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Live Reporting

By Jill Treanor and Tom Espiner

All times stated are UK

  1. 'My music is in great hands' - Timbaland

    Justin Timberlake

    Hipgnosis Songs Fund, a company that buys up music catalogues, has bought that of American record producer Timbaland.

    The rapper, singer, songwriter and DJ produced albums by Justin Timberlake (pictured), all of which went to Number 1 around the world. Other songs in the catalogue include artists like Jay Z, Rihanna, Madonna and Drake.

    Merck Mercuriadis, founder of Hipgnosis Songs Fund, said: "Ask any of today’s greatest creators who their biggest influences are and the one name that appears on everybody’s list is Timbaland.

    "His iconic records with Aaliyah, Jay Z, Missy Elliot, Nelly Furtado, and Justin Timberlake amongst many others are iconic and will be remembered forever.”

    "My music is in great hands,” said Timbaland.

    There's background on Hipgnosis in this BBC story.

  2. Jessops owner plans to call in administrators

    Woman walks past Jessops store

    The High Street camera chain, which is owned by Dragons Den star Peter Jones, lost £13m last year.

  3. Flybe airline announces name change

    flybe plane

    Flybe's purple planes will be repainted red as the regional airline becomes Virgin Connect.

  4. Sky: 'UK airport growth plans at odds with climate targets'

    Heathrow plane

    UK airport expansion plans jar with climate targets, Sky News reports

    Sky analysed expansion plans at 21 UK airports, and reckons they plan to expand three times faster than government climate change advisers say is sustainable.

  5. DfT: 'We are developing contingency plans for Northern'

    Northern Rail train

    Train operator Arriva could potentially be stripped of its Northern franchise.

    A Department for Transport spokesperson said:

    "We are developing contingency plans for the replacement of the current franchise with either a new short-term management contract with Northern or the Operator of Last Resort (OLR)."

    "In the context of significant challenges facing the operator, such as delays to infrastructure upgrades and historic underinvestment in the northern rail network, issuing a Request for Proposal enables the Department to examine whether the contract is properly aligned with current operating challenges in the North.

    "It also allows us to determine whether the franchise owner or an OLR would be best placed to tackle these issues and deliver for passengers."

  6. US stocks lower

    Wall Street trader

    US stocks are trading lower as legislation targeting the Hong Kong protests stoked fears of more friction with China and despite positive US earnings reports.

    The Dow Jones Industrial Average was down 57 points at 26,968. The S&P 500 was lower by 8 points at 2,988. The Nasdaq Composite dropped 32 points to 8,116.

  7. IMF: US and China trade tensions have 'real spillover effects'

    Container ship

    Trade tensions between the US and China - the world's two largest economies - are a significant source of risk for the global economy, with "real spillover effects" for emerging markets, top IMF officials have said.

    Tobias Adrian, director of the monetary and capital markets department of the International Monetary Fund, said the tit-for-tat trade war between Washington and Beijing had a significant impact on financial markets over the past two years.

    The fight could set up a "domino effect" for smaller economies, according to a second IMF official.

    "We urge policymakers around the world to continue to work together in order to resolve those trade tensions as that is significant source of uncertainty and a significant source of creation of downturn risks," he said. "There are real spillover effects for emerging markets."

  8. What is the UK's inflation rate?

    Woman on train

    Inflation affects everything from mortgages to the cost of our shopping and the price of train tickets.

    It is why some rail season tickets, pegged to inflation,are expected to rise by more than £100 next year.

    So, what is inflation and what impact does it have?

    Read more here.

  9. Pound falls again

    Pound v dollar
  10. Pound makes some gains

    Pound v dollar
  11. Sterling 'headline driven'

    Quote Message: Sterling is trading in a choppy, headline-driven manner this morning, with UK-EU talks continuing in an effort to try and reach a Brexit deal. The direction of the pound will depend on the outcome of talks, as well as whether any UK-EU agreement is likely to have the votes to pass in the Commons. Increasing likelihood of a deal would result in sterling moving to the upside; while a lower likelihood of an agreement would see sterling decline." from Michael Brown senior analyst at Caxton
    Michael Brownsenior analyst at Caxton
  12. IMF cuts forecasts

    Gita Gopinath

    The International Monetary Fund has cut its forecast foreconomic expansion to just 3% -- the lowest since the financial crisis. In July, the organisation forecast growth of 3.2% this year.

    IMF Chief Economist Gita Gopinath spoke to the BBC’s Samira Hussain in Washington, DC and said global trade tensions are having an impact on the worldwide economy with a weakening in the manufacturing sector and global investment.

    “If this continues, it pushes the global economy closer to 2, 2 and a half percent. Once we get there, it tends to push more countries towards entering recession.”

    Ms Gopinath says the prolonged uncertainty over Brexit will drag the UK GDP down about three percent if a deal isn’t reached.

    “We’re really hoping there will be an agreement and a smooth transition.”

  13. More on Northern Rail

    Tom Burridge

    Transport correspondent, BBC News

    train

    The Transport Secretary Grant Shapps has confirmed that he is considering whether the management of the vast bulk of rail commuter services in the north of England should be taken into public hands.

    Northern Rail is one of the one of the biggest franchises in the country and has been in trouble for years. Industry sources have confirmed to the BBC that the train company, which is owned by Arriva, has been losing money for some time.

    Passenger numbers on Northern dropped after the botched introduction of a new timetable in the summer of last year.

    In a statement on Friday, Transport for the North said it believes the franchise should be taken into public hands, via what is known as an Operator of Last Resort (OLR). The OLR is, on behalf of the government, currently in charge of London North East Railway, the East Coast Mainline intercity franchise.

    Transport Minister Grant Shapps told MPs on the Transport Select Committee that he has asked Arriva and the OLR for a “list of proposals” because the franchise “cannot continue delivering in the current delivery method.”

    However the OLR is not the only option for the government.

    It could also opt for what is known as a “management contract” which would mean that Arriva would still operate rail services but the Department for Transport would adopt a much more hands-on role for the operation of the franchise.

  14. More on Woodford funds

    neil woodford

    A bit more on funds run by Neil Woodford.

    As mentioned earlier, Link Fund Solutions has issued a statement about the Equity Income Focus Fund which Mr Woodford also ran.

    Link, which oversees funds, has now suspended the Equity Income Focus Fund.

    That comes after Mr Woodford's announcement on Tuesday that he was closing down his three funds.

    In a letter to investors, Link said: "After consideration of all relevant circumstances relating to the fund's assets, we have come to the conclusion that it is in the best interests of all investors in the fund to suspend the issue, cancellation, sale and redemption of shares in the fund.

    "The period of suspension is intended to protect investors from this anticipated increased level of redemptions in the fund."

    Link shut down Mr Woodford's Equity Income Fund - his largest - on Tuesday and said it would be wound up and any cash returned to investors.

    His other fund is a listed investment trust, the Patient Capital Trust, where the shares are now down 5% after falling 10% when trading began on Wednesday.

    As a reminder, the BBC story on Mr Woodford closing his funds is here.

  15. Sterling down, but not as much

    Sterling

    The pound has been jumping about but is off the day's lows.

    It is now at $1.2749. It hit $1.28 on Tuesday and has been below $1.27 earlier.