Business Live: G4S in £170m loss plus headlines

Live text

Reporting:

  • Joe Miller 
  • Edwin Lane 

Last updated 12 March 2014

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Joe Miller, Business Reporter

Good morning and happy birthday. To the world wide web, that is, which celebrates its 25th birthday today. In March 1989, British computer scientist Tim Berners-Lee submitted a proposal for an information management system to his boss, and a quarter of a century later, here we are. Should you wish to get in touch, you can use this medium to contact us on bizlivepage@bbc.co.uk or on Twitter @BBCBusiness.

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Edwin Lane, Business reporter, BBC News

Good morning all. Co-op's board will be waking up with a headache this morning - they've got to find a new boss to replace Euan Sutherland. We'll have plenty on that and the rest of the business headlines until 13:00.

STANDARD 06:03 CO-OP

Radio 5 live

Ed Mayo, secretary general of Co-operatives UK, a trade body, tells Wake Up to Money that chief executive Euan Sutherland's departure was "painful and visible", but says the brand can recover. "Every time it's faced a crisis it's come through as more agile and more dynamic, and I'm confident it can do that again."

STANDARD 06:10 CO-OP

Radio 5 live

Ed Mayo says the Co-op should not be like other companies. "People don't want the Co-op to be just another PLC, they want it to offer something different in the marketplace."

STANDARD 06:17 PAYDAY LOANS

Regulators are launching an inquiry into the way payday lenders treat customers who are struggling to pay back their loans. "These are often the people that struggle to make ends meet day to day, so we would expect them to be treated with sensitivity, yet some of the practices we have seen don't do this," said Martin Wheatley, head of the Financial Conduct Authority (FCA).

STANDARD 06:21 SQUEEZED MIDDLE

"Millions more pay 40p tax" is the headline on the front page of The Times today. The paper says that raising the tax-free personal allowance, a signature coalition policy, has meant more money is gathered from struggling middle-income families. It estimates 400,000 earners will be added to the 40p tax bracket next year.

STANDARD 06:26 CARNEY

Radio 4

Steven Bell, chief economist with F&C Asset Management is talking about Mark Carney's performance at the Treasury Select Committee yesterday. He tells Today the forex scandal is "going to run and run" and that as a result, "an ugly whiff... will attach itself to the Bank of England". He also thinks interest rates will rise within the next year.

STANDARD 06:35 BIRTHDAY.COM

Radio 5 live

On the world wide web's 25th birthday, Wake Up to Money speaks to Peter Dawe, founder of Pipex, the UK's first internet service provider. "At the time we didn't see the web making that much difference," he admits. "Companies who put up websites were doing so in hope rather than expectation."

STANDARD 06:43 G4S

BBC World News
G4S

We're expecting full-year results from troubled UK security contractor G4S shortly. The BBC's Jeremy Howe says the business is likely to be hit by an overcharging scandal in the UK that means its banned from bidding for government contracts with $1.5bn a year, as well as the shambles of its 2012 Olympics operation, when the army has to step in to man security.

STANDARD 06:49 SOROS ON EUROPE

Radio 4
Soros

Investor George Soros, the man who "broke the Bank of England" by aggressively selling the pound in the 90s, is at least partly responsible for Britain not joining the euro, and he thinks time has proven him right. Talking to the BBC's Evan Davis, he says the recent financial crisis has exposed flaws in the eurozone. It has become a "relationship between debtors and creditors... where the debtors are dependent on the mercy of the creditors," he says, rather than an equal relationship between sovereign nations.