BBC World Service

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The world's largest uncut diamond will go up for sale in London later today, reports BBC World Service.

The 1,109 carat gem - the size of a tennis ball - was discovered last November in a mine in Botswana. No rough diamond of this scale has ever been offered at a public auction before - usually such stones are offered to individual dealers for sealed bids. 

The Lesedi La Rona diamond is expected to fetch well over $70m (£52m), with the government in Botswana getting 60% of the profit. 

The biggest rough diamond ever found was the 3,106 carat Cullinan diamond - discovered in a South African mine in 1905. It was cut into nine stones - the largest of which, the 'Great Star of Africa', is in the Queen's sceptre in the Tower of London. 

Just under an hour of trading to go in London and the FTSE 100 has held onto its earlier gains - a short while ago it was at 6,301.82 - a rise of 2.63%.

The FTSE 250 - which is regarded as being more representative of UK companies - was up 2.88% at 15,949.0.

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Wall Street opened higher for the second day in a row on Wednesday - following on from further rises in Europe. 

Investors are still snapping up shares which have fallen price after the UK's Brexit vote last week. 

A short while ago the Dow Jones was up 0.83% at 17,553.98.

The Nasdaq was at 4,746.25 - a rise of 1.16% and the S&P 500 was at 2,054.87 - that's up 0.92%.

Image source, PA

That is why at its international conference today, the head of the Society of Motor Manufacturers and Traders, Mike Hawes, said: "Eighty per cent of what we produce is exported and the only way to succeed is through unrestricted and reciprocal access to the EU and global markets." And by "access"  Mr. Hawes means "membership" of the Single Market. 

And it isn't just car makers that worry about "access". 

Today Jeroen Dijsselbloem, President of the Eurogroup of EU members was asked what the consequences of Brexit might be and he said: " London and its financial service industry is servicing all of Europe now they do that with the passport that gives them access to all the markets in Europe without any further bureaucratic hassle or other permits required and all of that will change.

"London has grown as a financial centre because of its position in Europe, many Asian investors other international institutions have come to London to service the European market from London and that position will inevitably change."

Inevitable is a strong word, the UK will work hard to negotiate the best possible access for all its industries and that could involve membership of the Single Market. That is quite achievable, other countries are already in the Single Market without belonging to the EU, but they all allow free movement of EU citizens and pay into EU funds.

Leave supporters believe we can cut an especially favourable deal but the SMMT also wants the UK "to shape EU regulations on the cars we drive and buy" and that will be much more difficult once we are no longer members of the EU.

It shows how complicated the negotiations will be and how worried business is when people talk about "access" to the Single Market as if it is the answer to all their worries, because as the Prime Minister said it depends what you mean by "access". 

After the referendum British business is trying to explain to the government what it wants from the negotiations to leave the EU and what everyone seems to be talking about is "access" to the single market, but as the prime minister said at PMQ's today, "access to the single market has many potential different meanings".  

Japan and the USA have "access" and as one economist told me, even Haiti does.

But many countries have to negotiate a trade deal, pay tariffs, get through customs, and all abide by EU rules and regulations to get their goods into the EU - and they don't have a say on those rules. 

By comparison at the moment we are members of the EU's Single Market and have been for decades, we enjoy totally free movement of goods, finance, and people around the EU, without any tariffs and we have a say on how the rules are written.

That's why much of business thinks "access" should mean "membership of" the single market, what David Cameron today called the "best access".  

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French car maker Renault is considering UK price increases because of the fall in the pound since last week's Brexit vote.

Two company sources spoke to Reuters on Wednesday after a briefing by senior management.

They said Renault's chief financial officer had warned during an internal presentation that the company is likely to be forced to raise UK prices and accept a fall in sales. It will, however, stop short of withdrawing from the market.

A Renault spokeswoman declined to comment to Reuters.

The UK is Renault's seventh biggest market - last year it almost 130,000 cars or 8% of its European sales total in the UK.

More from the BHS hearing earlier today - and work and pensions committee chairman Frank Field tells Arcadia's finance director Paul Budge that the City is furious with the company's behaviour. 

