Business Live: AstraZeneca tells Pfizer it is better off alone

Live text

Reporting:

  • Howard Mustoe 
  • Rebecca Marston 

Last updated 28 April 2014

BREAKING

  • AstraZeneca tells Pfizer it is not interested in bid
  • CBI: Economy 'exceptionally strong'
  • Long-term unemployed to be forced to work

STANDARD 06:00

Rebecca Marston, Business reporter, BBC News

Good morning from us here on the Business Live team. Today, the Confederation of British Industry says in a report the economy over the next three months should be "exceptionally strong". More on that and other news later. Stick with us!

STANDARD 06:00

Howard Mustoe, Business Reporter

Yes indeed. We'll have the pick of the morning's business news from the BBC and elsewhere. We're here: bizlive@bbc.co.uk and @bbcbusiness

STANDARD 06:08 MAPLIN

Radio 5 live

Maplin chief executive John Cleland is on 5 live talking about the business and the economy. He says the economy is "definitely getting better". Business has been good because of the company's niche area of sales, selling specialist electronics, he says. It is "really the only high street retailer" doing that, he said.

STANDARD 06:15 ECONOMY

BBC Radio 4
Brompton bicycle factory, London

The CBI greets us with good news: The economic outlook for the next three months is "exceptionally strong and broad-based". The organisation's chief policy director Katja Hall said: "These latest growth figures, and the strong expectations for the next quarter, provide further encouraging signs of increasing vigour and confidence across the UK economy." She will be on the Today programme later to tell us more.

STANDARD 06:24 HIGH-FREQUENCY TRADING

Radio 5 live

Anne Richards, chief investment officer of Aberdeen Asset Management is talking to 5 live about high-frequency trading, where traders use super-fast computer programmes to gain a trading edge. "When a clever trading strategy stops being a clever strategy and starts being scalping or an unfair advantage" it is a problem, she says. Pension fund managers want a level playing field, she says.

TWEET 06:36 ENERGY BILLS Via Twitter

BBC Breakfast

Do we understand them? Business Live is curious to find out. BBC Breakfast tweets: "Ofgem's forced suppliers to simplify energy bills, but do you understand yours? A #bbcbreakfast survey suggests not. @stephbreakfast at 0650"

STANDARD 06:49 BONUS ROW

BBC Radio 4
Barclays office and logo

The Today programme is talking to regular markets guest David Cumming head of global equities from Standard Life. Standard Life, of course, one of the big institutional shareholders of Barclays who voted against the bank's bonus plans last week. He says: "We were aware Barclays were worried about talent leaving but investment bank bonuses had been excessive for some time and our patience was exhausted."

STANDARD HIGH-FREQUENCY TRADING

Radio 5 live

Wake up to Money's Adam Parsons has written more about high-frequency trading, explaining how it works and why it matters here.

BREAKING PFIZER GIANT BID?

Pfizer pills

Pfizer has issued a statement confirming reports it had renewed its bid interest in AstraZeneca. Any deal would create one of the biggest pharmaceutical companies in the world. Pfizer said Astra Zeneca had "declined to pursue negotiations".

STANDARD 07:15 PFIZER GIANT BID?

More from Pfizer on its attempts to engage with AstraZeneca: "After limited high-level discussions, AstraZeneca declined to pursue negotiations. The discussions were discontinued on 14 January 2014 and Pfizer then ceased to consider a possible transaction. In light of recent market developments, Pfizer contacted AstraZeneca on 26 April 2014 seeking to renew discussions... AstraZeneca again declined to engage. Pfizer is currently considering its options with respect to AstraZeneca. " Umm. Could go hostile...