Business Live: Wednesday 30 April 2014

Live text

Reporting:

  • Howard Mustoe 
  • Rebecca Marston 

Last updated 30 April 2014

BREAKING

  • ONS says 1.4 million on zero hours contracts
  • Co-op Bank report blames bad management and Britannia
  • Alstom considering $17bn offer from GE

STANDARD 06:00

Howard Mustoe, Business Reporter

Good morning everyone. Today the Office for National Statistics will reveal the number of UK zero-hours contracts. Stay tuned.

STANDARD 06:02

Rebecca Marston, Business reporter, BBC News

Morning all. These are the contracts that have no guaranteed hours. Numbers are from a survey of 5,000 businesses. There's also US economy figures coming up - first estimate. We'll bring you that and plenty more. Oh yes.

STANDARD 06:10 CO-OPERATIVE BANK

Radio 5 live

Shadow Chancellor Ed Balls tells 5 live in more of its exclusive interview with him, that he hopes Co-op's management and members resolve the mutual's problems. "I had no idea it was going to turn out badly for the Co-op," he says of the deal for the Co-op's Bank to buy the Britannia Building Society.

STANDARD 06:17 TWITTER

twitter

Blogging site Twitter's share price dropped to a record low after it reported slower than expected user growth. The number of active users on the social network reached 255 million in the first three months of 2014, up 5.8% on the previous quarter but below analysts' expectations. Twitter also reported a net loss of $132m (£78m) for the latest quarter.

STANDARD 06:28 eBAY CASH BACK

John Donahoe

Interesting trend-bucking move from internet retail giant eBay. It is moving back almost $9bn (£5.3bn) of its cash held overseas back to the US. It will have to pay tax in this - of $3bn. Many US firms endeavour to keep as much as they can out of the country to avoid paying tax. eBay wants to expand in its home country. It reported the move along with profits, last night.

STANDARD 06:34 BENTLEY

Radio 5 live
bentley racer

Wake Up to Money's very own Adam Parsons is holding court at the Bentley factory in Crewe. He's on 5 live talking to Andy Meyrick of the Bentley Boys racing team. He thinks the UK is particularly good at making luxury motors because of its engineering expertise.

STANDARD 06:40 TWITTER

BBC Radio 4

More on Twitter, whose share price hit a record low (yes, yes, it has only been trading for five months or so). Debra Aho Williamson, principal analyst of social media at eMarketer tells Today that despite posting a loss, investors should be happy: "It is developing ways that advertisers can use on Twitter to increase revenues."

STANDARD 06:46 AIR FRANCE-KLM

Air France-KLM posts results. Europe's second-largest airline says losses narrowed in the first quarter to 445m euros ($615m), thanks to cost cuts and lower fuel prices. It also said it had gained a breakthrough contract in China for its maintenance business, its only profitable division. Pilots yesterday said they would start a series of strikes in May.

STANDARD 06:55 CO-OPERATIVE BANK

Radio 5 live

Ed Balls has more to say on the Co-op Bank and its troubles: "I was the minister who back in 2006-07 supported a Conservative-party-sponsored private members bill which was there to allow those building societies and mutuals who wanted to expand to be able to do so. It was supported by the Treasury, the FSA, the Conservative party, everybody." he tells Wake Up to Money in more of that exclusive interview.