Elon Musk unveils Tesla electric truck – along with a surprise new sports vehicle

Elon Musk unveiled Tesla’s first electric semi-truck on Thursday evening in an event in La which incorporated the surprise reveal of the new Tesla sports vehicle.

The brand new Roadster, that has exactly the same name because the first electric vehicle created by Tesla from 2008 to 2012, emerged from the rear of among the trucks in the finish of the presentation that focused largely around the economic and gratifaction requirements of truck motorists.

the18 wheeler to truck motorists – customers with completely different concerns compared to average Tesla owner.

In typical Musk style, the Chief executive officer had hyped the18 wheeler on Twitter through the week. On Sunday, he guaranteed it “will take your breath away obvious from your skull and into another dimension”, during Wednesday he teased the truck “can transform right into a robot, fight aliens making one hell of the latte”.

There wasn’t any espresso maker to appear, but Musk did promise a laundry listing of features he claimed would ensure the total cost of possession is going to be 20% less per mile in contrast to diesel trucks. Included in this: faster acceleration, better uphill performance, a 500-mile (805km) range at maximum weight at highway speed, and “thermonuclear explosion-proof glass” within the car windows.

Security features include enhanced autopilot, lane-keeping technology, along with a design which makes jackknifing “impossible”, Musk stated.

The presentation included the surprise reveal of a new Tesla sports car. The presentation incorporated the surprise reveal of the new Tesla sports vehicle. Photograph: Alexandria Sage/Reuters

The organization intends to develop a network of “Megachargers” (instead of the “Superchargers” utilized by other Tesla vehicles) that can create a 400-mile charge in half an hour.

Musk claimed it might be “economic suicide” to carry on using diesel trucks, saying the Tesla version, if driven in convoy, could be less expensive than shipping goods by rail.

The CEO’s promises for that new Roadster weren’t any less ambitious. Musk stated the car’s acceleration from to 60 miles per hour and to 100 miles per hour, along with its quarter-mile speed, counseled me “world records” for production cars.

He stated production around the trucks would come from 2019 and also the sports cars could be obtainable in 2020.

Regardless of the confidence exuded by Musk, questions will unquestionably arise concerning the company’s ability to manufacture the brand new vehicles.

Tesla debuted its first mass-market sedan, the Model 3, to much fanfare in This summer, once the waitlist for that vehicle already numbered greater than 500,000. Since that time, production hasn’t gone easily.

Within the third quarter of 2017, the organization created just 260 Model 3s – well underneath the 1,500 it’d guaranteed in August. Tesla blamed “production bottlenecks” for that delays. The Wall Street Journal reported that as lately as September, the cars remained as being built by hands, instead of with an automated set up line.

trying to unionise using the U . s . Auto Workers inside a campaign that chiefly cites the factory’s above-average injuries rates. The organization has additionally been hit with numerous complaints and lawsuits by employees and contractors alleging gender and bigotry.

On Tuesday, the organization hit back at attention from the complaints, and contended the attorney representing some plaintiffs has an eye on “extorting money for meritless claims”.

“At Tesla, we’d rather pay 10 occasions the settlement demand in legal charges and battle to the ends of the world than surrender to extortion and permit this abuse from the legislation,Inches the organization stated inside a blog publish.

Competition within the electric truck market continues to be warming up. In September, Daimler AG announced the delivery of their first electric trucks towards the U . s . Parcel Service (UPS). Others focusing on electric trucks include Volkswagen, Cummins and Nikola.

Individuals bans on asking about salary history? Most employers don’t think they’ll work.

survey through the executive search and talking to firm Korn Ferry, employees well past those locations soon might possibly not have to reply to the issue. Nearly 1 / 2 of the 108 companies surveyed, or 46 percent, stated they would adhere to the legal needs within the most stringent location where they operate, meaning workers well outdoors of Massachusetts, California or Or might not be requested regarding their salary history during job negotiations even when their local jurisdictions don’t pass similar laws and regulations. Only 32 percent stated they’d comply as each region requires, while 11 percent stated their operations weren’t affected and the other 11 percent stated these were unsure.

Tom McMullen, a senior client partner for Korn Ferry, stated that although some firms are now being advised to maintain separate policies, “that will get untidy really quick.” Workplace-related laws and regulations that begin in local jurisdictions frequently spread to other people, he stated, because multistate or national companies choose that getting just one policy as opposed to a patchwork of practices now is easier. 

“There is a tipping point, if it’s not there already, where this can end up being the de facto method of handling this within this country,” McMullen stated. For a lot of companies, getting a blanket policy “is simpler administratively.” (The Nation’s Women’s Law Center reports that the couple of more states are anticipated to pass through similar prohibitions this season. Other jurisdictions have passed measures just for public employees, along with a version has been around since Congress this past year. Philadelphia’s measure has faced a legitimate challenge.)

Yet even when information mill following a measures more broadly, they don’t appear convinced that they’ll act as intended. The aim of most of the measures may have been to help close the gender pay gap — the concept because if employers don’t set new wages based on past compensation, one low salary or poorly negotiated job offer in early stages in her own career will not set a lady back for a long time. However, many two-thirds of individuals surveyed said they thought the measures wouldn’t, or would simply to a little extent, improve any pay differentials which exist.

The likely reason, McMullen stated, is the fact that employers either already feel they’ve the rigorous pay systems in position to watch for pay equality, or because the actual gap between men and women employees’ pay at the organization — comprising position, experience, job level and also the like — is just within the single digits.

