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Live Reporting

Bill Wilson and Simon Read

All times stated are UK

  1. Good night

    Test Card

    That's it for today on Business Live.

    We'll be with you at 6am tomorrow morning to bring you all the latest breaking news and analysis from the business world.

  2. Gatwick trial cuts plane boarding time by 10%

    Man on plane

    Finally, here's some good news for travellers.

    The frustration of waiting for someone to put their bag in an overhead locker may soon be over if a trial to get people on planes quicker is successful.

    Gatwick says it is working with EasyJet to try out new ways to board passengers at the London airport.

    They include boarding people in window seats first, starting at the back, followed by middle then aisle seats.

    Gatwick said different boarding methods could reduce the journey from airport gate to seat by about 10%.

    The airport operator says that the window-to-aisle seat pattern of boarding is best suited for individuals and business passengers.

  3. Engineer raised concerns about 737 Max before crashes

    Dennis Muilenburg

    Back to that Boeing boss appearance at the US Senate.

    It's been revealed that a Boeing engineer was concerned that the troubled 737 Max had a flight-control system that lacked sufficient safeguards long before it came to market.

    The detail was revealed in a document released today during the US Senate's questioning of Dennis Muilenburg.

    It showed that in 2015, more than a year before the planes were certified by federal regulators, a Boeing engineer asked whether a flight-control system that was involved in both deadly crashes, was safe because it relied on a single sensor.

    “We made some mistakes,” said Muilenburg. “We own that. We’re responsible for our airplanes.”

  4. FTSE 100 risers

    Reckitt Benckiser led the FTSE 100 climbers today after rising 3.36% to 6,033.00.

    Other shares in the blue-chip index gaining 2% or more were:

    • Intertek Group up 2.62%
    • Standard Chartered 2.62%
    • AstraZeneca 2.55%
    • GlaxoSmithKline 2.29%
    • Smurfit Kappa 2.12%
    • Diageo 2.08%
    • Hargreaves Lansdown 2.03%
  5. FTSE ends positive after day of ups and downs

    FTSE graph

    The FTSE 100 has had a down, up, down and then finally up day as the graph above shows.

    It closed at 7,330.78, a rise of 24.52 or 0.34%.

    The FTSE 250, by contrast, remained in the red all day, closing at 20,115.10, down 53.23 or 0.26%.

  6. Harrods targets beauty in new stores


    Harrods will open its first standalone stores outside London next spring.

    The retailer's new H Beauty brand will launch in spring 2020 at the Lakeside Shopping Centre in Essex, followed by a second store in Milton Keynes.

    They will stock a range of premium and luxury beauty brands and offer services such as blow-dries and facials.

  7. Dip in Scottish economy 'less than predicted'


    Scotland's economy shrank slightly less between April and June than first thought, according to the latest revised figures.

    Data released by the Scottish governmentshowed output (GDP) contracted by 0.2% over that period instead of 0.3% as initially predicted.

    Construction saw a sharp reduction in activity - and the service sector grew only slightly.

    The figures do not include output from offshore oil and gas extraction.

    During the second quarter, the revised figures showed that output in the construction sector fell by 2.4%.

    Output in the production sector fell by 1.5%, while output in the services sector grew by 0.2%.

  8. No breathing space for ventilation firm as 81 jobs go

    M J Ventilation office

    A Perthshire ventilation system company has gone into liquidation with the loss of all 81 jobs.

    Liquidators said MJ Ventilation Ltd, based in Coupar Angus, had suffered "severe cash flow problems".

    These were compounded by bad debts from the recent insolvencies of Carillion and McGill Electrical.

    The company, which was founded in 2006, manufactured and installed bespoke ventilation systems, and had an annual turnover of £7m.

    Provisional liquidator Blair Milne said the company's assets, including the plant and vehicles, would be put up for sale.

  9. 'I am accountable', says Boeing boss

    Dennis Muilenburg

    Back to that Boeing Senate session in the US.

    Dennis Muilenburg has been asked about who bears main responsibility for the “cascading events” that led to the disasters.

    The boss declared he and his company are “accountable” for the two fatal crashes.

    “I am accountable,” he added.

  10. Risk of no-deal Brexit 'still exists'

    Michel Barnier

    The EU's chief Brexit negotiator, Michel Barnier, has said the risk of a no-deal Brexit "still exists".

    Speaking at the European Economic and Social Committee, he warned it could happen at the end of January, should Parliament fail to ratify the Brexit deal.

    It could also happen at the end of 2020, following the end of the transition period, if no new trade deal is agreed between the UK and EU, he added.

    "The risk of Brexit happening without an agreement still exists. We still need to prepare."

  11. Union demands Peugeot meeting over merger


    Unite wants a meeting with management at French carmaker Peugeot over its possible tie-up with Fiat Chrysler.

