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. Get in touch: bizlivepage@bbc.co.uk
  2. Bank warns of consumer credit risks
  3. Uber using 'aggressive' tactics says Mayor
  4. Aldi reports record sales but profits drop
  5. Labour pledges law over credit card debt
  6. Gender pay gap widens for managers

Live Reporting

By Dearbail Jordan

All times stated are UK

Get involved

Good night

Test card F
BBC

Thank you for joining Business Live today.

Bill Wilson and Ben Morris will be back on Tuesday morning from 6am with all the breaking business and economics news throughout the day.

Tech stocks weigh on Wall Street

US stock market traders
Getty Images

Wall Street dipped on Monday, as a sell-off in technology shares weighed heavily on the Nasdaq, while the war of words between South Korea and Washington added to a cautious tone.

The CBOE Volatility index, a widely followed measure of market anxiety, hit a 2-week high of 11.21 and was last up 0.63 points at 10.22.

Tech giants weighed on markets, with Facebook off 4.5%, Microsoft, down 1.55%, and Apple 0.88% lower.

At the closing bell the Dow Jones was down 0.24% at 22,295.7 points, the S&P 500 was 0.22% down at 2,496.6, and the Nasdaq dropped 0.88% to 6,370.5.

Oil price jumps

Oil pump
Reuters

Oil prices jumped more than 3% on Monday, with Brent hitting its highest in more than two years, after major producers said the global market was on its way to rebalancing.

Prices were also driven by worries about Turkey's threat to cut oil flows from Iraq's Kurdistan region toward its ports.

November Brent crude futures contract settled up $2.16, or 3.8%, at $59.02 a barrel, its highest since July, 2015.

US West Texas Intermediate crude for November delivery rose $1.56, or 3%, to settle at $52.22 a barrel, the highest since April.

"It's all driven by the idea that the production cut is starting to work and the rebalance is underway," said Gene McGillian, director of market research at Tradition Energy in New York.

SEC chairman to testify about 2016 hack

Jay Clayton
Getty Images

The chairman of the US Securities and Exchange Committee was only told that the regulator's database of corporate announcements had been hacked in August following a breach in 2016, reports Reuters.

It says that Jay Clayton, who became chairman in May this year, will tell a Senate Banking Committee hearing on Tuesday that the SEC's enforcement staff and inspector general’s office have launched internal investigations into the breach and whether hackers illegally traded on the non-public information they stole.

Follow the leader

German vehicle maker Daimler says its trucks division will test new technology on US roads allowing large digitally-connected lorries to save fuel by driving closely together, with one vehicle following the other.

Daimler's North American truck unit said it had received permission from the Oregon Department of Transportation to test its "platooning" technology on public roads.

Uber to 'work with London to make things right'

Uber's chief executive Dara Khosrowshahi tweets:

Oil prices jump

Oil prices extended gains on Monday evening.

Brent crude is now trading up 3.6% at $58.96 a barrel while West Texas Intermediate is up 2.9% at $52.16.

Investors are hoping that Opec, the cartel of Middle East and African oil producing nations, will agree with other major suppliers such as Russia to extend cuts to output.

Gene McGillian, director of market research at Tradition Energy, says: "It's all driven by the idea is that the production cut is starting to work and the rebalance is underway."

Producers have cut production by about 1.8 million barrels per day since the start of 2017, helping to lift oil prices by about 15% in the past three months.

Former HSBC trader 'threw client under the bus'

HSBC
Getty Images

A former senior executive at HSBC has appeared in a US court in the first major case related to currency rigging charges in America.

Mark Johnson, the former head of HSBC's global foreign exchange cash trading desk, and a colleague Stuart Scott were hired by Scottish exploration business Cairn Energy to convert $3.5bn into sterling as it prepared to sell an Indian subsidiary.

Prosecutors claim that Mr Johnson and Mr Scott first bought British pounds for HSBC's own accounts, driving up the price and reaping a roughly $8m profit.

Assistant US Attorney Lauren Elbert said: "[Johnson] threw his client under the bus, to make more and more money."

