CBI CONFERENCE

"It's a joyless recovery for many because wages aren't growing," says Ed Miliband, the Labour leader.

CBI CONFERENCE

Ed Miliband tells the CBI: "It's a tribute to your hard work the country's economy is growing again."

CBI CONFERENCE

Turns out the leader of the opposition is at the CBI as scheduled. I'm listening.

CBI CONFERENCE

Delay to Ed Miliband. He was due to speak at 14.30. He won't now be up until 17.00. We'll be here for that.

Via Twitter

Ben Thompson

Business correspondent, BBC News Channel

tweets: "Supermarket chain Aldi says it will create 35,000 new jobs by 2022, doubling the number of staff it has in the UK". We already know it plans 1,000 stores by the early 2020s.

SANDWICH CONTROVERSIES

A plate of sandwiches
BBC

Is there no one left in Britain who can make a sandwich

wails the front page of the Daily Mail? The biggest maker of sandwiches in the UK has been forced to go on a recruitment drive in Hungary, it reports. That will re-ignite claims that Britain's welfare system is too generous and is acting as a magnet to foreigners, says the Mail.

CBI CONFERENCE

The Archbishop of York finished his point about businesses paying higher wages by telling the CBI to "just get on and do it!" There were some chortles at this, report observers, but we're not sure quite why. Nerves? Approval?

CBI CONFERENCE

Dr Sentamu, who is also the chair of the Living Wage Commission, tells the CBI most businesses could afford to pay the Living Wage of £9.15 an hour in London and £7.85 outside: "It has become clear that the minimum wage [£6.50] is inadequate." Not the kind of message seasoned CBI goers will be used to hearing.

CBI CONFERENCE

Archbishop of York
Getty Images

The Archbishop of York has been giving his thoughts to the CBI. He's concerned the UK is in danger of becoming a country where the haves and have-nots live in separate worlds because of wage inequality. John Sentamu said: "Income inequality is a giant we must slay together."

Rebecca Marston

Business reporter, BBC News

Afternoon all. I'm in the seat now to extend the Live Page into the afternoon to keep up with the CBI conference - and anything else notable, of course. And a special welcome to viewers coming to us through the politics pages, which we are also gracing today.

ROBOT WORKERS

Japanese mobile communication giant Softbank"s humanoid robot "Pepper"
AFP

Ten million British jobs could be taken over by computers and robots over the next 20 years, wiping out more than one in three roles. That's according to a report in the

Daily Telegraph today which has seen research from accountancy firm Deloitte and Oxford University. Low-paid, repetitive roles are most likely to go, with people earning less than £30,000 a year five times more likely to see their jobs taken over by machine, the research found.

The Business live page is extended to 18:00 today to cover the CBI conference in London. Ed Miliband is due to speak at 14:30. So stay with us.

CHINA AND JAPAN TALKS

BBC World News

LISTEN AGAIN: The

leaders of China and Japan hold historic meeting as part of efforts to resolve tensions between the two countries.

Via Email

CBI CONFERENCE

Geoff Naylor writes in to say: "The most striking feature of the CBI report published to coincide with their conference is the near total absence of any proposals for direct action from their members to alleviate the hardship of their employees. They expect the vast majority of measures to come from government at the taxpayers' expense."

INFLATION

Confused about inflation? So, it appears, is the Treasury. Last week it received a slap on wrist, for not being clear enough about which measure of inflation it was using in a press release about rail fares. The BBC's head of statistics Anthony Reuben has been

taking a look at whether the Retail Price Index measure of inflation should be scrapped as part of the the BBC's small data series, which is certainly worth a look.

MARKET UPDATE

It's looking like a pretty decent day for European equities. All three of the main indexes are higher this lunchtime.

  • The
    FTSE 100 index is 0.43% higher at 6595.65.
  • Germany's
    Dax is up 0.35% at 9324.10
  • France's
    Cac-40 is 0.42% up at 4207.66.

Via Twitter

ITV News business editor Joel Hills

tweets: "Most businesses can afford to pay the Living Wage and they should just get on with it!" - Archbishop of York addresses the CBI."

ROUBLE ROCKETS

The Russian rouble has soared 3.6% against the US dollar today marking its biggest one-day gain against the currency since early 1999. The surge in the currency's value has come after the central bank pressed ahead with fully floating the currency and removing some key support functions.

REDROW TRADING UPDATE

Houses in London
PA

Further evidence that the housing market may be calming down a little bit comes in the form of a trading update from housebuilder Redrow which has reported a "traditional autumn market and sales rate". Outside of London, Redrow was property sales were running at 0.65 a week per new development this summer compared with "an abnormally high rate" of 0.87 a week in summer 2013. The average selling price is also 4% higher so far this year at £284,000.

GHERKIN SOLD

30 St Mary Axe
AFP

Thirty St Mary Axe, otherwise known as The Gherkin, has been sold for £726m to the Safra Group, it has been announced this morning. The building was put into receivership in April before being put up for sale in July. The iconic if somewhat troubled building was expected to receive offers in the range of £650m.

ITALY SLOWDOWN

Italian flag
Reuters

Italian industrial output dropped by 0.9% in September, a bigger drop than investors were expecting. That means for the whole third quarter industrial production was down 1.1%. Growth figures for the third quarter are due on Friday and are likely to show that Italy fell back into recession, economists say.