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  1. May warns on Russia at City banquet
  2. Pound falls to $1.31 and near €1.12
  3. FTSE 100 falls 0.2% to 7,415
  4. Uber in $10bn Softbank investment
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Live Reporting

By Dan Macadam

All times stated are UK

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Georgina Pattinson

BBC Parliament Online

MPs tackle the nitty-gritty of Brexit as the committee stage of the EU Withdrawal Bill progresses in the Commons.

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Good night

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That's it for this evening, thanks for reading. Do join us when the Business Live page restarts at 06:00am UK time tomorrow.

Wall Street ekes out gains

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Over on Wall Street, US stock indexes have finished with modest gains despite a sharp drop in General Electric shares.

The industrial giant's stock fell 7%, but it was offset by gains for utilities and consumer staples.

The Dow Jones Industrial Average rose 0.07% to 23,439.7, the S&P 500 gained 0.1% to 2,584.84 and the Nasdaq Composite was up 0.1% to 6,757.60.

May commits to Europe protection

Theresa May at Lord Mayor's banquet
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The prime minister set out the UK's commitment to protecting Europe as she warned of Russian aggression, in a speech to UK finance leaders.

Theresa May said the UK remained a European nation: "Our history marked by shared experience. Our society shaped by common values. Our economies interdependent. And our security indivisible."

Speaking at the Lord Mayor's banquet in London, she linked this to Brexit, saying that the trade deal she is seeking would underpin Britain's "shared commitment to open economies and free societies in the face of those who seek to undermine them. Chief among those today, of course, is Russia."

Mrs May went on to speak about Russia's annexation of Crimea and accused Moscow of "meddling in elections".

Venezuela debt meeting finished

Daniel Gallas

BBC South America business correspondent

Venezeula flag
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Venezuela's talks with foreign investors, designed to avoid a costly default, are over already, according to reports.

Daniel Gallas, the BBC's South America business correspondent, said the meeting reportedly took only 30 minutes.

"Investors who attended the meeting were met with a red carpet. But no deal or significant change in terms has been announced," he said.

Brexit: 'A period of great change'

BreakingMay warns on Russia threat

Theresa May at Lord Mayor's banquet

Theresa May is addressing City grandees at the annual Lord Mayor's banquet in London.

The prime minister's main message is that a Brexit trade deal is needed in the face of security threats from Russia.

Such a deal will support Europe's commitment to open economies and free societies in the face of Russian threats to the international order, she said.

Mrs May stressed that a "comprehensive new economic partnership" with the EU will "underpin" that "shared commitment" as Moscow seeks to undermine Western values.

Credit Suisse fined $135m

Credit Suisse sign

Credit Suisse has agreed to pay $135m to settle allegations in New York that its foreign exchange traders deceived customers and tried to manipulate currency prices.

The traders used chat rooms to share confidential customer information, coordinate trades and try to affect currencies or benchmark rates, the New York State Department of Financial Services (DFS) said.

“Certain Credit Suisse executives in the bank’s foreign exchange unit deliberately fostered a corrupt culture that failed to implement effective controls in its foreign exchange trading business," DFS Superintendent Maria Vullo said.

Credit Suisse said it was pleased to have reached a settlement with the DFS that "allows the bank to put this matter behind it". The conduct in question ran from 2008 to 2015.

Watch: What do your doodles say about you?

A graphologist decodes the idle scrawls of some BBC employees

Will Barbie deal go ahead?

Barbie dolls
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US toy maker Hasbro is reported to be lining up a bid for Barbie-maker Mattel, which would create a firm worth about $16bn and combine two of the industry's biggest rivals.

The benefits of a merger "would be immense" and unlock hundreds of millions of dollars in savings, says Linda Bolton Weiser, who tracks both companies for financial services firm DA Davidson.

But other analysts are more reticent.

Mattel's share price has fallen in recent months, which may make it an attractive takeover target but could also make its leaders reluctant to do a deal now, says Jaime Katz, senior equity analyst for Morningstar.

A potential merger could also run into clashes of corporate culture and other processes, Ms Katz writes in a research note.

"We caution investors that such speculation [about a combination] has fizzled in the past, and a similar fate could occur this go-round," she adds.

Oil ghost town: 'The boom is coming'

It's not only Venezuela which was hit hard by the collapse in oil in 2015 and 2016.

The BBC has visited towns in the US which were geared up for the shale industry, only to see the oil price plunge from over $100 a barrel in the middle of 2014 to around $30 a barrel at its lowest last year.

Oil has since picked up again, with Brent crude currently trading near a two-year high of $63 a barrel.

The residents of one of those ghost towns are crossing their fingers that a big boom is on its way.

