Business Live: UK 'fracking boost'

Live text

Reporting:

  • Pia Gadkari 
  • Anthony Reuben 

Last updated 13 January 2014

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Pia Gadkari, Business reporter, BBC News

Good morning and welcome. The story this morning is about fracking, with a weekend offer from David Cameron to let councils keep the business rates in generates. We're also expecting an announcement from French oil company Total about a UK fracking investment. Stay with us until 13:00.

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Anthony Reuben, Business reporter, BBC News

Good morning. Welcome to another week of the Business Live page. Stay with us until lunchtime and do get in touch via bizlivepage@bbc.co.uk or you can tweet @bbcbusiness.

STANDARD 0607 FRACKING SUPPORT

Fracking rig

Prime Minister David Cameron has announced that councils that back "fracking" will get to keep more money in tax revenue as part of an "all-out" drive to promote drilling. Mr Cameron said English local authorities would receive all the business rates collected from shale gas schemes - rather than the usual 50%.

STANDARD 0612 CURRENCY INVESTIGATION

Bloomberg reports that the US central bank is among the regulators investigating whether major international banks have been manipulating currency exchange rates. US and Swiss authorities, as well as the US Justice Department are already involved. Bloomberg says at least 12 banks have been contacted as part of the investigation, and 12 people have been suspended or put on leave.

STANDARD 0619 HAMPER NEWS

Radio 5 live
Fortnum's chief executive Ewan Venters

Posh retailer Fortnum & Mason says it's sold more Christmas hampers than at any point in its 300 year history. That's good news for the wicker industry. Fortnum's chief executive Ewan Venters says: "The wicker business for years has been produced in China but we've sought out a number of English wicker suppliers down in the south-west who are producing more and more English wicker baskets."

STANDARD 0629 MORRISONS

Radio 4
Morrisons shopping carts

Supermarket chain Morrisons is reportedly poised to sell some of its stores and lease them back, days after revealing sales were down 5.6% over Christmas. "Selling some freehold property doesn't really address the issue," says David Cummings of Standard Life. "The problem is that Morrisons and Tesco have not yet had the courage to stand up and fight against the discounters."

STANDARD 0633 SAINSBURY'S

Radio 5 live
Justin King

Sainsbury's boss Justin King was on On the Money on Radio 5 live yesterday evening. "On Wednesday this week... the number of [Sainsbury's] convenience stores will pass the number of supermarkets," he said. He also said that he was not interested in running Marks & Spencer.

STANDARD 0636 NIKKEI CLOSED

Young women at a Japanese temple for Coming of Age day

There's a market holiday in Japan today, because the nation is marking Coming of Age day. In this picture, young women have arrived at the Meiji shrine in Tokyo, in traditional kimonos, for a purifying ceremony. Young people turning 20 are officially recognised as adults in Japan.

STANDARD 0645 FRACKING SUPPORT

Radio 4
Nick Butler

Total is expected to announce that it will participate in a fracking project in the UK. Nick Butler, head of Cambridge Centre for Energy Studies, says: "What they want to do, which they're not allowed to do in France, is demonstrate that they can handle the technology and they can handle the public difficulties."

TWEET FORTNUM & MASONS Via Twitter

Adam Parsons, Business Correspondent

tweets: "Boss of Fortnum and Mason tells @bbc5live they're planning to open more stores (here and abroad) using template of F&M at St Pancras"