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  1. Deutsche Bank reports large loss due to Libor fines
  2. US central bank expected to end QE stimulus
  3. Pilots' strike costs Air France €400m
  4. The morning's main business programmes are available on the Live Coverage tab

Live Reporting

By Edwin Lane and Joe Miller

All times stated are UK

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  1. Post update

    That's it from us for today. We'll be back with more business news from 06:00 tomorrow. See you then.



    The Independent is one of several papers licking their lips at the prospect that British fruit farms will still be picking strawberries in December for the first time, after the long summer and mild autumn produced a record crop. The British Summer Fruits Association said ideal growing conditions had produced sweet fruit for longer than usual, and this year the season could last for nearly 40 weeks.


    BBC News understands that US company Maximus has been awarded a 3.5 year contract to carry out the government's "fit-for-work" benefit checks. It will replace ATOS, after the French firm left its contract following a series of complaints and mistakes. The new agreement has not been formally confirmed.

  4. TESCO

    The Serious Fraud Office won't confirm reports that it is about to launch a formal investigation into Tesco, but says "obviously we are aware and are following developments with interest".

  5. Via Twitter


    World Service

    tweets: "The president of Zambia has died and the US Federal Reserve is to end QE. Hear the latest update

  6. Via Blog

    US FED

    Robert Peston

    Economics editor

    blogs: "As the Fed Reserve ends quantitative easing, those who prophesied that these trillions of dollars of debt purchases would spark uncontrollable inflation have been proved wrong. But QE could still prove toxic."

  7. Via Twitter


    Sky News Newsdesk

    tweets: "Sky Sources: the Serious Fraud Office is to launch an investigation into #Tesco"



    The creator of the famous game Operation has turned to crowd funding to raise money for his own operation. The Verge reports that John Spinello, 77, doesn't get royalties from the sales of the game, and needs $25,000 for oral surgery.



    A London-based NFL team could be worth more than £100m a year to the UK, according to a Deloitte study. It says the two American Football games at Wembley in 2013 brought an extra £32m to London. The US franchise is hoping to bring four games to the capital each year by 2016, and is aiming for a full-time London team by 2022.

  10. 0.5% FOREVER?

    "Interest rates in the UK may not ever go up from the near-zero level of the last few years," claims Matthew Lynn over at MarketWatch. He draws similarities with Japan, which "cut its rates to those levels more than two decades ago and it is no closer to a rate rise now than it was in the mid-1990s". Ominous.


    Hungary protests

    Tens of thousands of protesters have marched through the Hungarian capital Budapest against plans to tax internet use. The government has drafted a law which would levy a fee on each gigabyte of data transferred.

  12. Via Twitter

    Peter Spiegel, Brussels bureau chief for the Financial Times

    tweets: "Germany exports to Russia down 26.3%, federal statistics office reports. #Sanctions"

  13. TOTAL


    French oil company Total has reported a 2% fall in profits in its latest financial results. It also confirmed the appointment of Patrick Pouyanne as its new chief executive. He was given the job after the death of the previous boss, Christophe de Margerie, in a plane crash in Moscow last week.

  14. US FED

    BBC World News

    Can the patient live without the life support of the US Fed's QE programme? That's the question for the US economy says World Business Report. The BBC's Samira Hussain says its clear the next move for the Fed will have to be a rate hike, but getting the timing right will be tough, and it's a decision that has global implications.


    Companies including Unilever, Proctor & Gamble and Coca-Cola are bringing in auditors to check the books of their UK divisions, the Telegraph reports, following the accounting scandal at Tesco. "There are questions in the industry about how a black hole of that scale could emerge in Britain's biggest retailer, whether there are financial repercussions for suppliers," writes Graham Ruddick.

  16. NO DATA

    Can you live for a day in the city without leaving a trail of data? Our technology correspondent Rory Cellan-Jones finds out. "You won't be able to live a 21st Century life," one expert tells him. You can also watch Rory's film in our key video section.



    Are you bored of your passport? Want to get a new one? The tiny Caribbean state of St Kitts & Nevis has published this glossy brochure in this morning's FT, advertising its "Citizenship by Investment" programme. For an investment of just $400,000 in the islands you can become a proud St Kitts & Nevis passport holder and enjoy the golf courses and favourable tax arrangements.



    This graph from the Insolvency Service shows which sectors suffered the most liquidations in the past year. In the 12 months to the end of September 2014, one in 186 companies went into liquidation, the service adds.


