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Live Reporting

Simon Read

All times stated are UK

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  1. Goodnight

    That is all from the Business live page for today. Join us again at 6am on Wednesday.

  2. EDF board confirms approval for Hinkley Point decision

    Reuters reports that the board of EDF has given the thumbs up to the Hinkley Point nuclear project, despite UK imposed restrictions to the project.

    The report suggests  the board approved the £18bn project with a 10 to 7 majority, the same as in July, when the board first approved it.

    EDF chief Jean-Bernard Levy had submitted the project to another vote after the UK government imposed limits on EDF's right to sell its two-third stake in the project.  

  3. Vancouver takes over from London in the property bubble index

    Vancouver

    Vancouver has the most over-valued property market in the world, according to a new report.

    The Canadian city has taken over from London to be named the city with most unsustainable house prices in the "Bubble Index" report from UBS.

    Why? Because Vancouver's property market has had two years of strong growth and been boosted by a flood of cash-rich Chinese. 

    Economists at the Swiss bank compared prices in 18 cities and reckon that Stockholm, Sydney, Munich and Hong Kong are also in the middle of property bubbles.

    Prices in each of the at-risk cities have increased by almost 50% on average since 2011, according to the report.  

  4. Yahoo hack attack 'unacceptable', say senators

    Marissa Mayer

    US senators have piled more pressure on Yahoo, demanding that the internet giant gives more details of who knew what and when about its huge data breach.

    In a letter to chief executive Marissa Mayer, six Democratic politicians said the hack into 500 million user accounts was "unacceptable".

    It comes a day after another senator called on the powerful SEC financial regulator to investigate.

    Full story here

  5. Fed should avoid raising rates 'too much'

    Federal Reserve building

    The Federal Reserve should avoid raising interest rates too much, according to the Fed's vice-chairman Stanley Fischer.

    "I don't want to raise the interest rate too much," Mr Fischer told students at Howard University. 

    He said rates should rise but admitted that "I don't know when" that should happen. 

    The US central bank left rates unchanged last week, but Fed chair Janet Yellen intimated that a rate hike was likely by the end of the year.

  6. World Bank president gets five more years

    Jim Yong Kim

    World Bank head Jim Yong Kim has been voted into a second five year term as president.

    Executive directors voted unanimously to reappoint the 56-year old, according to the World Bank.

    He is the 12th president of the World Bank having taken up his role on 1 July 2012.

    He was born in Seoul, South Korea in 1959 but moved with his family to the US at the age of five.

    He has dedicated himself to international development and is a co-founder of Partners In Health and a former director of the HIV/AIDS Department at the World Health Organization.

  7. More German bank problems

    The problems at Deutsche Bank appear to be affecting other German banks.

    NordLB (or Norddeutsche Landesbank to give it its full title) has abandoned plans to raise 500m euros via a bond sale. 

    Apparently the decision was due to a lack of demand among investors, says Reuters from Frankfurt. 

    The bank is publicly owned via the states of Lower Saxony and Saxony-Anhalt.

  8. Wells Fargo executives should be docked pay for scandal

    A Wells Fargo branch

    At-fire US bank Wells Fargo should recover pay from executives involved in the fake account opening scandal, according to Jeb Hensarling, chairman of the House of Representatives Financial Services Committee.

    "If I was a shareholder, I would be outraged if there weren't clawbacks," Mr Hensarling told reporters, according to Reuters.

    Staff at the US' biggest bank opened two million accounts and credit cards without customers' consent.

  9. AG Barr workers to be decimated

    Someone dressed as an Irn Bru can

    Irn Bru maker AG Barr is cutting 90 jobs - around 10% of its workforce - as consumers move towards towards low-sugar drinks. 

    The firm said total revenues fell 4% to £125.6m for the six months to the end of July as customers reacted to the "significant weight of negative media coverage" towards soft drinks with added sugar.

    AG Barr said the Government's sugar tax - set to come into force in April 2018 - was "a punitive and unnecessary distortion to competition in the UK market".

    The Cumbernauld-based company  - which also owns Rubicon, Strathmore and Funkin - said it would axe around 90 positions in its commercial, supply chain and central operations.  