"The image you put over that everybody in business is not about creating jobs, about spreading wealth, it's about nicking money off other people, that's what we've seen," he says. 

There can be "no single market a la carte" for the UK, EU leaders have warned, after meeting in Brussels to discuss the UK vote to leave the bloc.

Jean-Claude Juncker, President of the European Commission, said anyone wanting access to the EU's internal market had to adhere to strict criteria "without exception".

There could be "no negotiation without notification", he said.

The German and French leaders and the Council President said the same.

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The BBC's Shilpa Kannan in Mumbai reports:

India has cleared all recommendations made by the federal pay panel that will result in increases of about 23.5% for salaries, allowances and pensions for government staff.

The move is estimated to benefit nearly 10 million current and former government employees.

The recommendations by the Seventh Central Pay Commission would add nearly $15bn (1.02 trillion rupees) to federal spending in 2016.

Past hikes have been a big boost to the economy as spending goes up.

The Housing and automotive sectors are expected to benefit the most. The last Pay Commission report helped  car sales to rise 18% annually between 2009 and 2011.

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Ben Orhan, senior economist at IHS Global Insight, external, says the Brexit vote could be the nail in the coffin for the Port Talbot steelworks. 

Dan Macadam
Business reporter

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Not all economists are gloomy about the prospects for the UK economy, however. 

Toscafund chief economist Savvas Savouri, who backed the UK to leave the EU, says the economy will strengthen rather than struggle in the wake of the Brexit vote.

He says it's going to be "deja vu" from 1992 when the UK crashed out of the Exchange Rate Mechanism under John Major: "In the wake of this the pound fell, GDP recovered strongly and the FTSE ultimately surged." 

Watch as the UK feeds off Chinese growth, EU workers continue to come to the UK and the weak pound makes our universities and cars more competitive, Dr Savouri argues.

He predicts growth of about 2% next year and inflation of between 1% and 3%.

PhilipRooke, British head of Leipzig-based Spreadshirt, speaks to the BBC's Joe Miller about the impact of Brexit. 

Listen here.

Image source, Reuters

Economists have taken the knife to their UK growth forecasts, according to Consensus Economics.

They now expect economic growth to be 0.4% next year (roughly what it is now) rather than the 2.1% originally forecast, according to Consensus, which polls hundreds of economists. 

Inflation is predicted to rise to 2.2%, compared with original predictions of 1.6%.

The Times business reporter Alex Ralph has been listening to work and pensions select committee chairman Frank Field at the BHS hearing:

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The BHS hearing is still underway and MPs have been exploring the minutiae of some of the assets that BHS had when it was sold to Dominic Chappell for £1 last year.

From there they've circled back to the big question throughout the enquiry: Who's to blame for the retailer's collapse? 

Paul Budge, the finance chief of Sir Philip Green's Arcadia retail chain, says "a number of people" were involved.  

Asked if the buck should stop with Sir Philip, Mr Budge says: "There are many people involved, all culpable in this - Olswang, Grant Thornton, Goldman Sachs, the Taveta board." Taveta is the holding company for Sir Philip's retail empire.

The Guardian's Sarah Butler has been listening to Arcadia Group finance director Paul Budge at the BHS hearing:

Sticking with those warnings, Andrew Walker has written a handy piece explaining how British banks currently "passport" their services throughout the European Union.

To give it a read, click here.

Image source, Reuters

The head of the Eurogroup of finance ministers, Jeroen Dijsselbloem, tells the BBC that London's status as a financial centre will "inevitably change" after the UK exits the EU.  

“London and its financial service industry is servicing all of Europe now. They do that with the passport which gives them access to all the markets in Europe without any further bureaucratic hassle or other permits required and all of that will change," said Mr Dijsselbloem, the Dutch finance minister.

The "passport" that London's big finance firms are using now won't be available after Brexit, so another arrangement will be needed, he says.

"The Brexiteers have to be honest, they say they want to be independent but if you want to be independent and you don't accept the European rules and regulations then there will be no access in the future and I think that's hard to imagine."