Business Live: Blockbuster stores close plus headlines

Key points

  • All remaining Blockbuster stores to close
  • Lord Myners to head review of Co-op Group
  • More fines for Lloyds and RBS

Live text

Reporting:

  • Edwin Lane 
  • Anthony Reuben 

STANDARD 0600

Anthony Reuben, Business reporter, BBC News

Good morning. It looks like it's fine-the-banks week, so we'll be keeping an eye on the regulators this morning, as well as all the other business news. Stay with us until lunchtime and do get in touch.

STANDARD 0600

Edwin Lane, Business reporter, BBC News

Morning everyone. Fines for banks, problems paying rent, the future of carmaking in Australia - all that and more to be discussed between now and 13:00 GMT. email us on bizlivepage@bbc.co.uk or on Twitter @BBCBusiness.

STANDARD 0603 RBS FINED

We start with Royal Bank of Scotland, which has been fined $100m (£61m) by US regulators for violating US sanctions against Iran, Sudan, Burma, and Cuba. The settlement follows from a 2010 internal investigation by RBS into its historical US dollar payment processes and controls. The violations took place between 2005 and 2009, the US Treasury said.

STANDARD 0604 TOYOTA AUSTRALIA

BBC World News

The BBC's Puneet Singh in Singapore tells World Business Report that the Australian government has good reason to be concerned about the future of Toyota in Australia. 85% of cars sold in Australia are foreign-made, he says, meaning domestic makers are fighting for a small share of the market, which is not enough for sustainable growth in the long term.

STANDARD 0610 RENT

Not paying rent on time is becoming the fastest-growing debt problem in the UK, according to one charity. The Money Advice Trust says it got nearly 20,000 calls from people in rent arrears in the first nine months of this year.

STANDARD 0611 TRANSACTION TAX

BBC World News

Details of a tax on financial transactions are being thrashed out by 11 European countries today, including Germany, France and Spain. Oliver Burrows, a banking analyst from Rabobank, tells World Business Report that it's "fairly unlikely" to be in place before the end of the year, but that there are doubts about its legality under European law.

STANDARD 0616 FLIGHT DISRUPTION

BBC Breakfast
Screen grab from Breakfast

Breakfast's Nick Beake is looking pretty cold in the fog at Heathrow this morning. Forty flights are expected to be cancelled there in the next few hours, following the cancellation of 280 flights yesterday. If you're about to set off for the airport it might be worth contacting your airline first.

TWEET FAT PIGS Via Twitter

Simon Jack, Business correspondent, BBC News

tweets: Fattest american pigs on record. Big fall in corn prices mean hog weights have risen to record - and pork output in 2014 will soar.

STANDARD 0623 PUNCH TAVERNS

Man drinking beer

Punch Taverns has responded to the allegations made against it in Parliament by Greg Mulholland MP yesterday. He accused the pub chain of "market manipulation". Andy Slee from Punch Taverns said: "This is the latest in a series of wild accusations from an MP who is intent doing damage to an industry that is on the road to recovery. There is no truth to what Mr Mulholland says."

STANDARD 0630 BANK FINES

Radio 4

The Lloyds fine yesterday is more significant than the RBS one, Hugo Dixon from Reuters suggests. He says the idea of incentivising sales staff is a bigger concern in banking than in industries like retail because the sums of money are greater, and customers typically know less about the products they are buying.