Got a TV Licence?

You need one to watch live TV on any channel or device, and BBC programmes on iPlayer. It’s the law.

Find out more
I don’t have a TV Licence.

Summary

  1. The morning's main business programmes are available on the Live Coverage tab
  2. Regulator announces limits on payday loan costs
  3. Report says cost of expanding UK airports underestimated

Live Reporting

By Ben Morris and Matthew West

All times stated are UK

Get involved

That's it for today. Tomorrow is looking busy, with interim results due from Sainsbury's and Burberry, plus the quarterly inflation report. Join us from 06:00.

STANDARD CHARTERED BRANCH CLOSURES

Standard Chartered bank branch
Getty Images

Asia-focused UK bank Standard Chartered plans to cut up to 100 retail branches in 2015, or 8% of its network, to help save $400m a year, according to a

report from Reuters. The bank has embarked on three days of investor meetings where the plans have been outlined. Standard Chartered has had a rough time issuing three profit warnings since the start of this year. It's also seen its shares plummet 30%,

TRADE DEALS

US President Barack Obama shakes hands with China"s Foreign Minister Wang Yi
AFP

There are competing trade pacts under discussion at the APEC summit in Beijing. The Free Trade Area of the Asia-Pacific (FTAAP) is backed by China and leaders at the summit have agreed to conduct a two year study into the deal. The other deal is backed by the US.

You can find out more here.

LUFTHANSA SALES UP

Aircrafts of German airline Lufthansa
AFP

Germany's Lufthansa says it increased passenger sales by 3.3% in October thanks to increased passenger demand on routes to the Americas and Asia. That helped offset a series of pilot strikes last month, which forced the cancellation of over 1,500 flights.

ROYAL MAIL

Battersea Power Station
Getty Images

Royal Mail is considering the options for its former South London Mail Centre site in Nine Elms, Vauxhall. It's a prized location, close to Battersea Power station and the flash new development being built there. The 14-acre site has planning permission for 1,870 "residential units", a primary school, retailing and 6 acres of public space.

TAYLOR WIMPEY TRADING UPDATE

Houses in London,
PA

The UK's second largest housebuilder, Taylor Wimpey, says it expects full-year house sales to be 7% higher. The company says sales volumes should hit 12,500, up from 11,696 a year earlier. It's also still very positive about the future, saying it expects to see a similar increase in sales in the next few years, despite evidence the housing market is cooling.

FIT FOR A FIVER?

Sports Direct owner Mike Ashley
Getty Images

Are you one of those people that start the year buying a gym membership, using it for a few weeks, then letting it lapse and finding it is costing you a fortune? Never fear, Sports Direct owner Mike Ashley is here with plans "to revolutionise the fitness market by opening 200 gyms that will offer membership starting from just £5 a month." There's also a joining fee of £10.

DISAPPEARING PYLONS

Pylon
BBC

It costs £7m to get rid of an electricity pylon reports the Times today. National Grid has announced a scheme to bury 65 pylon cables that are spoiling beauty spots. It's expensive because very wide trenches have to be dug, sometimes as wide as 20 metres says the report.

AUSTERITY CONTINUES

The Guardian leads today with the prospect of further drastic cost cuts for government departments in years to come. Senior officials have been asked to draw up a plan to save up to £30bn from budgets a year after the next general election, it reports.

MAERSK MOVES?

The Edith Maersk, Thames
PA

Danish shipping and oil giant, A.P. Moller Maersk is considering taking advantage of falling oil prices. It is considering buying an oil field,

reports the Wall Street Journal. Maersk is also considering investing in container terminals, the report says.
The company reported a net profit of almost $1.5bn (£946m) for the third quarter up 34% on the same period of 2013.

BENEFITS TOURISM

BBC World News

Tom Flanagan
BBC

The European Court of Justice has ruled that Germany was within its rights to refuse unemployment benefits to an immigrant from Romania, who was not actively seeking work in Germany. But Tom Flanagan, a legal consultant, points out on World Business Report that the onus remains on member states to investigate the individual circumstances of the people involved.

MARKET UPDATE

Vodafone shares have powered ahead, now up 5.3%, at 219.55p. JP Morgan has raised its price target for the shares to 265p.