“For individuals that curently have decent processes in position, it most likely is really a nonevent,” he stated, noting that laptop computer skewed to bigger companies. “The greatest difference it’ll make is within those organizations which have a ‘let’s create a deal’ culture” and don’t depend just as much on market data to create workers’ pay and have less rigorous methods for analyzing whether or not they are having to pay workers fairly.

Laptop computer also demonstrated that lots of employers don’t appear ready for the brand new laws and regulations, a lot of which take effect next year, even though some possess a elegance period before penalties for noncompliance start working. Almost another stated they aren’t ready for the legislation, while 44 % stated they’d made “some formulations.” Just five percent stated it had been already their practice not to check out a candidate’s pay history.

Laptop computer didn’t ask, meanwhile, what change up the new laws and regulations might have on payroll budgets or salary size overall. As the salary-question bans, frequently a part of “pay equity” or “pay transparency” bills, might have generated attention for his or her potential role in conclusion the gender gap, other employees may benefit, too. More market-based methods to wage setting — where employers compensate workers based on the requirements of and competition to do the job, instead of the history of the individual — may help any prospective worker who worries that she or he continues to be compensated not enough previously. (Discussions about salary expectations, instead of history, are anticipated to still pass muster.)

Jonathan Segal, a work lawyer located in Philadelphia, stated the bans might be particularly relevant for older workers, too. Somebody who has been employed by more many might be searching to lessen to some less demanding job — or workers wanting to get into the workforce after being from employment and willing to get results for less — might be susceptible to implicit bias when requested regarding their past pay, he stated.

“Eliminating the issue might help not just get rid of the pay gap for ladies,Inches he stated, “but might help older employees who’re being excluded because employers think they will not be at liberty employed by less.”

Also, he sees employers following a ban even just in places that it’s not needed. “I see a significant number of employers which are voluntarily omitting this using their application,” he stated, “even in lack of legal mandate.”

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New You are able to City just banned bosses from asking this sensitive question

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America’s most effective lady is losing her job. What which means.

choice to stay on as a governor — comes amid growing worry about the reduced figures of ladies in financial aspects and also the challenges they face in moving ahead within the field.  Only 13 % of full professors in PhD-granting financial aspects departments are women. Male financial aspects majors outnumber their female peers by nearly 3 to at least one.

For many Given watchers — and others on social networking — the decision to exchange Yellen spotlighted an engaged that female leaders might find familiar.

“You have a good example of this incredibly, superlatively qualified woman getting replaced by Yellen lite,” stated Heidi Hartmann, an economist and president from the Institute for Women’s Policy Research, talking about Powell’s support of Yellen’s interest-rate decisions. “It’s not a great message if you are attempting to diversify leadership and integrate dug-in professions where males are very protective of the turf.”

Simply getting started in the profession may take determination. To determine sexist attitudes within the field, Alice Wu, a student in the College of California at Berkeley, found greater than a million posts with an online forum, Financial aspects Employment Market Rumors, to review how economists discuss women out there. One of the words most connected with females: “hotter,” “lesbian,” “anal,” “slut,” “hot,” “feminazi,” “marry” and “dated.” The terms for males? “Mathematician,” “pricing,” “adviser,” “motivated,” “Nobel.” The study set off a firestorm, using more than 1,000 economists lately signing a petition asking the American Economic Association to start its own job site.

A minumum of one activist group recommended the conclusion on Yellen had sexist overtones.

“This unusual and sexist decision ought to be deeply disturbing to both liberals and conservatives alike, who recognize the unparalleled nature of Yellen’s success and understand the significance of maintaining stability within our banking system,” Shaunna Thomas, co-founding father of UltraViolet, a group centered on feminist issues and social networking advocacy, stated inside a statement.

The White-colored House rejected the concept gender would be a factor.

“The mere suggestion is definitely an affront to Chair Yellen,” White-colored House press secretary Sarah Huckabee Sanders stated inside a statement. “The president decided on a highly qualified nominee, and it has expressed just the utmost respect on her service.”

Some female economists stated that little ought to be read in to the decision, mentioning it isn’t surprising Trump may wish to go their own way.

“I think it truly reflects how polarized our occasions are that [Trump] didn’t feel he could appoint somebody that had her origins under President Obama,” stated Betsey Stevenson, a professor in the College of Michigan who had been part of Obama’s Council of monetary Advisors. “This looks in my experience like attempting to thread the needle,” obtaining a Republican Given chair who’d continue Yellen’s financial policy, she stated.

Trump appeared to point exactly that within an interview a week ago.

“You enjoy making your personal mark,” Trump told Fox Business’s Lou Dobbs, “which is among most likely the things she gets just a little against her.” In Thursday’s Rose Garden announcement, Trump known as Yellen “absolutely an amazing person” who’d “done an awesome job” and said he was naming Powell, an old investment banker, to become chair “because he’ll provide just that kind of leadership: He’s strong, he’s committed, he’s smart.” Trump noted his private-sector experience and “real-world perspective.”

Wharton’s Conti-Brown said that although Trump’s reported preference for officials out of “central casting” should not be discounted, “I think this pick is all about ongoing the Yellen Given without Janet Yellen.” Also, Republicans have been longtime critics of Yellen. The “more persuasive” argument, he stated, is the fact that “to renominate Janet Yellen could be an admission through the Republicans they have been noisally and badly wrong about financial policy.”

Alice Rivlin, who had been smoking chair from the Given Board of Governors throughout the Clinton administration, stated, “I don’t think this decision reflects either on Janet or on her behalf gender,” adding: “Donald Trump loves to do things their own way, which is a really partisan moment. So I am not surprised he desired to change leadership in the Given.” Powell is “a very credible candidate,” Rivlin stated.

