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Live Reporting

Russell Hotten

All times stated are UK

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  1. Post update

    That's all from the first livepage of the week. Please join us again tomorrow from 6am.

  2. Another record for Wall Street

    Wall Street rose to a fresh record close on Monday, boosted by gains in banking and financial stocks while investors eyed this week's meeting of the US central bank in Washington.

    At the closing bell, the Dow Jones was up 0.3% at 22,331.3 points, while the S&P 500 rose 0.2% to 2,503.97, just a hair's breadth more than Friday's prior record finish.

    The tech-heavy Nasdaq also eked out a positive finish, adding 0.1% to reach 6,454.64.

  3. That's a bit rich


    Just last week JPMorgan Chase boss Jamie Dimon called bitcoin a fraud and said he would sack anyone at the bank who trades it.

    Is it perhaps strange, then, that the Wall Street giant should be handling bitcoin-related transactions for clients?

    Financial blog Zerohedge thinks it is, highlighting the link in a report over the weekend. It pointed out that, like other Wall Street banks, JPMorgan acts as an agent for buyers and sellers of Bitcoin XBT, an exchange-traded note designed to track the value of the crypto currency.

    But JPMorgan spokesman Brian Marchiony told Reuters this evening: "They are not JPMorgan orders. These are clients purchasing third-party products directly."

  4. Throwing money down the drain

    toilet and €500 notes

    Swiss prosecutors are investigating why tens of thousands of euros were flushed down toilets in Geneva.

    The €500 (£440; $600) notes were cut up and found in the toilets of a branch of the bank UBS and in three nearby restaurants.

    Thousands of francs have been spent on plumbing repairs to unclog the surrounding pipes.

    "We are not so interested in the motive but we want to be sure of the origin of the money," spokesman Vincent Derouand said, adding that neither throwing money away nor blocking a toilet was a crime.

    The Tribune de Geneve newspaper, which first reported the unusual deposit, said the first blockage occurred in the toilet serving the vault at UBS bank in Geneva's financial district, and three nearby bistros found their facilities bunged up with 500-euro notes a few days later.

  5. Ooops!

    Thousands of airline passengers are stranded in Auckland after a burst pipeline cut fuel supplies to New Zealand's largest airport.

    The pipeline is Auckland Airport's only source of jet fuel.

    Local media said it was damaged by a digger on a rural property, causing a leak and the pipeline to be closed.

    Fuel supplies have been rationed and airlines are looking to refuel in Australia and elsewhere to keep long-haul services running.

    About 2,000 passengers were affected by cancellations on Monday, according to Air New Zealand.

    The disruption is expected to last at least a week as repair work continues, the pipeline's operator said.

  6. It could be you...

    Ryanair has now published a list of its flight cancellations until the end of October. You can find it here.

    Good luck.

  7. Microsoft confirms Outlook issues

    Outlook logo

    Microsoft has confirmed that some users of its email service Outlook are unable to send email or access their accounts.

    Hundreds from around Europe have commented on the website Downdetectorthat they have been affected by the problem - many since Monday morning.

    One common issue seems to be that sent emails remain in the drafts folder and are not being delivered to recipients.

    On its website, Microsoft says the service dropped "unexpectedly" and it is working on a fix.

    Not all account holders are affected.

    "Intermittent connectivity is affecting customers in some European countries, which we are working to resolve as soon as possible," said a Microsoft representative.

    Outlook incorporates Hotmail and Windows Live Hotmail accounts.

  8. GE robot 'to save $200bn'


    GE is developing a robot that could help save up to $200bn globally by improving efficiency in electricity grids.

    The technology firm wants to use artificial intelligence to optimise how electricity flows in and out of batteries and points of consumption, in real time, Bloomberg reports.

    “We’re also putting a lot into the machine learning side, a lot,” said Steven Martin, chief digital officer at GE’s energy connections business. “We have a lot of people working on this.”

  9. Google's counter-offer


    Google is offering to display rival comparison shopping sites, in a bid to stave off further EU antitrust fines, Reuters is reporting.

    In a proposal submitted to the European Commission on 29 August, the company said it would allow competitors to bid for any spot in its shopping section known as Product Listing Ads, sources familiar to the matter said.

    Google has already been fined a record €2.4bn by the European Commission for favouring its own service, and could face millions of euros in fresh fines if it fails to treat rivals and its own service equally.

  10. Flight check out

    Still waiting to see if you can fly?

    Ryanair plane taking off

    Ryanair has said it will publish during the next few hours the full list of which flights are being cancelled.

