Business headlines

LABOUR WOULD EXTEND CHILD BENEFIT CAP
Labour plans to retain for a further year a coalition policy limiting the annual increase in child benefit to 1%, Ed Balls will tell his party's conference.

EE IN TALKS TO BUY PHONES 4U STORES
The mobile operator EE is in talks to take over up to 60 stores from the failed retailer Phones 4U.

SIEMENS ACQUIRES US FIRM FOR $7.6BN
Siemens of Germany makes a $7.6bn acquisition of US firm Dresser-Rand to help boost its oil and gas business in North America.

FATE OF AIR FRANCE 'AT STAKE' IN ROW
The fate of Air France is "at stake" in a dispute between Air France and its pilots, according to France's Transport Minister.

GM RECALLS CARS OVER BRAKE DEFECT
American car giant General Motors recalls more than 220,000 vehicles, mainly in the US and Canada, due to a brake defect.

US CALLS FOR EU TO 'BOOST' ECONOMY
The US Treasury Secretary urges eurozone countries to "boost demand" in order to reduce unemployment and avoid deflation.

ALIBABA SHARES SURGE ON NY DEBUT
Alibaba's shares closed significantly above their initial price on the New York Stock Exchange on Friday, a sign of the excitement surrounding the Chinese internet giant.

VODAFONE SAVES PHONES 4U STORE JOBS
Restructuring at the Phones 4U head office is resulting in 628 redundancies, but 887 jobs in stores will be preserved.

ASIA MARKET REPORT
Asian markets are lower ahead of Chinese manufacturing data, Softbank shares slide in Tokyo post-Alibaba listing.

PRADA PROFIT HIT BY FALL IN SALES
The Italian fashion house Prada reports a 20% fall in profit, hit by the strength of the euro and a fall in leather good sales.