Business Live: Tuesday 3 June 2014

Live text

Reporting:

  • Howard Mustoe 
  • Russell Hotten 

Last updated 3 June 2014

STANDARD

Howard Mustoe, Business Reporter

Good morning and welcome to the business live page, running a slightly later service today. Stay with us for the top business stories.

STANDARD

Russell Hotten, Business Reporter

Good morning from the live page team. Please get in touch via bizlivepage@bbc.co.uk and on twitter @BBCBusiness

STANDARD 07:00 INDIA RATES

India's hawkish central bank kept key interest rates unchanged at its first meeting to set monetary policy since new Prime Minister Narendra Modi took office. The Reserve Bank of India said the benchmark repo rate, at which it lends to commercial banks would remain steady at 8%.

STANDARD 07:11 HOUSE PRICES

Radio 5 live
estate agents

Echoes of previous housing booms come to mind after warnings on Wake Up to Money by David Braithwaite, a mortgage broker with Citrus Financial Management. "We are speaking to people who are frightened that if they don't get on the housing ladder now they are going to be missing out… People panic-buy. They are stretching themselves so they don't miss out."

STANDARD 07:15 FOXTONS CEO

Foxtons Chief Executive Michael Brown will step down after 12 years for personal reasons, according to the estate agents. He will stay on the board as a non-executive director of the firm, which floated on the stock market last year.

STANDARD 07:23 PIRACY

Radio 5 live

There's been a lot of attention in Europe on piracy off the coast of Africa. But Wake Up to Money has been highlighting that Asia remains the major trouble spot for big cargo vessels. Of 72 cases globally reported this year, more than 60 were in South East Asia, especially along the Strait of Malacca. Worryingly, investigators say many of the hijackings are inside jobs.

STANDARD 07:30 MARKET UPDATE

Tokyo's leading shares rose 0.66% on a weaker yen and continued advances on Wall Street, with the benchmark index finishing above 15,000 for the first time in two months. The Nikkei 225 index added 98.33 points to end at 15,034.25, its first close above 15,000 since April 4.

STANDARD 07:36 WOLSELEY

plumb

Wolseley, which supplies building materials, said revenue for continuing business is up 3.3% to £9.34bn. In terms of outlook, the USA has "continued to grow well" while things are more challenging in continental Europe.

STANDARD 07:46 PUB RULES

beer

Publicans tied to large pub companies are to get new rights, according to the Department of Business, Innovation and Skills. A new adjudicator will be set up to resolve disputes, it said. Tied tenants must buy beer from their company, and often have to pay higher prices for it.