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Pound in focus as PM seeks Brexit deal support – BBC News, BBC News

Pound in focus as PM seeks Brexit deal support – BBC News, BBC News


Pound/Euro

Market data: FTSE 100, Pound / Dollar, Pound / Euro , Dow Jones, Oil prices

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(Live Reporting)

By Jill Treanor and Tom Espiner

All times stated are UK

  1. France worried about Facebook’s Libra

    (Financial Times)

    Libra and Facebook

    Getty ImagesCopyright: Getty Images

    )

    Bruno Le Marie, the French finance minister,has a piece in the Financial Times about Facebook’s plans for Libra, the digital currency.

    He writes about the start of the euro in 1999 when the single currency was adopted by 11 Countries.

    “They didn’t just say yes to a new currency as a medium of exchange; they consciously decided to transfer part of their sovereignty to the European level.

    “With its Libra plan for a global digital currency, Facebook has shown both economic and political ambitions. The project would mean a private company controlling a common good and taking over tasks normally discharged by states. This is unacceptable for both economic and political reasons “.

  2. Treasury Committee calls for Brexit an Alysis

  3. Marriott Hotels buys luxury Barbados chain

    Barbados beach

    Copyright: Getty Images

    Yet more news from the hotel sector this morning. Marriott Hotels has agreed to buy luxury hotel business Elegant for about £ (m.

    ) Elegant owns and operates seven hotels and a beachfront restaurant, Daphne’s, on the island of Barbados.

    Marriott is paying 110 pa share for Elegant, A 57% premium to the previous price.

    “There is a strong and growing consumer demand for premium and luxury properties in the all-inclusive category,” said Marriott chief executive Arne Sorenson.

    “The addition of the Elegant Hotels portfolio will help us further jump-start our expansion in the all-inclusive space, while providing more choices on the breathta king island of Barbados. “

  4. Bank official: ‘Limited but gradual rate rise’

    sterlling

    (BBC) ********************Copyright: BBC

    Bank of England Deputy Governor Dave Ramsden has been speaking to Bloomberg and setting out why he thinks interest rates could rise if there is a Brexit deal.

    “The kind of guidance we’ve been giving – in the world of a deal it still applies, “he said.

    “We’re not saying over what timeframe, but limited and gradual (rate increases) is a reasonable qualitative framing, “he said.

    His remarks were said to have helped sterling spike higher – before drifting back – and illustrate the different views on the Bank of England’s monetary policy committee.

    The pound is now trading at $ 1. 2874, down 0.1%.

  5. Renault shares dive on lower revenue forecast

    Renaultfactory

    Copyright: Getty Images

    Shares in Renault have sunk 11% after the French carmaker cut its revenue forecast for 2019.

    Late on Thursday, Renault said its sales were set to fall by between 3% and 4% this year.

    The company also cut its forecast for profitability, saying its operating margin would be 5%, down from a previous target of 6%.

  6. How do you like your tea?

    BBC Radio 5 Live

    Wake Up To Money

    tea

    Copyright: Getty Images

    Unilever’s finance boss Graeme Pitkethly said on Thursday: “I drink five or six cups of builder’s tea a day, but unfortunately we are dying at a faster rate than generation Z and millennials are consuming it.

    “They might drink tea but they want to drink quite high-end, expensive products. They drink a lot of coffee. There’s a bit of demographic challenge around … “

    Annie Rooney, the owner of Suki Tea, told Wake Up To Money that her best selling tea was still black teas and the Belfast Brew “very strong Irish breakfast tea”.

  7. London markets open lower

    The FTSE 100 is down around 20 points in early trading at 7, 168. 28.

    The FTSE 250 is down 30 points at 20, 191.

  8. Hotel group IHG hit by Hong Kong protests

    Protests in Hong Kong

    (EPA) ********************Copyright: EPA

    InterContinental Hotels Group (IHG) has said the continuing unrest in Hong Kong hit its revenues in the third quarter of the year.

    The protests in Hong Kong have put off many tourists from visiting.

    IHG said revenue per available room – or Revpar – fell 0.8% in the quarter, with tougher trading conditions in the US and China also a factor in the decline.

    The company operates nearly 5, 800 hotels under brand names such as Crowne Plaza, Regent Hotels and Holiday Inn.