Yellen’s tenure was marked not just on her handling of financial policy and headline economic figures, economists stated, however for her deft leadership from the Given, helping to bridge the deep and heated divides that sometime exist between people.

“She corralled the cats,” stated Diane Swonk, a Chicago-based economist.

Others pointed to Yellen’s listening skills and her willingness to discuss financial policy and macroeconomics when it comes to their tangible benefits on workers and communities, an impression that Karen Dynan, a former Treasury Department chief economist, stated might have helped draw more women to financial aspects.

“She can be hard, but she’s also warm and compassionate along with a good listener. And i believe it has made her extraordinarily effective,” she stated. “The switch side of her being constructive regarding attracting more women in to the field is it might be discouraging when she isn’t reappointed after getting done a great job.”

Yet Stevenson stated she’s positive that the pioneering example Yellen has provided for women in the area of financial aspects will over-shadow that. While Trump’s decision may break from precedent, Stevenson stated, it is possible other people, of either gender, might have faced an identical fate in the present political atmosphere.

“She should be reappointed,” Stevenson stated of Yellen. “But she also should not have access to her legacy be that they wasn’t reappointed.”

Read also:

How most leadership training programs fail women

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A hundred years until women will have a similar chances as men, World Economic Forum says 

A failure through the United kingdom to enhance its gender equality has witnessed it get behind other nations in the last decade, based on a study released on Thursday.

Getting once held a position of ninth on the planet in the year 2006, the United kingdom was 15th overall in 2017 when it comes to its gender gap, a ranking produced by ratings in four areas health, education, work and political representation.

The report, printed through the World Economic Forum, demonstrated that global progress in conclusion the gender gap has stalled since 2013. The very first time because it began gathering data with this report in the year 2006, the gulf between men and women chance had widened.

Worldwide, 68pc from the gender gap had closed, a small worsening in findings from 2016 based on the study. This retreat backwards implies that, in the current rate of progress, the worldwide gender gap would take a century to vanish entirely, when compared with 83 this past year.

The study benchmarks 144 countries about how equal their citizens are when it comes to gender. A rustic is scored from zero to 1 the first is complete parity. Instead of score a nation depending on how effective women have been in that nation – for example whether or otherwise they’re outperforming men in almost any given area – it rather examines equality of chance and just how sources are distributed.

When are regions prone to close the economical gender gap

This means that a country where more women than men attend college would score exactly the same level like a country high were equal figures of both genders getting levels.

Saadia Zahidi from the WEF stated that for this reason some less advanced economies had scored highly within the index, since the possibilities provided to women tend to be more equal with individuals of males, “putting in position an atmosphere that can lead to stable and inclusive growth later onInch.

Britain’s 2017 election may be the predominant reason, on the year-on-year basis, it rose within the rankings. In June, voters came back some 200 women MPs, the greatest number ever to go in parliament. That coupled with adding many years to the amount of time the country was governed with a lady, boosted britain’s score: its representation of ladies at work and politics had improved.

However, for equal pay, the United kingdom performed poorly. It was in 53rd position for equal purchase equal work, lower a location from the year before. This doesn’t always mean equality of pay has worsened, however that other nations make progress in a greater pace compared to United kingdom.

This ranking uses research in the Chartered Management Institute showed a 27pc pay gap one of the UK’s 3.3m managers, where men outnumber women three to 1. Separate data from the ONS says once part-some time and full-time personnel are combined, the gender pay gap figure really worsened in 2017, by .2 percentage points.

The United kingdom makes important strides in addressing its political empowerment gender gap, but it markedly lags behind many worldwide peers with regards to work, Ms Zahidi stated. She recommended that far more jobs are necessary for the quest for equal pay, and also the removal of gender bias when companies are hiring staff.

A government spokesperson stated that they are making efforts to enhance women’s possibilities at work by forcing all employers using more than 250 staff to write gender pay and bonus data by April the coming year. The Federal Government also offers set a target for boards contain 33pc women by 2020 and eliminate all-male boards within the FTSE 350.

Uber hires PepsiCo’s Tony West as general counsel

Uber stated Friday it has hired Tony West, an old Justice Department official and also the current general counsel at PepsiCo, since it’s chief legal officer — a vital position for the organization because it faces several lawsuits and federal investigations.

West will join Uber’s executive ranks as most of the company’s most senior jobs remain vacant, including chief financial officer, chief marketing officer and senior v . p . of engineering. The organization continues to be searching to fill these roles because it attempts to move forward from a tumultuous period marked by controversies, sweeping internal reforms and also the departure of former leader Travis Kalanick. Uber introduced on former Expedia leader Dara Khosrowshahi in August to guide the organization.

West stated he’s obvious-eyed concerning the challenges ahead.

“I’m not the first one to notice that the organization over-indexed on growth without having to put within the appropriate guardrails,” he stated within an interview Friday. “Fostering a culture of compliance will probably be certainly one of my top priorities.”

West offered because the assistant attorney general for that Justice Department’s civil division in ’09 before becoming affiliate attorney general this year, the 3rd greatest-ranking official in the department within the Federal government. While in the Justice Department, West oversaw the department’s civil legal rights efforts, in addition to enforcement of consumer protection laws and regulations.

