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Despite publishing some fantastic third quarter results yesterday, Facebook said growth in advertising revenues would slow over the next few months as it tries to avoid alienating users. That caused shares to fall as much as 7% in after hours trading.  

David Stubbs of JP Morgan tells the Today Programme it shows "the risks of investing in any kind of new age company". 

"Ten years ago this kind of thing didn't really exist. Nobody knows how many adverts you can cram into your Facebook feed or your Instagram feed. 

"When I go on there there are already too many for me -  so maybe we've reached a limit."

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Egyptian state TV is reporting that the country's pound has been floated on international currency markets, BBC Monitoring says. 

The central bank says it has "freed the value of the pound, and set the exchange rate according to supply and demand", Channel One reported. 

The Egyptian pound has been falling sharply against the dollar in recent weeks. 

Today Programme
BBC Radio 4

Elizabeth Martin, an HSBC economist, says the Bank of England may well revise its 2% inflation target upwards today in light of new data. 

In August the Bank said it expected inflation to hit its target next year and breach it slightly in 2018. 

However, Mrs Martin says: "Since they last gave us their forecast you've had further decline in the value of sterling, but you've also seen the global oil price go up - in fact the sterling oil price is double what it was in January."

Inflation targets will have to go up, she says - but that could be awkward for the Bank given its forecasts were already above target. 

Today Programme
BBC Radio 4

The Bank of England is due to make its interest rate announcement later today, and publish a report on inflation.  

Andrew Sentance, a former member of the bank's monetary policy committee and PwC economist, tells Today there could be a case for raising interest rates soon. 

"The outlook for interest rates depends not just on what's going to happen to inflation, but happen to the growth of the economy. And a good reason for not adjusting rates at the moment is that there's a lot of uncertainty about the response to the Brexit vote. 

"But if the economy continues to grow okay next year, there will be a case - as there has for some time - for gradually raising rates from the very low levels we have at the moment."

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Supermarket chain Morrisons has just released its latest trading update for the three months to the end of October.

When stores open for less than a  year are stripped out like for like sales, excluding fuel, rose by 1.6%

Total sales, however, were down by 1.2% excluding fuel, reflecting store closures and the sale of convenience chain M local.

The company also said this year's Halloween was its biggest ever with Halloween sales up about 20% year-on-year.  

David Potts, Chief Executive, said: "Our like-for-like sales have now been positive for a year, which is thanks to the hard work and dedication of the whole Morrisons team. There is a lot more we plan to do. We will keep investing in becoming more competitive and improving the shopping trip, and I am confident we will serve our customers even better during the important trading period ahead."

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As we've already reported, the Pensions Regulator has begun enforcement action against a number of parties, including Sir Philip Green after failing to reach a deal to plug BHS's £571m pension deficit. The action aims to seek redress for 20,000 BHS pension holders. The regulator says it's yet to receive a credible offer from the billionaire businessman. 

Iain Wright is the chairman of the business select committee.

He told Wake up to Money: "There's a sense now from the regulator 'look, enough's enough. We're not getting anywhewere. We have to initiate formal proceedings'. 

"And I don't welcome that in one respect because I wanted this to be resolvable for the good of BHS pensioners earlier than this."  

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Ahead of the Bank of England's interest rate decision at midday, Stuart Garner, the chief executive of historic motorcycle manufacturer Norton, is on Wake up to Money. (No, that's not him on the Norton bike above, it is indeed the Duke of Cambridge.)

He's asked what's happened to his firm since the Brexit vote at the end of June.

"We see some cooling in our offshore component purchase," he says. "But the product's got a little bit cheaper as we export with the sterling slide, so there's a little bit of a yin and a yang with that.

"Overall we're exporting more products than we're buying in, so we've seen either some margin improvement with some unhedged sales or the customer's getting the advantage of the cheaper cost of the products. But either way you cut that, that's positive for Norton. We've seen a growing order book here," he adds. 

Today Programme
BBC Radio 4

John Ralfe, an independent pensions expert, tells Radio 4 the regulator's action against Philip Green is likely to be a "very long, slow and painful process". 

He says there are usually "five steps" to go through when taking such action, and this is the just the first.

"It's worth bearing in mind that there's another company, whose name I won't mention, who was given a warning notice almost three years ago. And that hasn't progressed to the next stage yet."

He says the only people likely to do well out of this are the lawyers working on the case. 

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Britain's top celebrity TV chef, Jamie Oliver, is poised to return to the helm of the Australian franchises of Jamie's Italian. 

The six restaurants were held by Keystone Group until they went into receivership in June. 