    The European markets are still trading higher this morning, amid a busy period for corporate results.


    The number of people declaring personal bankruptcy has fallen by almost 19%, according to the Insolvency Service. In the third quarter of this year, 4,886 orders were recorded in England and Wales, compared with 6,009 in the same period last year. The number of company insolvencies also decreased - by 11.7%.

  21. NEXT

    BBC News Channel


    "Retailers love to blame the weather, but this time it's actually quite justified," says Natalie Berg from Planet Retail, talking about Next's lower profit forecasts for the year. "It was the driest September in a 100 years, October is looking like one of the warmest on record... when its 19 degrees out people aren't thinking about buying cashmere jumpers and winter coats."

  22. Via Twitter

    Robert Peston

    Economics editor

    tweets: "If you are an entrepreneur, how do you feel that Management Today has chosen @VictoriaBeckham as the UK's number one entrepreneur?"

  23. Via Twitter

    Ben Thompson

    Business correspondent, BBC News Channel

    tweets: "15.9% of households have no adults working. That's down 1.4% from last year and the largest fall since records began."


    UK mortgage approvals are at the lowest level since July 2013, according to figures from the Bank of England. 61,247 were given the go-ahead in September, down from 64,054 in August.


    Japanese conglomerate Hitachi has reported a strong rise in pre-tax profits for the six months to end of September. The firm pulled in 209.51 yen (£1.2bn), up 54.6% on the same period last year.



    How did Rangers come within 48 hours of administration and need a £2m loan from Newcastle United owner Mike Ashley? BBC Sport Scotland's Chris McLaughlin explains all.


    BBC Radio 4

    The UK economy's productivity has suffered because companies have hired too many people, according to a report by PwC. Anthony Bruce from the group says businesses need to start using things like big data analytics to work out what their future demand is going to be and managing their workforces appropriately.

  28. ALDI & LIDL

    BBC Breakfast


    Steph McGovern is spending the morning in Frankfurt for Breakfast, talking about Lidl and Aldi's growth in the UK. A German retail analyst tells her that the budget chains have pretty much reached a peak in Germany, while the are still expected to see significant growth in the UK.


    Britain's biggest trade union, Unison, has accused councils of failing to ensure that care workers are paid the national minimum wage. Responses to a Freedom of Information (FOI) request show that only 6% of local authorities insist that homecare providers pay carers for time spent travelling between clients. Unison says travelling can take up 30% of a carer's shift.


    Markets in Europe have opened higher.

    • The FTSE 100 is up 30 points at 6,432
    • The Dax in Frankfurt is up 57 points at 9,125
    • The Cac 40 in Paris is 8 points higher at 4,121


    Sales of LG mobiles have driven the company's net profits up by 87% in the third quarter of this year. The firm's handset unit shifted 16.8 million smartphones during that period.



    Business Insider highlights details of WhatsApp's financial performance in Facebook's results, released last night. The messaging service, bought by Facebook for about $22bn earlier this year, made a net loss of $138 million in 2013, bringing in just $10.2 in revenues.

  33. Via Twitter

    US FED

    Adam Parsons

    Business Correspondent

    tweets: "Wake up to Money's fact of the day: with the money it spent on QE, the US could instead have bought every single cow in the world."


    BBC Radio 4


    John Holland-Kaye, chief executive of Heathrow, is on Today. He says the drop in pre-tax profits is "entirely driven by some one-off adjustments" and re-financing, which, he claims, is the "nature of modern business". Mr Holland-Kaye adds that shopping is a big part of Heathrow's income, but although it "helps to keep passenger charges down," it is "not what we are here for".

  35. NEXT

    Next says it now expects to make between £750m to £790m in pre-tax profits this year, 3% lower than the guidance it previously gave.

  36. Via Twitter

    Andrew Clark, deputy business editor of The Times

    tweets: "BSkyB get down with the kids by investing in Whistle Sports, a YouTube network for millennials interested in such things as Ultimate Frisbee"


    Nintendo has just reported a $2m profit for the three months to September, raising hopes that it could soon record its first annual profit in four years. All eyes are now on the crucial Christmas period, with new games for its 3DS and Wii U consoles set for release.