“West’s contacts and understanding at DOJ is going to be invaluable,” stated David Kass, a professor of finance in the College of Maryland. “Having been at DOJ in a very senior level he’d know about the right way to talk with and approach DOJ, which help resolve any problems that will come up.” Kass noted the hire should bolster the look of Uber hugely, especially because it faces increased legal threats.

In 2014, West became a member of PepsiCo, known for household brands for example Quaker and Pepsi-Cola, to guide their legal and public policy teams. West stated that since his school days he’s tried various diversity initiatives, and also at Pepsi he led efforts to improve the variety of outdoors counsel that labored with the organization. Also, he prioritized diversity recruitment and hiring.

Joining Uber is a homecoming of sorts for West, who had been born in Bay Area and elevated in San Jose. “Silicon Valley happens to be within my bloodstream,” he stated. West is married to Maya Harris, an attorney and political analyst for MSNBC, who had been additionally a senior policy advisor towards the Clinton campaign. West’s sister-in-law, Kamala D. Harris, may be the Democratic U.S. senator from California.

At Uber, West will quickly inherit a range of thorny legal and policy issues. Uber continues to be reeling from high-profile sexual harassment complaints, executive departures along with a significant trade secrets suit from Google’s parent company, Alphabet. The 2009 week, three Latina engineers sued Uber in Bay Area, alleging discrimination according to their gender and race. The suit claims that Uber’s unfair practices have brought to lost earnings and promotions.

This summer time, Uber went through an enormous corporate overhaul, adopting 47 recommendations submit by former U.S. attorney general Eric H. Holder Junior., who together with colleagues at law practice Covington & Burling, spent several weeks investigating Uber’s internal culture. The changes included new hiring practices and new reporting needs to deal with harassment complaints.

Speaking generally, West stated “Sexual harassment and gender discrimination is real, it’s much more pervasive than I believe individuals have been prepared to acknowledge,” adding, “it occur in all companies and all sorts of professions and also the important factor is both now exposing it, recognizing it, allowing individuals to securely come forward and also to address it.”

Inside a memo to staff, Khosrowshahi stated, “Tony is what Uber needs now,” noting that PepsiCo has been consistently named among the world’s most ethical companies. “Under Tony’s leadership, I am confident that we’ll eventually join their list.Inches

Philip Hammond could face grilling from MPs over Bank of England&aposs insufficient diversity

Chancellor Philip Hammond may have to respond to questions from MPs in regards to a worrying insufficient ethnic and gender diversity within the greatest ranks of Bank of England staff.

Nicky Morgan, chair from the influential Treasury Select Committee, has written to Mr Hammond requesting evidence to exhibit that necessary attempts are being designed to promote diversity in senior BoE roles. 

She’s requested the Chancellor to verify that recruitment approaches for the Bank’s policy committees stick to the rigorous standards needed by all public appointments.

Only one person in the Bank’s nine-strong Financial Policy Committee is really a lady, following a recent appointment of two new recruits towards the rate of interest-setting body. Captured, there have been two female people around the MPC.

The Treasury Select Committee approved the appointments but has elevated “wider concerns concerning the composition from the policy committees, especially about diversity at most senior levels in the Bank of England”.

Ms Morgan stated the Treasury Select Committee “would want to consider taking evidence” in the Chancellor or even the “most appropriate minister or senior official” to deal with the problem.

She added: “The Committee has had the chance to stress that, when thinking about appointments within its remit, it expects candidates to possess a established track record in the region that they’ve been hired, in addition to demonstrable personal independence.

“In the long run, the committee expects to become provided, just before appointment proceedings, with diversity data around the candidates signing up to the connected position.”

Ms Morgan’s letter asks the Treasury to write data around the gender of applicants for positions around the BoE’s top committees.

Silvana Tenreyro may be the only lady around the MPC after Kristin Forbes finished her term.

In This summer, Mister Dave Ramsden, who advised Mr Hammond and former Chancellor George Osborne around the Government’s austerity programme, replaced Charlotte now Hogg, who was simply the only real other lady around the MPC.

Ms Hogg was made to resign earlier around after neglecting to report that her brother labored for Barclays – a financial institution she’d have controlled.

Ms Hogg had replaced outgoing MPC member Minouche Shafik this spring.

Mister Dave was requested the 2009 week whether he thought a lady was equally able to take on his role as deputy governor of markets and banking.

“There are certainly women able to do my job, to do the governor’s job, to do my old job in the Treasury,” he responded.

“I think there’s a genuine problem with the gender balance in financial aspects. It’s two-thirds male, one-third female. The issues go completely to schools – why women don’t perform a-level financial aspects, why youthful women don’t go and focus financial aspects at college,” Mister Dave responded.

“There’s an active debate in america right now, concerning the behaviours of economists that plays into this which may be deterring women from applying.”

He stated this is usually a trouble with a “culture of economics”, that isn’t replicated in other professional field for example law, which pulls a much greater proportion of ladies.

The Treasury Select Committee now launched another inquiry in to the barriers facing women within the financial services industry. It is a result of meet because of its first evidence session next Tuesday.

Governor Mark Carney the 2009 week stated the Bank’s research demonstrated that it is own gender pay gap was 21 percent, which it was because of men progressing to more senior positions.

There’s no gap between men’s and women’s pay when evaluating jobs of equal level, he stated. 

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MPs question Hammond over Bank of England’s insufficient senior women 

More women are essential in top jobs in the Bank of England, senior MP Nicky Morgan has cautioned, conntacting Philip Hammond to inquire about him to demonstrate he’s doing everything he is able to to improve diversity in powerful financial positions.

