British Prime Minister David Cameron and China's president Xi Jinping have officially announced the "historic" nuclear deal between the countries, stressing emerging mutual interests and also details of the Hinkley nuclear power plant which Chinese energy company CGN will finance.

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The cost of building the Hinkley Point C nuclear reactor has risen £2bn, reports The Guardian, external, as China and the UK agree to sign the deal allowing a number of nuclear investments by China in the UK. The Hinkley Point project has already come under fire over its cost - the UK government has been criticised for guaranteeing a price of £92.50 per megawatt hour of electricity - more than twice the current cost - for the electricity Hinkley produces.

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EDF says that the final cost for the UK-China nuclear power plant deal will be £18bn - China's CGN will pay £6bn for a one-third stake. EDF said it might sell another 15% stake in the project, but would maintain a majority holding. Read more on the BBC Business site.

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Here are the broad outlines of what the UK-China nuclear deal entails:

• EDF and CGN [Chinese energy company] sign a Strategic Investment Agreement for joint investment for two EPR reactors at Hinkley Point C  

• Agreement covers wider UK partnership to develop new nuclear power stations at Sizewell and Bradwell

• Contracts between UK Government and EDF in final agreed form 

• Contracts with top four suppliers for Hinkley Point C in final agreed form

Details are emerging about the UK-China nuclear power plant deal. In a press release: "Under the Strategic Investment Agreement, EDF’s share in Hinkley Point C will be 66.5% and CGN’s [the Chinese energy group] will be 33.5%. Without reducing this initial stake below 50%, EDF intends in due course to bring other investors into the project." The deal was made as China's president is in the UK for trade talks and an announcement of some sort was largely expected.

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Stock exchanges in the US have opened - where Ferrari made its debut on the New York Stock Exchange. Its shares were priced at $52 per share. Shortly after opening, they were being bought at $60 per share.

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After French company EDF announced in September that its UK Hinkley nuclear power plant was being delayed, China has just announced that it will be financing the project, in an agreement to be signed while China's president Xi Jinping is in the UK for trade talks. A press release outlining the plan said:

"EDF Group and China General Nuclear Power Corporation (CGN) are today signing a Strategic Investment Agreement for the construction and operation of the proposed Hinkley Point C nuclear power station in Somerset. The signings are due to take place in the presence of the Chinese President, Xi Jinping, and the British Prime Minister, David Cameron, in London."

"Business sources have told me that the nuclear deal is confirmed. EDF and China General Nuclear Power sign a Strategic Investment Agreement for new nuclear reactors at Hinkley, Sizewell and Bradwell. 

EDF will be majority shareholder in the Hinkley and Sizewell projects. China will lead on Bradwell, owning 66.5% of the project.The agreement proposes that Hinkley will begin providing energy by 2025. 

No timeline for the other new reactors has been provided. They will have to go through a lengthy and complicated regulatory process. The final investment decision, which should largely be a formality, by EDF and CGN will now be taken in the next few weeks.

EDF has signed an agreement with a Chinese firm which paves the way for a new nuclear power station at Hinkley Point in Somerset, says PA news agency. We await confirmation from UK Prime Minister David Cameron and China's president Xi Jinping, who is in the UK for trade talks.

The Netherlands said it was "surprised" and would inform parliament in the coming weeks on the steps it planned to take.

"The method employed by the Netherlands when it comes to the Starbucks case has been internationally recognised," Dutch Deputy Finance Minister Eric Wiebes said.

Starbucks said in a statement that it stood by the Dutch government's reaction, adding that it would seek to appeal against the decision. 

Hard disk drive maker Western Digital Corp is buying memory chip maker SanDisk for about $19bn, the latest in a wave of consolidation in the chip-making industry.

SanDisk's shares rose 6.4% to $80 in pre-market trading. Western Digital's shares were down 1.1% at $74.

Demand for cheaper chips and new products to power Internet-connected gadgets, as well as a push from technology companies to consolidate suppliers, has led to record levels of dealmaking in the semiconductor sector this year.

Boeing reported a 25% rise in quarterly profit, helped by an increase in commercial aircraft deliveries. The world's largest jetliner maker earned $1.7bn for the third quarter ending 30 September, up from $1.36bn a year earlier.

Revenue rose about 9% to $25.8bn. Commercial aircraft deliveries rose about 7% to 199.

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General Motors' third-quarter profit fell slightly, but the company rode strong North American sales to overcome $1.5bn in costs from its ignition switch recall woes. 

The Detroit automaker's net income fell 1.4% from a year ago, but still was $1.36bn. That compares with $1.38bn a year ago. The company posted a record $3.3bn pre-tax profit in North America, more than offsetting a small decline in China and a loss in South America.

Revenue for the July-September period fell 1% to $38.8bn, beating analysts' forecasts. 

David Cameron goes through the action he says the government is helping to support the steel industry. But he's cut short as Speaker John Bercow reprimands Labour MP Tom Blenkinsop for making too much noise. David Cameron, resuming, says "we do have a strategy, we don have a plan" and urges cross-party co-operation to implement it.

House of Commons
Parliament

During PMQs Jeremy Corbyn moves from tax credits, to the UK steel industry. He highlights the "devastating effects" of government "non-intervention". The Labour leader says it's time to "walk the walk not talk the talk" on an industrial strategy.

David Cameron says the government wants to help the steel industry, which he says is affected by world steel prices collapsing by more than a half. The government is helping in four areas, he says: procurement, energy costs, unfair competition and tax and government support.

BBC business reporter Andrew Verity tweets: