You can see for yourself the shadow chancellor's speech to the Labour Party Conference in John McDonnell's tweet...

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Jack Nicklaus has been paying tribute to Arnold Palmer, who died on Sunday age 87.

"Arnold transcended the game of golf. 

"He was more than a golfer or even great golfer. He was an icon. He was a legend. 

"Arnold was someone who was a pioneer in his sport. He took the game from one level to a higher level, virtually by himself. 

"He was the king of our sport and always will be.''

President Obama also paid tribute. He said: "Here's to The King who was as extraordinary on the links as he was generous to others. Thanks for the memories, Arnold."

Who believes speed cameras are simply a means to raise money? 

One Northern Ireland camera seems to prove that.

The camera's swift snapping in Donegall Square near Belfast City Hall has led some 18.000 fines in 15 months that have brought in £975,242 to the council's coffers, The Belfast Telegraph, external reports.

It's not the only money-spinner in the City centre. Other speed cameras raised £706,366 and £442,978 to add to the Council's bumper haul.

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Responding to the shadow chancellor's Labour Party Conference speech, Carolyn Fairbairn, CBI Director-General, said: "Businesses will be wary of his combative tone in places and a focus on extensive intervention."

She said firms will back the commitment  to a manufacturing renaissance.

"But this must be fiscally responsible and based on balancing the books over the economic cycle," she warned.

She pointed out that "business contributes £185bn in taxes to the exchequer, 29% of the total tax take, which helps pay for vital public services, like hospitals and schools."

Ms Fairbairn said the best way to increase pay and living standards across the UK is to support firms to improve productivity. 

Kamal Ahmed
Economics editor

John McDonnell suggested that the minimum wage, or as he described it, Labour's plans for a "real Living Wage", should be set at above £10 an hour.

That is a major increase - and well above the current government's plan to hit £9 an hour by 2020.

An extra £1 or £2 an hour may not sound like very much.

But for a business, over a year, it can make a considerable difference to the wage bill - often the largest part of any company's costs.

A £10-plus an hour minimum wage would raise an annual salary for the lowest paid to £19,250, according to the manufacturers' trade body, the EEF.

That would mean a business paying around £23,000 for each employee given the extra costs faced by employers such as national insurance contributions.

The EEF fears that could make "entry-level jobs", often given to younger people and apprentices, far less attractive to businesses.

Read more...

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The pound is still in danger of sinking to its lowest level against the euro since the Brexit vote.

It's down -0.3%, hit by fears of a so-called "hard Brexit", which would see the UK leave the single market when it withdraws from the EU.

Sterling is not far off the €1.146 low it hit in intraday trading in August, as the chart above shows.

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Global debt is set to hit a record high in 2016, reports The Telegraph, external.

Debt issuance rose to $5.02trn (£3.88trn) in the nine months to 22 September, according to analysts Dealogic, external.

That puts us on course to beat the all-time annual debt high of $6.6trn (£5.1trn) recorded in 2006.

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Brazilian police have arrested another former finance minister, in the latest phase of a sweeping anti-corruption probe in the country.

Antonio Palocci has been accused of being involved between 2006 and 2013 in a political kickback scheme centered on contracts at state-controlled oil company Petrobras.

Mr Palocci was finance minister to former president Luiz Inacio Lula da Silva and chief of staff to ex-president Dilma Roussell, who was ousted in August in an impeachment trial that ended 13 years of Workers Party rule.

His arrest follows that of former finance minister Guido Mantega on Thursday on similar charges.

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The story from our personal finance colleague Brian Milligan says that in August: "A total of 36,997 homeowners had their mortgages approved, the British Bankers Association said."

"That is the lowest figure since January 2015, and a 21% drop on August 2015."

John Moylan
BBC industry & employment correspondent

The speculation around Monarch appears to have been sparked by the fact that the airline's CAA license is due to expire at the end of the week.

So Monarch is in negotiations with the regulator for the licence to be renewed. That requires it to prove that it is financially robust.

Talks between the firm and the CAA, which went on late last night, are likely to be focusing on the "significant investment" that the firm says it expects to announce in the coming days.

It's understood that Monarch has been talking to possible investors including the Chinese conglomerate, HNA Group. If that comes to fruition it could open up new commercial possibilities for the airline.

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Standard Life has announced its UK real estate fund will reopen to investors on 17 October.

It was one of several property funds which closed temporarily, locking in their investors, in the immediate aftermath of the June Brexit vote.

Some other funds are still shut, but Henderson (14 October) and Threadneedle (today) are also going to re-open.

Image source, Getty Images

European stock markets are still a sea of red. The FTSE 100 is down 1% at 6,837 points, while the Paris Cac and Frankfurt Dax are both 1.6% lower.

It's not much better on the currency markets where the pound came very close to a post-Brexit low against the euro, and is still below €1.15. 

Analysts said the markets are in a fearful mood.

"The fear of a strong Trump performance in the US presidential debate this evening, the fear of more ineptitude from OPEC at their meeting in Algiers later in the week, the fears of a ‘hard’ Brexit, the fears of further collapse from Deutsche Bank, which has fallen around 6% since the day began," said Connor Campbell at Spreadex.

Reader Guy Phelan takes a dim view of the plan from Labour's John McDonnell, the shadow chancellor, to introduce a higher minimum wage.