KFC owner spins off struggling China division
Chinese president emphasises 'shared interests' with UK
Tata Steel confirms 1,200 jobs to go in England and Scotland
'Wrong" to blame Chinese for steel prices - government
Caparo administrators have received approaches for business
That's all from the Business Live page today. Tomorrow we'll be expecting an announcement relating to Chinese investment in the proposed construction of two new EDF nuclear power plants at Hinkley Point in the UK. Ferrari is also due to list on the stock exchange.
After Tata Steel told workers that it will cut over 1,100 jobs across its UK plants, one worker told the BBC that "it's all over". Neil Gregory has worked at the Clydebridge plant for nine years and says the future for Scottish steel is uncertain: "The feeling in the place is it's finished, it's all over." Watch the video on the BBC Business site.
Stocks in the US closed the day lower, with helpful boosts from companies earnings results being negated by a drag in biotech shares - which are still suffering from Hillary Clinton's vow to stop companies from hiking up the prices of established medicines. The Dow Jones closed 0.07% down, the Nasdaq closed 0.5% down, and the S&P 500 closed 0.14% down.
Investors in the US continue to be unimpressed by companies' quarterly earnings reports - stock markets have been dragged lower by motorbike firm Harley Davidson, which reported that it will be cutting its stock and also lowered its profit forecast for the year. Its shares are currently down almost 13%. IBM shares are also down 5.4% after it reported that quarterly revenues fell. The Nasdaq is currently down by 0.4%.
Lower energy prices have helped Morocco in its most recent budget - its government has said it no longer needs to subsidise certain industries as much, report Reuters news agency. It announced in its 2016 draft national budget that it will spend 15.5 billion dirhams ($1.6bn) on subsidies - down from 23 billion dirhams. For this year, the north African kingdom expects to spend 14 billion dirham on subsidies - down from an originally budgeted 23 billion dirhams.
Image source, Getty ImagesSony Pictures Entertainment has agreed to pay up to nearly $8m to resolve a lawsuit by employees who claimed that their personal data was stolen in a 2014 hacking, reports Reuters news agency. The incident was tied to the studio's release of a controversial comedy film set in North Korea called "The Interview," which some North Koreans felt insulted the country's leader. The settlement between Sony and current and former employees was disclosed in papers filed on Monday in federal court in Los Angeles.
Image source, Getty ImagesAreva plans to cut 2,700 jobs in France by 2017 as it restructures. Unions agreed on Monday on the company's voluntary redundancy plan. The job loss figures are slightly lower than those given in May, when the company said it planned to cut 3,000-4,000 jobs in France and 5,000-6,000 worldwide. Areva has been loss-making for four years.
The BBC's New York business correspondent Michelle Fluery tweets:
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Cult motorcycle firm Harley Davidson's share price has fallen almost 17% to a two-year low after it reported poor third quarter results and said it may have to cut jobs.
Image source, Getty ImagesFrench Bank Credit Agricole is to pay over $787m as a penalty for processing thousands of transactions which violated US sanctions, said the US's Department of Financial Services, external. Credit Agricole's transactions were worth around $32bn and were related to Iran, Cuba and Myanmar during 2003 - 2008.
Image source, Getty ImagesChinese President Xi Jinping emphasised close ties with Britain during a speech at Westminster parliament today, saying the two countries were increasingly interdependent. "It is fair to say that China and the UK are increasingly interdependent and are becoming a community of shared interests," he said in a speech on the first full day of his state visit to London. "I am already deeply impressed by the vitality of China-UK relations and the profound friendship between our peoples," he added.
Image source, Getty ImagesWhen Ferrari floats on the stock exchange, its price is expected to be as high as $53 per share, reports CNBC, external, citing sources. The price is above the previously indicated range of $48 - $52 per share for the IPO. Ferrari is expected to start trading as public company on Wednesday.
Image source, Getty ImagesLondon shares closed the day lower despite positive company results. The FTSE closed down 0.7% at 6,345.13 points. Its biggest winners were Intercontinental Hotels Group, which closed up 7.01%, and Whitbread, which closed up 3.3% after both reported positive quarterly revenues.
New media recruits old media as New York Times editor-at-large Marcus Mabry joins Twitter:
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In the past few weeks, one part of the UK economy - the steel industry - has been grabbing the news headlines, but for all the wrong reasons. First, Thailand's SSI announced it was closing down its Redcar works with the loss of 2,200 jobs, then parts of Caparo Industries' steel operations went into administration putting 1,700 jobs potentially at risk. Now India's Tata Steel has announced nearly 1,200 job losses at its plants in Scunthorpe and Lanarkshire. So what's the truth of it all? Read more on the BBC Business site.
Image source, Getty ImagesThe FTSE has pulled itself out of earlier losses and is in positive territory - it is currently up 0.01%, helped upwards by positive quarterly results from various firms. InterContinental Hotels Group is up 6.7%, and Whitbread is up almost 3%.
The Dow Jones and S&P 500 have reversed their opening losses and are both now up around 0.1%. But the Nasdaq is still maintaining the day's losses and is currently down 0.3%. IBM shares are also falling - they are down 5.3% after the computing firm released disappointing results, showing that revenue fell and it lowered its full year forecast. Analysts say investors are showing caution as company earnings results season begins.
The BBC's technology correspondent Rory Cellan-Jones tweets:
The broadband battle continues...
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The managing director of Waitrose and deputy chairman of the John Lewis Partnership, Mark Price, is standing down, it was announced earlier today. The BBC's business editor Kamal Ahmed believes Mr Price wants to apply for the role of chairman of Channel 4. He is already deputy chairman at the broadcaster and Lord Burns, the current chairman, is due to retire shortly. In a statement, Mr Price said he was at "the start of developing" his plans. Read more on the BBC Business site.
Image source, Getty ImagesStocks in the US opened lower - the Dow Jones was down 0.28% to 17,228.4 points, the Nasdaq opened 0.1% lower to 4,899.34 points, and the S&P 500 was down 0.18% to 2,030.09 points. Analysts say investors are unimpressed by company earning results season, and the falling price of commodities is dragging down share prices.