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  1. The morning's main business programmes are available on the Live Coverage tab
  2. Regulator announces limits on payday loan costs
  3. Report says cost of expanding UK airports underestimated

Live Reporting

By Ben Morris and Matthew West

All times stated are UK

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  1. Post update

    That's it for today. Tomorrow is looking busy, with interim results due from Sainsbury's and Burberry, plus the quarterly inflation report. Join us from 06:00.


    Standard Chartered bank branch

    Asia-focused UK bank Standard Chartered plans to cut up to 100 retail branches in 2015, or 8% of its network, to help save $400m a year, according to a report from Reuters. The bank has embarked on three days of investor meetings where the plans have been outlined. Standard Chartered has had a rough time issuing three profit warnings since the start of this year. It's also seen its shares plummet 30%,


    US President Barack Obama shakes hands with China"s Foreign Minister Wang Yi

    There are competing trade pacts under discussion at the APEC summit in Beijing. The Free Trade Area of the Asia-Pacific (FTAAP) is backed by China and leaders at the summit have agreed to conduct a two year study into the deal. The other deal is backed by the US. You can find out more here.


    Aircrafts of German airline Lufthansa

    Germany's Lufthansa says it increased passenger sales by 3.3% in October thanks to increased passenger demand on routes to the Americas and Asia. That helped offset a series of pilot strikes last month, which forced the cancellation of over 1,500 flights.


    Battersea Power Station

    Royal Mail is considering the options for its former South London Mail Centre site in Nine Elms, Vauxhall. It's a prized location, close to Battersea Power station and the flash new development being built there. The 14-acre site has planning permission for 1,870 "residential units", a primary school, retailing and 6 acres of public space.


    Houses in London,

    The UK's second largest housebuilder, Taylor Wimpey, says it expects full-year house sales to be 7% higher. The company says sales volumes should hit 12,500, up from 11,696 a year earlier. It's also still very positive about the future, saying it expects to see a similar increase in sales in the next few years, despite evidence the housing market is cooling.


    Sports Direct owner Mike Ashley

    Are you one of those people that start the year buying a gym membership, using it for a few weeks, then letting it lapse and finding it is costing you a fortune? Never fear, Sports Direct owner Mike Ashley is here with plans "to revolutionise the fitness market by opening 200 gyms that will offer membership starting from just £5 a month." There's also a joining fee of £10.



    It costs £7m to get rid of an electricity pylon reports the Times today. National Grid has announced a scheme to bury 65 pylon cables that are spoiling beauty spots. It's expensive because very wide trenches have to be dug, sometimes as wide as 20 metres says the report.


    The Guardian leads today with the prospect of further drastic cost cuts for government departments in years to come. Senior officials have been asked to draw up a plan to save up to £30bn from budgets a year after the next general election, it reports.


    The Edith Maersk, Thames

    Danish shipping and oil giant, A.P. Moller Maersk is considering taking advantage of falling oil prices. It is considering buying an oil field, reports the Wall Street Journal. Maersk is also considering investing in container terminals, the report says. The company reported a net profit of almost $1.5bn (£946m) for the third quarter up 34% on the same period of 2013.


    BBC World News

    Tom Flanagan

    The European Court of Justice has ruled that Germany was within its rights to refuse unemployment benefits to an immigrant from Romania, who was not actively seeking work in Germany. But Tom Flanagan, a legal consultant, points out on World Business Report that the onus remains on member states to investigate the individual circumstances of the people involved.


    Vodafone shares have powered ahead, now up 5.3%, at 219.55p. JP Morgan has raised its price target for the shares to 265p.

  13. Via Blog

    Robert Peston

    Economics editor

    "The view of many Germans is that the likes of the UK, France, Spain and so on lived for years beyond their means. And it is therefore perfectly reasonable for them to make some sacrifices today, to get their (our) finances back in shape, at the level of state and households."


    More on the Mayonnaise war in the form of a statement from Unilever. It says it is "simply not accurate" for Hampton Creek to label its product as Mayo. It also says Hampton Creek uses images of eggs, which are not even used in the product. Unilever says it wants to defend its own brand (Hellmann's) as well as protect consumers from being misled.

