Business Live: Wednesday 7 May 2014

Live text

Reporting:

  • Rebecca Marston 
  • Joe Miller 

Last updated 7 May 2014

BREAKING HEADLINES

  • Sainsbury's profits jump 16.3%
  • Myners tells Co-op to reform
  • Alstom income drops 28%

STANDARD 06:03

Joe Miller, Business Reporter

Good morning. It's another retail-heavy day. We'll have Sainsbury's financial results, and news on the declining market share of the "big four" supermarkets (that's Tesco, Sainsbury's, Asda and Morrisons, for the uninitiated).

STANDARD 06:03

Rebecca Marston, Business reporter, BBC News

There will also be Lord Myners' recommendations on how the Co-op should be run to look out for. Here's how to talk to us: bizlive@bbc.co.uk or @bbcbusiness - should you wish it.

STANDARD 06:12 SOCIETE GENERALE

Societe Generale

One of France's biggest banks, Societe Generale, has taken a 525m euro hit over the political crisis in Ukraine. Heightened uncertainty in the region decreased the value of its Russian unit, Rosbank. Overall, the company said its net income had fallen 13.3% for the first quarter of 2014.

STANDARD 06:15 PFIZER ASTRAZENECA

Borg

Pfizer's plans for AstraZeneca are attracting wider notice. Sweden's finance minister "raises new questions over Pfizer's commitment to keeping science jobs in Europe if it buys AstraZeneca," reports the Financial Times. He says it failed to live up to promises made when it bought a Swedish drugs maker 10 years ago.

STANDARD 06:40 CARLSBERG

Cider

Carlsberg results are in. Its operating profit before special items was 453m Danish crowns (£49.7m), down from 628m for the same period last year. The company says the "uncertain macro situation in Eastern Europe" has hurt business. Its fastest growing brands? Tuborg and Somersby, apparently.

STANDARD 06:49 ING RESULTS

ING

The results from the European mainland keep on coming in. Dutch bank ING reports underlying profits of 988m euros, down 15.6% on the year before. The sale of some of its stake in US firm Voya Financial hit ING's bottom line, the chairman said.

STANDARD 06:57 ALSTOM RESULTS

Alstom

Annual results from the targeted French engineering group Alstom are in - and they are not pretty. Net income was 556m euros, down 28% on the previous year. Sales were flat, and income from operations fell by 3% too. No further word on the takeover bids by General Electric and Siemens.

BREAKING CO-OP REPORT

The former City minister Lord Myners' report on the Co-op is out. It warns the Group that without radical reform it will face a grave threat to its future.

BREAKING SAINSBURY'S RESULTS

Sainsbury's beats analysts' expectations by posting a pre-tax profit of £898m for the year - up 16.3% from £772m the previous year. However like-for-like sales, excluding fuel, increased by just 0.2%.