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  2. Pound down Bank deputy governor comments
  3. Merlin shares plummet despite Peppa Pig plans
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Live Reporting

By Dearbail Jordan

All times stated are UK

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Thank you for joining Business Live today.

We will be back on Wednesday from 6.00am onwards when we will bring you all the breaking business and economics news, including the latest employment and wage growth figures.

IBM beats forecasts

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IBM has reported third quarter revenue ahead of expectations.

Revenue rose to $19.2bn against forecasts of $18.6bn.

US markets close

The Dow Jones Industrial Average finished within a whisker of 23,000 on Tuesday.

Although the index briefly surpassed that level, it settled at 22,997.24 after rising 40.28 points.

S&P 500 closed up 1.72 points at 2,559.36.

The Nasdaq closed marginally lower at 6,623.66.

BreakingWeinstein resigns from film company board

Harvey Weinstein
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Harvey Weinstein has resigned from the board of The Weinstein Company.

The film producer was fired as chief executive on 8 October, however he remained on the board.

More than 40 women have now come forward with sexual assault allegations against Mr Weinstein.

Mr Weinstein has "unequivocally denied" any allegations of non-consensual relationships.

The Weinstein Company is in talks with Colony Capital to secure an injection of capital as well as potentially selling the film production and distribution business to the private equity firm.

Compare and contrast

BBC Brussels reporter Adam Fleming tweets..

Nafta talks to run into 2018

Canadian, Mexican and US flags
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Talks between the US, Mexico and Canada over Nafta will extend into 2018.

The three countries said that significant disagreements remained and Canadian Foreign Minister Chrystia Freeland, said: "We've also seen a series of unconventional proposals in critical areas of the negotiations that make our work much more challenging."

'Silly' to get stuck on EU budget point, says Chancellor

Chancellor Philip Hammond tells CNBC that the UK is "absolutely ready to negotiate" with the EU

"The problem is the process that's been laid down which says we can't start talking about the future and our future relationship until we've settled the question of the budget contribution," he says.

"What we're saying is we can only settle that budget contribution question in the context of knowing what a future relationship is and this seems like a rather silly thing for us to get hung up on.

"If we could just have a talk about this around a table I'm pretty sure we'll unstick it."

Banks 'want to stay in London'

Canary Wharf
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Chancellor Philip Hammond says that financial institutions want to stay in London post-Brexit.

He tells CNBC: "Most of them intend to keep the vast majority of their staff in London and the bulk of their business in London.

"EU business is only a fraction of London's total business and we're very confident that the UK, that London will remain a global financial centre."

UK ready for all Brexit scenarios, says Hammond

Philip Hammond
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Chancellor Philip Hammond says the UK is prepared if it doesn't reach a deal with the EU over Brexit.

In an interview with CNBC, Mr Hammond says: "Our very strong preference is to do a deal with our European neighbours so that we go on working closely together, But of course we're going to be prepared for the eventuality of not reaching a deal.

Asked what that scenario would look like, he says: "It looks like we have to be ready for a hard customs border, we have to be ready for tariffs on our trade.

"We don't think it is going to happen but we will be ready by March 2019 just in case that's the outcome."

Social media data shared by spy agencies

GCHQ is due to offer its view to the court later this week

UK spy agencies are collecting citizens' social media and medical data, a court has heard.

The details emerged in a case brought by Privacy International, looking at the legality of mass data collection.

It said it was concerned that the information could have been shared with foreign governments and corporate partners.

Read the full story here.

Facebook hardware chief to leave

Regina Dugan
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The head of Facebook's secretive hardware business - a slightly sinister sounding division called Building 8 - is stepping down.

Regina Dugan, vice president of engineering, announced she is leaving "to focus on building and leading a new endeavor".

She says it was a difficult decision but she was inspired by a quote by John F Kennedy:

John F Kennedy
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"The world is very different now. United, there is little we cannot do… divided, there is little we can do. Let us begin anew — remembering on both sides that civility is not a sign of weakness. And if a beachhead of cooperation may push back the jungle of suspicion, let both sides join in creating a new endeavor, where the strong are just and the weak secure. This will not be finished in the first 100 days. Nor will it be finished in the first 1,000 days. Nor even perhaps in our lifetime. But let us begin."

