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  1. The morning's main business programmes are available on the Live Coverage tab
  2. Canary Wharf owner rejects Qatari takeover bid
  3. Osborne to attend EU meeting amid funding row

Live Reporting

By Edwin Lane and Ben Morris

All times stated are UK

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  1. Post update

    That's it from us this week. Join us again from 06:00. Have a great weekend from all of us on on the business team.


    Here's the latest on the row over the £1.7bn bill from the European Commission that has upset the UK government. The European Council will demand that the Commission change the regulation to allow countries to pay the EU in instalments. The Commission will apparently comply with this "as soon as possible" says our Europe business correspondent Nigel Cassidy.

  3. US JOBS

    Monthly US jobs figures - a closely watched metric of the US economy - are due out in half an hour or so. Analysts are expecting solid gains in employment. "We are expecting a reading of 240,000 [new jobs] and anything above that, in the region of 250,000 could send the dollar higher," said Geoff Yu, currency strategist at UBS in London.


    Gold bars

    Oversight of London's gold price has been awarded to ICE Benchmark Administration. Next year the benchmark price for gold will switch to a new electronic trading system. Under the old system, in place since 1919, a handful of banks agreed a daily price. But that system has been vulnerable to manipulation.


    World Service

    Listen to the latest business news from World Business Report on the World Service here, including Egypt's minister of tourism, Hisham Zaazou, telling Russell Padmore that travel warnings issued by governments in Europe are misleading tourists and hurting the tourism economy. "That's the tragedy of it all and I think I am in disagreement with many of these countries in the way they are addressing this issue."


    Economist Magazine

    This week's Economist Magazine leads with the fallout from this week's midterm elections in the United States. "Now that Republicans are in charge, voters will expect them to govern, rather than merely obstruct," says the leader.


    Our technology colleagues report that more than 400 sites on the so-called "dark net" have been shut down in a joint operation by US and European agencies. Troels Oerting, head of Europol's European cybercrime centre, said the sites were "vital criminal infrastructures that are supporting serious organised crime".

  8. Via Twitter

    Nick Robinson

    Political editor

    David Cameron is not the only leader under pressure at the Helsinki conference. Our political editor tweets: "Where the hell is my beer?" says Finnish PM as walks back into summit & takes seat next to UK's PM having survived vote of no confidence"


    BBC News Channel


    David Cameron is speaking at a conference in Helsinki, answering questions about the EU and that £1.7bn extra payment. He tells reporters that the UK will not pay £1.7bn by December, and that the size of the bill is a problem. But his comments leave the door open to a deal to pay off the amount in instalments - one of the solutions being thrown around this morning.


    The stock market is still trading higher in London this morning, but shares in Europe are down ahead of the US jobs report - always a big event for day-traders.

    • The FTSE 100 is up 0.5% at 6,585
    • Mining stocks among the risers on the FTSE
    • The Dax is down 0.2%
    • The Cac 40 is down 0.5%


    A rail strike in Germany looks set to disrupt official commemorations marking 25 years since the fall of the Berlin Wall this weekend. A German court last night dismissed an attempt by rail operator Deutsche Bahn to halt the nationwide strike over pay and working hours. Economists estimate a strike of more than three days could cost the economy up to €100m a day.


    Canary Wharf

    Songbird Estates, the owner of Canary Wharf, is worth more than £2.6bn, or 350p per share, according to analysts at stockbrokers Peel Hunt. So the Qatar Investment Authority and Canada's Brookfield will have to significantly raise their offer, which at the moment is worth 295p per share, if they want to win control of the property firm.


    Rouble vs. Dollar

    It's been another bad week for the rouble. The chart above shows its fall of around 9% this week, for the year it's down by around a third. At one stage today a dollar was buying 48.51 roubles. But UBS strategist Manik Narain says it's still "hard to argue the rouble has significantly overshot".

  14. Via Email


    Capital Economics reacts to today's industrial production data from Germany and France: "Overall, the figures suggest that next week's German and euro-zone GDP figures for Q3 will make for depressing reading and suggest that the ECB should complete its preparations for full-blown quantitative easing as quickly soon as possible."


    The Telegraph's retail editor, Graham Ruddick says there are four big questions that remain to be answered about Tesco's accounting scandal. The Serious Fraud Office (SFO) has taken over the investigation. The article speculates that the SFO has seen evidence that "demonstrates it can build a strong case".