  10. Trump and Clinton spar over tax and trade

    World Business Report

    Video content

    Video caption: We assess the tax and trade plans of the competing presidential candidates.

    Donald Trump and Hillary Clinton have had their first gladiatorial encounter live on American television, in front of an estimated audience of 80 million people. 

    There had been hopes that the audience might reach 100 million, which would have been a record, however according to early viewing figures that didn't happen. 

    But it was still a pretty feisty encounter, with business and economic themes playing a big part. 

    A man who has seen many elections over the years is the noted US economist, Irwin Stelzer of the Hudson Institute. Alex Ritson asked him what he made of the debate.

  11. Video content

    Video caption: Alton Towers Smiler fine of £5m 'means nothing' says victim

    A woman who was seriously injured in the Smiler crash at Alton Towers has said the £5m fine imposed on the company means nothing.

  12. Cashing in on property boosts L&G

    Terraced houses

    Insurer Legal & General says its retirement division will double sales this year as older people rush to unlock cash from property 

    So far in 2016 sales have reached £5.4bn, up from £2.9bn for the whole of 2015, the company said.

    Since the end of June sales at its retirement arm have topped £1.4bn, including £1.2bn of pension de-risking and £130m of lifetime mortgages, which let homeowners release cash from their property to pay for retirement.

  13. Over-50s 'go cruising, while young tighten belts'

    Brian Milligan

    Personal finance reporter

    Cruise ship

    People over the age of 50 are spending more and more on holidays - including cruises - while younger people are travelling less, according to research.

    Over the past five years, the older age group has increased spending on travel by 23%, says a study by the CEBR consultancy for Saga.

    Those under 50 have cut spending on tourism by 5% during the same period.

    As a result, the older generation is now responsible for well over half the UK's total spending on holidays.

  14. Euro stocks decline while pound enjoys slight revivial

    Stock markets in central Europe echoed today's FTSE 100 decline of 0.15%.

    Germany's Dax closed down  0.3% while the Cac 40 in France dropped by 0.2%.

    Better news for the pound, though, which was up 0.7% against the euro to €1.16.

  15. Bundesbank calls for end to political support for banks

    Andreas Dombret

    Political support for Europe's banking sector must stop, the Bundesbank board member in charge of supervision has said.

    Andreas Dombret compared banks to dinosaurs facing a threat of extinction.

    "Political support for the banking sector must finally come to an end - something that unfortunately I've only seen to a limited extent," he told an audience in Vienna.

    He added: "Crucially, we cannot discuss away the structural deficiencies of the banking sector."

  16. Today's FTSE 100 winners and losers

    Carnival cruise liner

    Which were today's winners and losers on the UK stock market?

    Leading the way on the blue chip FTSE 100 index was cruise line operator Carnival, which climbed 4.81%.

    It may have been boosted by people over the age of 50 who are spending more and more on holidays, according to a report from personal finance reporter Brian Milligan.

    Standard Chartered Bank led the losers, down 2.49%. It admitted today that it has referred allegations of impropriety at an Indonesian power plant company that the bank's private equity arm invested in to "the appropriate authorities".

  17. Supermarkets not a threat, says pub owner

    Video content

    Video caption: A pub owner says he doesn't see supermarkets as a threat.

    For the first time beer sales in shops, including supermarkets, have overtaken those in pubs, bars and clubs.

    The British Beer and Pub Association says 51% of beer is now sold in shops, up from 20% in 1990.

    What does a pub owner think of the figures? Watch the video to find out...

  18. Economists for Brexit hail Fox's move

    Liam Fox

    Economists for Brexit have voiced their support of Liam Fox's speech to the World Trade Organisation.

    He signalled the UK's commitment to the WTO, which the campaigning group believes can pave the way for the UK to leave the Single Market, take up independent membership of the WTO and move to Unilateral Free Trade.

    “We now appear to see government signalling the first steps in the right direction," said Patrick Minford, co-chair of Economists for Brexit.

    "Many still fail to appreciate rather than just being the default position in the absence of a trade deal with the EU in order to deliver the type of Brexit the UK electorate voted for, leaving the Single Market is in fact the optimal option for the UK economy.”