That's all for this week from us. Business Live will be in the safe hands of Howard Mustoe and Matthew West from 06:00 on Monday. In the meantime, enjoy the weekend.
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- European markets open higher
- Bank of England says interest rate rise unlikely
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Are market traders getting paid too much? The Atlantic has a story on rats that can accurately predict the price of foreign exchange futures or crude oil. And their bonus package consists only of food pellets. "One bottleneck is that a rat can only make about 20 trades before getting tired - so hedge funds would need a lot of rats to accumulate any useful amount of data," it reads.
Morgan Stanley reported an 87% rise in third-quarter earnings. Trading and wealth management divisions helped. Net income was $1.65bn.
A press release reaches us from AshleyMadison.com, the self-described "leading site for extramarital affairs", which says it has launched in India, with great success. More than 50,000 users signed up, 100,000 unique page views. "Numbers that would make any online business see a new country launch as successful - especially if what you're selling is infidelity in India." Business Live feels it is time for a picture on the page but, frankly, is ducking this challenge.
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Tony Tassell tweets: "amazing chart in Haldane speech - UK has seen longest sustained fall in real wages in history" Really striking stuff.
The Federation of Small Businesses is happy about the possible new ISA, which sets out options to include peer-to-peer loans in ISAs. John Allan, chairman, says: "Encouraging investment by peer-to-peer investors through the tax relief afforded by the ISA wrapper will give a boost to alternative finance channels. This increases choice in the market and provides competition to the banks."
- Copyright: Virgin Money
Virgin Money has postponed its London stock market listing. It will delay plans to raise around £150m. It said: "Virgin Money continues to progress its plan for an initial public offering, mindful of market conditions. It now expects admission to occur later than October 2014 and as soon as constructive market conditions allow."
More on the new ISA being considered by the government. It would be for people who lend money via peer-to-peer (P2P) borrowing sites. Peer-to-peer websites, like Zopa and RateSetter, accept money from savers which they then lend out to individuals or businesses. Often they attract an above-average return, albeit with more risk. Lenders can, in theory, lose their money, if the borrower is unable to pay it back.
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Oh indeed. If only the folk at Jefferies (and elsewhere) had seen what Rolls-Royce's deal with Siemens and the sanctions against Russia would do to power systems. We now have a share price down 11%. Bumpy.
"Guidance for 2014 and 2015. We could kick ourselves for not predicting that trading in Energy might weaken following the announcement of its sale to Siemens; we have seen the like often enough. We had also not foreseen that Russian sanctions would impact Power Systems," says a very frank Sandy Morris, equity analyst at Jefferies International Limited.
blogs: "Full marks to the Bank of England's chief economist, Andy Haldane, for clarity on an issue normally shrouded in mist, namely what the Bank plans for interest rates."
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Heart-stopping concept cars and boring middle-aged men in suits - the BBC's Theo Leggett reports from the Paris Motor Show. Watch the video here.
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Pensioners are living in poverty because they're failing to claim benefits, the charity Age UK warns this morning. It says 1.6 million pensioners are now living below the poverty line in the UK.
BBC News Channel
The BBC's business editor Kamal Ahmed says comments from the Bank of England's Andrew Haldane suggest "there's great confusion about what the British economy is actually doing". On the one hand there's growth, but low inflation and little wage growth in recent years is worrying. He says it's likely that next year we should expect small incremental increases in interest rates.
Personal finance reporter, BBC News
Apple unveiled new iPads last night in an effort to turn around declining sales. The iPad Air 2 is apparently the thinnest tablet computer on the market. Apple sold 13.3 million iPads in the April-to-June quarter - 9% down on last year. It's still the best-selling tablet brand, but its market share has fallen from 33% to less than 27%.
Yields on weaker eurozone economies' bonds dipped back down in Friday trading after an earlier rise. Investors are hoping the European Central Bank will do something to help. Spanish, Italian and Portuguese 10-year yields were 4-10 basis points lower at 2.18%, 2.52% and 3.41%. "This sell-off only increases the likelihood of QE by the ECB," one trader told Reuters.
Radio 5 live
Brenda Kelly from IG says markets are not expecting an interest rate rise until August 2015 at the earliest. She says the next Bank of England meeting could see the monetary policy committee vote 9-0 in favour of keeping rates low. The last meeting saw two members vote for a rates rise.
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The market's shenanigans have knocked down the price of Brent crude this week. It's now at $85.82 a barrel. A nice explainer on who wins, who loses, when fuel prices rise. Read it here.
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Jimmy Choo shares have opened up 0.7% at 141p on their first day of trading. The shares sold at the low end of the range - at one point the company was hoping to attract interest at 180p a share. JAB Luxury will have 70.2% of the issued share capital, just 25.9% has been sold.
- Copyright: Reuters
Pharmaceuticals giant GlaxoSmithKline has admitted that an Ebola vaccine it is working on will "come too late" for the current outbreak. "I think in retrospect we should have pulled that trigger earlier," said Dr Ripley Ballou, head of GSK's Ebola vaccine research.
One of the Bank of England's top people, Andrew Bailey, has come out against the bonus cap. Speaking last night at the Mansion House, the deputy governor for Prudential Regulation, said: "We need a system where senior people who are responsible for the performance of their firms understand that for a reasonable period of time a meaningful proportion of their remuneration is at risk of being taken away... let me be blunt, the bonus cap is the wrong policy, the debate around it is misguided."