Johnson, who is a British citizen, has pleaded not guilty to 10 wire fraud and conspiracy charges. He was arrested in July 2016 at New York's John F. Kennedy International Airport.

Dow Jones trims losses

Trader on the New York Stock Exchange
Getty Images

The Dow Jones Industrial Average has trimmed an earlier fall to trade 62.58 points lower at 22,287.01.

Investors were spooked by claims by North Korea that the US had declared war and that it now had the right to shoot down North American bombers.

The Nasdaq is off 64.17 points, or 1%, at 6,362.75.

The S&P 500 is down 7.74 points at 2,494.48.

Peter Altmaier

Chancellor Angela Merkel's chief of staff has described Brexit negotiations as a "complicated mess".

Read more

Watch: End of postcard?

UK publisher J Salmon, which has been publishing postcards and calendars since 1880, will close this December.

When was the last time you sent a postcard from your holidays?

Do you still send postcards?

Cunard set for new cruise liner

Cunard cruise ship
Cunard

Cunard, the cruise owned by Carnival Corp., has announced plans for a fourth liner which will be its first new ship in 12 years when it launches in 2022.

The 3,000-passenger vessel will be built by Italian company Fincantieri and will add to Cunard's existing boats - the Queen Elizabeth, the Queen Mary 2 and the Queen Victoria.

Flying taxi madam?

The Volocopter 2X electric multirotor helicopter
Getty Images

Imagine if you could get from A to B via a drone taxi service.

While the idea sounds utterly terrifying, a test flight was conducted in Dubai on Monday using a model by German drone maker Volocopter.

The small, two-seater helicopter cabin is topped by a wide hoop studded with 18 propellers and helpfully includes two parachutes.

Brexit: No excuse for standing in the way of progress

David Davis and Michel Barnier
AFP
David Davis (L) and Michel Barnier (R)

The EU's Brexit negotiator Michel Barnier has called for a "moment of clarity" from the UK as talks resumed.

At the start of a fourth round of talks, Mr Barnier said the process had been going six months and progress on key separation issues was essential.

For the UK, David Davis said Theresa May had shown "leadership and flexibility" in her Florence speech and given reassurances on financial issues.

There were "no excuses for standing in the way of progress", he insisted.

Ex-Tesco directors appear in court in fraud case

Christopher Bush (L) John Scouler (C) and Carl Rogberg (R)
AFP
Christopher Bush (L) John Scouler (C) and Carl Rogberg (R)

A trial involving three former Tesco directors is due to start.

Christopher Bush, the former managing director of Tesco UK,Carl Rogberg, UK finance director, and John Scouler, previously UK food commercial director, are all charged with one count of fraud by abuse of position and one count of false accounting.

They have all pleaded guilty at an earlier hearing on 3 August.

Reuters reports that the three confirmed their names on Monday before the start of their trial at Southwark Crown Court.

The case relates to Tesco's interim results for 2014.

IS hacking skills are 'garbage'

IS flag
Reuters

Hackers working for the so-called Islamic State are bad at coding and hiding what they do, suggests research.

They produce buggy malware and easily crackable encryption programs, said senior security researcher Kyle Wilhoit at security conference DerbyCon.

In particular, he called three attack tools created by one large IS hacker collective "garbage".

Read more here.

First the talk, now the action

Mixed close for UK markets

The FTSE 100 has closed down 2.84 points at 7,307.80.

BT Group was Monday's biggest riser after its share price rose 1.5% at 287.10p while South African hospitals group Mediclinic International ended as the biggest faller, down 5% at 646.50p.

The FTSE 250 finished up 49.06 points at 19,566.42.

Bombast or escalation?

German nuclear protest
Getty Images

Neil Wilson, senior market analyst at ETX Capital says we have heard aggressive language from North Korea before but...

What’s different is not only the assertion that the US has already declared war (which we can discount as yet more bellicose rhetoric), but more importantly the explicit threat to shoot down US planes even if they’re not within North Korea airspace.

