- Howard Mustoe
- Russell Hotten
Last updated 4 June 2014Share
06:00Howard Mustoe, Business Reporter
Good morning! Stay in touch on email at email@example.com and on twitter: @BBCBusiness
06:00Russell Hotten, Business Reporter
Good morning from the team. Stay with us for some much-anticipated trading news from Tesco.
06:02 TESCORadio 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.
06:07 AUSTRALIAN ECONOMYRadio 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.
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.
06:30 PENSIONSRadio 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.
06:42 SCOTTISH INDEPENDENCE
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.
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.
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.
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".