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Summary

  1. Inflation rises to 1.3% in October
  2. House prices rise 0.5% in September
  3. Ofcom launches investigation into Premier League football TV rights sales

Live Reporting

By Howard Mustoe and Matthew West

All times stated are UK

Howard Mustoe

Business reporter

That's it for another day from us. We'll be back tomorrow from 06:00. Join us then for the best business news.

Social profiling

One more on the

YouGov profiles, which we must confess seems to be a genuine attempt to understand humanity at its most basic level. But it throws up some surprising results. Just go to the website and type in Ben & Jerry's Baked Alaska and see how much data they've gleaned from the average ice-cream chomper.

Dilbert

Today's Dilbert is for you if you ever find yourself having to explain being human to senior managers.

Social profiling

So... you like Venison pie and green pea soup, your favourite sport is cricket, you have a pet fish, work as a civil servant and have quite a bit of spare cash left after you've paid all your bills (don't worry we won't tell anyone). Right? See, we (kind of) know because

YouGov has profiled you all and we've just described what they consider to be a typical BBC news viewer. We'll leave it to you to decide it they're right. This, it appears, is the future of "big data".

Inflation up

A final thought on inflation. It's worth looking at the producer price index inflation numbers, which are negative. PPI inflation - which measures the price of goods bought and sold by UK manufacturers, and commodities - fell 0.5% in October. The figure was pushed down by falling oil prices and food. It's also a leading indicator as to where CPI inflation is headed and that's lower, possibly below 1% by January according to one or two analysts.

Via Twitter

Abe calls snap election

World Service

tweets: Shinzo Abe calls snap election in Japan. South Africa to buy $2.2 billion of AIDS drugs. Top Gear shown in China
http://bit.ly/1t89TXs

Manchester United earnings

man u
AP

Manchester United says revenue fell 9.9% to £88.7m for the three months to the end of September. They lost out on payments from Nike from failing to qualify for the UEFA Champions League.

Grocery sales fall

trollies
PA

UK grocery sales have fallen for the first time in two decades, a survey has found.

Kantar Worldpanel said the value of sales fell by 0.2% for the 12 weeks to 9 November compared with the same period last year. That was the first decline since the market research company began tracking the industry in 1994.

Via Twitter

Wonga

Simon Gompertz

Personal finance correspondent, BBC News

tweets: Wonga "is making a lot of changes...we are at a crossroads" Nick Brookes, Chief of Wonga Credit tells MPs

Via Email

Inflation up

Ian Stewart

Chief economist at Deloitte

"Today's inflation numbers were a tad above expectations. But the big picture is that, after six years of stubbornly high inflation, the UK is seeing a major easing of price pressures. Low inflation is likely to ride to the rescue of the UK consumer in 2015, providing vital support for spending and for GDP growth."

German investor confidence up

Investment sentiment in Germany rose for the first time this year in November, suggesting Europe's biggest economy is stabilising. The closely-watched investor confidence index calculated by the ZEW economic institute jumped by 15.1 points to 11.5 points this month, after slumping to a 22-month low of minus 3.6 points the previous month. Given the parlous state of the eurozone economy and fears over German economic growth, it's likely this will come as a relief to a lot of people.

House prices up

As per usual, the Office for National Statistics points out what house price growth would be without the distorting effect of the runaway London and south east property markets. House prices would still be up 9.1%, it says. House prices have seen the highest annual increase since July 2007, and the average property is now worth £273,000.

Abe calls snap election

Japan"s Prime Minister Shinzo Abe
Reuters

Japanese Prime Minister Shinzo Abe has called a snap election to seek a fresh mandate for his economic reforms after his country fell back into recession yesterday. Mr Abe said he would also delay a planned rise in the Japan's sales tax to 10% until April 2017. The sales tax was increased from 5% to 8% in April. Some analysts hold the rise responsible for the Japan's recession. Mr Abe has held office for two years and did not need to call an election until 2016.

Ofcom launches football investigation

Back to Virgin Media's compalaint to Ofcom. It says the number of Premier League matches made available for live TV under the current rights deals - at 41% - is lower than some other leading European leagues, where more matches are available. It says this means higher prices for consumers of pay TV packages that include sports channels.

Inflation up

One thing to mention is that average wage rises only outpaced inflation for a little under a week. The ONS said last Wednesday that wages, excluding bonuses, in the three months to the end of September grew by 1.3%. At the time there was quite a bit of fanfare that average wage rises had beaten inflation for the first time in five years. With Consumer Price Index inflation for October rising to 1.3% that has proved short lived.

Inflation up

Graph showing rises and fall sin Inflation over the last ten years
ONS

The Office for National Statistics (ONS) says smaller falls in transport costs than a year ago, notably for motor fuels and air fares, and price rises for computer games were the main contributors to the rise in the rate of inflation in the month

House prices up

Graph showing rise in house prices
ONS

Average property prices increased by 12.1% in the year to September, have shown. That's up from 11.7% in August and marks a 0.5% rise between the two months, seasonally adjusted. That's somewhat at odds with estimates that suggest the housing market is suffering from a bit of a slowdown.

Via Twitter

Andy Verity

Economics correspondent

tweets: "RPI in the year to October was 2.3%, unchanged. Because of the "triple lock", state pensions are set to rise nearly twice as fast as CPI."

Inflation up

BBC News Channel

Philip Gooding
BBC

Philip Gooding of the ONS says across the year food prices are down about 1.4%. The increase in CPI is "small" he says. Transport and recreation and culture are the cause for the rise.

BreakingBreaking News

Inflation up

Consumer price inflation has risen slightly to 1.3% in October, up from 1.2% a month earlier

official figures show.

