Business Live: Monday 14 April 2014

Live text

Reporting:

  • Ben Morris 
  • Howard Mustoe 

Last updated 14 April 2014

STANDARD 06:00

Ben Morris, Business Reporter

It's been a long time coming, but wage rises are set to overtake inflation according to one economic forecaster. More on that later. Stay with the Business live page.

STANDARD 06:00

Howard Mustoe, Business Reporter

Good morning! China has bought a Peruvian copper mine for $6bn from Glencore. More updates to come. Tweet us at @BBCBusiness or email at: bizlivepage@bbc.co.uk

STANDARD 06:01 WAGES

Hand, coins

Wages are set to rise by more than inflation for the first time in almost six years, says an economic forecaster. EY says a "long period of low inflation" means average earnings could rise faster than the cost of living as early as this month.

STANDARD 06:04 COPPER MINE

Glencore logo

A Chinese consortium is buying a Glencore Xstrata copper mine in Peru in a $6bn (£3.6bn) all-cash deal, marking one of China's largest mining acquisitions. Analysts expect Glencore to use the proceeds from the sale to reduce its debt.

STANDARD 06:10 WAGES

Radio 5 live

On Wake Up to Money Professor Peter Spencer chief economic adviser to the EY Item Club says accelerating wages show the economy is "moving on to a firmer footing". Previously people had been saving less, but demand for labour is picking up and so are wages. He also thinks that business investment will pick-up this year.

STANDARD 06:21 GLAXOSMITHKLINE

pills

UK drug company GlaxoSmithKline is facing a criminal investigation in Poland for allegedly bribing doctors, BBC Panorama has discovered. Last December, the company announced it was making major changes to its incentive schemes after a damaging corruption scandal in China.

STANDARD 06:28 TAX CUTS

The Chancellor is working on a plan to cut taxes according to the front page of the Times newspaper. He will publish research by the Treasury today suggesting that cancelling planned rises in petrol duty could boost economic growth over the next 20 years by half of one percent. According to the Times, that would break with a long-held Treasury belief that tax cuts do not boost growth.

STANDARD 06:38 UKRAINE

Radio 4

John Lough, associate fellow on the Russia and Eurasia programme at Chatham House tells the Today Programme the EU may be considering economic sanctions against more members of the inner circle of Russian President Vladimir Putin. If Russia restricts gas supplies, stronger actions, including trade sanctions might be considered he says. "Russia seems to think the EU's bark is worse than its bite," he said.

STANDARD 06:52 HOUSE OF FRASER

Radio 4

Euan Stirling of asset manager Standard Life says Sanpower's purchase of a stake in House of Fraser was a "surprise." But it may mean more investment and expansion for the retailer, and a "focus on the east rather than the west," he says on the Today Programme.

STANDARD 06:57 FARMLAND

Radio 5 live
Field, Hampshire

On Wake Up to Money we learn that over the last 10 years the price of farmland has increased 200%. James Prewett from Knight Frank says that investors have been looking for secure assets and there has been an increase in agricultural commodity prices. Recently rising prices have been driven by famers looking for new farmland, after selling existing land to property developers, he says.