Via Blog

Robert Peston

Economics editor

"

The view of many Germans is that the likes of the UK, France, Spain and so on lived for years beyond their means. And it is therefore perfectly reasonable for them to make some sacrifices today, to get their (our) finances back in shape, at the level of state and households."

MAYONNAISE WAR

More on the Mayonnaise war in the form of a statement from Unilever. It says it is "simply not accurate" for Hampton Creek to label its product as Mayo. It also says Hampton Creek uses images of eggs, which are not even used in the product. Unilever says it wants to defend its own brand (Hellmann's) as well as protect consumers from being misled.

Via Twitter

Gavin Hewitt

Europe editor

tweets: "European Court rules that jobless citizens can be excluded from certain social benefits if they travel solely to obtain social assistance."

VODAFONE GOES BROADBAND

Fibre optic cabling
BBC

Another big player is getting into the broadband business. Vodafone is planning to launch a residential broadband service in the UK in the Spring of next year. It already offers a such services elsewhere in Europe and in the Netherlands recently launched a broadband and TV service.

MORTGAGE LENDING

We have the latest lending figures from

the Council of Mortgage Lenders. The report for September contains further evidence of the cooling housing market. There was a decline in lending to first time buyers for a second month in a row, with 26,800 loans in September, down 3% on August.

NEW LOOK EXITS RUSSIA

New Look had 20 stores in Russia and 19 of those have already closed with the last closing in the next few days. In Ukraine they had 6 stores, 3 are already shut and the other 3 are due to close shortly. Two years ago Russia was a priority market for New Look.

NEW LOOK EXITS RUSSIA

Fashion retailer New Look says it has exited Russia and Ukraine as a result of political uncertainty caused by the ongoing tensions between the two countries. It came as New Look announced half year pre-tax profits of £21m. That's up 89% from last year.

PAYDAY LENDERS

BBC Radio 4

More from Mr Wheatley on

Today. He says that there could be as little as four or five payday lenders left after the price caps are introduced. He says it "may be the case" that none could be left operating on the high street by the end of next year. But the FCA's modelling was designed so that well run businesses would still be able to operate.

MAYONNAISE WAR

Hampton Creek, Just Mayo
Hampton Creek

Unilever, owner of the Hellmann's brand of mayo, is suing a San Francisco based maker of egg-free products for using false advertising,

reports the Financial Times. Unilever is demanding that Hampton Creek's Just Mayo brand be removed from stores across the US by the end of the year. Unilever argues that Just Mayo is not mayonnaise at all, the FT reports.

PAYDAY LENDERS

BBC Radio 4

Banks believe between a third and a half of those taking out payday loans "are customers they would have been able to lend to," the boss of the Financial Conduct Authority, Martin Wheatley tells

Today. He says some banks are starting to look at their own business models and at whether they can start to offer short term loans to customers.

MARKET UPDATE

Vodafone shares have jumped 4.3% after its interim results. It's the biggest winner among FTSE 100 shares.

  • Overall the
    FTSE 100 is just a few points higher
  • Talk Talk down 3.2% after interim results
  • Miners lower on FTSE 100

PAYDAY LENDERS

Radio 5 live

In the last six months the number of payday loans being approved has dropped by 50%, says Russell Hamblin-Boone, from the Consumer Finance Association, which represents some payday lenders. On

Radio 5 live he says up to 500,000 people might be denied loans due to the reform of the industry - much more than the regulator estimates.

AIRPORT EXPANSION

BBC Radio 4

Sir Howard says the expansion plans of Heathrow and Gatwick are based on fundamentally different views of the future of air travel. "If you look at the last ten years it's low cost traffic that has grown more quickly rather than full service all singing all dancing air traffic," he says.

TALK TALK RESULTS

Talk Talk's efforts to sell its customers TV services appears to be paying off. It added 115,000 TV customers in the second quarter, making it the fastest growing TV firm in the UK, it says. For the 6 months to the end of September it reported a pre-tax profit of £20m. That compares with a £9m loss in the same period in 2013.

AIRPORT EXPANSION

BBC Radio 4

Heathrow airport
Reuters

The chairman of the Independent Airports Commission, Sir Howard Davies is on

Today. He says that Gatwick is the cheaper option, because the Gatwick model isn't based on being a hub airport. However, he says the issue is whether the demand in future air travel will be for point-to-point services, or "full service" operations that need a hub airport like Heathrow.