    London skyline

    Fascinating insight on the ethics, or lack of them, in the finance industry from Edward Hadas, Economics Editor at Reuters BreakingViews and former equity analyst: "The standards of success for our business were impossibly distant from what was good for our clients."

  17. Via Email

    Maeve Johnston, UK economist, Capital Economics

    "September's trade figures provide further evidence that the UK economy is struggling to rebalance towards the external sector... we remain optimistic that exporters will benefit from stronger global growth next year and that the economy can still rebalance gradually towards the external sector over the medium term."

  18. UK TRADE

    Port of Felixstowe

    The UK's trade deficit widened in September, the Office for National Statistics says, from £1.8bn in August to £2.8bn in September.


    Radio 5 live

    The hospitality industry supplied one third of all new jobs last year, says Ufi Ibrahim, chief executive of the British Hospitality Association on Radio 5 live. It's a meritocratic industry she says - 80% of leaders in the business started at the bottom and worked their way up.

  20. Via Twitter

    Chris Adams, Financial Times Markets Editor

    tweets: "Russian bank VTB says rouble slide "poses certain risks for financial stability" and may trigger "sizeable" central bank interventions - BBG"


    The head of the CBI wants the chancellor to announce in the autumn statement that funds will be made available to dig a tunnel under Stonehenge, to relieve a notorious traffic snarl-up. What do you think should be in the autumn statement? Email or tweet @bbcbusiness.


    Stock markets are up in London this morning, with all eyes on the US jobs report out this afternoon.


    BBC Radio 4

    Ken Clarke, former chancellor of the exchequer, tells Today the kerfuffle over the EU funding will all be resolved by the finance ministers. He says people should "stop speculating and stop reacting" and let George Osborne get on with negotiating, but he concedes the UK will probably end up paying the £1.7bn extra being demanded.



    Stray animals are a "growing menace" at some airports in India according to the airline Spicejet. It made the comment after one its planes hit a buffalo at Surat airport in the western state of Gujarat. Nobody was hurt in the incident. Spicejet has suspended flights from that airport.


    If you are keen to take control of your pension savings, then you may be disappointed according to the front page of Telegraph today. The over-55s have been given full access to their pension savings from April, but the Telegraph says that big pension funds are not going to be ready in time. The report says that hundreds of thousands of savers planning to retire next year will be forced to buy an annuity or pay a hefty tax bill.


    Stone Henge

    "If I could have one wish from George Osborne in this year's autumn statement it is that he would agree to a tunnel under Stonehenge," says John Cridland, the director general of the CBI, speaking to the Guardian. He says the A303 which runs past the historical site is in dire need of an upgrade, and is a key arterial route to London. "You obviously can't move it, so why not go under it?"


    Beer carrying competition, Abensberg, September

    Germany probably avoided falling into recession in the third quarter, economists are saying. If you combine the 1.4% rise in industrial output in September with a 5.5% surge in exports, it was probably enough to push German growth into the plus column, according to economist Andreas Rees of Unicredit. The German economy contracted 0.2% in the second quarter.


    Radio 5 live

    Steve Holliday the chief executive of National Grid is on Radio 5 live. He reacts strongly to comments from Ryanair boss Michael O'Leary who said there was no shortage of engineers. "Absolutely extraordinary. I'm staggered by that," says Mr Holliday. "We are desperately short of engineers... we need 40,000 more graduate engineers a year."



    Luxembourg has promised to end banking secrecy in a fight-back against accusations that it helps leading multinationals avoid billions of dollars in tax, the Financial Times reports. The accusations, reported in the Guardian yesterday, could be embarrassing for the new president of the European Commission, Jean-Claude Juncker, who is the former prime minister of Luxembourg.


    Radio 5 live

    The benefit for the UK of being in the EU is worth £70bn a year says European Commission spokesperson Jakub Adamowicz on Radio 5 live. Last year the UK paid in £6.7bn he says. If the UK doesn't pay the extra £1.7bn asked for on time there will be penalties. Interest at 2% above the market rate will be charged, rising by 0.25% every month.


    BBC Radio 4

    National Grid has reported pre-tax profits of about £1.2bn for the six months to the end of September. But it says the likely gap between supply and demand is the tightest its been in nine years. "You can't guarantee anything... but I'm confident we can match peak demand," says chief executive Steve Holliday on Today.


    German steel plant

    German industrial output rose 1.4% in September. But economists were expecting a bigger rebound from a 3.1% drop in August. For the whole third quarter German industrial output was down 0.4% against the previous quarter. Car production was strong though, up 10.1% in September.


