Apple sells 48 million iPhones in fourth quarter
Twitter shares tumble after third quarter results
US shares post modest losses
FTSE 100 closes 0.8% lower
Apple reports quarterly results after close of trading
UK economic growth falls to 0.5% in third quarter
TalkTalk maintains cancellation fees
Image source, Getty ImagesAnnual pre-tax profits at Shop Direct - the online retailer whose sites include Very.co.uk and Littlewoods.com - have jumped 78% to £71.7m on sales 3% higher at £1.8bn.
Very.co.uk accounted for about half the total, with sales up 21%. The Barclay brothers' company calls Very the UK's "fastest-growing department store".
BP has taken a net pre-tax charge of $426m (£277m) for the third quarter relating to the Gulf of Mexico oil spill in 2010. The costs this year associated with the environmental disaster that killed 11 workers are $11.5bn.
Image source, Getty ImagesBP has reported a replacement cost profit of $1.2bn (£780m) in the three months to the end of September, compared with $2.4bn for the same period last year.
Image source, Getty ImagesWalmart, the owner of Asda, has applied to US regulators for permission to test drones for home delivery. The move suggests it plans to go head-to-head with Amazon in using unmanned aircraft to deliver online orders, reports the Telegraph., external
The world's largest retailer has been conducting indoor tests of drones and now wants to do so outdoors. Walmart is seeking permission from the US Federal Aviation Administration for permission to research drone use in "deliveries to customers at Wal-mart facilities, as well as to consumer homes".
Economics correspondent Andrew Walker tweets:
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Image source, Getty ImagesBASF, the world's biggest chemicals maker, has cut its full-year sales and profit guidance following weak sales in emerging markets. "We experienced a pronounced summer lull and no volume momentum in September. Major markets like Brazil are in a recession or face lower growth rates, such as China," said chief executive Kurt Bock.
BASF's crop protection unit also took a worse-than-expected hit from a weak Brazil business after the real hit a record low in September.
Today Programme
BBC Radio 4
We get the latest economic growth figures for the three months to September this morning, with economists expecting a rise of 0.6%. That would be down from growth of 0.7% for the previous two quarters.
Chris Williamson, of Markit, tells Today he believes economic growth could be even weaker for the period - perhaps as low as 0.5%. Manufacturing is contracting due to weaker global demand, particularly slowing demand from China, he says.
Construction firms are also reporting weaker demand, but Mr Williamson adds that the UK’s dominant services sector is still growing - helped by lower energy prices giving consumers more cash in their pockets.
Today Programme
BBC Radio 4
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Novartis - world's biggest seller of prescription drugs - reported lower than expected net profit of $3.06bn (£2bn) for the third quarter core as the cancer portfolio it bought from GlaxoSmithKline and newer products failed to offset continuing weakness at its Alcon eye-care business. Sales for the Swiss company were also worse than analysts had expected at $12.2bn.
BBC Radio 5 Live
Image source, Getty ImagesYou might recall that Majestic Wine said yesterday it was abandoning its six bottle minimum purchase rule. The boss, Rowan Gormley, tells Wake Up To Money the decision was taken after a trial in 23 stores resulted in an overwhelming response from customers.
He says the pricing has also been made simpler, with a discount of 10% for those who still buy six bottles.
And Mr Gormley's top tip for this season? New Zealand pinot noir. That's all well and good, but we prefer a nice juicy Aussie shiraz here at Business Live.
BBC Radio 5 Live
The US Federal Reserve meets this week, but it is not expected to raise interest rates this month, Mike Amey, managing director and portfolio manager at Pimco, tells Wake Up To Money he thinks we will get a holding statement to keep its options open. There is no press conference after the Oct meeting and he says the central bank would want to discuss a rise after bringing one in. Markets now expect the Fed to hold off until next year because inflation is still too low.
Good morning and welcome to another day of Business Live. A busy morning ahead, with third-quarter results from BP at 7am and then third quarter UK economic growth figures at 930am. Stay with us for all that and much more.