things we re to try to turn tesco around.art earlier than planned. it was a very unusual situation, he said. we had about a series of scheduled meetings with the tesco executive committee, which one of the defendants, christopher bush, the uk, former uk md, attended. dave lewis told them to alert him if they had any significant financial or reputational issue for the group. it wasn't until september the 19th, when dave lewis learned about the so—called legacy paper, which revealed a £216 million hole, or improperly recognised income. dave lewis told the court he was shocked and surprised he'd never experienced anything like this before. what was new, he said, was the proposition here that £2116 new, he said, was the proposition here that £216 million of income had been included in the first half of the year, but on the basis of this paper now was deemed to be questionable. it was quite clear that having read it it need be taken seriously indeed. the three defendants deny the charges and the trial continues. emma simpson, than

former tesco executives carl rogberg, christopher bush and john scouler are on trial.. and now what's trending in the business news this morning. popular on business insider — the boss of pizza hut says protesting nfl players haven't hurt his business. this after the ceo of rival pizza delivery firm papa john's controversially blamed a fall in sales on a lack of leadership by the nfl and falling ratings for us football games. from the wall streetjournal, a big question for many people friday — who wins and loses in the republican tax bill? the heirs of wealthy people and some business owners stand to gain from president trump's proposals. and from the financial times: tesla is facing a laundry list of concerns and its share price is taking a big hit — after it pushed back targets for its new model 3 car and revealed a record quarterly loss on thursday. and don't forget — let's us know what you are spotting online. very keen to hear from you. that's it for business briefing this hour — but before we go — let's take a look at the markets: japan is closed for a holiday —

chairs and tesco rising today. that's in tesco rising today. 90 minutes into the trading day, how is it looking? >> the pullback that started in asia and extended here is now here in the u.s.. declines in the u.s. for the map -- major averages with dow and nasdaq down one quarter of 1%. well off the lows. earlier, the dow and s&p 500 on pace for their worst day since september 5, all major averages at the lows, down 6/10 of 1%. or more. a little bit of a recovery. uncertainty around the possibility of tax reform could be a part of it. david believes tax reform is not what is driving the rally, earnings strength and he believes we will be looking at double-digit earnings growth in 2018 and he thinks the bull market we have been in for nine years will extend into 2018. perhaps people back today is a buying opportunity. let's look at sector wise, the imap in the bloomberg, a great way to see what is happening sector wide. read comment broad-based selloff, that here on -- yields fall, making the high dividend yielding

couldn't be more different for their rivals this weekend shaka under thirty two year old the many go to tesco the royal blues are allowing themselves to dream of been this league a title success this season can they cause another upset indorsement let's find out . dortmund had a point to prove and came out firing on all cylinders pierre and when it came sliding into draw first blood his eleventh goal of the season for replay revealed he palm verbal internet with the goal was allowed to stand and vale was yet to more . lead turned a vis dortmund free kick into his own goal. and from van things got even worse for the visitors polled on the pain making it three nil after just twenty minutes his first goal of a season and water goal it was. five minutes later it was rough feel good arrows turned to get on the scoresheet it was like christmas come early for dortmund coach peter bosch. the second half i was a different story. open sharp as a count and i mean after it sort of chance and took it. dortmund began to buckle and of the onslaught i missed time tackle resulted in a second yellow card and a

tesco has ‘welcomed' a decision by the competition and markets authority to provisionally clear its £3.7en increase competition in the wholesale market and reduce prices for shoppers. ikea says total sales in the uk hit £1.8 billion for the year — up 5.8% on the year before. it marks their sixth consecutive year of growth as the flat pack retailer celebrates its 30th anniversary in the uk. bailiffs were called in to collect debts by councils in england and wales on more than two million occasions last year. the figures have been released by the money advice trust. the charity says that while some councils have reduced their use of baliffs, over all councils use of baliffs has increased by 1a% in the last 2 years — and that the majority of cases involved money owed for council tax. joanna elson, chief executive of the money advice trust, the charity that runs national debtline. what is the issue with baliffs? the issue is that a bailiff use is neither effective in terms of collecting debt, if you look at where councils collect most debt is not when they the bailiffs, and it is really dist