Venezuela's debt problem

Nicolas Maduro

The Venezuelan government is meeting international creditors in Caracas later in a bid to renegotiate its foreign debt and avoid a default.

Foreign investors hold some $60bn worth of bonds issued by the government and state-owned companies.

President Nicolas Maduro (pictured) has stressed that Venezuela will never declare a default, saying the crisis has been caused by a sharp decrease in the international price of oil - Venezuela's main export - and economic sabotage backed by the United States.

But there are plenty of challenges facing Maduro's government - not least the ongoing US sanctions - as it looks to alleviate the country's economic crisis.

US stocks under pressure

US stock trader

A quick look at the US markets: the three main stock indexes are in positive territory, but are only showing modest gains.

Analysts said that jitters over Republican tax cuts and a sharp fall in General Electric shares were holding the markets back.

General Electric's shares are down 13% to their lowest level in five years, after the industrial giant issued a profit warning and announced deep job cuts.

The scores for the US indexes are:

  • Dow Jones is 32 points higher at 23,545
  • S&P 500 is up 3 points at 2,585
  • Nasdaq is 7 points higher at 6,758

Coffee firm faces US conservative backlash

Keurig coffee machine
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US conservatives are destroying their Keurig coffee machines after the company announced it would stop advertising on a Fox News programme.

Keurig is among five firms that said they would pull ads from The Sean Hannity Show after the host was accused of going easy on an alleged abuser.

He interviewed Alabama Republican Senate candidate Roy Moore about claims he assaulted a 14-year-old girl. The Fox News host defended Mr Moore and cast doubt on the allegations.

Read more here.

France overtakes US for Scottish salmon exports

Scottish Salmon Company

France has overtaken the US to become Scottish salmon's largest export market, according to new figures.

HMRC data released by the Scottish Salmon Producers Organisation (SSPO) showed sales to France were worth nearly £45m over the first nine months of this year.

That compared with £37m for the United States and £14m for China.

Overall, salmon sales were valued at £483m, a 56% increase on the same period last year.

Read more here.

Google faces US competition investigation

Natalie Sherman

New York business reporter

Google logo

Missouri's top prosecutor plans to investigate Google's business practices, in another sign that the regulatory stance toward internet giants may be shifting in the US.

Missouri Attorney General Josh Hawley said he will examine possible violation of consumer and antitrust laws.

He said he is interested in Google's collection of user data, alleged scraping of information from other websites and alleged manipulation of search results.

“When a company has access to as much consumer information as Google does, it’s my duty to ensure they are using it appropriately,” Hawley said. “I will not let Missouri consumers and businesses be exploited by industry giants.”

In June, European Union authorities slapped Google with a record fine, a ruling the search giant has appealed.

David Davis: MPs will get time to debate and scrutinise Brexit deal
David Davis says Parliament will be given time to debate, scrutinise and vote on a Brexit deal.

FTSE winners and losers

Top gainers on the FTSE 100 were Carnival up 83p to 4,947p, Astrazeneca up 60p to 4,930p, Diageo up 21p to 2,580.5p, and Royal Dutch Shell's 'B' shares up 20p to 2,477.5p.

On the downside, the biggest fallers were Babcock International Group - down 59.5p to 753p, Coca-Cola HBC down 115p to 2, 470p, NMC Health down 118p to 2,800p, and BAE Systems down 19p to 537p.

Supersonic ambitions

Boom plane

BBC business reporter Russell Hotten met the man trying to build the next-generation Concorde.

Former Amazon executive Blake Scholl is at the Dubai Airshow trying to woo investors and Middle East airlines to back his ambition to once again make breaking the sound barrier commercially viable.

It's an idea that a few years ago might have been dismissed with a polite "good luck", but one which is now taking on serious shape, Mr Scholl says.

Read more here.

'Talk of the City'

Theresa May
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The political uncertainty surrounding the Prime Minister is the "talk of the City", according to CMC Markets analyst David Madden.

Sterling - which is down 0.7% against the dollar and hovering around the $1.31 mark - is "feeling the pressure, just like Theresa May", he says.

"Mrs May has had a tough six months, and it appears some Conservative MP’s are running low on patience," he adds.

The government is also under pressure to meet a two-week deadline set on Friday by the EU's chief Brexit negotiator Michel Barnier for a deal on exit terms.

"Clearly the Brexit negotiations are at a crucial juncture," says Rabobank analyst Jane Foley. "However, without a majority May's leadership has been weakened and she appears unable to rally her cabinet behind her."

If at first you don't succeed

Broadcom boss Hock Tan with Donald Trump

Hock Tan, the boss of chip maker Broadcom, isn't taking no for an answer just yet.

His $103bn bid for rival chip maker Qualcomm was turned down earlier for "drastically" undervaluing the US company.