"And so, I begin," says Ms Dugan. "I will do my part."

Trump to make Fed decision soon

US president Donald Trump has just said that he will make a decision over his choice for the US Federal Reserve chair "over the next short period of time".

Asked if he had a favorite on a list of five names - reported to include Janet Yellen, Gary Cohn, Jerome Powell, Kevin Warsh and John Taylor - he said: "Honestly, I like them all."

Every cloud...

Reed Hastings
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On Monday night, entertainment streaming giant Netlfix reported better than expected third quarter results.

But on Tuesday, its share price is trading 1.74% lower at $199.15.

Still, it's not all bad news. Netflix's co-founder and chief executive Reed Hastings today joined Forbes' 2017 Billionaires List for the first time.

As one of 22 new entrants, Mr Hastings squeaked past the $2bn cut-off point with a fortune of $2.2bn.

A perfect storm for supermarkets

Emma Simpson

Business correspondent, BBC News

Supermarket logos
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It's hard to keep pace with the scale of cost-cutting and restructuring underway at Britain's biggest grocers.

They're facing a perfect storm of rising costs and changing shopping habits. And with the competition still cut throat from the discounters, they can't afford to recover those costs by putting up prices too much for the consumer.

Sainsbury's and its other main rivals are all trying to reduce operating costs and simplify their businesses to make them more efficient. It's a big, structural, shift and painful for all those affected.

All part of the plan

Since buying Argos last year for £1.4bn, Sainbury's has been expanding the brand to ramp up competition against rivals such as online shopping giant Amazon.

The supermarket group had set out a three-year plan to save £500m by March 2018.

However, it has found another £500m of cost savings that could found over the following three years.

Sainsbury's details job cuts

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Sainsbury's is planning to cut 1,400 payroll and human resource (HR) roles at its stores.

A further 600 will go from group HR and includes roles at Sainsbury's, Argos and Sainsbury's bank.

Earlier this year, Sainsbury's axed 400 in store jobs as part of a shake up of night shift work.

Tackling the burden of debt

Sainsbury's: Market is changing at a rapid pace

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Sainsbury says the job cuts move follows a consultation with staff.

It says the restructuring will affect roles in stores, as well as in HR and payroll departments in Manchester, Coventry, Edinburgh and London.

A Sainsbury's spokesperson said: "The UK grocery market is changing at a rapid pace and it's crucial that we transform the way we operate to meet future challenges and continue to provide customers with best in class service."

Sainsbury cuts up to 2,000 jobs

Sainsbury says it is cutting up to 2,000 jobs in its human resources and central support departments.

The supermarket said: “Following a comprehensive review, we are proposing some updates to our HR structures and systems, as well as changes to a number of other support roles, subject to consultation.

“This has been a difficult decision and we appreciate that this will be a tough time for those colleagues affected by the changes. We will support them in any way we can.”

Google dumps calorie counter

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Google has decided to remove an update to Maps that shows users how many calories they would burn if they walked to their destination.

It follows what the search giant described as "strong user feedback" with many criticising the feature as patronising, shaming and a possible trigger for eating disorders.

Read the full story here.

Trump set to name new US Fed chair

Gary Cohn
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Could Gary Cohn be the next chair of the US Federal Reserve?

US President Donald Trump is likely to name his pick for chair of the US Federal Reserve in early November, according to Reuters.

Candidates are understood to include the current chair Janet Yellen, Gary Cohn, the director of the National Economic Council and chief economic advisor to President Donald Trump.

Also in the running are John Taylor, professor of economics at Stanford University and former Fed governor Kevin Warsh.

Reuters reports that Mr Trump will announce his choice before leaving for a trip to Asia next month.

Watch: The best of both worlds

People are increasingly at home with digital shopping and value its convenience, speed, low prices and responsiveness to their preferences.

But because many people still love to go to physical shops too, retailers, both on and offline, are realising that the answer lies in working out how to offer the best of both the physical and digital worlds.