lewis, remember, only started this job three weeks earlier having been parachuted in to try to turn tescoto start earlier than planned. it was an unusual situation, he said. we had about a series of scheduled meetings with the tesco executive committee, which one of the defendants, chris bridge, the former uk md, attended. dave lewis told them to alert him if they had any significant financial or reputational issues for the group. it wasn't until september the 19th when dave lewis learned about the so—called legacy paper, which revealed a £246 million hole, improperly recognised income. dave lewis told the court he was shocked and surprised, he'd never experienced anything like this before. what was new, he said, was the proposition here that £246 million of income had been included in the first half of the year. on the basis of this paper it was deemed questionable. it needed to be taken very seriously indeed. the three defendants deny the charges and the trial continues. the dictionary publisher collins has announced its word of the year — see if you can guess what it is. the fake news.

if tesco by these as well, will they be able to put prices up?et to go ahead. thank you very much. the largest diamond of its kind will be put up for auction in geneva today. this was discovered in angola last year. it is set into a necklace of 6000 and rules with 800 smaller diamonds. it is expected to fetch around $30 million, which is almost £23 million — quite extraordinary. 7:11am. you‘re watching breakfast. acid attacks can cause brutal, life—long injuries and police are warning they are on the rise. in london alone, over the last year there were almost a00 victims. yesterday the perpetrator of one of the worst incidents was found guilty of an attack he carried out in a london nightclub. arthur collins, the ex—boyfriend of reality tv star ferne mccann, sprayed acid over people during a night out in april. in total, 22 people were injured, with one man suffering third—degree chemical burns to his face, which required a skin graft. lauren trent was another victim of the attack and is in our london newsroom, and ayesha nayyar is a solicitor re

encompassing group which its critics have said could make it less effective the whole idea behind tesco and what it may lead to a european army were expedited talks on these were expedited following the vote in two thousand and sixteen by the united kingdom to say that they were going to leave the european union the u.k. had long been an opponent of an e.u. army but we're expecting now hear from yen stoltenberg the nato secretary general a little later on to find out what he has to say about what federica mocker a need the e.u. foreign minister in all intents and purposes says is a historic day when it comes to european defense but over all of this has taken place in the context of nato and there is no real difference because the policies which have been. created and spirit very much confrontation against russia at the nato so i think it is because he is german the saudis are also having the possibility to do actively military action i think it will help to simply with the titans of the american film industry falling and movies been cancelled. just appears to be hollow words the worst k

that document led to that shock announcements to the stock exchange to stir a few days later at tescoo mr lewis that tesco is facing significant challenges, and the meetings that he'd had were concerning. the prosecution asked him, until you saw that legacy paper, was there any hint being given to you by mr bush, and he is one of the defendants, the former uk md, of these matters that later came to light? no, he replied, he spent practically the whole day giving evidence today. he was cross—examined this afternoon. and we heard some of the internal tensions under the previous ceo, philip clarke, despite mounting pressures he believed that a £2.8 billion profit target could be met in 2014. others took a different view. all three defendants here denied the charges, and the case continues. amma, thank you very much for the latest on that case. it is 5:30pm. the publisher of the collins dictionary has announced its term of the year. it's one that's become a catchphrase for president trump. fake news, fake news, you are fake news. collins says the use of the term "fake news" has risen by 3

the president said yesterday -- that is acode tesco doesn't go through, he will hold you responsible. [indiscernible] is this realistic and you think it is better for him to hold you responsible when you're not a member of congress? sec. mnuchin: first of all, i'm confident it will be done by christmas. i think we have a fast process. and comfortable with that. i've had the opportunity to work with the president since the campaign on this, and and i am comfortable with him holding me accountable. >> right now, there was almost no margin of error to get this to pass. no democrats are on board. are you confident you can get this through, do you have enough republican foe, and if not, how are you going to get democrats on board? what is up for negotiation? sec. mnuchin: we look for to the process in the house and senate. we have had discussions with many democrats, there has been democrats who have aboard air force one with the president in their state. as i said this morning in my speech, many of these issues are not partisan issues, it is about trading middle income tax cuts and creati