Ofcom launches football investigation

Chelsea"s Oscar
PA

Virgin Media's complaint alleges the arrangements for the '"collective" selling of live UK television rights by the Premier League for matches played by its member clubs is in breach of competition law. It also raises concerns about the number of Premier League matches for which live broadcasting rights are made available.

Prudential results

Insurance firm Prudential has said new business profit rose 17% in the year to date, excluding currency shifts, with UK new business profit helped by the sale of annuities to company pension schemes. New business profit rose to £1.5bn compared with £1.4bn pounds a year earlier.

BreakingBreaking News

Ofcom launches football investigation

Ofcom has announced it is launching an investigation into the sale of TV and other broadcast rights of live Premier League football. It comes after a complaint from Virgin Media, which was submitted in September.

Market update

European markets are up this morning with

Royal Mail among shares leading gains up 2.3% this morning to 478.4p. It puts out interim results tomorrow, which most analysts yesterday were expecting to come in below earlier expectations.

  • The
    FTSE 100 is 0.39% higher at 6697.77
  • Germany's
    Dax is 1.29% higher at 9372.57
  • France's
    Cac-40 is up 0.41% at 4243.62

Uber embarrassing

The logo of car-sharing service app Uber on a smartphone
Reuters

Uber are good at getting in the news. We aren't too sure this is the sort of story they were looking for, however.

Buzzfeed News reports Senior vice president Emil Michael suggested the firm should hire researchers to dig dirt on its critics in the media. He said he made the comments in a conversation he thought was off the record and said he regrets making them, says Buzzfeed.

Quindell chairman quits

shares
BBC

Quindell's chairman and founder Rob Terry has stepped aside. A kerfuffle earlier this month centred around him agreeing a complex deal with a US firm to sell part of his holding to buy more shares in the firm. Its broker then resigned. These things will spook investors, and the shares have slid to their lowest in three years.

Via Twitter

Japan recession

Linda Yueh

Chief business correspondent

tweets: "Japan PM Abe expected to speak at 10:00GMT Speculation over snap elections being announced to reinforce mandate to continue economic reforms."

Balfour update

Balfour has also announced the sale of its struggling US division, Parsons Brinckerhoff has finally been completed following shareholder approval last month. Balfour sold the unit for £753m at the end of October at a premium of 11 times the underlying pre-tax profit for last year. The sale of the US unit was the main sticking point in its negotiations with Carillion over the summer.

Via Twitter

Easyjet profits

Ben Thompson

Business correspondent, BBC News Channel

tweets: "Boss of #Easyjet denies speculation she's planning a move to another firm. Tells
@BBCBreakfast she 'still has plenty left to do at airline'"

Balfour update

Balfour Beatty, the construction firm which this summer repelled an offer from rival Carillion, said it is progressing with its cost reduction plans. "These include further overhead reductions and additional supply chain savings."

British Land

Property company British Land said first half profit before tax rose 6.2% to £155m. It's put them in a bullish mood: "the UK recovery looks more established, interest rates globally are likely to stay lower for longer and investment flows into UK property remain broad and deep."

Easyjet profits

BBC Radio 4

An easyJet aircraft takes-off
Reuters

There's a little more on Easyjet. It says total revenue grew 6.3% in the year to 30 September to £4.5bn. Part of the reason for its success is what it calls "a return to more normal levels of capacity across Europe". Put simply, easyjet boss Carolyn McCall tells

Today, more people are flying again after the lean years following the financial crisis and easyjet's share of the market has increased.

Savills results

homes
Getty Images

Estate agents Savills says "we expect the UK residential markets to remain somewhat subdued during the extended pre-election period." In commercial property, "in the UK, investment activity has continued to show good momentum in the Central London market and the strong increase in transaction volumes outside London has been maintained," it says

BreakingBreaking News

Easyjet profits

No frills airline Easyjet has reported a 21.5% rise in annual pre-tax profits to £581m. It's quite pleased with its results so it is also increasing the proportion of profits after tax paid out in shareholder dividends from a third to 40%. That should please former chief Sir Stelios.

Inflation

Inflation numbers are coming out later today. Most analysts expect the number to have stayed pretty steady at 1.2% but the Bank of England said last week it expects inflation to drop below 1% next year. So where do you think inflation will bottom out? And are you seeing certain goods and services still going up in price? Send us your thoughts at bizlivepage@bbc.co.uk or via twitter

@bbcbusiness. Let us know your name and town and we'll publish your best insights.

Spotify boss hits back at Swift

BBC Radio 4

Taylor Swift
PA

Mark Williamson, Spotify's director of artist services has been defending the music sharing service on the

Today programme. He claims Spotify paid out $2m to Taylor Swift in the last twelve months before she quit the platform earlier. He says he believes that she would be in receipt of $6m over the next year. He also claims that in "lot of places Spotify is either the number one or one of the largest sources of revenue for the music industry today".

Via Twitter

Business rates

Ben Thompson

Business correspondent, BBC News Channel

tweets: "Morning! Big firms say biz rates 'not fit for purpose' and need reform. Do you agree? Speaking to boss of
@BritProp at 0650
@BBCBreakfast"

Inflation

Radio 5 live

We get CPI data today, so we will know how quickly the money in our wallet/purse is devaluing. Alan Clarke, UK and eurozone Economist for Scotia Bank, tells

Wake Up to Money inflation may stay low for six months before coming back towards the 2% central bank's target. Two percent is "generally what central banks opt for" because some price increases are seen as good as people switch between goods, he says

Markets

Radio 5 live

Japan is back in recession, but European markets ended higher yesterday. "We are back into markets moving on economically difficult news because you get a policy response " like quantitative easing and low interest rates, says Sue Noffke of fund manager Schroders on

Wake Up to Money. "Asset prices are inflated and that's what people are expecting, more responses from the Japanese government," she adds.