But Mr Tan has responded by saying he's "encouraged" by the reaction of Qualcomm's shareholders to last week's offer, and remains "fully committed" to the deal.

Even before lodging the bid, Mr Tan had moved into the spotlight. The 65 year-old met with Donald Trump in the Oval Office earlier this month (pictured) to announce his firm would shift its legal base from Singapore to the US.

Pay rise for teachers?

Kamal Ahmed

Economics editor

Nicky Morgan

A powerful voice from the Conservative back benches has added her weight to those who say that the public sector pay cap, in force since 2013 following a three-year freeze, should be lifted.

Nicky Morgan, the former education secretary and now chairwoman of the Treasury Select Committee, said that although she did not back a "blanket" lifting of the limit, the case for teachers was a powerful one.

Ms Morgan said there would be a lot of talk in the Budget about low productivity, and that one way to improve productivity would be to ensure people are getting the best education.

"So, inevitably, I would argue, yes, as a former education secretary, if I was still doing the job, I'd be having a pretty fierce argument with the Treasury about saying: 'Look, the public sector pay cap should be lifted, if not for everybody in the schools and education profession, then at least for those who actually we're finding it hardest to recruit and retain,'" she said.

Read more from Kamal's blog here.

'Pick up the pace'

Carolyn Fairbairn, the CBI chief, says businesses in both the UK and Europe want faster Brexit negotiations to provide the certainty needed to protect jobs.

The CBI and European business bodies met with Prime Minister Theresa May today in Downing Street for a meeting on Brexit.

FTSE finishes lower

ETX Capital trader
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The UK's FTSE 100 of leading shares gave up its early gains to finish 0.2% lower at 7,415.18.

It comes amid wider losses on European stock markets. Germany's Dax dropped 0.4% while France's Cac 40 fell 0.7%.

Analysts suggested the decline in sterling - which benefits FTSE 100 firms with earnings abroad - had cushioned the UK index from a sharper fall.

Sterling pares losses

Pound coins
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The pound has continued to claw back some of the losses it saw this morning. It is now back above $1.31 - only just - and is trading at $1.3108. That is still a fall of 0.67% on the day.

Nandini Ramakrishnan, a global market strategist at JP Morgan Asset Management, said the pound is likely to see continued volatility.

"Do we expect the weakness in the pound to reverse? Not really, it's going to be a pound that moves up and down throughout the course of the next few months, really," she told the BBC.

Barclays savers miss full rate rise

Barclays logo

Barclays has become the latest bank to fail to pass on the full rise in base rates to many of its savers.

It comes after Royal Bank of Scotland, NatWest and Tesco Bank announced on Friday that their savings rates would rise by 0.2% or less.

Only about 20 providers out of 150 have so far passed on the full 0.25% rate rise to savers, despite pleas from Number 10 and the Bank of England.

View more on twitter
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EU 'doesn't get clearing' - Deutsche boss

Newsnight business editor tweets...

In a Barbie world

Barbie toy
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For decades, Barbie-maker Mattel and Monopoly-manufactuer Hasbro have been bitter rivals, competing ferociously to create the must-have toys.

But Hasbro is now interested in bringing the two companies together in a $16bn merger that would shake up the toy industry, according to media reports.

Investors in both companies like the sound of the potential deal, which would unite Hasbro's My Little Pony, Star Wars and Nerf brands with Mattel's Barbie dolls and Hot Wheels toys.

Shares in Mattel are up 19% today and Hasbro is 7% higher, with analysts suggesting a deal would help the two firms compete with all the other games, apps and consoles jostling for kids' attention.

Wall Street off to cautious start

Trader on New York Stock Exchange floor

The momentum in US stocks ground to a halt last week, with the S&P 500 and Dow Jones indexes finishing lower for the first time in two months.

The falls came largely amid uncertainty about the passage of Republican tax cuts.

It's a similar story in the first hour of trading on Wall Street, with the main US stock indexes struggling to make meaningful gains.

The Dow Jones is up by 0.08% to 23,441 and the S&P 500 is just 0.04% higher at 2,583. The Nasdaq is down 0.04% to 6,748.

Pound still below $1.31

Pound to dollar

The pound has pared some of it losses against the dollar - but it's still trading below $1.31, a fall of 0.75%. Against the euro, it's down 0.73% to €1.12250.

Analysts suggested the fall was linked to uncertainty about the Brexit talks and Theresa May's grip on government.

"The political news over the weekend shows that her [May's] position is coming under increasing pressure and currency markets are reacting to that," said Alvin Tan, an FX strategist at Societe Generale in London.

Bitcoin rises by $1,000


We write a lot about currency movements on the Business Live page, but I doubt we've seen many as sharp as today's surge in the price of Bitcoin.