or second or even third they might push qualify for the champions it was in the season i think to tesco has that in them to put to get the teams to play that well but other than that i don't think this is what they're going to title dreams come come may well let's i want to talk about as well there and their next match which is a big one and that's against dortmund now what are their chances against and i don't mean to have not been looking good we're going to be discussing them a little bit more detail but how do you see the game going well it's a darby you know the big dog the character so it's always a special game i think you can go each way dormant of course they having a horrible time nothing really seems to go right at the moment they very vulnerable in the back they don't score goals although having a bit of a scandal now is a woman young so i think show copius leigh right now are they flying and so mentally they are on the on the front food but knowing that game and expression leader rivalry between these two cities these two clubs i think everything is possible and it's a good

tesco welcoming the decision, expecting it to be cleared early 2018.e not demanded from tesco. guy: thank you. stay with us. surveillance."" francine lacqua will be taking over. european stocks on the front foot this morning. this is bloomberg. ♪ inflationthe u.k.'s problems. mark carney pens a letter to the chancellor. the iea says the proceeds from the u.s. shales will be the biggest in history. carney, kuroda, draghi, and yellen, all together. this is "bloomberg surveillance" and i'm francine lacqua in london. we have the best-selling author michael lewis with us.

on a programming note, ge chairman and ceo john fla flanny will speak at 3:00 p.m >>> tesco has been given the go-ahead to buy booker the uk's largest retailer said it expects the 3.7 billion pound deal to complete early next year sticking with m&a news, qualcomm rejected broadcom's 1$103 billin takeover bid the chipmaker said the offer undervalued the company and would face too many regulatory obstacles. broadcom said they will still talk to the board about a tie-up. >>> and altice shares are falling to the lowest level since 2014 following two downgrades morgan stanley cutting the price target to 13.50 from 20.50 saying casload would be hurt by high debt load levels >>> now we've got plenty of data points from the uk after this short break, including uk inflation, that is expect ed ed come in at 3.1%. whuuuuuat?rtgage offer from the bank today. you never just get one offer. go to lendingtree.com and shop multiple loan offers for free! free? yeah. could save thousands. you should probably buy me dinner. no. go to lendingtree.com for a new home loan or refinance. receive up to five f

hsbc, tesco and clydesdale have already raised the cost of rolling on some mortgages.on over charges relating to their attem pts over charges relating to their atte m pts to over charges relating to their attempts to make catalonia independent from spain. the judge said the ministers might flee the country or destroy evidence if they we re country or destroy evidence if they were released. the nhs is failing thousands of children because it is taking too long to diagnose attention deficit hyperactivity disorder, according to a new report by the adhd foundation. it affects one child in every class on average in the uk, but nearly a third of those children waited two years or more to be diagnosed. the department of health says it has updated guidance for doctors last year to make it easier to spot the condition. hardly an hour goes by without some sort of tweets coming from the white house, from donald trump's account. but overnight for 11 minutes it all stopped. his account was deactivated. anyone searching for mr trump on the social networking site, he has a0 million f

tesco is up. why is itv don't? -- down. revenues are still down a%.ation. it is seen as crucial to britain's departure from the eu. we are expecting a number of amendments. more than 100. let's join expecting a number of amendments. more than 100. let'sjoin our correspondent. the name ofjohn brogan should not have appeared as a supporter of... we will begin with... it will be convenient to ta ke with... it will be convenient to take amend and 79, together with other amendments with which some decisions will come at later dates in the committee as said in the selection paper. i rise to move the amendments in my name and all those other names that still remain on the order paper. i am limited to moving clause a9, this clause a9 is linked to clause 50, 51, 52, the reasons for that i might develop in a moment. i wish to begin by declaring my sentiments in moving this clause and the clauses which are umbilically attached to it. i am a relu cta nt umbilically attached to it. i am a reluctant brexiteer, i am too old to bring think that i was born to bring us