The chair from the Treasury Select Committee elevated her “concerns concerning the composition from the policy committees, especially about diversity at most senior levels staying with you of England”. 

She would like the Chancellor to write data on recent applicants for positions around the Financial and Financial Policy Committees, including gender breakdowns at each stage from the application.

Silvana Tenreyro’s appointment towards the MPC continues to be approved

Ms Morgan and also the TSC want the Chancellor or perhaps a representative to provide evidence around the recruitment tactic to make certain the result is best practice guidelines on growing gender and ethnic diversity.

The MPs also approved the appointments of recent MPC member Professor Silvana Tenreyro and incoming Deputy Governor Mister Dave Ramsden.

When requested only at that week’s TSC hearing if your lady could perform, Mister Dave stated: “You will find certainly women able to do my job.

“It may be made by people of other [non economist] backgrounds [in an effort to combat pipeline trouble with lower levels of female economists].”

Nicky Morgan, chair from the Treasury Select Committee, is putting the Chancellor pressurized on diversity in the Bank

The Bank’s Governor, Mark Carney, stated that there wasn’t any pay gap through the equal purchase equal work measure, however that the 21pc pay gap overall for that Bank reflected a significant insufficient senior women within the organisation.

Efforts to fix this had incorporated using more exterior support for hiring staff, and learning unconscious bias, he told MPs.

A Treasury spokesperson stated: “We’re pleased the Treasury Committee has decided to the appointments of Professor Silvana and Mister Dave. Our recruitment process is fair and open for senior appointments towards the Bank of England but we recognise there’s still more to complete to enhance diversity.”

Inflation hits its highest level in five-and-a-half years; MPC right to cut interest rates after Brexit vote says Carney

  • Inflation rises to 3pc, its highest level in five-and-a-half years; the increase will crank up the pressure on the Bank of England to hike interest rates next month to curb inflation
  • RPI remains at its highest since 2012; business rates will jump by 3.9pc next April as a result
  • Sterling sinks as Mark Carney speaks at a select committee; the pound falls 0.7pc against the dollar to below $1.32
  • FTSE 100 nudges higher as the pound retreats; theme park owner Merlin nosedives 20pc after a “difficult” summer of trading, blaming terrorism and bad weather

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4:26PM

Virgin Money insists its credit card business is safer than the bigger banks

Virgin Money chief executive Jayne-Anne Gadhia

Virgin Money has insisted it has a safer credit card business than Britain’s big banks, amid growing fears over ballooning consumer credit.

The challenger bank’s chief executive Jayne-Anne Gadhia told analysts today the company had conducted its own “extreme” in-house stress test of its expanding credit card book and found in a downturn it would face fewer problems than its peers.

Last month the Bank of England warned lenders they risked losing as much as £30bn on personal lending if the economy took a turn for the worse, with as much as a quarter of credit cards defaulting.

But Ms Gadhia said Virgin’s own credit card business – which has grown balances to £2.9bn – would fare better than its peers.

Read Iain Withers’ full report here

3:36PM

Dow Jones on course for another record finish; US industrial production rebounds

The Dow Jones has nudged up 0.1pc

US markets have opened and the Dow Jones has nudged up into positive territory, leaving it on course for another record finish. 

The index has been dragged up by UnitedHealth’s 4.8pc jump on hopes that a decline in medical costs at the health insurer could boost full-year figures.

There’s a bit of economics data to update you with from the States this afternoon. 

Industrial production growth bounced back in September to rise by 0.3pc after being disrupted by hurricane season the previous month. 

Paul Ashworth, chief US economist, said there were still “signs of disruption evident last month, leaving scope for a much bigger rebound in production in October”.

He added:

“Overall, with global trade and economic growth booming and the dollar still down substantially from its peak early this year, the outlook for US manufacturing looks bright. That optimism comes through in the upbeat survey evidence. As a result, we expect solid gains in manufacturing output in the fourth quarter.”

3:06PM

Revolution Bars suitor leaves empty handed as investors reject £100m bid

Investors have left Revolution Bars shaken after rejecting a cash offer for the company

Shares in Revolution Bars dropped as much as 8pc after a second potential suitor in two weeks was left unable to secure a deal.

Stonegate, the owner of the Slug & Lettuce chain, had bid 203p a share for its rival, valuing the chain at £100m. But it failed to secure shareholder support for its cash offer, sending the target’s shares down to 176p.

Owners of just 60pc of Revolution’s shares voted in favour of the Stonegate bid at each of the two separate Court and General meetings held by the company to allow investors to express their view on the deal.

To be successful, the bid needed 75pc of shareholders to vote in favour.

Read Bradley Gerrard’s full report here

2:27PM

Asos profits double as overseas growth offsets weak pound

Asos makes two thirds of its sales overseas

Asos profits have doubled in the past year as the online retailer’s rampant overseas expansion allowed it to storm past its struggling British high street rivals.

The fashion site has delivered a 145pc jump in pre-tax profits to a record £80m while group sales have surged by 33pc to £1.9bn in the year to August 31.

Asos’ upbeat numbers are partly down to the rapid consumer shift from traditional bricks and mortar shopping to clicks on mobile devices. This has resulted in the online fashion market growing at twice the rate of the overall fashion sector over the last five years.

However, Nick Beighton, Asos boss, said that it was “not enough to just be online”. He added: £There has been a continual channel shift as twentysomethings use their mobile phones, but you can’t just be digital, you’ve got to be selling what people want to buy.”

