Business Live: Friday morning briefing

Key points

  • Nationwide Building Society reported a profit of £270m in the six months to September.
  • Markets rose after Janet Yellen defended the US central bank in a confirmation hearing before Congress.

Live text

Reporting:

  • Anthony Reuben 
  • Pia Gadkari 

Last updated 15 November 2013

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Pia Gadkari, Business reporter, BBC News

Good morning and welcome. We'll be bringing you the day's business headlines, as well as company results, economic data and the best of the BBC's business stories as they happen. You can get in touch by emailing bizlivepage@bbc.co.uk or tweeting @BBCBusiness.

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Anthony Reuben, Business reporter, BBC News

Good morning. We're here until 10:00 so stay with us and do get in touch.

STANDARD 0609 ASDA PRICE WAR

Asda sign

There's much discussion on the breakfast programmes today of Asda's announcement yesterday of a £1bn programme of price cuts. Retail analyst Richard Perks from Mintel told Radio 5 live Asda was too obsessed with prices: "If you're the cheapest you've probably already attracted all the customers you're going to and you won't necessarily attract more customers by being cheaper."

STANDARD 0616 BARCLAYS JOB CUTS

Also, last night Barclays said it was planning to cut about 1,700 "frontline" jobs: those working at cashier desks, private bankers, branch managers and assistant managers. In a conference call with all of its 1,577 branches, Barclays said the way people bank was changing and they preferred to use their smartphone or computers for everyday banking, using the branch only when they needed more expertise.

STANDARD 0623 IRISH BAILOUT

This morning's Times goes with the news that Ireland plans to break free from its bail-out deal next month "without the safety net of a back-up programme". The country will return to borrowing normally from financial markets on 15 December, three years after it had to take out 67.5bn euros ($90.8bn; £56.5bn) in emergency loans from the EU and IMF.

STANDARD 0625 SAINSBURY'S SLIP

The Daily Mirror carries the story that Sainsbury's Christmas advert accidentally featured three Co-op own-brand products. Apparently a Sainsbury's customer called Jonathan Proud was showing his spreadsheet for producing Christmas dinner, while in the background in his kitchen could be seen Co-operative's Truly Irresistible lemon torte, Christmas pudding and Christmas cake. Oops.

STANDARD 0626 EXPORT MORE

Radio 4
Containers waiting for export

With Business Secretary Vince Cable in Russia touting British exports, the Today programme has spoken to Russell Jones, regional director for UK Trade and Industry, who says Britain must export more. They've launched a campaign called Export Is Great in the hope small business will... export more.

STANDARD 0629 BHS FOOD

The Independent is one of the papers that runs the news that Sir Philip Green's BHS is to open convenience food outlets in 150 of its stores. Sir Philip has clearly spotted where Marks & Spencer's growth is coming from.

STANDARD 0634 LONDON SKYSCRAPER

Last night we saw plans for London's next big skyscraper - to be built in Canary Wharf. This time, the building is planned to be residential-only, which gives you an idea of just how frothy London's housing market is getting. But it's not just us saying that - the news prompted estate agent Savills to say projects like this would lead to an over-supply of expensive properties.