Business news - live: Pound rises as Barnier says 'optimistic' Brexit deal can be done, as Amazon's Deliveroo purchase faced competition probe

Follow live updates as Brexit talks resume and sterling volatility increases

Brexit deal is 'still possible' in time , claims Michel Barnier

The pound slumped before recovering on a volatile morning in the currency markets as confidence about the chances of the EU and UK reaching a Brexit deal vacillated during another round of talks today.

It comes as Whitehall's spending watchdog warns that a no-deal Brexit would mean delays to goods, more crime and fewer checks on migrants.

Key Points

• House prices rise 1.3%
• Huawei sales soar despite Trump attacks
• Inflation stable at 1.7% in September
• Pound volatile as Brexit talks resume
• Asos profits plunge 68%

[16 October 2019 10:20 · ben.chapman]

All bark and no bite? Why the government’s new environment watchdog must have teeth

here has been much talk about a green Brexit. As environment secretary Michael Gove said, leaving the EU meant not only would the UK match EU green policies, it would outclass them. 

The government has now released a massive – and much anticipated – Environment Bill that will take over from EU law after Brexit. 

The new regulatory body, the Office for Environmental Protection (OEP), will look at policies, investigate complaints and take legal action against any authorities breaking environmental laws. 

[16 October 2019 10:30 · ben.chapman]

Goldman Sachs profit hit by losses on investments in WeWork and Uber

The repercussions are echoing out from WeWork's calamitous fall from grace. Not even Wall Street titan Goldman Sachs, which has a reputation for emerging from even the worst situations with its bottom line in tact, has managed to shield itself.

Goldman has swallowed an $80m loss on its stakes in WeWork, Uber and two other companies.

The office-sharing startup has seen its value plummet from $47bn in January to as low as $10-12bn, forcing it to pull its planned stock market flotation.

[16 October 2019 10:31 · ben.chapman]

Turkish bank charged with evading US sanctions on Iran

(Associated Press) A major Turkish bank has been criminally charged with participating in a multibillion-dollar scheme to evade US sanctions against Iran.

The charges against Halkbank, a state-owned bank, were announced years after a wealthy gold trader was arrested in Florida. Before pleading guilty and testifying against a co-defendant, the Turkish-Iranian businessman, Reza Zarrab, hired Rudy Giuliani to lobby the administration of President Donald Trump to drop the charges as part of a prisoner exchange.

In a release, US Attorney Geoffrey S. Berman said senior bank officials designed and carried out the scheme to move billions of dollars of Iranian oil revenue illegally.

[16 October 2019 10:32 · ben.chapman]

Pound latest

Sterling is down 0.4 per cent this morning to $1.271 and 0.25 per cent down against the euro to €1.153.

[16 October 2019 11:00 · ben.chapman]

Neil Woodford, ousted from Equity Income fund, will close all remaining funds

Neil Woodford, one of Britain’s best-known investment managers, is shutting down his remaining funds after he was sacked from managing his troubled flagship fund.

In a statement late on Tuesday, Mr Woodford said he has “taken the highly painful decision” to close Woodford Investment Management, the umbrella firm for several funds, including LF Woodford Equity Income Fund.

“I personally deeply regret the impact events have had on individuals who placed their faith in Woodford Investment Management and invested in our funds,” he said.

The company will close “in an orderly fashion” after fulfilling its remaining management responsibilities, he added.

[16 October 2019 11:20 · ben.chapman]

MP Sir Norman Lamb demands apology from FCA boss Andrew Bailey

A high-profile MP is demanding an apology from the head of Britain’s financial watchdog after it accused him of making “completely untrue” statements about its treatment of an RBS whistleblower.

Sir Norman Lamb has written to Andrew Bailey at the Financial Conduct Authority (FCA) to say he regarded the comments as defamatory.

“I want him to apologise for continuing to mislead me and misleading the public,” Sir Norman told The Independent. “It is quite a serious matter as it challenges my integrity.”

The escalation of a long-running argument comes at an awkward time for Mr Bailey, who is thought to be on the shortlist to become the next governor of the Bank of England after Mark Carney steps down at the end of January.

The FCA said it “completely rejected” any suggestion that Mr Bailey misled Sir Norman.

[16 October 2019 11:29 · ben.chapman]

Amazon's Deliveroo deal probed by competition watchdog

The competition watchdog has launched a formal investigation into Amazon's attempt to buy a minority stake in online takeaway platform Deliveroo.

The Competition and Markets Authority is considering whether the deal could reduce competition in the UK under merger rules and will make a decision on whether it should be investigated further by 11 December.

[16 October 2019 11:30 · ben.chapman]

Peter Jones is planning a bid for camera retailer Jessop's, Sky is reporting.

[16 October 2019 11:32 · ben.chapman]

British Airways passenger shocked by 'truly pathetic' inflight vegetarian meal

A woman on a British Airways flight was left disappointed when she was served plain tofu, plain rice and baby corn as her vegetarian meal.

Branding the offering “truly pathetic”, film director Carolyn Saunders tweeted a picture of the uninspiring-looking dish.

“British Airways this is the sad vegetarian meal you saw fit to give me on a long YVR-LHR flight,” she tweeted.

“Would you eat this? Would anyone? Plain tofu with plain rice and a baby corn cob from a tin?

“Why do you think vegetarians don’t like food? Please do better.”

[16 October 2019 11:37 · ben.chapman]

Michel Barnier, the EU’s chief negotiator, has reportedly told EU commissioners he is still “optimistic” a deal can be reached today.

According to RTE’s Europe editor Tony Connelly, the issue of consent is “proving difficult, with a senior EU source saying the DUP are pushing to restore a tighter Stormont lock”. And VAT has emerged as another problem.