Pound rises on hopes Brexit deal can be reached after Brexit deal talks intensify - as it happened

Follow live updates as markets rise on hopes of progress over Brexit and trade war

Related video: EU says ball is still in the UK's court on getting Brexit deal done (AFP via Getty Images)

Renewed hopes that the government can reach a Brexit deal sent the pound soaring on Friday, adding to strong gains on Thursday.

The pound broke past $1.26 after EU Council president Donald Tusk said he had heard "optimistic messages" that a Brexit deal can be struck.

Markets rose across Europe are up this morning as Donald Trump prepares to meet Chinese officials for trade talks. The US president said that negotiations were going "very well".

Key Points

• Pound rises as Tusk talks of 'optimistic messages' on Brexit
• Renault ousts chief executive
• Oil price spikes after Iran tanker rocket attack
• Jet2 owner benefits from Thomas Cook's demise
  
   

[11 October 2019 15:44 · ben.chapman]

Donald Trump is adopting an unfamiliar, friendly tone on trade talks with China today.

And he also likes the fact that he will get to sign the trade deal into force by himself without anything annoying like democratic processes getting in his way:

[11 October 2019 15:47 · ben.chapman]

Google pulls Hong Kong protest game from app store

Google has removed a Hong Kong protest role-playing game from its app store, claiming that it violated its policies.

The technology giant denied that the Revolution Of Our Times app was taken down due to a request from the Chinese government, but instead because it broke a rule relating to cashing in on conflicts.

A spokesperson said Google has a "long-standing policy prohibiting developers from capitalising on sensitive events, such as attempting to make money from serious ongoing conflicts or tragedies through a game".

Google's blacklisting of the game came amid Apple's decision to remove an app used by Hong Kong protesters to avoid locations with a heavy police presence.

[11 October 2019 15:50 · ben.chapman]

Huge global carbon tax hike needed in next 10 years to head off climate disaster, says IMF

A global agreement to make fossil fuel burning more expensive is urgent and the most efficient way of fighting climate change, an International Monetary Fund (IMF) study found on Thursday.

The group found that a global tax of $75 (£59) per ton by the year 2030 could limit the planet's warming to 2C, or roughly double what it is now.

That would greatly increase the price of fossil fuel-based energy - especially from the burning of coal - but the economic disruption could be offset by routeing the money raised straight back to citizens.

“If you compare the average level of the carbon tax today, which is $2 (£1.60) [a ton], to where we need to be, it's a quantum leap,” said Paolo Mauro, deputy director of the fiscal affairs department at the IMF.

The IMF report comes out as financial institutions increasingly grapple with the risks associated with climate change, including damage from sea level rise, extreme weather events and billions in fossil fuel reserves that might be in excess of what can be burned while also limiting warming. The Federal Reserve, for example, is taking a closer look at how climate change may pose a risk to economic stability.

[11 October 2019 16:07 · ben.chapman]

HMV opens its biggest store eight months after rescue deal

HMV has opened a new megastore, described as the largest music and entertainment retail space in Europe, making a multimillion-pound investment eight months after the firm was bought out of administration.

The HMV Vault, which measures 25,000sq ft, opened on Friday in Birmingham. The store stocks more than 100,000 LPs and CDs, and it is the first retailer to offer every film available in 4K UHD, which amounts to 20,000 Blu-ray and more than 40,000 DVD titles.

The Vault, located close to the city centre, also features a performance space designed for concerts by international and local musicians. Liam Payne will perform at the store’s launch on Friday, followed by James Arthur on Saturday. The Murder Capital and local bands will play over the opening weekend.

“I am a firm believer in the potential for British high street retail,” said Doug Putman, owner of HMV.

[11 October 2019 16:30 · ben.chapman]

Wrightbus, maker of ‘Boris Bus’, close to rescue deal

Wrightbus, best-known for building the ‘Boris Bus’, is close to being rescued out of administration after a sale has been agreed “in principle”.

The Northern Irish firm made the New Routemaster buses, introduced in London in 2012 by then-mayor Boris Johnson. His successor Sadiq Khan cancelled further orders of the buses four years later. Wrightbus collapsed last month, with the loss of around 1,200 jobs.

On Friday Jo Bamford, executive chairman of Ryse Hydrogen, announced he will buy the company.

“This morning I have agreed terms on a deal in principle with the Wright family for the Wrightbus factory and land. We are still to conclude a deal with the administrators but are pleased to report this important step in the right direction,” he said.