Business Live: Friday 11 April 2014

Live text

Reporting:

  • Joe Miller 
  • Rebecca Marston 

Last updated 11 April 2014

STANDARD 06:02

Rebecca Marston, Business reporter, BBC News

Good morning. Another Co-op fest awaits. Oh dear.

STANDARD 06:02

Joe Miller, Business Reporter

We'll try and bring you some other business news too, not least some of the analysis behind yesterday's US stock market slide. Get in touch on bizlive@bbc.co.uk and @bbcbusiness.

STANDARD 06:03 CO-OP BANK

Radio 5 live

Chris Wheeler, banking analyst at Mediobanca, is talking to Wake Up to Money about the Co-op bank results, which we expect at 7am. He expects £1.2bn - £1.4bn loss, attributable to bad assets, like Britannia.

STANDARD 06:07 CO-OP BANK

Radio 5 live

The FT's headline is that the Co-op Bank will "refuse to pay bonuses to former executives", namely Neville Richardson and the recently departed Euan Sutherland. "I'm not sure they have the legal right to do that," says Chris Wheeler. I'm sure we'll hear more on that as the morning unfolds.

STANDARD 06:20 BANK SWITCH

Radio 5 live

Teach a man to switch... and hundreds of thousands follow. A new scheme to make switching easier has encouraged more than 600,000 people to change their banks. David Black, a banking expert at research group Consumer Intelligence, tells Wake Up to Money that switching "shouldn't affect" your credit score, but occasionally does.

STANDARD 06:30 MARKETS UPDATE

Shares in Japan are on the slide again this morning. The Nikkei is down 2.3% at just under 14,000. The prompt for this is the fall in share values in the US last night. Fears that tech stocks are overpriced are again haunting the market. Last night the Nasdaq finished down 3.1%.

STANDARD 06:48 NFL IN LONDON

Radio 5 live
NFL

The US's most popular sport is in the midst of an export drive, as it tries to tempt "soccer" fans to what the Yanks call "football" (see picture). Chris Parsons, senior vice president of NFL International, says "international markets offer us a tremendous opportunity for new revenue". With all three London games sold out, we're inclined to agree.

BREAKING 07:00 CO-OP BANK Breaking News

Co-op Bank has just reported it made a £1.3bn loss last year.

BREAKING 07:00 CO-OP BANK Breaking News

The Co-op Bank also announced it will not pay out £5m to former executives who left when the bank faced collapse. Niall Booker, the Co-op's chief executive, will receive a £2.9m pay package and long term incentive payments of £1.2m - dependent on the performance of the bank.

STANDARD 07:12 UKRAINE GAS

Jack Lew

Russia's finance minister has been talking to US Treasury secretary Jack Lew. Anton Siluanov told Mr Lew Moscow was concerned about Ukraine's unpaid gas bill. He added that he was ready to work with international partners on securing financial aid for Kiev.