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Live Reporting

Lucy Hooker

All times stated are UK

  1. 'Til tomorrow

    An early bath for the Business Live page this evening. But please do join us again on Thursday for a full day's coverage of the latest news and comments.

  2. Good day, bad month for top tech stocks

    A lot of the so-called FAANGs - top tech stocks - are enjoying a better day's trading on Wednesday. That pales though if you look at their monthly performance.

    Amazon's share price over the last month
    Image caption: Amazon's share price over the last month

    The others are no better.

    Alphabet's share price over the past month
    Image caption: Alphabet's share price over the past month
    Facebook's share price over the last month
    Image caption: Facebook's share price over the last month
  3. Soothing talk

    Simon Jack

    BBC Business Editor

    The prime minister and chancellor have been reassuring business leaders over the prospects for Brexit this evening, at the traditional post-Budget briefing at the Guildhall.

    The BBC's business editor Simon Jack was there too. He said overall the "mood music" from business was more positive.

    View more on twitter
  4. Citigroup 'moving 63 staff' over Brexit

    Citigroup building

    Bloomberg is reporting that Citigroup is planning to move 63 people out of the UK as it prepares for Brexit. 45 will come from its trading unit, 18 from its private bank.

    Bloomberg's report is based on an internal memo, which it says suggests the 63 staff will move to cities where Citigroup already has operations.

  5. Purr-fectly accountable

    The Financial Times' economics editor has been getting his paws on crucial spending data.

    View more on twitter

    Except maybe the cost of replying to the Freedom of Information request, people.

  6. More pain for Jaguar Land Rover?

    worker at Jaguar Land Rover

    Julie Palmer, partner at administrators Begbies Traynor, says JLR's poor quarterly results today were no surprise, after a series of disappointing announcements from the car maker.

    But there could be worse to come if the fears around a no-deal Brexit are realised.

    “It is clear that manufacturers are deeply worried about a potential cliff face from next March," she says.

    "This, allied with the drive away from diesel and the mayhem caused by the new WLTP [emissions] tests, are all taking their toll on manufacturers like JLR, which is already on a three-day week and two week shutdown to reduce costs."

    “Unfortunately I believe the pain in this sector is likely to get worse before it gets better if fundamental issues are not addressed sooner rather than later”.

  7. US shares trade higher

    US shares graph for Wednesday

    The Dow Jones is enjoying a bit of reprieve at the end of a difficult month. Spirits have been lifted at General Motors (up 8.3%) and at tech stocks like Facebook (up 3.7%), Amazon (up 4.4%) and Apple (up 2.9%)

    It hasn't been spook-free for everyone though.

    Kellogg shares are down 7.2% after the cereal-maker cut its full-year profit forecast due to higher advertising and distribution costs.

  8. Customer details hacked at Eurostar

    Eurostar train

    Eurostar has been notifying customers and resetting their login passwords after the firm detected attempts to break into an unspecified number of accounts.

    It's not clear whether any of the hack attacks were successful. The BBC's tech page has more.

  9. India cuts the red tape

    India Gate, Delhi

    Could India shed its reputation for excessive bureaucracy?

    A World Bank has placed India 77th in its Ease of Doing Business Index for 2019, up from 100th in 2018 and 130th in 2017.

    India improved on six of the 10 metrics tracked by the World Bank, including obtaining credit and construction permits.

    The average import into the country spent less than 100 hours being checked for compliance at the border, the World Bank said, down from more than 250 hours a year previously.

  10. European share markets end higher

    Europe's share markets have ended higher across the board.

    Paris' Cac-40 index closed up 114.9 at 5,093 a rise of 2.3%.

    Frankfurt's Dax was up 160 points at 11,447. That's a rise of 1.42%.

    Amsterdam's AEX was up 1.5%.

    And Madrid up 1%.

    The pan-European STOXX 600 closed up 1.74%.

    Among the top performers:

    • L’Oreal shares jumped 6.7% after sales growth at the company in Asia
    • Sanofi rose 6.7% after it raised its 2018 profit target for the second time this year.
    • Santander rose 2.9%
    • Standard Chartered was up 3.1% Both banks reported better than expected results.
  11. UK shares close higher

    London's FTSE 100 ended the day 1.31% higher, a rise of 92 points, at 7,128.10.

    Sterling rallied after Dominic Raab's suggestion that a Brexit deal could be clinched by the end of November.

  12. Sim swap scam

    Sim cards

    Are staff in mobile phone shops "enabling Sim swap scams"?

