Business Live: Barclays profits fall

Live text

Reporting:

  • Ben Morris 

Last updated 10 February 2014

STANDARD 06:02

Ben Morris, Business Reporter

Good morning. Energy Secretary, Ed Davey is taking aim at energy companies, saying that some are making excess profits. Barclays will also be under discussion after data went missing. Email us at bizlivepage@bbc.co.uk and tweet @bbcbusiness.

STANDARD 06:02 ENERGY FIRMS' PROFITS

Gas rings

Energy Secretary Ed Davey has written to the energy market regulator questioning the profit margin energy firms are making when supplying gas. He singles out British Gas which has 41% of the market and has a profit margin of 11%. British Gas said the data had already been fully disclosed and that it would participate in further discussions.

STANDARD 06:04 SWISS IMMIGRATION

BBC World News

Swiss voters have backed a referendum proposal to bring back quotas for immigration from European Union countries. Christian Schulz, an economist at Berenberg Bank in London, told BBC World that the move is "bad news for the economy" and that it will make the country "less competitive". The European Commission said the vote "goes against the principle of free movement" between the EU and Switzerland.

STANDARD 06:06 ENERGY FIRMS' PROFITS

Radio 5 live

Wake up to Money discusses that complaint by the Energy Secretary over energy firms. David Cox, director of London Energy Consulting makes the point that "profits can vary quite a lot from year to year". He says it really depends on how much they pay for wholesale gas, which is quite difficult to work out as they use complicated long-term contracts. David also points out that energy regulator Ofgem is not there to set profit margins.

STANDARD 06:21 ENERGY FIRMS' PROFITS

Radio 5 live

On 5 live BBC correspondent John Moylan says the timing of Ed Davey's complaint about energy firms is "extraordinary". Authorities are currently reviewing the energy market and the result of that review is due at the end of March. John says the Energy Secretary clearly feels strongly about the situation, so is adding pressure by making his complaint now.

STANDARD 06:31 BARCLAYS DATA THEFT

Radio 4

The possible theft and sale of Barclays customers' personal data is discussed on the Today programme. Chris Wheeler, a banking analyst from Medio Banca, tells Simon Jack that it is "highly unlikely" the information, collected from 2008 and earlier, was sold to reputable firms. David Cummings, head of UK Equities at Standard Life Investments, says Barclays would "probably get fined as a result".

STANDARD 06:36 BANK REGULATION

Daniele Nouy

"Let weak banks fail says new regulator". That's the lead story on this morning's Financial Times. Daniele Nouy, head of the euro area's new banking oversight body says "some banks have no future", according to the FT's report. She also says that banks should not consider government debt as "risk-free".

STANDARD 06:36 COMING UP

It looks like the profits of energy firms are going to be a big talking point this morning and Energy Secretary Ed Davey will be on the Today Programme a little after 07:00 and on 5 live just before 08:00.

STANDARD 06:43 SCOTTISH INDEPENDENCE

Radio 4

Investments in Scotland are under threat because of uncertainty over whether the country will vote for independence. So says James Cluney from Jupiter Asset Management on the Today Programme. He says the possibility of a split is affecting how investors are looking at Scotland, with some projects already being deferred until after the vote.

STANDARD 06:57 ILLEGAL PAY TV

A BBC investigation has exposed criminal gangs installing and selling cut-price pay TV services at a fraction of their legitimate cost. The BBC's Guy Lynn says gang members knew it was illegal and boasted that there was no chance of getting caught.