The bricks and mortar fight back

London markets close down

Among past attractions at Legoland is Taylor Swift made entirely out of plastic bricks
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Among past attractions at Legoland is Taylor Swift made entirely out of plastic bricks

The FTSE 100 closed 10.80 points lower at 7,516.17 on Tuesday.

Education group Pearson led the index, up 7.56% to 668.5p after publishing an upbeat outlook on full-year figures.

Legoland-owner Merlin Entertainment was the biggest faller, down 15.39% at 380.5p after it said terrorist attacks had hurt tourism figures.

The FTSE 250 fell 86.18 points to 20,130.95.

Newcastle to go Turkish?

Newcastle v Liverpool
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Newcastle United Football Club could end up in Turkish hands, according to the London Evening Standard.

It reports that billionaire Murat Ülker is the frontrunner to buy the club which has been put up for sale by Mike Ashley, the majority owner of the Sports Direct retail chain.

Mr Ülker is the chairman of Yıldız Holding, a huge global food business that boasts brands such as Jaffa Cakes and Godiva chocolate.

UnitedHealth powers market rise

Stock market trader
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UnitedHealth propelled the Dow Jones Industrial Average to its new high after the health insurer beat third year forecasts and upgraded full-year profit expectations. Its share price is up 5.16% at $203.08.

Commenting in the market, Andre Bakhos, managing director at Janlyn Capital says: "The market seems like it's in a holding pattern as investors look for additional evidence to drive it higher.

"As we get into the meat of earnings season, investors are looking to confirm the valuations of equities."

BreakingDow Jones reaches 23,000

The Dow Jones Industrial Average has reached 23,000 for the first time.

It is trading up 43.19 points at 23,000.15.

Fancy farewell prompts probe

Air Berlin
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On leaving a job, people might bring in cake for the office or maybe go for a pint.

Not so at Air Berlin.

In a unique way of saying goodbye, a pilot did a fly-past to mark the insolvent airline's last long-haul flight at Duesseldorf airport.

According to German newspaper Tagesspiegel, the aircraft received a water salute when the airport fire brigade ceremonially sprayed the plane with plumes of water.

Unfortunately, the Federal Aviation Office is now examining the incident.

Tillman gets groovy

The Telegraph's retail editor Ashley Armstrong tweets...

Good for Bombardier, great for Airbus

Simon Jack

BBC Business Editor

Airbus factory in Hamburg, Germany
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A neat solution to a thorny trade dispute.

A deal which sees Airbus take a majority stake in Bombardier's C-Series plane achieves a number of objectives. First, it means they can be assembled inside the US - potentially avoiding the crippling 300% tariff the US government wants to see imposed on each plane.

Second, it gives the aircraft the benefit of the global sales and muscle plus the all-round credibility of Airbus - particularly in the Asian market where interest in a plane well suited to that market has so far been low.

Finally, it safeguards jobs in Canada and the UK for now - winning valuable points for politicians in Ottawa, Belfast and Westminster.

If it looks like a good deal for Bombardier, it looks like a GREAT deal for Airbus.

Read more here.

Unite welcomes Airbus Bombardier tie-up

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Davy Thompson, regional coordinating officer for the Unite union has given the thumbs up to the defensive move from Bombardier to join forces with Airbus.

Unite says it has been assured the deal will guarantee jobs there.

He says the deal "has the potential to open the door to new markets and ensure long-term sustainability of C Series production".

“Unite will continue our efforts to ensure the withdrawal of the US tariffs on the C Series but this is a welcome development – one that gives ‘breathing space’ to the C Series itself and which we anticipate should safeguard the future of C Series production jobs in Belfast for the foreseeable future."

A lone dove

The pound is trading 0.55% down on the dollar at $1.31780. It is off 0.12% on the euro at €1.12200.

The market is shaken by comments from The Bank of England deputy governor Sir Dave Ramsden.