    Pre-tax profits at Heathrow have fallen to £58m in the nine months to end of September, down from £266m in the same period last year. The revamp of Terminal 2 makes up part of the shortfall, as does re-financing. Heathrow's traffic rose 1.5% to 55.7 million passengers.

  39. NEXT


    Next has reported a 5.4% rise in sales for the third quarter - much less than the 10% it had previously hoped for. It has also downgraded its profit and sales forecasts for the year thanks to the unseasonably warm weather that has continued into October.


    Air France check-in, Nice

    Air France is feeling the effect of the two-week long pilots' strike that took place last month. It's third quarter operating profit more than halved, falling to €247m from €641m in the same period last year. The airline estimates the strike reduced revenues by more than €400m.

  41. Via Twitter

    Stephanie McGovern

    Breakfast business reporter


    tweets: "Crew setting up for our next live bit from Frankfurt. Back on @BBCBreakfast in a min"

  42. NEXT

    Retailer Next is due to report its results for the third quarter at about 07:00. Just a month ago it said warm weather had already hit sales of coats and scarves in September, and that if it was still warm in October, its full-year profits could be hit. More bad news to come?


    Radio 5 live

    "It was a minority of people," says Richard Jeffrey of Cazenove Capital Management, in response to Guy Spier's claims that Wall Street and the City are rife with bad behaviour. "That was not true of the firm where I worked," counters Spier. "We served a very small minority of our investors well, and the large majority did very badly".


    Radio 5 live

    Can you be a successful investment banker without selling your soul? Guy Spier, who worked on Wall Street in the run-up to the financial crisis, tells Wake Up to Money there is a "vortex of emotion and greed that push people to do things they just wouldn't do anywhere else". He says Warren Buffett showed him the way to do business without abandoning morality.


    Deutsche Bank

    Jürgen Fitschen and Anshu Jain, Deutsche Bank's co-chief executives, are matter-of-fact about the firm's net income loss. It was "materially impacted by provisions as we continued to work toward resolution of litigation matters related to legacy issues" they say. The added that "core bank underlying performance was solid".

  46. US FED

    BBC Radio 4

    What did QE achieve? Andrew Huszar, a former Federal Reserve official responsible for executing the bond-buying programme, has changed his mind. "I fear that all we've done is just kick the can down the road," he tells the Today programme. "Effectively the Fed was pumping money into Wall Street banks. There is a question of whether all that money has helped the man in the street."


    Germany's biggest lender, Deutsche Bank has reported a net loss of €92m for the last quarter, as legal costs arising in part from fines in relation to the manipulation of the Libor rate (basically the rate at which banks lend to each other) outstripped earnings. It has paid out around €7bn since 2012 in relation to the scandal.


    Radio 5 live

    Anna Bowes, from the personal finance website Savings Champion, tells Mickey on Wake Up to Money that new UK "pensioner bonds", which are expected to offer a 4% return, are "extremely generous". For those with cash savings, her advice is: "It's important to switch, only by switching will that help to drive the competition... banks and building societies might try a little bit harder".


    mark zuckerberg

    The big news for US investors last night was the results from Facebook. It's shares fell 10% in after-hours trading after it said costs would rise despite reporting a big jump in profits on the back of rising advertising revenues.

  50. US FED

    Radio 5 live

    The US central bank - the Federal Reserve - is expected to announce today that it will end its programme of pumping money into the financial system - known as quantitative easing (QE). Since the first round it has pumped around $3.5tn into the system. Jennifer Vail, from US Bank Wealth Management, tells Wake Up to Money that while companies have done well out of QE, "for those who are not investing in the market it has not had that significant an impact", although the benefits may yet trickle down.


    BBC World News

    super mario

    Computer games-maker Nintendo is expected to announce a profit when it reports its earnings later. The BBC's Ali Moore in Singapore says she's no gamer, but knows that the Japanese firm has struggled to make money in recent years. The big issue for Nintendo is making its games available through smartphones, she says, something analysts have been requesting for a while.

  52. Post update

    Joe Miller

    Business Reporter

    As so many of you did yesterday, get in touch on or tweet us @BBCBusiness.

  53. Post update

    Edwin Lane

    Business reporter, BBC News

    Morning everyone. We'll be covering results from Facebook in the US, Nintendo in Asia and Next on the UK High Street this morning. We'll also be looking ahead to the end of Quantitative Easing (QE - we'll give you a refresher later) at the US Fed, expected to be confirmed later today. Stay tuned for all of that.