Business news live: Pound falls sharply as Bank of England hints at interest rate cut to deal with Brexit uncertainty

Follow live business updates

Michael Saunders said the BoE could cut rates in the event of prolonged Brexit uncertainty (PA)

The pound has dropped more than half a cent against the dollar this morning after a senior Bank of England policymaker suggested interest rates may be cut soon.

Michael Saunders said the BoE could “loosen policy” - meaning cut rates - in the event of prolonged Brexit uncertainty, even if the UK avoids a no-deal departure from the EU.

Please wait a moment for the live blog to load...

[27 September 2019 11:16 · ben.chapman]

Oil giant's CEO under investigation over Congo dealings

Italian oil and gas group Eni said on Thursday its chief executive, Claudio Descalzi, was under investigation for a conflict of interest issue over dealings in the Congo, Reuters reports

In a statement Eni said CEO Descalzi had been served notice by prosecutors he was being probed for not disclosing certain information regarding relations between Eni’s Congo unit and a company called Petroservice. It gave no additional details.

A source close to the matter said prosecutors in the Congo probe were alleging Descalzi had not disclosed the fact that his wife, Marie Magdalena Ingoba, was behind Petroservice. Eni declined to comment.

“I firmly reject the alleged accusation. It is without any foundation,” Descalzi said in the statement.

[27 September 2019 11:22 · ben.chapman]

Natwest app down: Business customers having trouble logging into Bankline

Some NatWest customers are unable to log into the desktop version of the lender's Bankline app for businesses, the bank has said.

"We’re aware that some customers may be experiencing issues logging in to Bankline. This is currently under investigation; however, we would advise that you try reconnecting at regular intervals. Apologies for any inconvenience," NatWest said on Twitter in response to complaints.

A spokesperson for the bank said the mobile Bankline app is unaffected.

The outage follows another incident with the app on Thursday, which showed some customers other firms' accounts when they logged in with their own details. The problem has been resolved.  

[27 September 2019 11:33 · ben.chapman]

Tobacco shares continue to slide after vaping warning

Shares in Imperial Brands which makes cigarettes including Lambert & Butler are tumbling again after health chief in the US warned people to stop vaping "immediately".

A second death in the US state of Oregon from a vaping-related illness yesterday prompted the strongest warning yet from experts.

“If you vape, whether it’s cannabis, nicotine or other products, please quit. If you haven’t started vaping, don’t start,” said Health officer Dr Dean Sidelinger.

Imperial, which has pinned its hopes for growth in developed markets on the uptake of tobacco-free products has seen billions wiped off its stock market valuation in the last couple of days. Shares are down another 3 per cent today to 1,742.40.

E-cigarette users urged to stop vaping ‘immediately’ after latest death from mystery illness

[27 September 2019 12:00 · ben.chapman]

One in five workers have skipped meals to make ends meet in past year, survey finds

One in five workers have skipped meals over the past year in order to make ends meet, according to research by the Trades Union Congress.

When asked the same question two years ago, one in eight respondents said they had gone without food because they were short of money.

This year almost a fifth said they have gone without heating because they were unable to pay for it while a similar proportion said they had pawned or sold possessions to pay the bills.

Of 2,700 people polled, 30 per cent said they would not be able to pay an unexpected £500 bill - up from 24 per cent in 2017.

Two-fifths of respondents said their biggest concern about work was that their pay was not keeping up with living costs while one in 10 said they had been unable to pay their rent or mortgage on time.

One in five workers have skipped meals to make ends meet in past year, survey finds

 

[27 September 2019 12:39 · ben.chapman]

Billionaire fashion CEO says Greta Thunberg 'demoralising for young people'

The owner of luxury fashion conglomerate Louis Vuitton Moet Hennesey (LVMH) has called Greta Thunberg "demoralising".

Speaking at a sustainability event in Paris, Bernard Arnault – the richest man in Europe and owner of multinational group LVMH which runs luxury fashion houses such as Louis Vuitton and Christian Dior – shared his opinion on the 16-year-old Swedish activist who prompted an international youth movement against climate change.

While addressing LVMH's plans to become more "green", the billionaire said: “She’s a dynamic young girl, but she’s surrendering completely to catastrophism…I find that her views are demoralising for young people.

Billionaire fashion CEO says Greta Thunberg 'demoralising for young people'

[27 September 2019 15:33 · ben.chapman]

Another tech firm has flopped on Wall Street

Peloton, a loss-making company that sells stationary bikes for £2,000, is the latest tech start-up to flop after selling its shares to the public.

It's lost 7 per cent today, extending an 11 per cent decline on its first day of trading yesterday.

Perhaps investors have realised that its big new thing - that customers can hook themselves up via a screen on their bike to online classes - is not so great after all.

The community which Peloton hopes to build is somewhat limited at present by the fact that normal people can't afford a two-grand bike with no wheels.

[27 September 2019 15:38 · ben.chapman]

The pound is BACK

...to where it was this morning. Well, nearly. It's at $1.232 - a smidgen below the level it started today's session at.

Sterling is 0.2 per cent down against the euro: €1.126. 

Here's what it will buy you in a host of foreign currencies:

Australia 1.73 dollars

Brazil 4.59 reals

Canada 1.56 dollars

China 7.85 yuan

Euro 1.08 euro

Hong Kong 9.17 dollars

India 76.94 rupees

Japan 126.50 yen

Mexico 21.57 pesos

New Zealand 1.82 dollars

Philippines 54.75 pesos

South Africa 17.45 rand

South Korea 1288.00 won

Switzerland 1.17 francs

Turkey 6.64 new lira

USA 1.18 dollars