Read Ashley Armstrong’s full report here

2:09PM

Pearson stems decline in key US market

Pearson chief executive John Fallon is under pressure

The troubled education giant Pearson has suffered a further decline in its core American textbook business in the third quarter but avoided its worst fears, to the relief of investors.

On the back of a string of profit warnings, Pearson said the improved trend meant it could narrow its full-year profit forecast to the upper end of the range.

The company, which has cast off media assets such as the Financial Times to focus on education in recent years, now expects a minimum adjusted operating profit of £576m. The previous lowest prediction was £546m.

The improvement reflects a 5 percentage point cut to Pearson’s expected tax rate for the year to 16pc following the “favourable outcome of certain historical tax issues”.

Read Christopher Williams’ full report here

1:45PM

Inflation hits 3pc as cost of living squeeze intensifies 

Prices jumped by 3pc in the past year, the fastest rise in more than five years as imported inflation and higher energy prices pushed up the cost of living.

Food prices climbed as inflation in staples such as bread, rice and meat accelerated in September, while transport costs also rose as petrol became more expensive.

Computer games and theatre tickets also dragged up the consumer price index, the Office for National Statistics said.

Read Tim Wallace’s full report here

1:16PM

Carney grilling ends

Bank of England governor Mark Carney

Final question is about the gender pay gap and he replies that the gap is 24pc on a median basis at the Bank of England and 21pc on mean basis.

He says they are in the middle of a deliberate strategy of changing this at the central bank.

And with that, it’s over. Nothing much new there to be perfectly honest. He defended, as he always does, quantitative easing and the interest rate cut taken shortly after the Brexit vote while also allaying fears about ballooning household debt.

Sterling took a bit of a battering during that appearance, sinking 0.7pc to below $1.32 against the dollar and 0.3pc against a basket of the leading currencies.

1:03PM

Carney on QE: We’re clean and not addicted

We’ve move onto quantitative easing and Mr Carney is given a quote comparing it to heroin.

Extending the metaphor, he replies: “We’re clean and not addicted to QE or will go through withdrawal symptoms.”

He adds that the Bank of England will not just unwind for fun and prove a point, adding that the central bank will observe the Fed’s balance sheet unwinding programme.

12:50PM

Household debt only requires macro-prudential response

When asked if he is too relaxed on household debt, Mr Carney says that the Bank of England is taking action on household debt but to an appropriate degree. It only merits a macro-prudential response, adding that “we’re never relaxed about anything”. 

On Government fiscal policy, he says that he will not and cannot give his opinion and when asked if Help to Buy has pushed up house prices, Mr Carney says that it hasn’t had a multiplier effect on supply.

12:39PM

Carney: We shouldn’t take the lead on Brexit from the markets

Moving onto household debt, Mr Carney is relatively upbeat. He explains away fears of a car finance bubble and says that the quality of “borrowers has gone up substantially”. 

We shouldn’t take the lead from the markets on Brexit given its complexity, he adds. It matters more how households and businesses react.

12:20PM

New BoE policymakers lean on the dovish side

New deputy governor Sir Ramsden is not ready to vote for an interest rate hike

I missed new Bank of England policymakers Silvana Tenreyo and Sir Dave Ramsden’s grillings this morning but fortunately Reuters was watching. Here’s what happened:

New Bank of England rate-setter Silvana Tenreyro said she was not ready to vote to raise the Bank’s record low interest rates in November although she might do so in the coming months if inflation pressure builds in Britain’s labour market.

“My view is that we are approaching a tipping pint at which it would be necessary or justified to remove some of that stimulus,” she told British lawmakers on Tuesday.

New deputy governor Dave Ramsden said he was not close to voting for an interest rate hike, raising some questions for investors about when the BoE would make its widely expected first hike in more than a decade. 

Deputy Governor Dave Ramsden said he was not part of the majority of BoE policymakers who believe a rate hike is likely to be needed “in the coming months” because he saw little sign of inflation pressure building in Britain’s labor market.

They’re still questioning Mr Carney but the debate has centered on Brexit on which the governor can’t give many certain answers. They’ve just moved onto household debt. I must admit this select committee is lacking some teeth, he’s having quite an easy ride.

12:05PM

Sterling sinks against the dollar as Carney speaks

Since Mr Carney started speaking the benchmark 10-year Gilt yield has fallen 3.2 basis points to 1.30pc. Meanwhile on the currency markets, against a basket of the leading currencies, the pound has sunk to a 0.2pc loss for the session while against the dollar sterling has slipped 0.6pc to $1.32.

Spreadex analyst Connor Campbell commented on the appearances by MPC members this morning:

“There were conflicting messages from the BoE this Tuesday. The central bank’s newest deputy governor, Sir Dave Ramsden, stated he wasn’t one of the MPC members who said they were close to raising rates last month. In contrast, policymaker Silvana Tenreyro said she would be ‘minded to vote for a bank rate increase’ if the UK’s data justified it.  

“As for head honcho Mark Carney, he dismissed a question from the Treasury Committee asking whether it would be wise to raise borrowing costs in order to give the BoE room to cut in the case of a recession, arguing that it isn’t ‘appropriate or necessary given that policy can move quite nimbly’.”

11:51AM

Carney warns against moving clearing out of London; BoE working on hard Brexit contingency plan

They move onto the subject of clearing and Mr Carney warns against moving clearing out of London, saying that fragmenting European clearing would create costs for the European real economy.

He adds that the Bank of England is working on a contingency plan for a hard exit without any transition period but believes there will be a transition deal.

