Hollingsworth Daily Post

• The gap between China's imports and exports narrowed in September, official data has shown.But analysts say the decline is unlikely to ease the pressure on Beijing to strengthen its currency.The US has been among its strongest critics, claiming China deliberately undervalues the yuan, boosting China's exports by making them cheap.
• JP Morgan has reported a 23% rise in profit in the third quarter, as the bank was able to set aside less money to cover loan losses.The company reported a net profit of $4.4bn (£2.8bn), compared with a profit of $3.6bn a year ago.The bank set aside $1.55bn for retail credit losses during the quarter, less than half the $3.99bn it set aside during the third quarter of 2009.
• Standard Chartered has announced plans to bolster its balance sheet, issuing £3.3bn of shares in the banking group.The move follows global rules agreed last month on how much capital banks should hold in reserve.The new regulations, called Basel III, were designed to prevent another financial crisis.Standard said it saw many opportunities for growth across Asia, Africa and the Middle East but that these would be limited unless more money was raised.
• The number of people unemployed in the UK fell by 20,000 to 2.45 million in the three months to August.This meant the overall UK unemployment rate fell to 7.7% from 7.8% the Office for National Statistics (ONS) said.However, the figures also showed the claimant count - those out of work and receiving unemployment benefit - rose by 5,300 in September to 1.47 million.
• Tom Hicks and George Gillett have failed in their High Court attempt to wrest back control of Liverpool.The unpopular American co-owners had tried to oust the boardroom rivals that had sanctioned the sale of the club to New England Sports Ventures (NESV).But Mr Justice Floyd ruled they did not have the power to do so.The decision means the sale to NESV can proceed, although club chairman Martin Broughton hinted rival bids may now be considered at a meeting on Wednesday."I am absolutely elated, it's a very important day for our club," said Broughton as he left the Royal Courts of Justice in London."This will clear the way for the sale, we will have a board meeting this evening and proceed with the sale.
• French strikers are disrupting services for a second day running, as they seek to build pressure on the government over its pension reform plans.Tuesday saw the biggest strikes and demonstrations so far in the campaign, and several unions say they will continue their stoppages indefinitely.Rail services are still restricted, causing congestion and delays.And strikers forced the closure of all six of the Total oil group's refineries in France, threatening fuel shortages.
• Lloyds Banking Group is to cut about 4,500 jobs in its IT operations.It said 1,600 would be roles held by permanent staff with a further 1,150 working on temporary contracts. The other 1,750 jobs are held overseas.The bank said the cuts, to happen by 2012, were part of its integration of IT operations between Lloyds and HBOS.

BBC Business News 13th October 2010