If the White House takes this as a serious threat, which we are not sure if it will, there is a chance it could change the rules of engagement in the theatre to a more offensive footing. The risk of a miscalculation just increased.

Whilst still likely to blow over as every other episode has, this nevertheless constitutes a material escalation in tensions and could see investors take more risk off the table until they see how this round plays out.

US stocks fall on North Korea claim

US stocks have lurched lower after North Korea accused the US of declaring war.

North Korea's foreign minister Ri Yong-ho told reporters in New York that North Korea reserved the right to shoot down US bombers.

The Dow Jones Industrial Average is now down 97.08 points at 22,252.51.

Nasdaq is off 58.50 points at 6,368.43 and the S&P 500 is down 9.14 points at 2,493.08.

What next for the US Fed

US Federal Reserve chair Janet Yellen
Getty Images

US stock markets are also jittery ahead of a speech this week by US Federal Reserve chair Janet Yellen.

The central bank said last week it would start unwinding its massive $4.5 trillion monetary stimulus programme but investors are seeking clarity on when they can expect another interest rate rise.

Robert Pavlik, chief market strategist at Boston Private Wealth, says: "Investors would like to get more clarity as far as what the Fed is going to do as they move forward with the unwinding of the balance sheet and how they are going to move forward next year."

Tech stocks send US markets lower

Facebook and Apple put pressure on US stocks on Monday.

Shares in the social media giant are down 3.49% at $164.59 while Apple is trading 1.37% at $149.81.

The technology-heavy Nasdaq is lower at 6,362.25 after giving up 64.47 points.

The Dow Jones Industrial Average has extended its fall and is now trading down 64.95 points at 22,284.64 while the S&P 500 has fallen 10.03 points to 2,492.19.

Air Berlin talks may save 80% of jobs

Air Berlin
Getty Images

Air Berlin reckons 80% of employees' jobs could be saved.

The insolvent airline said talks with Lufthansa and easyJet about buying parts of the business will now continue until 12 October.

It said that it has received offers from Lufthansa for LGW, its Austrian holiday airline NIKI and parts of airberlin.

While easyJet has submitted an offer to take over some of the airberlin fleet.

Chief executive Thomas Winkelmann, says: "We are on the way to achieving good job prospects for around 80% of our colleagues with our bidders."

UK and Ireland discuss Bombardier dispute

Bombardier
Getty Images

During a meeting at Downing Street with the Irish Taoiseach Leo Varadkar on Monday, Prime Minster Theresa May discussed the trade dispute between Bombardier and its US rival Boeing over state subsidies.

A government spokesperson said that Mrs May shared her concerns with the Irish leader about the impact the trade dispute could have on jobs and livelihoods in Northern Ireland.

The secrets of success

Oil prices rise

Essam al-Marzouq
Getty Images

Oil prices are trading up on Monday after a number of major producers said the market was close to re-balancing.

Brent crude is now $57.52 a barrel while West Texas Intermediate is $51.33.

Kuwaiti Oil Minister Essam al-Marzouq, who chaired a meeting on Friday of the Joint Ministerial Monitoring Committee in Vienna, said output curbs were helping cut global crude inventories to their five-year average.

Deloitte: No disruption to clients after cyber attacks

Deloitte has issued a statement regarding a cyber attack on the accountancy firm.

It says: "No disruption has occurred to client businesses, to Deloitte's ability to continue to serve clients, or to consumers."

'Too early' to assess UK progress on Brexit

Theresa May and Leo Varadkar
Getty Images

Following a meeting with Theresa May at Downing Street, Ireland's Prime Minister Leo Varadkar says it is not yet possible to say if the UK had made sufficient progress to move onto the next phase of Brexit talks with the EU.

He says: "When it comes to making a recommendation as to whether sufficient progress has been made, it's too early to say. That's a decision that will be made by the 27 prime ministers including me when we meet in Brussels in October.

"It's possible that between now and the decision point in October that may happen. I don't think at this stage it would be possible to say that sufficient progress has yet been made."