PAYDAY LENDERS

Radio 5 live

"The ambition is to get the industry to grow up," says Martin Wheatley, the chief executive of the Financial Conduct Authority on

Radio 5 live. His research suggests that 70,000 people will be denied loans due to the reform of the industry, of which only 5% will use loan sharks. Many of those denied loans will turn to their families, or in some cases their employer.

VODAFONE RESULTS

Were not as bad as expected. Some analysts were expecting another big fall in quarterly service revenue. But the 1.5% fall in the second quarter was an improvement on the previous three months, when service revenue fell by 4.2%. Vodafone says fewer customers terminated their mobile contracts in the period.

PAYDAY LENDERS

Radio 5 live

Only four or five payday lenders will survive the reform of the market, says John Gathergood from Nottingham University, who worked with the regulator on payday lending. On

Radio 5 live he says the average payday loan customer uses four or five loans a year. Reliable customers should get cheaper loans he says - at the moment all loans are all priced the same.

Via Twitter

Adam Parsons

Business Correspondent

tweets: "Vodafone says we're using 77% more data than a year ago. And it's going to keep going up, thanks to 4G"

VODAFONE RESULTS

Vodafone sign
PA

Mobile phone operator, Vodafone, has reported a statutory pre-tax profit of £406m for the six months to the end of September. That's down 73% from the £1.5bn for the same period a year earlier. Operating profit for the period was down 58.2% to £917m.

PAYDAY LENDERS

The FCA is also introducing a total cost cap of 100% of the original loan, to stop borrowers from escalating their debt. Charges for defaulting on payments will also be fixed at £15. All of the price caps were previously proposed in the FCA's July consultation. There are no changes from the original consultation, it adds.

PAYDAY LENDERS

The Financial Conduct Authority (FCA) has confirmed plans to introduce a price cap of 0.8% a day, which will come into force at the start of 2015 for all high-cost, short-term credit loans.

AIRPORT EXPANSION

We have the

latest views of the Airports Commission. It says plans to build new runways at Heathrow and Gatwick will cost substantially more than the bidders' estimates. The Commission says a second runway at Gatwick would cost £2bn more than the bid suggests. Two separate plans to expand Heathrow are predicted to cost £3-4bn more.

AIRPORT EXPANSION

BBC Radio 4

Gatwick chief executive Stewart Wingate says Heathrow's "hub" argument is no longer valid. He says aircraft like Boeing's 787 Dreamliner and the Airbus A350, nicknamed hub busters, are changing the whole nature of air travel. "You can have a big Heathrow and big Gatwick competing with each other, " he argues. "Dreamliners are smaller. You don't need the big Airbus planes."

AIRPORT EXPANSION

BBC Radio 4

The bosses of Heathrow and Gatwick are now on the

Today programme making their cases for their respective airports. Heathrow chief executive John Holland-Kaye is on first. He says the "Heathrow solution" will mean fewer people will be impacted by airport noise and pollution. Planes are less noisy than they used to be, he argues.

RETAIL SALES

Anonymous shoppers carrying shopping bags on Oxford Street
PA

The British Retail Consortium (BRC) has published the latest set of high street sales figures, this time for October. They're up, but not by much. The survey, compiled for the BRC by accountancy firm KPMG, found total sales rose by 1.4%. But like-for-like sales, which strip out sales at stores open less than a year, were unchanged.

SINGLES' DAY

Radio 5 live

Alibaba Hangzhou, Zhejiang province
Reuters

It is Singles' Day in China. On

Radio 5 live the BBC's Sharanjit Leyl explains that the tradition was dreamed up by students in 1993 as an anti-Valentine's Day.
Since then it's morphed into a monster online shopping day. Chinese online retailer Alibaba sold $2bn (£1.2bn) worth of goods in the first hour of business, Sharanjit said.

AIRPORT EXPANSION

Radio 5 live

Nick Dunn, the chief financial officer of Gatwick makes his case for a new runway at Gatwick. He points out that Heathrow hasn't been expanded over the years because you have to fly over central London to get there. Expansion at Gatwick would create much less disruption and would be cheaper to develop.