couldn't be more different for their rivals this weekend shaka under thirty two year old to many go to tesco the royal blues are allowing themselves to dream of been this league a title success this season can they cause another upset in dortmund let's find out . dortmund had a point to prove and came out firing on all cylinders here and when it came sliding into draw first blood his eleventh goal of the season the replay revealed he palmed verbal warnings of a net but the goal was allowed to stand and vale was yet to more. turn of this storm and free kick into his own goal. and from van things got even worse for the visitors polled on the pain making it three nil after just twenty minutes his first goal of a season and water goal it was. five minutes later it was rafael get arrows turned to get on the scoresheet it was like christmas come early for dortmund coach peter bosch. the second half i was a different story peter berg style are open sharp as a count and i mean are here to sort of chance and took it. dortmund began to buckle end of a onslaught i missed time tackle resulted in a secon

it was done so in a slightly and handed manner what's called a permanent structured cooperation or tesco agreement was put forward some would say to avoid attention from both nato and from the european council it's designed according to its architects to improve security and also to deepen defense cooperation across the e.u. has been put forward as something of a military sharing game if you will it's now it does come on the back of a lot of discussions that have happened over the past few months about an army in fact talk about stepped up following the united kingdom's decision and twenty sixteen that it wanted to leave the e.u. they had been firmly against an e.u. army but one particular e.u. leader that is very much in favor of an e.u. military is a manual mike carona you are in need of profound changes i proposed to our counterparts to create a you. european army and they opened this initiative towards the french army and all militaries coming from european countries voluntarily that france has to possess a joint intervention force common defense budget and common doctrine to act so

internationally now you compare that to what the germans want it is ago germany for a bigger more inclusive tesco agreement but critics have said that could become a weak union now defense minister is going to be meeting in brussels later on monday as soon as we get any news coming out of that meeting with relation to the future of potentially you army or this pascoe agreement let me bring it to you here on r.t. europe. your correspondent there peter all of the well this defense of parts already being touted as the new nato by some but critics suspect it's going to be a strategic disaster. i think it's definitely another step in the wrong direction because of cause there has been quite a nation among the elements of say european countries purposes but overall this has taken place in the context of nato and there is no real difference because the policies which have been. persuaded and this last period of time much confrontation against russia the nato build up so i think it is to be seen in this context and definitely it's not it's not tempting which should be seen as some kind of separate whatev

so if this gets approved, the same deal as tesco's done with booker recently, they still see opportunityill fill your cupboards. thank you very much forjoining us. uk housebuilder firm taylor wimpey has announced that it had strong second half year results, supported by demand for new housing. however, it reported a slight dip in its order book of 8,751 homes valued at £2.2 billion. what does this say about the housing sector? earlier we spoke to laith khalaf, senior analyst at hargreaves lansdown earlier asked laith khalaf, senior analyst at hargreaves la nsdown, what all this means for the housing market. actually the house—building sector is pretty robust, it is being helped along by a number of tailwinds, one of which of course is low interest rates, but we have also had the help to buy scheme which has helped people get mortgages as well, and of course we've got this big supply and demand imbalance in the uk which means that people want to own a house, but there simply aren't enough houses to go around. britain's digital surveillance agency, gchq, says it has concerns about kaspersk

states have started to arrive in brussels we're expecting them to be discussing this but what does tesco entailed will twenty countries are expected to sign up to it we could see disagreement in place by the end of the year it's designed according to its architects to improve security and also to deepen defense cooperation across the e.u. has been put forward as something of a military shang gain if you will it's supposed to allow military hardware and equipment to move across borders of member states without having to go through checkpoints also to establish a crisis response unit and and joint military training now it does come on the back of a lot of discussions that have happened over the past few months about an e.u. army in fact talk about stepped up following the united kingdom's decision and twenty sixteen that it wanted to leave the e.u. they had been firmly against an e.u. army but one particular leader that is where very much in favor of an e.u. military is a manual micron. we are in need of profound changes i proposed to our counterparts to create a european army and they ope

tesco shares up, they have a deal to take over booker.at's ahead on wall street today. the biggest high—profile hedge fund investors will reveal their third—quarter purchases and sales of such closely watched stocks like apple and amazon .com. 0ther such closely watched stocks like apple and amazon .com. other than being a fascinating snapshot of how they invest, they will also reveal market trends including the stocks at the beginning of the second half of the year. the number one home improvement chain, home depot, is expected to have benefited from a demand for home essentials and restoration equipment during the aftermath of powerful hurricanes that tore through the country during the quarter. joining us is george godber from polar capital. let's talk about inflation because we get the latest update in the uk today and we have seen it rising consistently, what are you looking for? i think all eyes will be on the wea kness for? i think all eyes will be on the weakness in sterling which will trigger the governor of the bank of england h