    The BBC's Watchdog Live has been looking into this, undertaking some undercover filming to see how much shop employees check out the identity of the customers asking for replacement sims.

    You can read the full story here.

    Or watch the full investigation later.

    View more on twitter
  13. Easing bank requirements could leave US taxpayer 'on the hook'

    US Federal Reserve

    The US Federal Reserve will move forward with a proposal that would ease the rules for the country's smaller banks.

    Requirements to hold cash, or assets that convert quickly to cash, at banks with less than $700bn in assets are being loosened, after Federal Reserve Chair Jerome Powell, backed the proposal.

    But Lael Brainard - an Obama-era appointee - said there has been no significant change to the economy, or banks, that would warrant the shift.

    "This raises the risk that taxpayers again will be on the hook," she warned.

    The proposal now enters a comment period.

  14. Steady on, it's still October

    With share markets rising rather than continuing their frightening falls, the Halloween metaphors have fallen flat.

    London's FTSE is up around 1.5% while the Dow Jones is up 1.2% mid morning New York time.

    That's had some desperate commentators reaching for the next go-to seasonal simile.

    View more on twitter
  15. Pound rises on Raab optimism

    Dominic Raab

    Brexit minister Dominic Raab says he expects a deal with the EU to be finalised by 21 November.

    Sterling surged 1% on his comments. A pound now buys $1.2802, and €1.13.

    British government bond yields rose to their highest since October 24 at 1.47%.

  16. What put Leeds in the lead?

    Leeds Town Hall

    This was Channel 4's reasoning for choosing Leeds over rival cities including Birmingham and Manchester:

    "Leeds put forward a compelling and ambitious strategy for how they could work alongside Channel 4 to further build the strong independent production sector in the city and develop new diverse talent from across the region.

    "Locating our National HQ in Leeds enables us to capitalise on a strong and fast-growing independent production sector in cities across the North of England - and also has the potential to unlock growth in the North East and East of the country, an area without a major presence from other national broadcasters."

  17. Channel 4 heads to Leeds

    Channel 4 HQ

    Leeds has been chosen as the location for Channel 4's new national headquarters while Bristol and Glasgow will host the new creative hubs.

    The aim is to better reflect life outside London, though it will retain an HQ int he capital.

    Roughly 200 of its 800 staff will move to the Yorkshire city.

    The channel has also announced it will open "creative hubs" in Bristol and Glasgow, with around 50 staff in each.

    Read more here.

  18. Austerity over?

    Robert Chote

    Robert Chote, chairman of the Office for Budget Responsibility, is chewing over this week’s Budget at parliament's Treasury Select Committee.

    Committee chair Nicky Morgan has asked him the big question – is this the end of austerity or not? She wants a yes or no answer.

    Inevitably, she gets a “it depends what you mean by austerity” from Mr Chote.

    It’s not a benchmark the OBR is asked to test things against, he points out.

    There’s been ”a large discretionary loosening”. But that was already true when health spending was announced in June, says Mr Chote.

    The elements added in this week are relatively small, he says. “The health spending dominates by a considerable margin”

  19. Tax on digital services? Not so fast, US warns

    Facebook, Amazon, Netflix and Google logos are seen in this combination photo from Reuters files.

    The UK proposal to tax tech giants based on sales has drawn attention across the Atlantic.

    The US Chamber of Commerce, a powerful business lobby, came out against the idea earlier this week.

    Now a top House Republican, Kevin Brady - who helped shepherd a new US tax cut through Congress last year - calla the proposal "troubling" and hints at retaliation if the UK or other countries proceed alone.

    "The ongoing global dialogue on the digital economy through the OECD framework should not be pre-empted by unilateral actions that will result in double taxation," he says.

    "If the United Kingdom or other countries proceed, that will prompt a review of our US tax and regulatory approach to determine what actions are appropriate to ensure a level playing field in global markets.”

  20. US jobs growth accelerates - survey


    US jobs growth continues apace, with private sector firms adding 227,000 employees in October, according to a closely watched survey.

    The figure was up from 218,000 in September, according to payroll services firm ADP's National Employment Report. October was also the fifth month in a row to see gains of 200,000 or more.

    "Despite a significant shortage in skilled talent, the labour market continues to grow," said Ahu Yildirmaz, vice president of the ADP Research Institute.

    The official US unemployment rate fell to 3.7% in September, the lowest rate since December 1969.