Rolling business and financial news, as Italian industrial output suffers another decline (details start here)Earlier: Bank of England governor: authorities must work closer together to tackle poor behaviour. 10.18am GMT Greece has fallen deeper into deflation, according to the latest consumer prices data just released.CPI fell by an alarming 1.7% year-on-year in October, from just minus 0.8% in September. Thats the biggest drop this year.Greek October HICP *inflation* -1.8% YoY.Ugly numbers out of Greece. 10.05am GMT Just getting some Greek industrial production data on the wires, suggesting the countrys downturn continued....Industrial output was 5.1% lower than a year ago in September, following a 5.9% annual slide in August.Greek Sept Industrial Production comes in at -5.1% y/y from -5.9% in Aug#Greece | SEPT INDUSTRIAL PRODUCTION Y/Y: -5.1% V -3.8%E pic.twitter.com/15kELoAV0p 10.01am GMT Do not be fooled: by withdrawing from Europe we do not somehow become more open to trade elsewhere; " CBI President Mike Rake 9.58am GMT Back in London, Sir Mike Rake is kicking off the CBI conference with a speech outlining the business lobby groups case for Britain staying in the EU.There are tough decisions ahead for the next government if it is to balance the books. We cannot afford to make matters worse for ourselves... Underpinning many of the major political debates of our time is thus fundamental question about Britains role in the world in the face of globalisation and increased competition. 9.55am GMT Italy's Industrial Production in SEP dropped like a stone to -2.9% y/y #EuropeSlowing 9.49am GMT Maxime Sbaihi, Eurozone economist at Bloomberg, also reckons that the decline in Italian industrial output will drag down its economy.Italy is already on the brink of recession, after seeing its GDP decline by 0.2% in the second quarter of the year (Q1 was flat)Italian Industrial production goes diving in September. Sector's Q3 contraction will weigh on GDP over that period. pic.twitter.com/DA0iQ7LiWL 9.41am GMT Italy Industrial Production fell 1.1% Q/Q in Q3 - doesn't look good for GDP. 9.30am GMT Fears over Italys weak economy have just deepened, with the news that manufacturing output has fallen again.Statistics body ISTAT reports that Italian industrial production shrank by 0.9% month-on-month in September. Economists had expected a 0.2% decline.Italy's industrial output down 0.9% m/m in Sep (RT poll: -0.2%, +0.2% in Aug) IP down 1.1% in Q3 (-0.5% in Q2), steepest drop since Q4 2012Further grim news from Italy. Industrial output in September dropped 0.9% - a bigger than expected drop. Leaving recession may take longer. 9.16am GMT 9.15am GMT Ouch. In the City, shares in outsourcing firm Serco have tumbled by around 30% after it hit shareholders with a profits warning, and a big cash call.Serco is proposing to raise £550m through a rights issue after cutting its earnings forecast again.The rapid progress we have made in recent weeks on the Strategy Review and the Contract & Balance Sheet Reviews has brought us to the point that we are able to provide an initial estimate of the impairments, write-downs and Onerous Contract Provisions that are likely to be required at year end. Whilst it is a bitter pill, it is better for all concerned that we swallow it now and establish a really solid foundation on which to build Sercos future.Rupert Soames-isms in Serco's update: "like the French phrase "reculer pour mieux sauter"; we need a step back to leap forward"Even when he speaks French, Soames' corporate lingo is more like speaking understandable English than most corporate dullards 9.02am GMT Europes stock markets are have risen a little in early trading. No major dramas - Danish brewer Carlsberg are up 3% in Copenhagen, after posting higher sales despite the impact of Russian sanctions. 8.49am GMT Britains CBI set the scene for todays annual conference by backing two new policies to help working families:My colleague Angela Monaghan explains:The CBI is calling for a gradual increase in the threshold at which employees pay national insurance to £10,500 bringing it line with the income tax personal allowance over the next parliament.It calculates that for a family with two earners, it would mean an extra £363 a year in take-home pay. I think that would make a difference, Cridland said. 8.45am GMT The FSB has also predicted that these new capital rules for the worlds most powerful banks could push up their cost of doing business. That could make them less competitive, or able to pay smaller salaries. An incentive to not become a globally systemic bank....What the FSB thinks ending Too Big To Fail will mean pic.twitter.com/3lLu9puyIc 8.35am GMT Mark Carney has also declared this morning that regulators have reached a watershed moment in squashing the too big to fail problem.The Financial Stability Board has agreed new standards for globally systemic banks, which should force them to hold enough capital to absorb losses without threatening financial stability.Once implemented, these agreements will play important roles in enabling globally systemic banks to be resolved without recourse to public subsidy and without disruption to the wider financial system.Mark Carney hails new deal for too big to fail banks http://t.co/rMmaDtXgBm 8.23am GMT Mark Carney, governor of the Bank of England, has issued a plea for the worlds central banks and regulators to work more closely to tackle financial misconduct.Speaking in Basel a few moments ago, Carney warned that authorities need closer co-operation to tackle bad behaviour.We need the fixes to bank conduct but we also need to ensure that, to the maximum extent possible, there is coordination across authorities, both in terms of identifying, investigating and punishing misconduct, We are undertaking a series of reforms that change the way markets work which reduce the opportunity of misconduct, but thats not the same as having the right culture codes in order to perceive it. This has risen to the level of financial stability and we need a comprehensive approach to address it. 8.22am GMT Good morning, and welcome to our rolling coverage of the financial markets, the world economy, business and the eurozone.Looks like a quiet start to the week, as the markets digest what last Fridays unspectacular US jobs report means for the economy.#Eurozone economy today: 10:00 Italian industrial production for SeptemberTune in & watch @CBITweets flagship Annual Conference #CBI2014 via the live webcast on Monday 10 Nov at 9.15am http://t.co/FR771FzA3h Continue reading...
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