that's the lesson of the rest of the food retailers, the tescos etcetera.e, because we are going to talk about the papers in a while. see you ina about the papers in a while. see you in a second. still to come. what's most important to you when you board an aiplane, being on time, comfortable seat or access to the internet? one viewer says legroom. someone else said landing! we ask the head of cabin services at airbus about the future of flying. you're with business live from bbc news. and in the last hour marks and spencer has revealed its half—year results. it used to be the darling of the high street. it had a tough half—year. high street. it had a tough half-year. s pre-tax down 5.3%. news that the retailer's chief financial officer, helen weir is stepping down. mike ingram is the chief market strategist for wh ireland. hejoins us now from our newsroom. there seems to be a lot of things going on at the top of the management. is that a problem? yes, potentially because of course, the business faces a lot of challenges. the results that you mentioned were

tesco it cuts tax rates for everyone. under the house bill, they leave the highest tax rate intact for the wealthiest americans. in terms of whether you are going to get more money back or more money at the end of the year, it is individualized. it really depends on how you have been doing your taxes, what sort of deductions you already lowering the rates and doubling the standard deduction -- so getting rid of a lot of deductions that people use such as the state and local tax inductions. host: if you want to ask our ,uest questions, (202) 748-8000 democrats. (202) 748-8001, republicans. (202) 748-8002, independent colors. make thoughts on twitter. amanda becker joining us. who said theyr wanted to eliminate the idea of itemizing altogether. guest: the house went a lot further in eliminating deductions and saying it will be double the standard deduction and then you will not need to i domestic actions anymore. the senate allows you to keep some of them but it also mostly eliminates above the line deductions, the ones you

a tesco flying car. twitter yesterday this year to 60 in to 60 in 1.9 seconds again last week could have a special upgrade that could enable it to fly. he said it's certainly possible come in just question of safety. it opens up the revolutionary possibility and musk knows a thing or two about markets as the ceo space. lauren: a fine car, i don't put it past him. speaking of flying, what we tell him about thanksgiving travel. some people have booked their tickets? train for if you have a post you can still get a last-minute deal. 23% less than last year. the cheapest since 23rd team leading to 4 million people flying. you can still find deals that takes a little bit of digging. on expedia some roundtrips available for $300. he can speak out today or tomorrow from seattle to las vegas, atlanta to orlando. expedia has a list of round-trip destinations for under $500. the closer you get to thanksgiving come at a higher ticket will go. cheryl: share, come on, if you didn't book by now. lauren: if you're host

tesco said the tie up would bring benefits for small retailers, suppliers, consumers and staff.e of bailiffs by local authorities in england and wales to recover money they are owed. the money advice trust found the number of cases had risen by 14% over two years to 2.3 million. the local government association said bailiffs are only used as a last resort. the largest diamond of its kind every to be put up for auction will go under the hammer in geneva today. the i63—carat stone, which was discovered in angola last year, is set into a necklace of almost 6,000 emeralds, and over 800 smaller diamonds. it took ten months to cut and is expected to fetch 30 million dollars, which is almost 23 million pounds. that's a summary of the latest bbc news, more at 9.30. we have had an e—mailfrom megan about bailiffs. figures suggesting councils are using them more and more to collect unpaid parking fines. megan had a stressful experience during a parking fine that had been sent to a previous address so i wasn't aware though of it. i attempted to discuss this with the council who refused and

more than 30% of its sales are to the catering sector, which tesco does not currently supply. celebrating its 30th anniversary in the uk this year. as we've been hearing, uk inflation has held steady at a five—and—a—half year high of 3% in october. this follows a 0.25% interest rate rise to 0.5% this month — the first in a decade — and an attempt by the bank of england to stop inflation getting out of hand in coming months. joining us now is lucy 0'carroll, chief economist at aberdeen standard investments. shejoins us from she joins us from the unknown. nice to see you. —— there now. the bank said october would be the time that inflation peaks. said october would be the time that inflation pea ks. have said october would be the time that inflation peaks. have we hit that high? it could come next month. if it isa high? it could come next month. if it is a little bit higher next month, we see the governor of the bank of england writing a letter to the chancellor explaining what he needs to do to get inflation down again. ido needs to do to get inflation down again. i do not thin