  9. All retailers want for Christmas is a Brexit deal?

    Today Program

    **************************************************************************************************************************************************************************************************************************************** (BBC Radio 4)

    Selfridges' Christmas window

    (PA)Copyright: PA

    Image ca ption: Selfridges has unveiled its Christmas window … in October

    Lord Rose points out that if the Brexit deal is not voted through tomorrow it will mean ” the fourth Christmas of uncertainty “for businesses such as retailers.

    “People want to know where they are headed,” he tells the Today program. “They want to have a direction and we need to get back, much more importantly, to investing in our businesses.”

  10. It’s time to back the Brexit deal, says Remainer Rose

    (Today Program) (BBC Radio 4)

    Lord Rose campaigned for the UK to remain in the EU

    )Copyright: Getty Images

    Image caption: Lord Rose campaigned for the UK to remain in the EU

    Lord Rose of Monewden, chairman of Ocado and the former boss of M&S, campaigned for the UK to remain in the European Union but he thinks it is time for people to back the government Brexit deal and allow the country to move on.

    “This deal isn’t ideal,” he tells the BBC’s Today program. “There isn’t a lot of difference between what Theresa May had and what Boris Johnson’s got this morning but this deal is now the best deal we’ll get and certainly it is better, absolutely, than a hard Brexit and I think we ‘ ve just go to move on. “

    said: “I support it, I hope that business will. I’m in involved in businesses in the car industry and the food industry and the clothing industry and I can tell you that people in the businesses that I’m involved in, they want to move on. “

  11. EasyHotel ‘outperforms amid challe nging conditions’

    EasyHotel room

    Copyright: Getty Images

    Budget hotel chain easyHotel says it has been doing better than other firms in the sector despite “challenging” conditions.

    At the hotels the company owns, revenue per available room – or Revpar, a key performance measure for the hotel industry – grew 7.7% on a like-for-like basis in the year to 30 September.

    However, at its franchised outlets performance was not so good, with Revpar down 1.6%.

    “The hotel markets have remained challenging in the second half of the financial year, particularly in the UK where we are seeing dampened consumer confidence,” said easyHotel chief executive Guy Parsons.

    “Whilst our owned hotels have continued to outperform the market, we have not been immune to the weaker regional hotel market and trading across our franchised portfolio has continued to be subdued.”

    EasyHotel is currently in the process of being taken over by a consortium made up of real estate investor Ivanhoe Cambridge and property fund manager ICAMAP. However, the move has been resisted by easyJet founder Sir Stelios Haji-Ioannou who owns a near – 30% stake in easyHotel through his easyGroup company.

  12. Brexit: Northern Ireland calls for government help

    Today Program

    BBC Radio 4

    road signs

    ***************************************************************************************************************************************************************************************************************************************************************************************************************************** (Getty Images)Copyright: Getty Images

    If approved by Parliament, the UK’s new withdrawal agreement with the EU will avert the cliff edge of a no-deal Brexit, but will mean a change to trading arrangements for companies in Northern Ireland. They will have to pay any applicable EU tariffs for goods crossing from Britain in some cases – and continue to follow the EU’s rules and regulations.

    The head of Manufacturing Northern Ireland, Stephen Kelly, told the BBC’s Today program: “We do face some significant changes, whilst at the same time remaining exactly where we are.”

    Mr Kelly said the deal would allow Northern Ireland businesses “to trade on the island of Ireland just as we do today”. However, they would face the cost of a new “administrative burden” on their supply chains with the rest of the UK.

    “If Northern Ireland has been asked to pick up the cost of a deal, then there needs to be mitigation from Her Majesty’s government to ensure that Northern Ireland businesses are not damaged in any way. “

  13. Brexit: CBI gives ‘cautious’ welcome to deal

    Today Program

    BBC Radio 4

    Carolyn Fairbairn

    Copyright: Getty Images

    CBI director general Carolyn Fairbairn says business es have given a “cautious” welcome to the Brexit deal that the government has reached with the EU.

    “This is not a perfect deal, but we can work with it,” she told the Today program. “This does feel like a step forward.”

    The reworded political declaration in the deal paves the way for a future free trade agreement with the UK with the EU – but one which allows for more divergence on domestic regulation. Ms Fairbairn said businesses had “serious concerns” about this and called for “frictionless trade” with the EU to be put “back on the table”.

    She warned that the deal was “just the beginning” in terms of negotiating the UK’s future relationship with its European neighbors and

    More than half of the UK’s trade was with the EU, she pointed out.