That means that Jamie's Italian is up for sale and receiver Morgan Kelly said that Mr Oliver was the "preferred bidder" and the "ideal outcome" for the franchise. 

The naked chef has 42 restaurants in the UK and more than 25 internationally run under his brand name.

According to Mr Oliver, the Australian restaurants were among the best performing of his global chain and Keystone's collapse had nothing to do with them. 

Today Programme
BBC Radio 4

Image source, Tim Whitby, Getty images

More on the news that The Pensions Regulator has launched enforcement action against Sir Philip Green over the BHS pensions deficit.

John Ralfe, an independent pensions expert, says there isn’t much precedent for settlements such as the one it is pursuing against the retail tycoon.

The regulator has been around for about 10 years and has taken action against companies “fewer than 10 times”.

There are also few examples where it has “gone after a company which used to own another company” that has got into difficulties.  

However, he says the very fact it is taking action is significant, as it’s likely Sir Philip’s previously proposed solution was not enough financially and had too many strings attached, he says. 

BBC Radio 5 live

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With US election days away Donald Trump has been overtaking Hillary Clinton in some of the polls this week. This in turn has caused the price of gold to head upwards. In fact its threatening to exceed its highest level this year. 

Adrian Ash, head of research at Bullion Vault, an independent gold and silver exchange for private investors, is on Wake up to Money.

He says gold is a form of financial insurance for investors. Gold tends to do well particularly when people lose confidence in politicians and central banks. 

Next week there could potentially be a shock to financial markets bigger than the Brexit vote, he reckons (if Donald Trump were to be elected), which is why investors have been turning to gold as a safe haven. 

Simon Jack
BBC Business Editor

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Four and a half months after Sir Philip Green said he'd "sort" the BHS pension deficit, the pensions regulator has seemingly lost patience.

It has warned Sir Philip and brief owner Dominic Chappell it thinks there is a strong case for them to be forced to help plug the £600m hole in the scheme.

Sir Philip hit back saying he had tabled a substantial proposal that would provide a better result for the 20,000 members than the reduced benefits offered by the pensions lifeboat scheme and one that had the backing of the chairman of the BHS pension trustees.

The regulator said the door remained open for an improved offer but failing that, an independent panel would decide whether the evidence against Sir Philip and others is strong enough to force them to pay up and determine how much.

That panel will meet some time next year. Any decision can be appealed against and even if Sir Philip is eventually forced to pay, it is likely any money will go to soften the hit to the Pension Protection Fund rather than directly to the BHS pensioners.

Image source, AFP

Petrol and diesel prices rose sharply in October, said the RAC, taking them to their highest level since July 2015.

The RAC said the higher prices were due to a combination of rising crude oil prices, and the devaluation of the pound after June's Brexit vote.

Average petrol prices rose by 4.4p to 116.7p per litre and average diesel prices rose 5.2p to 118.7p per litre.

The motoring body said these were the biggest monthly increases for three and a half years.

Read more here

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Investors across Asia remain on hold in the run-up to the US election. 

With many polls showing the gap between Clinton and Trump narrowing, markets react the way they always do in the face of uncertainty: they're getting nervous ... 

Still, Thursday so far doesn't look quite as grim as yesterday's sell-off did. 

Hong Kong's Hang Seng is flat while China's mainland benchmark Shanghai Composite is in fact up by 1.1%. 

Australia's ASX 200 is also flat but South Korea's Kospi is down by 0.6%

The region's biggest market, Japan's Nikkei 225 is closed for a public holiday. 

BBC Radio 5 live

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The Federal Reserve left US interest rates unchanged yesterday - just six days before Americans choose a new president - but hinted again that it would likely raise rates in the near future. The Fed said that the case for a rate hike has ``continued to strengthen'' but that it had decided to await more evidence of progress toward its objectives.  

David Stubbs, global market strategist at JP Morgan is on Wake up to Money. 

He thinks the Fed was right to leave rates on hold ahead of the election. 

He reckons if Donald Trump gets elected then that will be a "significant shock" for the financial markets  although we don't yet know the extent of that shock.

However, whoever gets elected, he thinks rates will go up in December. He says the US economy is the only one in the world that's strong enough to raise rates. 

Thank you for joining us for Thursday's Business Live.

The big story today is interest rates.

The US central bank announced on Wednesday that it was leaving rates on hold ahead of next week's presidential election.

Well, now all eyes are on the Bank of England which is set to make its rates announcement public at midday. It's also due to publish its latest inflation report so just what is happening to prices?

We'll bring you the news at it breaks and all the reaction and analysis.  

Ahead of that we'll get the latest trading update from supermarket Morrisons, so do stay with us if you can.