Business Live: Thursday 5 June 2014

Live text

Reporting:

  • Howard Mustoe 
  • Russell Hotten 

Last updated 4 June 2014

STANDARD 06:00

Howard Mustoe, Business Reporter

Good morning! Stay in touch on email at bizlivepage@bbc.co.uk and on twitter: @BBCBusiness

STANDARD 06:00

Russell Hotten, Business Reporter

Good morning from the team. Stay with us for some much-anticipated trading news from Tesco.

STANDARD 06:02 TESCO

Radio 5 live

The UK "perceives Tesco as being expensive" nowadays as Aldi and Lidl undercut them, Beaufort broker Basil Petrides tells Wake up to Money ahead of today's Tesco results. He expects that, excluding fuel and VAT, sales will be down 4% compared with last year.

STANDARD 06:07 AUSTRALIAN ECONOMY

Radio 5 live

Australia's economy grew 1.1% in the first quarter. "This is an economy many have worried about its very mining focused and very banking focused," Richard Dunbar of Aberdeen Asset Management says on 5 live. But it's managed to dodge the worst effects of the downturn, he says.

STANDARD 06:20 TAKEOVERS

Dai-ichi Life Insurance is buying US-based Protective Life for $5.7bn, the latest overseas takeover by a Japanese firm to counter a declining market at home. It is the biggest foreign takeover by a Japanese insurer. It comes on the heels of Suntory's purchase of Jim Beam bourbon, and SoftBank's $21.6bn buyout of US-based Sprint Nextel.

STANDARD 06:30 PENSIONS

Radio 5 live

Plans to allow workers to contribute to Dutch-style collective pensions are to be unveiled by the government. Kevin Wesbroom, of Aon Hewitt, is on 5 live talking about the plan. Those running big schemes will be attracted to them, he said. They are "new" and "innovative" which is making people nervous, he adds.

STANDARD 06:42 SCOTTISH INDEPENDENCE

fishmarket

BBC Breakfast's Steph McGovern, pictured in a fetching hat, is in Scotland this week taking a look at the economy as part of their Scotland Referendum Roadtrip. Look out for her trip to ice cream maker Mackie's of Scotland.

STANDARD 06:43 TESCO

The Tesco sign

Retail analyst Bruno Monteyne pulls no punches on Today. "We thought three months ago that the figures couldn't get any worse, and here we are three months later... They will not just be bad, but really, really bad." And what does the Bernstein Research analyst think Tesco should do? "Accept the inevitable. Big supermarkets are finished." Monteyne speaks with some inside knowledge. He's a former director at Tesco Asia.

STANDARD 06:51 HEATHROW

Heathrow's £2.5bn new Terminal 2 has received its first passengers as a transatlantic jet arrived from Chicago. The United Airlines flight touched down in west London at 5.49am today, to be welcomed by Heathrow bosses anxious to show off their new facility, which cost about £2.5bn to build.

STANDARD 07:06 TESCO

Tesco has reported a 3.7% fall in like-for-like sales in its first quarter, excluding petrol. Tesco expects "trading conditions to remain challenging for the UK grocery market as a whole".