    Canary Wharf

    The owner of London's Canary Wharf, Songbird Estates, has rejected a takeover proposal from Qatar's sovereign wealth fund and Bermuda based Brookfield Property Partners. Songbird says the bid "significantly undervalues" the business. The bid is worth £2.95 a share in cash, which values Songbird at £2.18bn. Qatar Investment Authority is the owner of London's Shard skyscraper.


    BBC Radio 4

    David Charter, Berlin correspondent for the Times, tells Today that George Osborne doesn't stand much chance of getting out of paying the £1.7bn extra to the EU budget. Mr Osborne will be attending a meeting of EU finance ministers today. The best Mr Osborne can hope for is that the issue is "kicked into the medium grass" with some kind of technical review, but we'll have to pay it eventually, says Mr Charter.


    BBC Radio 4

    The Friday boss on Today this morning is Giles Andrews, the boss of a peer-to-peer lending site called Zopa. He says peer-to-peer lending is expected to be worth more than £1bn this year, and there is "a huge amount of room to grow". He says sentiment towards conventional banks is poor and he doesn't expect that to change any time soon.

  36. COMEDY

    BBC Radio 4

    Today's Simon Jack is in Kilkenny in Ireland this morning for Kilkenomics - a festival of economics and comedy billed as "Davos with jokes". "Economics was taking itself far too seriously," says David McWilliams, an economist and the founder of the festival. He admits the economic recovery is not being felt across the country, but says "there's something quite resilient" about Ireland.

  37. Via Twitter


    Adam Parsons

    Business Correspondent

    tweets: "On #WUTM, Paperchase confirms it's appointed advisors over £150m sale. Deal won't happen before end of the year. @bbc5live"


    Radio 5 live

    The British send more greeting cards to each other than any other country in the world, says Timothy Melgund, Paperchase chief executive, on Wake Up to Money. The greetings card business is worth around $1.5bn a year, he says. "The key to retailing is to get everything right all of the time." Simples.


    Radio 5 live

    Rehearsal for Lord Mayor's show

    What does the Lord Mayor of London actually do? On Wake Up to Money the incoming Lord Mayor Alan Yarrow explains that the role is to be an ambassador for financial services. Lord Mayors get one year in the job and can visit up to 30 countries in that time. He says that the City is recovering from a pretty bad hit to its reputation - a hit that was justified he says.


    Home Depot

    More information has emerged about the biggest theft of data from a US firm. Last September, DIY chain Home Depot said that the details of 56 million debit and credit cards had been stolen. Now the company says that 53 million email addresses were also taken. The file containing email addresses did not contain any other sensitive information, Home Depot says. But customers should watch for any suspicious emails.


    BBC World News

    Finance ministers gather in Brussels later, where the UK's extra payment of £1.7bn to the EU budget is likely to be under discussion. Daniel Gros from the Centre of European Policy Studies says he can't see what the fuss is about. "There's nothing new here," he tells World Business Report. "The UK usually adheres to EU rules, it's one of the best in that respect, so it's not clear why its become a problem now."


    Radio 5 live

    Michael O' Leary is "plain wrong" to say there is no shortage of engineers, says Paul Jackson, chief executive of Engineering UK on Wake Up to Money. There are a lot of engineers on the verge of retirement he says. It is more expensive to teach engineers at university than other undergraduates, so the government should add investment there and there also needs to be more money for engineering research, Mr Jackson says.


    Radio 5 live

    Is there shortage of engineers? Business secretary Vince Cable thinks so and has this week been promoting an event to encourage teenagers to move into the profession. But on Wake Up to Money the boss of Ryanair, Michael O'Leary disagrees. "Vince Cable does not know a lot about industry," says Mr O'Leary. Ryanair has never had trouble recruiting engineers, he says.


    EU flags

    Business leaders have been urged to speak out against euroscepticism, according to the front page of the Financial Times today. John Cridland, director general of the CBI, says business leaders need to "learn the lessons" from the Scottish referendum.

  45. Post update

    Ben Morris

    Business Reporter

    Good morning. The big event for the markets today will be the monthly jobs report from the US government, that comes at 13:30. Ahead of that we have results from National Grid and Fullers. You can email us at or tweet @bbcbusiness.

  46. Post update

    Edwin Lane

    Business reporter, BBC News

    Morning all. George Osborne is at a meeting of EU finance ministers in Brussels later. More on that and the rest of the business news.