  15. Via Twitter

    Gavin Hewitt

    Europe editor

    tweets: "European Court rules that jobless citizens can be excluded from certain social benefits if they travel solely to obtain social assistance."


    Fibre optic cabling

    Another big player is getting into the broadband business. Vodafone is planning to launch a residential broadband service in the UK in the Spring of next year. It already offers a such services elsewhere in Europe and in the Netherlands recently launched a broadband and TV service.


    We have the latest lending figures from the Council of Mortgage Lenders. The report for September contains further evidence of the cooling housing market. There was a decline in lending to first time buyers for a second month in a row, with 26,800 loans in September, down 3% on August.


    New Look had 20 stores in Russia and 19 of those have already closed with the last closing in the next few days. In Ukraine they had 6 stores, 3 are already shut and the other 3 are due to close shortly. Two years ago Russia was a priority market for New Look.


    Fashion retailer New Look says it has exited Russia and Ukraine as a result of political uncertainty caused by the ongoing tensions between the two countries. It came as New Look announced half year pre-tax profits of £21m. That's up 89% from last year.


    BBC Radio 4

    More from Mr Wheatley on Today. He says that there could be as little as four or five payday lenders left after the price caps are introduced. He says it "may be the case" that none could be left operating on the high street by the end of next year. But the FCA's modelling was designed so that well run businesses would still be able to operate.


    Hampton Creek, Just Mayo

    Unilever, owner of the Hellmann's brand of mayo, is suing a San Francisco based maker of egg-free products for using false advertising, reports the Financial Times. Unilever is demanding that Hampton Creek's Just Mayo brand be removed from stores across the US by the end of the year. Unilever argues that Just Mayo is not mayonnaise at all, the FT reports.


    BBC Radio 4

    Banks believe between a third and a half of those taking out payday loans "are customers they would have been able to lend to," the boss of the Financial Conduct Authority, Martin Wheatley tells Today. He says some banks are starting to look at their own business models and at whether they can start to offer short term loans to customers.


    Vodafone shares have jumped 4.3% after its interim results. It's the biggest winner among FTSE 100 shares.

    • Overall the FTSE 100 is just a few points higher
    • Talk Talk down 3.2% after interim results
    • Miners lower on FTSE 100

    Radio 5 live

    In the last six months the number of payday loans being approved has dropped by 50%, says Russell Hamblin-Boone, from the Consumer Finance Association, which represents some payday lenders. On Radio 5 live he says up to 500,000 people might be denied loans due to the reform of the industry - much more than the regulator estimates.


    BBC Radio 4

    Sir Howard says the expansion plans of Heathrow and Gatwick are based on fundamentally different views of the future of air travel. "If you look at the last ten years it's low cost traffic that has grown more quickly rather than full service all singing all dancing air traffic," he says.


    Talk Talk's efforts to sell its customers TV services appears to be paying off. It added 115,000 TV customers in the second quarter, making it the fastest growing TV firm in the UK, it says. For the 6 months to the end of September it reported a pre-tax profit of £20m. That compares with a £9m loss in the same period in 2013.


    BBC Radio 4

    Heathrow airport

    The chairman of the Independent Airports Commission, Sir Howard Davies is on Today. He says that Gatwick is the cheaper option, because the Gatwick model isn't based on being a hub airport. However, he says the issue is whether the demand in future air travel will be for point-to-point services, or "full service" operations that need a hub airport like Heathrow.


    Radio 5 live

    "The ambition is to get the industry to grow up," says Martin Wheatley, the chief executive of the Financial Conduct Authority on Radio 5 live. His research suggests that 70,000 people will be denied loans due to the reform of the industry, of which only 5% will use loan sharks. Many of those denied loans will turn to their families, or in some cases their employer.


    Were not as bad as expected. Some analysts were expecting another big fall in quarterly service revenue. But the 1.5% fall in the second quarter was an improvement on the previous three months, when service revenue fell by 4.2%. Vodafone says fewer customers terminated their mobile contracts in the period.


    Radio 5 live

    Only four or five payday lenders will survive the reform of the market, says John Gathergood from Nottingham University, who worked with the regulator on payday lending. On Radio 5 live he says the average payday loan customer uses four or five loans a year. Reliable customers should get cheaper loans he says - at the moment all loans are all priced the same.

