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Live Reporting

Chris Johnston

All times stated are UK

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  1. Good night!

    That's all from Business Live for another day - thanks for reading.

    We're back at 06:00 tomorrow so do join us then.

  2. MoviePass pops

    Video content

    Video caption: He made Netflix, he's now hacking at night at the movies

    A US company that claims it has found a way to boost cinema attendance is seeing membership skyrocket.

    MoviePass, which offers almost unlimited movie tickets in the US for a low monthly fee, says it has more than 400,000 subscribers.

    That's up from less than 20,000 in mid-August, when it lowered its price to $9.95 (£7.40).

    The company is led by a co-founder of Netflix, which reshaped television and video with online streaming.

    On-demand video has also hurt attendance at US cinemas, which have raised ticket prices in part as a result.

    Read more here.

  3. India gets a bullet train too

    BBC World Service

    India’s outdated railway system will face a revolution by 2022 when Japan completes the line to carry a high speed train between Ahmedabad and Mumbai.

    The current journey of eight hours will be cut to three, by a high speed train that can travel twice as fast as the quickest locomotive in India today.

    Jyoti Malhotra of the Indian Express newspaper is excited by the project.

    Video content

    Video caption: The high speed train from Japan will travel twice as fast as the quickest service in India
  4. Google sued


    Three female former employees of Google have filed a lawsuit accusing the Alphabet-owned company of discriminating against women in pay and promotions.

    The proposed class action lawsuit filed in California state court in San Francisco comes as Google faces a sex bias investigation by the US Department of Labor.

    The three women - a former software engineer, a former communications specialist and a former manager - claim Google pays women in California less than men who perform similar work, and assigns female workers jobs that are less likely to lead to promotions.

    Google did not immediately respond to a request for comment.

  5. New Deal call

    The world economy, stunted by years of austerity and growing inequality, needs a global "New Deal", inspired by policies that helped Europe rebound after World War II, the UN said.

    "The world economy remains unbalanced in ways that are not only exclusionary, but also destabilising and dangerous for the political, social and environmental health of the planet," said the UN development agency, UNCTAD. "What is urgently needed now is a global new deal," the agency said in its Trade and Development Report.

    The original New Deal, launched in the United States in the 1930s in response to the Great Depression, was replicated at an international level with the Marshall Plan, which is widely credited with helping Western Europe make a spectacular recovery after World War II.

    "Seven decades later, an equally ambitious effort is needed to tackle the inequities of hyperglobalisation in order to build inclusive and sustainable economies," UNCTAD said.

    As with the previous plans, the report argued that the world, at both national and international levels, should be focusing on job creation, the expansion of taxes to enable redistribution of wealth and regulation aimed at taming finance.

  6. Burning rubber

    Pirelli tyres

    Italian tyremaker Pirelli plans to raise up to 3.3bn euros on its return to Milan's stock market next month - but that values the company at less than half what it had hoped for.

    Pirelli said it would issue up to 350 million shares priced in the range of 6.30 euros to 8.30 euros, giving the company a valuation of 6.3bn to 8.3bn euros.

    Pirelli's existing owners, including its controlling shareholder China National Chemical Corporation, had been seeking a valuation of up to 9bn euros, sources said.

  7. HMRC Brexit warning

    The tax authority said a single operation for carrying out border and tax checks could cost the taxpayer up to £800m as it warned that 5,000 extra staff may be needed to cope with Brexit.

    HM Revenue and Customs told MPs it is looking into creating a Singapore-style system that could make trade simpler for businesses by allowing them to get their tax and border assessments done in one place.

    Chief executive Jon Thompson said he is investigating the "business case" and had hired the team that delivered the Singapore project, but said the Treasury would have to stump up between £500m and £800m to get it off the ground.

    He told the Treasury Select Committee it was "conceptionally possible" for the Government to bring together 26 different organisations into a "single window" where businesses could do their border checks in one go.

    However, Mr Thompson added: "We need to be transparent with you - that is a mega project. You need to be thinking about that as a project that costs somewhere between £500m to £800m. It would take five to seven years to implement. We have been asked to look at whether there is a business case for that because there would be a noticeable change to GDP in my opinion. It would make it much smoother to import and export if you only had to go to one place instead of multiple different Government departments."

  8. Coffee the Blue Bottle way...

    Want to know a bit more about Blue Bottle Coffee (which we at Business Live towers must admit we had not heard of before today)?

    This picture from the company's website should sum it up nicely:

    Blue Bottle Coffee

    Nestle, the world's biggest coffee company, said Blue Bottle would continue as a standalone entity and that current management and employees would retain a minority stake.

    It operates minimalist-style coffee bars in major US cities and Japan. It expects to have 55 locations by the end of 2017, up from 29 at the end of last year. It also sells high-end bottled coffee drinks and roast and ground coffee.

    Blue Bottle has raised about $121m from high-profile investors including Twitter co-founder Ev Williams, Fidelity and GV (Google Ventures), according to data compiled by Crunchbase.

  9. Video content

    Video caption: Mark Carney on possible rise in interest rates

    The governor of the Bank of England suggests interest rates may change in the coming months.

  10. Balanced support

    More from Mark Carney:

    "We've all seen that prices are going up in the shops and that's been the result, entirely the result of the fall in the value of sterling which is due to, due to Brexit," he said.

    "And what the Bank's been doing since the referendum has been looking to balance support for the economy as the economy adjusts to the prospect of Brexit, support for the economy with our ultimate objective, which is to bring inflation back to that 2% target, to make sure that the value of these notes and other notes stay stable."

  11. FTSE sinks

    Next store

    The FTSE 100 has had a bad day, falling 1.1% to 7,298 points.

    Many of its companies make most of their earnings abroad and the jump in sterling today means a strong pound dampens profits when they are converted into sterling.

    The day's big winner was Next, which jumped 13% after raising guidance for the full year.

    Morrisons slipped 5.1%, making the supermarket the biggest faller.

  12. Carney speaks

    Mark Carney

    Mark Carney has given a television interview following the Monetary Policy Committee's hints about a rate rise later this year in which he said:

    Quote Message: The majority of members of the (Monetary Policy) Committee, myself included, see that that balancing act is beginning to shift, and that in order to ... return inflation to that 2% target in a sustainable manner, there may need to be some adjustment of interest rates in the coming months. Now, we will take that decision based on the data. I guess that possibility has definitely increased."
  13. Sports Direct under fire (again)

    Sports Direct sign

    MPs are raising new concerns about working practices at Sports Direct after receiving claims from a whistleblower that couriers are being underpaid.

    Two select committees have written to the retailer's boss, Mike Ashley, saying they have been told Sports Direct and courier Hermes are underpaying workers for some deliveries.

    The Work and Pensions and Business select committees said they understood the delivery company pays two rates: one for a packet and another for heavier parcels. The whistleblower claimed there was a practice of sending larger, heavier goods as packets so the courier only gets paid the lower rate.

    Frank Field, chairman of the Work and Pensions committee, said: "If this complaint stands up, it represents a new low in actually deliberately underpaying workers for the work they do."

    Rachel Reeves, who chairs the Business committee, said: "This appears to be a stitch-up between Hermes and Sports Direct to short-change low paid couriers in order to boost company profits."