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The engine maker says despite the fall in revenue it's now expecting, profits will still be flat, rather than down. The market doesn't care. Shares are down 7.5%.
Mr Haldane said the UK economy was "writhing in both agony and ecstasy". Bit Dantean?
tweets: "In case you thought otherwise, Bank of England's chief economist Haldane says interest rate rises off the agenda for some considerable time"
The Bank of England may need to keep interest rates lower for longer than previously thought to reduce the chance of the economy slipping into long-term stagnation, its chief economist Andrew Haldane will say in a speech later. His script: "Put in rather plainer English, I am gloomier." Oh dear.
BBC World News
World Business Report hears from Ghana, where the tourism economy is suffering from the Ebola outbreak in West Africa even though Ghana itself has no recorded cases. Hotels are empty because businessmen are cancelling conferences, and the seaside resorts are seeing a dearth of tourists.
BBC BreakfastCopyright: BBC
Breakfast's Dominic Laurie is lurking around on a trading floor in the City, where traders are waiting for the market to open in a couple of minutes. It's been a fraught few days on the markets, he says. "There are pizza boxes and donut boxes everywhere [and] apparently there were some tempers raised and some keyboards smashed in the last 48 hours."
Radio 5 live
Simon Kirby, chief executive of the HS2 project, is on Radio 5 live. He's asked whether he still needs to convince people that the high-speed rail project is necessary. He says the project has cross-party support, and it's now "about how we deliver it - on time, to cost, to quality". The deadline is to get the Birmingham to London route up and running by 2026.
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Chiquita, the US banana company, has rejected a takeover bid from two Brazilian billionaires. It would have valued the company at $1.3bn (£808m), but the board said it was not in the best interest of shareholders. Chiquita is planning to merge with Irish banana producer Fyffes instead.
BBC World NewsCopyright: Reuters
Search giant Google failed to impress with its third-quarter results, which saw profits down 5% on last year. Samira Hussein in New York tells World Business Report investors on Wall Street are looking for some positive news from corporate America, but they're not getting it from Google. It's still early in the earnings season.
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As rumoured in the market yesterday, upmarket shoemaker Jimmy Choo has set its London flotation price at 140p a share, at the bottom of its indicative range. That means the market judges the company is worth £545.6m.
tweets: "And here's how the FTSE chops a company: "London Mining (UK B1VZK33) will be deleted from the index at 0p""
Yesterday, mining firm London Mining called in the administrators after its operations in Sierra Leone suffered high costs, falling iron prices, and the impact of the Ebola virus. Trading in its shares were suspended last week at the request of the company after directors warned that it was running out of money.
Aero engine maker Rolls-Royce has issued a warning on revenues. "In the last few months economic conditions have deteriorated and Russian trade sanctions have tightened, leading a number of customers to delay or cancel orders particularly in our nuclear and energy and power systems businesses." Upshot is revenues will be 3.5-4% lower than last year, rather than flat as previously guided.
What should private investors do about the market shenanigans? Reassuringly, not a lot, says Christine Ross, head of financial planning at SGPB Hambros. "They should be concerned but not panic - investors normally leave their investments for three years and we should stick with that - profits should be lower but they're not going to stop," she tells Breakfast.
Radio 5 live
Actor Ricky Tomlinson (from the Royle Family) tells Wake Up to Money that he's funding his sequel to Mike Bassett: England Manager through crowd-funding. He says there's plenty of money being put up by the studios, but he needs to raise quarter of a million pounds himself. His own salary for the film is £7m.
Radio 5 live
Louise Oliver from Piercefield Oliver tells Wake Up to Money that if you're someone with spare cash and "you don't mind a bit of a punt on some non-core stuff" and you'd quite like to support business, a new ISA could be a good thing "but you have to understand you might lose your money". Attractive.
BBC Radio 4Copyright: BBC
Today speaks to Professor Louis Toledo, one of the world's top cosmetic buttock surgeons, at a clinical cosmetic products fair. Prof Toledo is the creator, apparently, of the famous Brazilian buttock. The fair features everything from a facial peel or a Botox treatment to something involving scalpels. The market is guesstimated to be worth £6bn a year, growing rapidly, but unregulated.
BBC Radio 4
Today is mulling over the recent volatile and panicky market performance. The FTSE alone has plunged 10% since early September. Carl Weinberg from High Frequency Economics, says Europe is the heart of the problem with a lot of discussion about weak economies from the IMF focussing minds. He says nothing fundamental has changed, but perceptions have.
Radio 5 live
The government is looking at creating a new third sort of Individual Saving Account (ISA) for peer-to-peer lending. The idea is people lend money directly over the internet using special website. At the moment ISA savers can either save tax-free in a cash ISA or a stocks and shares ISA. Louise Oliver, certified financial planner at Piercefield Oliver, tells Wake Up to Money it will increase funding streams to small firms and that can only be a good thing.
Radio 5 live
Wake Up to Money looks at the state of the global economy - the cause of so much concern on the financial markets this week. Carl Weinberg from High Frequency Economics says the US economic expansion is on a much more solid footing than in the UK. "It's very fragile - Britain won't save the world," he said. "Having said that neither will the United States... the European economy is broken."
Business reporter, BBC News
Good morning. We'll be keeping a close eye on the global markets today, following a bit of turbulence this week, plus there's results from Google to discuss and a new ISA. Stay tuned.
Business reporter, BBC News
Morning all. Friday has come around and we're rounding off the week with today's key business news. email@example.com or @bbcbusiness, should you have news to share.