  31. Via Twitter

    Adam Parsons

    Business Correspondent

    tweets: "Vodafone says we're using 77% more data than a year ago. And it's going to keep going up, thanks to 4G"


    Vodafone sign

    Mobile phone operator, Vodafone, has reported a statutory pre-tax profit of £406m for the six months to the end of September. That's down 73% from the £1.5bn for the same period a year earlier. Operating profit for the period was down 58.2% to £917m.


    The FCA is also introducing a total cost cap of 100% of the original loan, to stop borrowers from escalating their debt. Charges for defaulting on payments will also be fixed at £15. All of the price caps were previously proposed in the FCA's July consultation. There are no changes from the original consultation, it adds.


    The Financial Conduct Authority (FCA) has confirmed plans to introduce a price cap of 0.8% a day, which will come into force at the start of 2015 for all high-cost, short-term credit loans.


    We have the latest views of the Airports Commission. It says plans to build new runways at Heathrow and Gatwick will cost substantially more than the bidders' estimates. The Commission says a second runway at Gatwick would cost £2bn more than the bid suggests. Two separate plans to expand Heathrow are predicted to cost £3-4bn more.


    BBC Radio 4

    Gatwick chief executive Stewart Wingate says Heathrow's "hub" argument is no longer valid. He says aircraft like Boeing's 787 Dreamliner and the Airbus A350, nicknamed hub busters, are changing the whole nature of air travel. "You can have a big Heathrow and big Gatwick competing with each other, " he argues. "Dreamliners are smaller. You don't need the big Airbus planes."


    BBC Radio 4

    The bosses of Heathrow and Gatwick are now on the Today programme making their cases for their respective airports. Heathrow chief executive John Holland-Kaye is on first. He says the "Heathrow solution" will mean fewer people will be impacted by airport noise and pollution. Planes are less noisy than they used to be, he argues.


    Anonymous shoppers carrying shopping bags on Oxford Street

    The British Retail Consortium (BRC) has published the latest set of high street sales figures, this time for October. They're up, but not by much. The survey, compiled for the BRC by accountancy firm KPMG, found total sales rose by 1.4%. But like-for-like sales, which strip out sales at stores open less than a year, were unchanged.


    Radio 5 live

    Alibaba Hangzhou, Zhejiang province

    It is Singles' Day in China. On Radio 5 live the BBC's Sharanjit Leyl explains that the tradition was dreamed up by students in 1993 as an anti-Valentine's Day. Since then it's morphed into a monster online shopping day. Chinese online retailer Alibaba sold $2bn (£1.2bn) worth of goods in the first hour of business, Sharanjit said.


    Radio 5 live

    Nick Dunn, the chief financial officer of Gatwick makes his case for a new runway at Gatwick. He points out that Heathrow hasn't been expanded over the years because you have to fly over central London to get there. Expansion at Gatwick would create much less disruption and would be cheaper to develop.


    Radio 5 live

    Terminal 5, Heathrow

    A 12 week public consultation on where to expand runway capacity in the South East of England begins today. On Wake Up to Money Andrew Macmillan, Heathrow's strategy director says that "serious players" in the international airport business are investing in hub airports. He says that Heathrow is competing with hubs like Frankfurt and Dubai. Mr Macmillan also says that 25% of the UK's exports, in terms of value, go through Heathrow.


    Radio 5 live

    Loans shop, Brixton

    The Financial Conduct Authority is due to announce a cap on the cost of payday loans. In July it proposed to limit the cost to no more than 0.8% per day. "The problem ran away from regulators," says James Daley from consumer website, Fairer Finance on Wake Up to Money. Payday lenders made it quick and easy, and millions of people who had never been able to borrow, were suddenly getting loans, says Mr Daley.

  43. Post update

    Matthew West

    Business reporter

    Morning all. As usual you can get in touch with us via email and on twitter @bbcbusiness.

  44. Post update

    Ben Morris

    Business Reporter

    Good morning. At around 07:00 we should find out what sort of limits will be placed on payday lenders. And we're in another phase in the seemingly endless process that will decide where a new runway should be located in the South East. Stay with the Business live page.