11:35AM

Carney: Interest rate cut after Brexit was not unnecessary 

Mr Carney disagrees with a select committee member arguing that the interest rate cut after Brexit was unnecessary.

The pound has largely been determined by the prospects of the trade deal with the European Union. It was the markets judgement on how Brexit will affect real incomes. 

That will ruffle a few feathers.

Raising rates now to potentially support the economy later with a cut is not consistent monetary policy, he says to another question.

He also reiterates that the MPC believes that a hike in interest rates in the coming months will be appropriate.

11:27AM

Watch Mark Carney here

11:26AM

Mark Carney Treasury Committee appearance begins

Bank of England governor Mark Carney has just started his appearance at the Treasury Commitee.

He said that the Bank of England expects inflation to peak in October, admitting that it is likely that he will be writing a letter to the Chancellor explaining why inflation is so far from the 2pc target rate.

He emphasises that the effects of monetary policy takes time to feed through, adding that some factors pushing up inflation are out of the central bank’s control such as rising oil prices.

11:19AM

Attention turns to tomorrow’s wage growth reading

All eyes will turn to tomorrow’s wage growth reading, which is expected to remain flat and lag far behind inflation at 2.1pc. Back to the reaction to today’s figures.

Capital Economics’ UK economist Paul Hollingsworth believes that the Bank of England “will probably be focussed more on tomorrow’s wage growth figures for any signs that domestic cost pressures are building”.

He added:

“Nonetheless, the fact that this is the last set of inflation figures before the key MPC meeting on 2nd November, they will be a key factor in the Committee’s thinking. What’s more, September’s inflation figures are used for the uprating of some benefits.”

Kate Smith, head of pensions at Aegon, explains how today’s figures affect the Lifetime Allowance:

“This month inflation figures are uniquely important because they are used by the government to calculate the rise in the Lifetime Allowance (LTA) for the first time. The increase for the LTA in 2018/19 will be £1,030,000 based on today’s figures, and following a series of reductions it is welcome that the base-level is set to start growing again, even if on the surface the numbers aren’t large.

“Despite being small, this is a complex area, so those affected should seek financial advice to make sure their pension is protected from additional tax charges”

A quick sitrep on the pound. Sterling has nudged a little further down against the dollar to a 0.3pc loss for the session at $1.3250 while against the euro it remains 0.2pc higher at €1.1270.

10:54AM

Inflation reaction: Painful squeeze on consumers will ease next year

Inflation will exceed 3pc in October before falling back towards the 2pc target by the end of 2018, according to Pantheon Macro

Just a reminder that Mark Carney and two other Bank of England policymakers are currently appearing in a Treasury Select Committee and we’ll bring you the latest from Parliament as it comes.

Let’s have a look at what the experts made of today’s figures.

Pantheon Macro UK economist Samuel Tombs believes that inflation will slip below 2pc by 2019, meaning that the MPC will be discouraged from raising interest rates more than once in the next 12 months.

He added: 

“Inflation looks set to fall sharply in 2018, now that retailers have nearly completed sterling-related price rises.

“Domestically-generated inflation has remained muted; indeed, inflation in the services sector was just 2.7% in September, well below its 3.7% average in the decade before the recession.”

EY ITEM Club’s chief economic advisor Howard Archer believes that it would take a surprisingly weak earnings figure tomorrow and particularly poor third quarter GDP growth to stop the MPC from lifting interest rates next month.

The painful squeeze on consumers will begin to gradually ease during 2018, he added. 

10:20AM

Inflation key takeaways

  1. Inflation nudged up to 3pc in September, its highest level since April 2012. Inflation remaining far above the Bank of England’s 2pc target rate will crank up the pressure on the central bank to raise interest rates at next month’s Monetary Policy Committee meeting.
  2. The ONS said that rising prices on food and recreational goods along with transport costs were the main factors putting upward pressure on the reading.
  3. RPI remained flat at 3.9pc, an almost six-year high, meaning that business rates (which are determined by today’s figure) will rise substantially next April. This “will be the last straw” for many SMEs, said the Federation of Small Businesses.
  4. The increase in the headline figure was forecast by economists and thus the pound is unchanged following the release, remaining 0.2pc lower against the dollar this morning at $1.3260.
9:58AM

RPI reading will heap more misery on small businesses

Although the Retail Price Index reading came in flat at 3.9pc, a slightly softer figure than economists were expecting, it will heap more misery on small businesses, according to the Federation of Small Businesses.

Today’s RPI reading means that business rates bills will rise by 3.9pc next April and that increase “will be the last straw many” SMEs, its national chairman Mike Cherry said.

He added:

“Today’s RPI figure follows six months of business rates misery for our small business community. Since April’s bruising revaluation we’ve had the staircase tax, introduction of an unworkable appeals platform and chronic delays to the Chancellor’s £435 million relief package. A near four per cent bill increase next April, on top of losing year one transitional caps, will be the last straw for many.

“The Chancellor should give careful consideration to his inaugural Autumn Budget. The last thing our businesses need is new tax increases or loss of entrepreneurial reliefs.”

9:46AM

3pc inflation turns up the heat on the Bank of England; sterling largely unchanged

Mr Carney will not be dusting off the parchment and pen to write the chancellor to explain why inflation has veered so far from the Bank of England’s 2pc target rate and he has done it by the skin of his teeth.

While the rise to 3pc was expected, inflation hitting its highest point in five-and-a-half years will  turn up the heat on the Bank of England’s Monetary Policy Committee. 

The central bank’s policymakers have dropped some very strong hints in the last month or so on raising interest rates but this combined with reasonably solid economics data of late will make it very difficult for the MPC to leave the base rate unchanged in November’s meeting.

