Business Live: Tuesday 8 April 2014

Live text

Reporting:

  • Joe Miller 
  • Rebecca Marston 

Last updated 8 April 2014

STANDARD 06:01

Rebecca Marston, Business reporter, BBC News

Good Morning. The British Chambers of Commerce kick things off for us today with a glowing report on the health of both the UK services and manufacturing sectors. More on that and everything else we can get our hands on throughout the morning.

STANDARD 06:01

Joe Miller, Business Reporter

Morning from me, too. Stay with us and get in touch @bbcbusiness or bizlive@bbc.co.uk.

STANDARD 06:07 MARKETS UPDATE

Another slide for Tokyo stocks overnight. They're still worried about the prospect a tech bubble has formed. Tokyo's Nikkei stocks are down 1.13% to 14,641.61.

STANDARD 06:14 SAMSUNG SLUMP

BBC World News
Lucy

Samsung has forecast yet another drop in profits. The company's share price is nearly 12% off the record high hit in January last year. Lucy Williamson, the BBC's Seoul correspondent, tells World Business Report slowing smartphone growth is partly to blame, largely due to cheap Chinese rivals. "It is competing at the lower end of the market... and there is saturation at the higher end of the market".

STANDARD 06:19 TECH SELL-OFF

The US results season kicks off today with metals giant Alcoa reporting its first quarter earnings - but stock markets are nervous. On Friday, Google and Netflix were hammered as investors had a change of heart and decided prices were too high. Yesterday the sell-off continued - with the Dow Jones, S&P and Nasdaq all closing down more than 1%.

STANDARD 06:30 TECH SELL-OFF

BBC World News
James

James Shugg, senior economist at Westpac Institutional Bank, tells World Business Report the stock markets are receding because of a "realisation that valuations in the tech sector are getting too extended". He also says that there is some worry that statistical data doesn't really suggest a US recovery.

STANDARD 06:41 MORTGAGES UP?

Radio 5 live
British houses

Several lenders have been pushing up the cost of popular fixed-rate mortgage deals for new customers, reports Wake Up to Money. Major lenders have upped the cost of some five-year deals. Mike Hanson, chief executive of the Vernon Building Society in Stockport, says it marks the tightening up of the government's Funding for Lending scheme - designed to support business but which was being diverted to residential property. Not any more.

STANDARD 06:51 NATION OF SAVERS?

Financial Times front page, 8/4/14

The Financial Times reports that a radical overhaul of the national accounts this autumn will present Britons as a nation of unexpected prudence. According to the paper, the Office for National Statistics is preparing to "rip up the way it measures Britain's economy" - and the new techniques will also show a huge increase in the size of the economy and a higher level of public debt.

STANDARD 06:56 EXPORT HIGH

Radio 4
Yacht sales past container ship

Export orders and sales in services are at all time highs, and many key manufacturing balances are also at record levels, says the British Chambers of Commerce. John Longworth, the organisation's director general, tells Today: "All the indicators are stellar - our survey is forward looking as well as looking at the last quarter".

STANDARD 07:07 CHINESE INSURANCE

China

Reuters reports that China will allow acquisitions and mergers in the insurance industry - for the first time. The new rules issued by the country's insurance regulator are designed to strengthen the sector, and will also apply to Chinese-based foreign insurers.