However, the newest member of the Bank's Monetary Policy Committee appears to be its only dove. In other words, a rate rise in November still looks likely. Here's how Barclays sees the vote going next month:

Bank of England vote

Trump tumbles on rich list

Donald Trump
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Forbes has released its 2017 Billionaires List and while it is no surprise to see Microsoft co-founder and philanthropist Bill Gates in the number one slot again, a certain Donald J. Trump might not be so happy.

Forbes calculates that the US president has fallen to 248th place from last year's 156th place. The former real estate investor has seen his wealth fall by $600m to $3.1bn.

Jeff Bezos
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Conversely, Amazon founder Jeff Bezos has had a cracking year. The entrepreneur, who also owns the Washington Post and has been the target of a Twitter tirade by Mr Trump, saw his fortune rise to $86bn from $75bn

This propelled him into the top three on Forbes' list for the first time.

Dow Jones hits new high

Can the Dow Jones Industrial Average hit 23,000? It is certainly heading that way after opening 18.71 points higher at a new high of 22,975.67.

The S&P 500 is marginally ahead at 2,558.05 but the Nasdaq fell back 1.68 points to 6,622.32.

How much is your house worth?

House prices
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Would you like to know how much your house has risen or fallen in value?

Look no further. The BBC has a spiffy new graphic that can answer that very question.

But be warned - clicking on this link could either make or break your day.

A Swiss Bombardier C-Series CS100 plane takes off from Zurich Airport

Julian O'Neill

BBC News NI Business Correspondent

Where does the Airbus deal leave Bombardier's trade spat with Boeing - and what does it mean for Belfast?

Read more

FCA agrees to scrutiny of RBS report

RBS logo

The Financial Conduct Authority has agreed to the Treasury Committee's proposal for Andrew Green QC to study its report into misconduct at RBS.

FCA chief executive Andrew Bailey has told Committee chair Nicky Morgan he consents to allow Mr Green to compare its summary with the full report.

The FCA has refused to publish the skilled persons' report.

Last week Ms Morgan said her committee may force publication if the FCA did not agree to it being scrutinised.

Pearson shares get boost but results a mixed bag

Shares in publisher Pearson are up nearly 8% after it narrowed its expected profit range to the upper end of previous guidance.

But Nicholas Hyett, an equity analyst at Hargreaves Lansdown says: "In some ways it’s a rather mixed set of results.

"On the one hand profit expectations have been narrowed – reflecting a revenue performance in line with management expectations and lower costs. On the other, sales continue to fall, particularly in the US, and current headwinds are expected to continue into the medium-term. However, these are positive results for Pearson overall."

Goldman Sachs revenues rise

Lloyd Blankfein
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Goldman Sachs has reported revenue of $8.33bn (£6.3bn) for the third quarter, beating many market expectations.

The company did have a 26% drop on bond trading, but chairman and chief executive Lloyd Blankfein (pictured) says: "Our overall performance this year has been solid and provides a good foundation on which to execute and deliver our growth initiatives,"

Curate's egg: why Merlin is good in parts

Couple in front of the London Eye
Merlin owns key attractions from Madame Tussauds to the London Eye

Merlin's shares are still down more than 18% today, following a disappointing briefing on their results so far this year.

But Steve Clayton at Hargreaves Lansdown, who manages a fund which holds Merlin shares says parts of it are their fault, parts are out of their hands:

“Tourism businesses always have to contend with the weather, but terrorism is unfortunately becoming an increasing, additional headwind.

"Merlin have some issues of their own too, and their Midway brands are under-performing more broadly. But the group is still growing, reflecting the roll-out of new Legolands and more hotel room openings at their parks.

He adds: "Overall, Merlin is something of a curate’s egg at the moment and the group will need to work hard to keep the numbers moving in the right direction."

Pound down

Graph of pound movement

The pound is 0.42% lower against the dollar at $1.3196.

Sterling initially rose after this morning's inflation report suggested a rate rise might now be more likely.

But then comments from Sir Dave Ramsden the Bank of England's new deputy governor, raised doubts.

The deputy governor said he was not close to voting for an interest rate hike because he saw little sign of inflation pressure building in Britain's labour market.

"Despite continued robust growth in employment there is no sign of second-round effects onto wages from higher recent inflation," he told the Treasury Select Committee.