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Live Reporting

By Daniel Thomas

All times stated are UK

  1. Good evening

    That's it for today, thanks for tuning in to Business Live. We'll be back at 6am tomorrow, hope to see you then.

  2. Nissan boss in his own words...

    Video content

    Video caption: NIssan Europe 'not sustainable in no-deal Brexit' says boss
  3. UK government 'must heed Nissan warning'

    UK government ministers would be "reckless" to dismiss Nissan’s no-deal Brexit warning, says the union Unite.

    Assistant general secretary Steve Turner said: “Nissan is responsible for close to 30% of all UK vehicle production and its plant in Sunderland sustains tens of thousands of jobs both directly and in the wider supply chain. “A no deal Brexit would not only torpedo the frictionless just-in-time supply chains that Nissan relies on, but the resulting World Trade Organisation rules would impose a 10% tariff on the sale of finished vehicles into Europe, affecting the car industry and wider UK manufacturing."

  4. BreakingDyson to scrap electric car production

    James Dyson

    Inventor James Dyson is to close his company's automotive division because he says its new electric car is "not commercially viable".

    It means the firm's operations in Wiltshire, where the firm has invested as much as £200m, will have to be "re-purposed" and 500 UK workers will lose their jobs - although the firm aims to redeploy as many as possible.

    About 25 workers in Singapore will also be affected.

    In an email to staff the inventor said: "The Dyson Automotive team has developed a fantastic car; they have been ingenious in their approach while remaining faithful to our philosophies.

    "However, though we have tried very hard throughout the development process, we simply can no longer see a way to make it commercially viable.

    "We have been through a serious process to find a buyer for the project which has, unfortunately, been unsuccessful so far. I wanted you to hear directly from me that the Dyson Board has therefore taken the very difficult decision to propose the closure of our automotive project."

  5. Love Island: How reality TV makes fashion faster than ever

    Queen of the Island Amber Gill
    Image caption: Queen of the Island Amber Gill

    There were two big winners of ITV2's Love Island this year. Amber Gill, the contestant who won the show, and Boohoo, the online fast fashion retailer who signed her.

    In June, while the Islanders were flirting their way to celebrity in the Mediterranean sun, Boohoo overtook its long-term rival Asos to become the most valuable seller of clothing for the UK's youth. It is now worth £3.1bn to Asos's £2bn.

    And it's widely thought that brand collaborations with popular ex-Love Island stars are believed to be largely responsible for this success.

    The first collection of Love Island winner Amber Gill with Boohoo-owned label MissPap, which dropped today, has reportedly helped drive annual sales to £1bn for the first time.

    Read more

  6. Nissan: We still do not know what no-deal means

    Nissan logo

    As we have been reporting, Nissan has warned that a no-deal Brexit could make its European operations unsustainable.

    In an interview with the BBC, Nissan Europe chairman Gianluca de Ficchy said: “We do not know still what a no-deal means. There are many alternatives, and today there is a lot of uncertainty.

    "The only message I can [give] is that if a no-deal will be associated with the application of 10% duties under the WTO rules, that will create an enormous problem for the overall European activities of Nissan Europe.”

    He added: “If we will have to sustain 10% export duties on the vehicles that we export from UK to EU, knowing that those vehicles represent 70% of total production, the overall business model won’t be sustainable.”

    “It’s not a question of Sunderland, it’s a question of the overall economic sustainability of our business [in Europe].”

  7. Sterling climbs following Johnson-Varadkar talks

    The pound has jumped after the UK and Irish premiers said they could "see a pathway" to a possible Brexit deal.

    The currency is now up 0.6% against the dollar at $1.2276 and 0.2% against the euro at €1.1147.

  8. Wall Street picks up the pace

    US stocks have jumped after President Donald Trump confirmed he would meet Chinese Vice Premier Liu He on Friday for further trade talks, adding to optimism following a report that China was willing to reach a deal.

    All three indexes are now up 0.5%, with the Dow trading at 26,482.26 points, the S&P 500 at 2,933.40 points, and the Nasdaq at 7,942.90 points.

    Trump confirmed the two sides will be meeting again on Friday. South China Morning Post had reported earlier that the Chinese delegation, headed by Liu He, planned to leave Washington on Thursday.

    Separately, Liu He said Beijing was willing to reach an agreement with Washington to prevent any further escalation in the trade war, Chinese state news agency Xinhua reported.

    View more on twitter
  9. US stocks open flat as trade talks kick off

    US traders

    US stocks have opened flat as top negotiators from the US and China prepare to meet for talks aimed at ending the 15-month long trade war.

    The Dow Jones Industrial Average fell 28.66 points, or 0.11%, at the open to 26,317.35.

    The S&P 500 opened lower by 0.85 points, or 0.03%, at 2,918.55, while the Nasdaq gained 0.82 points, or 0.01%, to 7,904.56.

  10. Porsche and Boeing launch flying car project

    Porsche and Boeing flying car concept

    Porsche and Boeing are the latest firms to reveal they are working on a flying car, following in the footsteps of Airbus, Volocopter, Audi and Rolls Royce.

    The two firms say they will collaborate on "urban air mobility" product ideas, as well as develop a concept for a fully electric vertical takeoff-and-landing vehicle.

    "Porsche is looking to enhance its scope as a sports car manufacturer by becoming a leading brand for premium mobility. In the longer term, this could mean moving into the third dimension of travel," said Detlev von Platen, a Porsche executive.

    A 2018 study by Porsche Consulting forecasts that the urban air mobility market will pick up speed after 2025, as passengers are increasingly ferried around cities by flying vehicles.

    German startup Volocopter revealed this week that is working with Singapore regulators to conduct a public test of its flying car in the coming months. Uber meanwhile has said it will begin flying taxi test flights next year.

  11. Nissan warns tariffs could end UK business

    Nissan logo

    Nissan's European operations, which include plants in Britain and Spain, will not be sustainable if Britain's departure from the EU leads to 10% tariffs on vehicles, the firm's European chairman Gianluca de Ficchy has said.

    Speaking at the Sunderland plant where the new model of the Juke will soon start production, he said the Japanese car giant had worked through business scenarios associated with Brexit.

    But he said Nissan could not afford a damaging no-deal Brexit, arguing two thirds of the components for the new model come from the EU and 70% of production was aimed at the Continent.

    Mr de Ficchy said: "If we are in a situation in which tomorrow we have to apply 10% export duties to 70% of our sales, the entire business model for Nissan Europe will be in jeopardy."

  12. BBC journalist's plane delayed by Extinction Rebellion

    BBC Newsnight political editor Nicholas Watt says his plane from London City Airport to Dublin was temporarily grounded by an Extinction Rebellion protester on board.

    The smartly dressed man stood up to deliver a lecture on climate change just as the plane was due to take off.

    Nicholas tweeted: "Cabin crew calmy and very politely asked protester to resume his seat. Politely but persistently he declined and proceeded to deliver his lecture on climate change in aisle.

    "Some passengers annoyed, others listened to lecture with humour as cabin crew alerted pilot."

    View more on twitter
  13. Sunderland Nissan plant starts production of new Juke

    Nissan Juke

    Car giant Nissan has begun production of a new Juke model at its Sunderland plant - hours after it was revealed night shifts were being scrapped.

    About 3,000 of the plant's 7,000 workers are being moved from night shifts to day-time working.

    The Japanese firm said it had invested £100m in the plant, which also makes the Qashqai and electric Leaf models.

    However, it said it was still awaiting clarification about the UK's trading relationship with the EU after Brexit.

    Read more here