    The airline has already said which airports are in line for the cancellations.

    So if you're not going via one of the following you can relax:

    Barcelona, Brussels, Dublin, Lisbon, London Stansted, Madrid, Milan Bergamo, Porto and Rome Fiumi.

  11. Wall Street staying strong

    Wall Street

    All three major indices on Wall Street are continuing to rise, with the Dow Jones up 67.48 points, or 0.32%, to 22,339.9, while the Nasdaq is up by 24.80 points, or 0.38%, to 6,473.24. The S&P gained 4.77 points, or 0.19%, to 2,505.

    The Dow risers are led by machinery manufacturer Caterpillar, up 1.81%, while the biggest faller is Walt Disney, down 0.65%.

  12. Sterling extends losses

    Carney delivers speech to International Monetary Fund

    Sterling extended its losses, falling 0.8% to $1.348 after Bank of England governor Mark Carney said any future interest rate rises would be limited and gradual.

    The pound jumped to a near 15-month high of $1.36 last week after strong hints from Bank policymakers that a rate rise was likely soon.

  13. Another hurdle cleared - one to go

    Ross McEwan

    Royal Bank of Scotland chief Ross McEwan (above) has welcomed the European Commission's approval of a plan for its Williams & Glyn division. Instead of selling the operation, RBS has promised to fund initiatives to help increase UK banking competition.

    The approval of this plan leaves RBS with one major legacy issue, McEwan said - the pending huge US settlement over RBS's role sub-prime lending.

    He said: "We are pleased that we now have final approval from the European Commission for the Alternative Remedies Package. This allows us to resolve our final State Aid divestment obligation and brings welcome clarity for our customers and staff.

    "It also builds on the progress we have made already this year in resolving our major legacy issues through reaching a settlement with the Federal Housing Finance Agency, and resolving the 2008 Rights Issue litigation.

    "We remain committed to resolving our last remaining major legacy issue, the investigation into our historic US RMBS activities."

  14. FTSE 100 closes up

    FTSE 100 graph

    BAE Systems led the FTSE 100 higher after the defence giant received an order to supply Typhoon fighters to Qatar. The company's shares jumped 4%, helping the FTSE 100 climb 0.52% to close at 7,253 points.

    Troubled doorstep lender Provident Financial, soon to be relegated to the FTSE 250, fell 5.8%.

    The FTSE 250 finished 0.31% up at 19,437.8.

  15. The least worst option

    More from the Ryanair press conference...

    For the airline's boss Michael O'Leary the decision to cancel flights was the least worst option. "I'd rather cancel 50 flights a day and have the rest run on time," he says, adding yet again that only 2% of Ryanair's customers will be affected.

  16. Rate rise gradual and limited - Carney

    Bank of England governor at the IMF

    Mark Carney

    Sterling fell more than half a percent after Mark Carney's speech in Washington. Although the Bank of England governor gave a strong signal that the time for a rise in UK interest rates was approaching, he underlined that any hikes would be limited and gradual.

    He said in his speech at the International Monetary Fund: "As the (Monetary Policy) Committee stated last week, if the economy continues to follow a path consistent with the prospect of a continued erosion of slack and a gradual rise in underlying inflationary pressure then, with the further lessening in the trade-off that this would imply, some withdrawal of monetary stimulus is likely to be appropriate over the coming months in order to return inflation sustainably to target."

    Carney added: "Any prospective increases in Bank rate would be expected to be at a gradual pace and to a limited extent, and to be consistent with monetary policy continuing to provide substantial support to the economy."

  17. O'Leary won't resign

    Ryanair's Michael O'Leary is his usual combative self, telling the press conference in Dublin that those pilots who have left his airline to join long haul carriers will soon discover that the "grass isn't necessarily greener". He expects many of them to ask to return.

    O'Leary certainly won't be leaving, telling a journalist that he has no plans to resign. Also, despite being Ryanai'r largest shareholder, he doesn't give a "rat's arse" about the damage to the share price.

    The episode has done reputational damage, he accepts, but he again points out that 98% of the airline's passengers will not be affected.

  18. Ryanair's mess

    Michael O'Leary

    Ryanair boss Michael O'Leary is holding a press conference in Dublin to explain the flight cancellations that have left customers in limbo.

    He apologised to those affected, but pointed out that there were millions of customers whose travel plans remain as-was.

    "We want to put our hands up when we make a mess," he says. "We clearly messed up in the rostering department... It's my mess and I have to clear it up."

    But he said some 18-20 million customers' travel plans remain unaffected. Only 2% of Ryanair's flights would be hit, he insisted.