  14. London Stock Exchange’s revenues rise

    umbrella and lse sign

    (Reuters) Copyright: Reuters

    Fresh fromfending off a takeover by Hong Kong Exchanges and Clearing, the London Stock Exchange has reported a 12% rise in sales to £ 587 m for the third quarter to (September.

    LSE chief executive David Schwimmer made no reference to the hostile proposal but commented on its own £ 22 bn acquisition of data giant Refinitiv, which he described as a “transformational transaction that accelerates our group’s strategy”.

    Meanwhile, the LSE said its chief financial officer David Warren will retire by the end of 2020.

    Mr Warren briefly stepped in as interim chief executive when Xavier Rolet stepped down in late 2017, which sparked a very public backlash from major LSE shareholder Children’s Investment Fund Management.

  15. Stobart co nfirms appraoch

    fork lift with logoPound/Euro

    Copyright: EDDIESTOBART

    Eddie Stobart has issued a statement confirming that it has granted “due diligence access to Wincanton to assess the potential merits of a combination “.

    “No proposal has been made by Wincanton to Eddie Stobart as to the terms of any potential offer, and there can be no certainty that any offer will be made to Eddie Stobart shareholders,” the logistics company added.

  16. Wincanton looks at Eddie Stobart

    eddit Stobart van

    Wincanton says it is “currently undertaking a diligence exercise” on Eddie Stobart to consider a possible deal.

    “No proposal has been made by Wincanton to Eddie Stobart as to the terms of any potential offer, and there can be no certainty that any offer will be made to Eddie Stobart shareholders.”

    In August, Eddie Stobart’s shares were suspended, and its chief executive stood down with immediate effect, as it looked into accounting discrepancies.

  17. Currency tougher than tariffs

    BBC Radio 5 Live

    (Wake Up To Money)

    teapot

    Copyright: SUKITEA

    Annie Rooney, the owner of Suki Tea, an importer and exporter of l oose teas, based in Belfast, spoke to Radio 5 Live’s Wake Up To Money about the impact of tariffs and currency fluctuations on her business.

    Currency movements are tougher to deal with. “If you have a fixed tariff … you go back and understand how I can absorb that … but for the currency, there’s very little in terms of forward planning for that “.

  18. Great benefit for Northern Ireland

    BBC Radio 5 Live

    Pound/Euro********************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************** (Wake Up To Money)

    Tina McKenzie, chief executive of Grafton Recruitment, which operates across Northern Ireland and the Republic, spoke to Radio 5 Live’s Wake Up To Money about the impact on business in Northern Ireland on the Brexit deal.

    Chair the Federation of Small Businesses in Northern Ireland, she said it was good for Nor thern Ireland and urged business to relocate.

    “This deal allows companies in Northern Ireland to trade tariff free with the rest of the EU and GB, ”she said.

    “It’s a great benefit for Northern Ireland,” she said.

    She stood as an MEP five years ago for the NI 21 party.

  19. (Volvo orders slide)

    lorry

    VOLVOCopyright : VOLVO

    Volvo has just issued third quarter profits.

    The Swedish company says orders for trucks fell 45% in the third quarter.

    Operating profit arose to 10 9 billion Swedish crowns (£ 860 m) from. 2 billion a year ago.

    Martin Lundstedt, president and chief executive, said: “Our service revenues were stable in the quarter, as a result of continued good activity levels and fleet utilization among our customers. On the other hand, demand for new vehicles is declining and we are facing a period of tougher market conditions. “

  20. ‘Really the surprise was that we got a deal at all’

    BBC Radio 5 Live

    Wake Up To Money

    duck in union jack

    Copyright: Getty Images

    Mark Essex, director of public policy at KPMG, told BBC Radio 5’s Wake Up To Money that he had been surprised by Thursday’s announcement about a Brexit deal.

    “Re ally the surprise was that we got a deal at all, ”said Mr Essex.

    Much of it is about the border in the island of Ireland. He explained what would happen if a product made in Derby, goes to Belfast with a view to ending up in Dublin.

    “You’d have to fill out a customs declaration in Derby, they would incur tariffs as they move across the Irish Sea and when they go to Dublin there would no tariff because it would be crossing the Irish border where there is tariff “.

    If a deal is signed, a transition period begins, he said, and added nothing would change with packaging, for instance, until the end of next year.

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