Meanwhile on the currency markets, sterling has barely budged an inch after today’s headline CPI figure came in line with economists’ forecast 

9:34AM

Inflation hits a five-and-a-half-year high

Inflation increased to 3pc in September, its highest level in five-and-a-half years. The reading was in line with economists’ forecasts but will crank up the pressure on Bank of England policymakers to raise interest rates at the next Monetary Policy Committee in November. More to follow…

9:17AM

Merlin shares plunge after terror fears hit attractions

Shares in the Legoland owner have plunged today

Shares in the owner of Madame Tussauds and Alton Towers tumbled in early trade as it revealed the impact of recent terror attacks on trading in the UK.

Merlin’s latest trading figures confirmed the hit from terrorist attacks on UK attractions in the peak summer months, which left group like-for-like revenue growth almost grinding to a halt, edging up 0.3pc in the 40 weeks to October 7.

Poor weather across the UK and Northern Europe and extreme weather in Italy and Florida were also to blame, according to Merlin. Shares plunged 19pc to 365p.

Merlin also unveiled a deal to roll out new Peppa Pig attractions worldwide. The agreement with Entertainment One – which owns the rights to the popular children’s cartoon character – is to develop new attractions and themed accommodation based on the pre-school favourite.

Read the full report here

9:15AM

Inflation preview: what the experts say

Let’s have a quick round-up of what the experts are saying ahead of today’s inflation figures.

CMC Markets analyst Michael Hewson explains how Bank of England governor Mark Carney could be put in an embarrassing spot this morning:

“If CPI rises by more than 1% above the banks 2% target Governor Carney will have the unenviable task of having to write to the Chancellor explaining why inflation is above target, and what the Bank intends to do about it.  

“He can’t very well say, well Phil it turns out that rate cut last year wasn’t such a good idea, but don’t worry we’ve got it in hand and we’re going to put rates back to where they were beforehand.”   

It could be a busy day for Mr Carney will all this letter writing and select committees. Although I imagine he’s had that inflation letter saved in his drafts for some time now.

 Spreadex analyst Connor Campbell provided this preview:

“That’s because investors are eagerly awaiting September’s inflation reading, which is set to see the consumer price index finally hit a 5 year high of 3.0%. Such a reading would put even more pressure on the Bank of England to raise rates, though that hawkish urge may be tempered by the continued fall in real wages (set to be confirmed tomorrow) and a sharp month-on-month drop in retail sales (coming on Thursday).  

“For now, however, the pound is focused on inflation. Cable is up 0.1%, though admittedly half a cent away from the $1.33 levels it was tickling on Monday morning, while against the euro sterling has climbed 0.3%.”

8:54AM

Inflation expected to rise to a five-and-a-half-year high

Some have taken Bank of England policymakers’ sudden hawkish turn on interest rates with suspicion but today’s inflation figures are expected to bolster the consensus view that the Monetary Policy Committee will pull the trigger on interest rates next month.

The headline CPI figure is expected to rise to its highest level in five-and-a-half years and make an increase in the central bank’s base rate almost a done deal.

With no inflation report being released in conjunction with the headline CPI figure, there will be no press conference following the release but Mark Carney will be appearing in front of the Treasury Select Committee later today, who I’m sure won’t skirt around the issue.

Today will also be the best opportunity yet to size up the newest members of the MPC,  Silvana Tenreyro and Sir David Ramsden, who will be appearing alongside Mr Carney.

8:25AM

Agenda: Inflation figures dominate markets’ focus; Merlin plunges 20pc on flat revenue growth

It could be a rollercoaster day for Merlin Entertainment shares

UK inflation figures steal the limelight this morning with the headline CPI reading expected to nudge up to 3pc and confirm that the squeeze on UK households has become a little tighter.

If inflation pushes any higher, Bank of England governor Mark Carney will be put in the embarrassing predicament of having to write a letter to chancellor Philip Hammond explaining why the headline reading has strayed so far from the central bank’s 2pc target rate.

Combined with tomorrow’s wage growth reading, today’s figure is expected to crank up the pressure on the BoE’s Monetary Policy Committee to reverse last year’s emergency interest rate cut and push up the base rate to 0.5pc in November’s meeting.

Ahead of the figures, the pound is having a mixed morning on the currency markets, dipping 0.2pc to $1.3265 against the dollar and nudging up 0.2pc to €1.1271 against the euro.

On the retreating FTSE 100, theme park operator Merlin Entertainments has nosedived 20pc after enduring a “difficult” summer of trading. The Thorpe Park owner blamed terrorism and bad weather and admitted that revenue growth for 2017 is now expected to be “approximately flat”.

At the other end, publisher Pearson, which has suffered from a string of profit warnings of late, has popped 7pc after reporting that full-year operating profit will be in the upper end of estimates.

Interim results: B.P. Marsh & Partners

Full-year results: Utilitywise, Bioventix, Orchard Funding, Bellway, ASOS, DotDigital Group, Genedrive

Trading statement: SEGRO, Moneysupermarket.com, Merlin Entertainments, Pearson, Mediclinic International, Virgin Money, Evraz, BHP Billiton

AGM: Frontier Developments

Economics: PPI m/m (UK), RPI y/y (UK), CPI y/y (UK), HPI y/y (UK), Import Prices m/m (US) Industrial Production m/m (US), NAHB Housing Market Index (US), ZEW Economic Sentiment (EU), Final CPI y/y (EU)