Image source, Whitbread

Whitbread has revealed a bit more about its "innovative new format" called Zip by Premier Inn in its half-year results today.

The company says it is a "significantly different offer" to the traditional Premier Inn and Hub formats and will attract a different customer segment.

"The essence of Zip is good quality, small, very simple rooms targeting a large segment of the market, which is currently underserved; the extra-value seeking customer. Importantly, these target customers do not currently stay at Premier Inn and are dissatisfied with their current options.

"By reducing the room size to 8.5m2 and carefully engineering the design and fittings, return on capital is expected to be comparable to the rest of the network, whilst offering highly compelling prices."

The first Zip will open in Cardiff in the first quarter of next year.

Image source, Asos

Online fashion retailer Asos has appointed a new finance chief.

Mathew Dunn will take up the role of chief financial officer at the company in spring next year.

Mr Dunn is currently chief financial officer at drinks firm Britvic.

Image source, PA

Harry Potter publisher Bloomsbury says trading is "back on track to achieve the board's expectations for the full year".

Revenues grew 4% to £75.3m while pre-tax profit was £1.6m, slightly down on the £1.7m posted in the same period in 2017.

Sales of the Harry Potter series in the first half grew by 5%, building on the momentum of last year's Harry Potter twentieth anniversary, the company said.

It said "new strong titles for the second half" include Fresh Start by Tom Kerridge, Kingdom of Ash by Sarah J Maas, the illustrated version of The Tales of Beedle the Bard by JK Rowling and two new books from Peter Frankopan, The Illustrated Silk Roads and The New Silk Roads.

The interim dividend climbed 5% to 1.21p per share.

Image source, Reuters

Whitbread says it is on track to meet its full-year forecasts after posting positive figures for the half-year.

Revenue climbed 2.6% to £1,079m while statutory profit before tax was maintained at £257m.

Alison Brittain, Whitbread chief said: "The highlight of the first half was the announcement of our agreement for the sale of Costa to The Coca-Cola Company for £3.9bn."

It said its UK network increased to more than 74,000 rooms.

Yesterday the company announced a new Premier Inn chain called Zip.

There are a mixed bag of stories in today's business sections.

The Financial Times leads on good news ahead of next Monday's Budget. It reports "Hammond in £13bn annual windfall to ease NHS pressure".

The Daily Telegraph's Business section has "Sky News drawn into Middle East propaganda war". The paper reports that Sky News Arabia, a joint venture between the broadcaster and the royal family of Abu Dhabi, has been sucked into the row over the killing of Jamal Khashoggi.

The Times leads its Business section with a more domestic story: "Pressure on Patisserie over inquiry into 'fraud'".

Meanwhile the Daily Mail's City & Finance section reports "Pension sharks stole £13.7m from hundreds of savers".

Image source, Getty Images

Acquisitive independent restaurant owner Amrest Holdings, external said revenue in the third quarter climbed to €392.3m, compared to €318.5m in the same period a year ago. That's a climb of 23.2%.

Revenue growth was partly down to the consolidation of results of its Pizza Hut chain in Germany which it took over in July 2017.

The figures were also boosted by the purchase of 22 KFC restaurants in October 2017 in Russia, 40 KFC restaurants taken over in France.

It also acquired shares of restaurant business Polska in the period, adding 40 Pizza Hut restaurants in Russia, two in Armenia and two in Azerbeijan.

It acquired six Bacoa restaurants in Spain in July 2018, and said it took over eight KFC restaurants in France in September 2018.

The company has certainly been busy in Europe!

Image source, Getty Images

The World Economic Forum said in a statement it objects to the use of the "Davos" brand for events that are not linked to its activities.

It said any use of "Davos" for another event can lead to confusion and may mislead the public. The World Economic Forum also highlighted its policy not to organise conferences on behalf of a specific government to maintain its independence and impartiality.

“The sole ambition of the Annual Meeting, which the World Economic Forum organises every January in Davos, is to bring the leaders of all major governments, business and civil society together for collaborative efforts to address global, industrial and regional issues,” said Professor Klaus Schwab, Founder and the Executive Chairman of the World Economic Forum.

It comes as an investment conference in Saudia Arabia, which has widely been dubbed "Davos in the desert". It has been boycotted by many high-profile attendees amid allegations the country was behind Saudi journalist Jamal Khashoggi's killing.

Image source, Getty Images

International Trade Secretary Liam Fox has told the BBC he believes US President Donald Trump is "very keen" to do a trade deal.

Mr Fox was speaking in New York, where he was in town to promote the ties between the two countries.

His comments come just days after the Trump administration told Congress it planned to start formal talks with the UK after it leaves the European Union.

Image source, Getty Images

Sir Richard Branson is resigning as chairman of Virgin Hyperloop One, a transportation technology company, according to media reports.

"At this stage in the company's evolution, I feel it needs a more hands-on chair, who can focus on the business and these opportunities," Branson said in the statement, according to the reports. "It will be difficult for me to fulfill that commitment as I already devote significant time to my philanthropic ventures and the many business within the Virgin Group."

The Financial Times had reported that Saudia Arabia had pulled a planned deal with Virgin Hyperlopp One, external after Branson suspended investment talks with the country over disappearance of the journalist Jamal Khashoggi.

BBC Radio 5 live
Wake Up To Money

Image source, Getty Images

Wake Up To Money reports that a British tech industry trade mission to Saudi Arabia next month is still going ahead despite the controversy around the killing of journalist Jamal Khashoggi.

The UK Technology & Smart Cities Delegation to Jeddah and Riyadh will take place from 18-21 November 201 and is being organised by the Saudi British Joint Business Council with the support of the UK Government.

Economist Cornelia Meyer of Meyer Resources, tells the programme the visit will make a big difference to the kingdom as long as business chief attend. "It's a very hierarchical place, where status and position counts," she says.

She adds: "Saudi Arabia is more than just about money. When governments look at things, Saudi Arabia has been a very good ally to the West."

What business does the UK do with Saudi Arabia?

Welcome to today's Business Live page - we'll be with you until around 9.30pm.

There'll be a mixed bag of figures and trading statements coming up this morning from Anglo American, Bloomsbury Publishing, Bunzl, Plus500, St James' Place, Travis Perkins and Whitbread.

Plus thousands of women council workers across Glasgow are set to walk out today in what is believed to be the biggest equal pay strike seen in the UK.

We'll look forward to seeing your comments on the breaking business news at bizlivepage@bbc.co.uk