Business Live: Fed cuts stimulus plus headlines

Live text

Reporting:

  • Edwin Lane 
  • Ben Morris 

Last updated 30 January 2014

STANDARD 06:13

Ben Morris, Business Reporter

The Business Live page is a little late this morning due to a technology upgrade. So we've got some catching up to do. Stay with us.

STANDARD 06:13

Edwin Lane, Business reporter, BBC News

Good morning all. The US Federal Reserve is continuing to taper its bond-buying scheme. We'll be keeping an eye on all the reaction, especially from the emerging markets. Get in touch with us on bizlivepage@bbc.co.uk or @BBCBusiness on Twitter.

STANDARD 06:19 US FED TAPERING

Exterior of US federal reserve

The US Federal Reserve cut back on its monthly bond-buying programme again yesterday, as part of a gradual "tapering" of stimulus measures. It is now going to spend $65bn (£39bn) a month to help pump liquidity into the markets. The move was expected but shares still fell in response.

STANDARD 06:22 MOBILE DEAL

Lenovo logo

An intriguing deal in the mobile phone business - Google has sold Motorola Mobility to Chinese computer maker Lenovo for $2.9bn (£1.8bn). It's a move that surprised analysts as Google bought the business less than two years ago for $12.5bn. It's thought Lenovo plans to build up its smartphone unit to help offset its slowing personal computer business.

STANDARD 06:28 EMERGING MARKETS

Radio 5 live

Jim O'Neill, former chief economist at Goldman Sachs, discusses the fallout for emerging markets from the Fed tapering on 5 live. He says most of the real crisis spots are small economies and are, from a global perspective, not a big concern. Turkey is the exception and much more important than Ukraine or Argentina, he says.

STANDARD 06:31 US FED TAPERING

Radio 4

Fed chief Ben Bernanke chaired his last rate-setting meeting this week. Today programme markets guest Ian Stealy says he probably needs a rest after presiding over an extraordinarily difficult time in the world economy. "Some of his actions have prevented a recession turning into a depression," he said.

STANDARD 06:35 DEVON MINING

Radio 5 live

By mid-2015 Devon should have the world's biggest tungsten mine outside China. Russell Clark from Wolf Minerals discusses the project on 5 live. He is confident that the demand for tungsten will rise. They plan to shift 7-10 million tonnes of dirt a year which should yield 3,500 tonnes of tungsten concentrate. Top fact: Did you know that the balls of ballpoint pens are made from tungsten?

STANDARD 06:39 EMERGING MARKETS

Radio 4

On Today Simon Jack has been speaking to Nobel prize-winning economist Kenneth Rogoff about the current turmoil in emerging markets. He says they are being hit by uncertainty around the slowdown in China, the tapering of US stimulus measures, and the need to change domestic policies. "It's been pretty merciless in hitting pretty much everyone," he says.

STANDARD 06:44 FACEBOOK RESULTS

Facebook

Some pretty sensational results from Facebook last night - profits of $523m (£316m) and a 63% increase in revenue for the fourth quarter, higher than expectations. Shares soared more than 10% in after-hours trading on the news, and the company is now worth $135bn on paper.

STANDARD 06:48 FACEBOOK

BBC World News

Jed Hallem from media strategist Mindshare tells World Business Report that Facebook is starting to bring in serious money through advertising, particularly on mobile devices. "Brands and advertisers have become more used to advertising on Facebook, and people have become used to the ads on Facebook too," he says.