The cryptocurrency - which is much more volatile than traditional currencies - has recovered more than $1,000 after losing almost a third of its value at the end of last week.

It's currently trading at about $6,520 as traders bought back into the digital coin, having fallen as low as $5,555 on Sunday, according to Reuters.

The digital coin dropped after a planned software upgrade, which could have split the cryptocurrency in a so-called "fork", was abandoned last week.

In the doghouse?

Business leaders have warned against a "no deal" Brexit, often seen as a scenario where the UK and EU fail to reach an agreement before formal talks finish in 2019.

It's not just companies that could be affected, but pets too, according to the EU's chief Brexit negotiator. BBC Reality Check has looked at what Brexit might mean for our furry friends...

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May: Business can 'thrive' post-Brexit

As we reported earlier, European and UK business leaders have told the prime minister of their Brexit concerns at a meeting in Downing Street.

Representatives from groups including the CBI and BusinessEurope pressed for a transitional deal that preserves the status quo after the UK leaves the EU.

Theresa May has said the UK must do everything it can to ensure British and EU businesses "thrive side-by-side" after Brexit.

View more on twitter

Lyft off

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Taxi-hailing app Lyft - seen as one of Uber's biggest rivals in the US - is making its first move into an international market.

The San Francisco start-up is launching in Toronto, Canada, and in a burst of Californian enthusiasm says it's "super pumped" to be taking its business to "our close friends up north".

Lyft, which offers a similar service to Uber, raised $1bn last month from Google's parent company Alphabet.

When it launched in 2012, cars using Lyft had pink moustaches on the front bumper, although those have recently been replaced by a psychedelic dashboard display (pictured).

Lyft is yet to launch in the UK - although it was recently reported that the company held talks with London transport officials in the past year.

BreakingGE to axe thousands of jobs

GE logo

As well as cutting the dividend, GE plans to slash thousands of jobs to reduce costs, while shrinking its business to focus on aviation, healthcare and energy.

The maker of jet engines and power turbines, whose market value has fallen by more than $100bn this year, will sell parts of its transportation and electricity businesses.

The industrial conglomerate is selling off more than $20bn in assets, and also will exit the oil services business Baker Hughes, in which it has a controlling stake.

Breaking$103bn chip merger short-circuits

Qualcomm sign
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Mobile chipmaker Qualcomm has rejected rival Broadcom's $103bn takeover bid, saying the offer "dramatically" undervalued the US company.

"After a comprehensive review ... the board has concluded that Broadcom's proposal dramatically undervalues Qualcomm and comes with significant regulatory uncertainty," said Qualcomm's presiding director Tom Horton.

Broadcom made its unsolicited bid last week in its efforts to become the dominant supplier of chips used in the 1.5 billion smartphones expected to be sold around the world this year.

Oxfam goes digital

Oxfam store

Oxfam says that UK high streets are becoming so crowded due to fewer shops closing down that it is now looking to sell donations online instead.

"People can look at their convenience, they can get a really good search in...and we get more money for tackling disasters and helping people live better lives," Mark Goldring, chief executive of Oxfam GB told the Today programme.

The move could help to reduce overheads in its charity shops.

At the moment, 82p out of every pound raised is spent directly on Oxfam programmes.

The other 10p goes on paying store rent and staff, while the remaining 8p is spent on raising funds.

Ineos goes Swiss

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British chemical giant Ineos is set to buy Lausanne-Sport, which by some measure is Europe's oldest football club.

The football team has won the Swiss league seven times, but not since 1965, and the Swiss cup nine times - slightly more recently in 1999.

Ineos snapped up motorcycle wear firm Belstaff last month after it was put up for sale by JAB Holdings.

Inflation 'likely to remain above target'

Bank of England's chief economist Andy Haldane

UK inflation is likely to remain above target for the next few years, according to the Bank of England's chief economist Andy Haldane.

"Price rises across the whole economy are currently running well above the 2% inflation target and are expected to remain above-target for the next few years," Mr Haldane wrote in a blog post about a Townhall visit to Greater Manchester.

"The rise in inflation through this year has already generated such a squeeze on many households’ purchasing power.

"This is not something the Bank, or anyone else, should wish to see continuing for years to come – hence the nudge up in interest rates."

From warm words to action

Carolyn Fairbairn
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CBI chief Carolyn Fairbairn gave her take on what needs to happen next to gain progress on Brexit talks following a meeting between business groups and Theresa May.

“A transition period reflecting the current arrangements remains the priority on both sides of the Channel. While businesses welcomed the Prime Minister’s Florence speech, we now need to move beyond warm words if jobs, investment and living standards are to be protected.

Carolyn FairbairnCBI director-general