    The union has warned that merger talks and uncertainty over Brexit are "deeply unsettling" for workers at British plants.

    Peugeot-owner PSA operates a southern English van factory in Luton and a car plant in Ellesmere port, near Liverpool, building vehicles badged under the Vauxhall brand in Britain and Opel on the rest of the continent.

    "The fact remains, merger or not, if PSA wants to use a great British brand like Vauxhall to sell cars and vans in the UK, then it has to make them here in the UK," said Unite national officer Des Quinn

  12. GSK raises earnings outlook

    GSK building

    Pharma giant GlaxoSmithKline has raised its earnings outlook after a lower tax bill.

    The company's third quarter revenue was £9.39bn, against an expected £9.04bn.

    The drug maker said it now expects no change in its adjusted earnings per share compared to last year, after previously saying it expected them to fall by between 3% and 5%.

    "This quarter we have continued to strengthen our pipeline and have advanced assets in respiratory, HIV and, notably, oncology, where we are on track to file three innovative medicines by year end, following positive pivotal trial data," said boss Emma Walmsley.

  13. Unrest forces Chile to withdraw from hosting trade summit

    Sebastian Pinera
    Image caption: President Sebastian Pinera

    Chile has withdrawn as host of the APEC trade summit in November and the COP25 climate summit in December after several weeks of violent unrest, President Sebastian Pinera has announced.

    The summit was scheduled to bring together 20 world leaders, such as Donald Trump and Chinese President Xi Jinping, over the weekend of November 16-17. The COP25 program was due to run between December 2 and 13.

    “This has been a very difficult decision, a decision that causes us a lot of pain, because we fully understand the importance of APEC and COP-25 for Chile and for the world,” Pinera said in a statement.

  14. Personal insolvencies climb to eight year high

    Man with no money

    The number of people entering insolvency in England and Wales rose sharply in the three months to September compared with a year ago, according to Insolvency Service figures.

    the number of people officially entering financial distress rose to 30,879 in seasonally adjusted terms, up 23% on a year ago.

    The rolling 12-month rate of individual insolvencies per 10,000 people rose to an eight-year high of 27.4, the figures showed.

    “Today’s figures provide a worrying insight into the state of personal finances,” said Duncan Swift, president of insolvency and restructuring trade body R3.

  15. 'Deeply, deeply sorry' says Boeing boss

    Boeing plane

    Dennis Muilenburg has started off with an apology.

    "Before we get started I too would like to acknowledge the families that are here with us today and again wanted to tell you I’m sorry," he said.

    "We are deeply, deeply sorry. We will never forget, I want you know we are committed to making the improvements we need to make"

  16. US Treasury ponders 50 year bonds

    50 sign

    The US government is considering issuing longer-dated Treasuries that would mature in 50 years, according to the FT.

    The US Treasury said it is currently testing market appetite for debt that matures beyond the 30-year maximum in place today.

    As well as 50-year bonds, the department said it is also exploring the issuance of a 20-year bond as well as a one-year floating rate note linked to the Fed’s replacement for the scandal-tainted Libor benchmark, Secured Overnight Funding Rate (Sofr).

  17. Boeing hearing gets underway

    Dennis Muilenburg
    Image caption: Dennis Muilenburg giving evidence yesterday

    Boeing boss Dennis Muilenburg is giving evidence again today to US lawmakers, this time to the House Transportation and Infrastructure Committee.

    Peter DeFazio, who chairs that committee is getting proceedings under way. He is addressing Mr Muilenburg and the families who lost loved ones, saying “something went drastically wrong”.

    “We need answers,“ he says and also reforms to how planes are certified.

    There has been “pressure from Wall Street have a way of influencing decisions of the best companies in the worse way,” said Mr DeFazio, hoping that will not turn out to be case this time.

  18. Standard Chartered posts small profit gain


    Standard Chartered has shrugged off problems over protests in Hong Kong to post positve third-quarter results.

    It made a profit of $761m for the quarter, a small advance on $741m a year earlier.

    But, it warned, "there are growing headwinds from the combination of continuing geopolitical tensions and expectations of declining near-term global growth and interest rates."

  19. Santander UK profits shrink 43%

    Santander branch

    The UK business of Santander took a major hit from the PPI mis-selling scandal as profits dipped in the first nine months of the year.

    Pre-tax profits at Santander UK fell 43% to £785m, as the bank took a £169m charge from PPI.

    Meanwhile, economic uncertainty as Brexit and a trade war continue to weigh on the global economy also hit its bottom line.

    "Our profitability for the first nine months of 2019 has been impacted by ongoing competitive income pressure, additional PPI costs as well as transformation programme investment," said boss Nathan Bostock.