tesco it cuts tax rates for everyone. under the house bill, they leave the highest tax rate intact for the wealthiest americans. in terms of whether you are going to get more money back or more money at the end of the year, it is individualized. it really depends on how you have been doing your taxes, what sort of deductions you already lowering the rates and doubling the standard deduction -- so getting rid of a lot of deductions that people use such as the state and local tax inductions. host: if you want to ask our ,uest questions, (202) 748-8000 democrats. (202) 748-8001, republicans. (202) 748-8002, independent colors. make thoughts on twitter. amanda becker joining us. who said theyr wanted to eliminate the idea of itemizing altogether. guest: the house went a lot further in eliminating deductions and saying it will be double the standard deduction and then you will not need to i domestic actions anymore. the senate allows you to keep some of them but it also mostly eliminates above the line deductions, the ones you

such a social media tesco welcome list so tell us more than about this facebook list you know filled the list was posted by. she is last student in the us but she has previously cited in india so she published this list on her personal facebook account that has more than seventy academics from india and what is that controversial about this list is that it only names the people it doesn't say who is accusing them and watch they are being accused of that car herself she says that she collected personal testimonies from the victims and that she has for example chats and screenshots to back up those claims and what's been the response. well mixed reactions are from india it has raised a great discussion about the ethics of implicating someone without really having anything to substantiate to those claims and one group of feminists in india they have come out strongly against this method of naming and shaming people so in one of their statements this is what they say they posted this online as well they say we're dismayed by the initiative on facebook in which men are being listed and na

jonathan: let's take the experience of a company like tesco that went through a change years ago.want to play the recovery story, it wasn't through equity, it was through debt. is that going to be the story in retail? ian: i think the trouble with the debt situation is high yield become so expensive. expensive, equity is then high-yield is even more expensive. i think we would feel there is more scope for the retail high-yield rather than the communications or the energy space. that's the type of idiosyncratic risk we are starting to see come through. as the markets get higher, people look at more specific areas. you are absolutely right. david: where is the u.s. consumer getting the money from? is it because they are making more money or saving less? ian: it's a combination of the two. the income growth has come through very stable for the last four years and very stable indeed. that gives you a sense of the permanence of the income and you feel less worried you are going to be made redundant, so precautionary savings come down and you see the savings ratio come down and equity m

. -- compared to tesco and asda. gone, a huge deal costing around £11» billion? i gone, a huge deal costing around £1.10 billion? i think gone, a huge deal costing around £11» billion? i think it's been a good move for sainsbury‘s, driven football in stores, so having argos in sainsbury‘s generates 1—2% of extra sales growth and the reason we have seen a fall in profits for this half is because in the first for the, argos is naturally loss—making, they make all their money in the second half of the year, over christmas. how is sainsbury's shaping up compared with the online and other main supermarket competitors? i think sainsbury's has managed to differentiate itself in terms of innovation, their product innovation is fantastic and hopefully it is. they are playing the long game and not sacrificing by cutting prices and doing loads of promotions but they are trying to integrate themselves as a slightly upmarket supermarket that adapts to the consumer. trying to adapt to the ever—changing retell market. thank you for

off the back of interest in the tampon tax, morrisons, tesco, co—op and waitrose decided to shoulderften enough. education is a good long—term solution to period poverty. supporting communities and not being afraid to ask, and looking at sustainability in future. not everybody likes reusable products. teaching people about all of them out there, and teaching boys and other kids is the most available way to make it free in future. thank you very much. it was good to talk to you. if you want to do the sums, it is all set up for you. visit: and it will tell you how much you spend and also the vat on that. it is quite a difficult calculation. it has changed over the years. good morning. you're watching breakfast from bbc news. we have paloma faith on the programme later on. and carol was telling us earlier that she watched as the lights were switched on this morning. and behind her, the aforementioned lights switched on by the aforementioned guest this morning. good morning. are they not gorgeous? they are twinkling down on regent street, 300,000 leds creating that beautiful spectacle. n