US stocks open lower

The Dow Jones Industrial Average has opened down 18.46 points at 22,331.13.

The Nasdaq has tumbled 23.20 points to 6,403.73.

The S&P 500 is off 3.03 points at 2,499.19.

As expected, Apple's share are down, opening 1.3% lower at $149.93.

Apple losing its shine?

Apple
Getty Images

US stock markets are set to open shortly and company to watch is Apple. There is speculation that sales of its new iPhone 8 have not been as strong as expected.

Certainly on Friday, when the latest model went on sale, the BBC reported that queues at Apple stores were not as fulsome as at previous product launches.

BreakingKhan 'welcomes' Uber apology

Uber app
Getty Images

Mayor of London Sadiq Khan has just issued the following statement in response to Dara Khosrowshahi's apology.

"I welcome the apology from Dara Khosrowshahi, the Uber chief executive. Obviously I am pleased that he has acknowledged the issues that Uber faces in London.

“Even though there is a legal process in place, I have asked TfL to make themselves available to meet with him."

ECB must be patient and persistent, says Draghi

Mario Draghi, president of the European Central Bank (ECB), is addressing the European Parliament.

On Monetary policy, he says that there are still some uncertainties on the inflation outlook and he says that the ECB needs to be patient and persistent.

You can read his full remarks here.

Deloitte hit by cyber attack

The Guardian is reporting that Deloitte, one of the accounting industry's "big four" firms, has fallen victim to a cyber attack resulting in a breach of confidential information from some of its major clients.

Deloitte has confirmed the hack but said only a small number of companies had been affected.

Ryanair update over cancelled flights

Ryanair plane
Getty Images

Ryanair has issued an update about 2,100 flights cancelled in September and October, due to the airlines bungled change to pilot holidays.

It says that 305,000 customers have received alternative routings or refunds, which is 97% of those affected.

All aboard the express train to merger town?

Alstom train
Get

There could be significant developments this week in the machinations to create a European train giant.

Germany's Siemens is likely to decide tomorrow whether to merge its train making business with France's Alston, according to Reuters.

It would a create a much bigger firm better able to compete with China's state backed CRRC.

Siemens has also been discussing a train deal with Canada's Bombardier, but Alstom appears to be in the driving seat.

'Why business is Labour curious'

Simon Jack

BBC Business Editor

Business wants to learn more about John McDonnell and Jeremy Corbyn's plans
Reuters
Business wants to learn more about John McDonnell and Jeremy Corbyn's plans

There are a number of Labour party conference virgins attending this year.

For the first time, BP has a stand in the exhibition hall. The head of UK Finance, the group that lobbies for banks, will also be attending his first conference.

So why is there a new interest from business in a party whose flagship policies include nationalising large parts of the UK economy?

Business is Labour-curious for two reasons.

First, and obviously, the election proved that a left-wing Labour government under Jeremy Corbyn is not the remote possibility many in business had assumed.

They need to get to know how this new political creature works because they may have to engage with it.

Read more from Simon here.

UK's oldest postcard maker plans to stop production

J Salmon has been in business since 1880

Lenders 'underestimate' risks of consumer debt, says Bank

Bank of England cash
PA

More on that story about the Bank of England's Financial Policy Committee (FPC) saying there are "pockets of risk" in the current UK level of lending on loans, overdrafts and credit cards.

The conclusions were aired in a statement published on Monday following the FPC's meeting on Wednesday.

The Bank has consistently expressed the need for vigilance over growth in the consumer credit market during "benign" economic conditions.

This was repeated, although the FPC said it was relevant for the banks' resilience in an economic downturn, rather than a threat to the economy as a whole.

"This is not a material risk to economic growth, as consumer credit represents only 11% of overall household debt," the statement said.

Earlier this summer, another of the Bank's arms - the Prudential Regulation Authority - ordered banks to address specific concerns about their treatment of consumer credit. The Bank had also told lenders to beef up their finances against bad loans.

Consumer credit, which also includes car finance, rose by 9.8% in the year to July, but has been at double-digit levels in recent times.