Business Live: Monday 23 June

    13:00: Simon Tulett Business Reporter

    That's it from the live page for today. Join us again tomorrow from 06:00.

    Via Twitter Kevin Peachey Personal finance reporter, BBC News

    tweets: "Saving of £6 for learner drivers on theory test - that's about a quarter of the cost of a typical lesson."

    MARKET UPDATE 12:41:

    Housebuilders are leading the main London index lower as speculation grows that UK interest rates will rise before the end of the year. Barratt Developments is the day's biggest faller so far, down 2.9%. Elsewhere, shares in engineering firm Kentz, which serves the energy and mining sectors, have soared 32% following a $2bn (£1.2bn) agreed takeover by Canadian rival SNC-Lavalin. The FTSE 100 is down 18 points at 6,807.

    SKILLS GAP 12:28: BBC News Channel
    BBC News Channel

    UK firms continue to be hampered by an employee skills gap says Mike Cherry, from the Federation of Small Businesses. He tells Alice Baxter on the BBC News Channel that FSB members are "really concerned" about levels of English and maths shown by young would-be workers. He also says better careers advice should be provided in schools.

    HS3 RAIL LINK 12:12: Richard Westcott BBC transport correspondent

    Have a look at these Treasury figures compiled by Pteg (Passenger Transport Executive Group) showing public money spent on transport per head in 2013: London £545; North West £265; Yorks and Humber £246; North East £213. London has 16% of the population and 32% of government transport spending, according to the Pteg report.

    HS3 RAIL LINK 11:58: BBC News Channel

    Chris Fletcher, from Greater Manchester Chamber of Commerce, welcomes Chancellor George Osborne's bid to improve transport links in the north of England. But he tells the BBC that what's needed is "clarity, certainty and vision" that things are not going to change every few years with a new government.

    AA FLOTATION 11:40:

    IG analyst Alastair McCaig says today's AA flotation - shares down 3% - underlines the widespread caution among investors about new listings. "Breakdown puns will be wheeled out as a result, but the underlying lesson is that investors are being very choosy about where they put their money, and AA doesn't yet appear to provide compelling reasons for investments."

    AIRBAG RECALL 11:29:
    Honda cars

    It's not just Honda recalling cars because of faulty airbags. Nissan says 755,000 of its vehicles are also affected. Along with Toyota, which has already issued alerts for 2.8 million of its vehicles, the three car manufacturers have recalled almost seven million cars because of the problem.

    FELIX DENNIS 11:12:
    Felix Dennis

    Publisher Felix Dennis has died aged 67 after losing his battle against cancer. The multi-millionaire businessman first found fame as one of the founders of 1960s counterculture magazine Oz, which was caught up in a high-profile obscenity trial in 1971. He went on to make a fortune through Dennis Publishing, the magazine stable behind Maxim and The Week.


    UK pharmaceutical firm Shire will explain why it thinks a £27bn takeover bid from US rival AbbVie undervalues the company. Flemming Ornskov, Shire's chief executive, will justify the bid rejection in an investor call later on Monday, during which he will predict a strong performance from Shire's most lucrative drugs, the Telegraph reports.

    INTEREST RATES 10:47: BBC Radio 4
    Bank of England

    "Forward guidance" or "fuzzy guidance"? That's the question asked on Today over the Bank of England's interest rate policy. Andrew Sentance was on the Bank's Monetary Policy Committee when it dropped rates to 0.5% in 2009. And if he was still there, he would now vote to raise them, he says. "We set interest rates for a very different economic circumstance from the one we're now in."

    Wimbledon 2013

    We won't see much obvious evidence of sponsorship during Wimbledon fortnight, says Dr Leah Donlan, marketing lecturer at Manchester Business School. "You'll see very little signage," she says, but firms gain brand prestige by using their association with the tournament in future marketing material. "It's not just about the eyeballs," she tells Wake Up to Money. She's doubly qualified to be talking about it - she's a former tennis umpire.

    HS3 RAIL LINK 10:15: Via Email Stephen Joseph Chief Executive, Campaign for Better Transport

    "The chancellor's call for more rail investment to link northern cities is welcome but runs counter to the government's current consultation on northern rail services. This plan would mean 30-year-old diesel trains still being used and suggests service cuts and fare increases."

    09:59: Via Twitter Anthony Reuben

    tweets: "Good news: The British are slightly happier than the French." Our head of statistics explains why here.

    HS3 RAIL LINK 09:49: BBC News Channel

    More from George Osborne, who's on the BBC News Channel now, talking from Manchester about plans for a new high-speed rail link in the north of England. He says it's needed because London is too dominant. "The cities of the north are individually strong, but collectively not strong enough," he adds. "The whole is less than the sum of its parts."

    MORTGAGES 09:37:

    Banks expect mortgage approvals to fall significantly in the third quarter, according to the latest Bank of England Credit Conditions Survey. Some lenders are putting that down to stricter mortgage lending rules, the survey says. The BoE is expected to announce measures to curb excessive mortgage lending on Thursday.

    Via Twitter Gavin Hewitt Europe editor

    tweets: "In the eurozone business activity has weakened again in June, for the second month running."

    GERMANY 09:15:

    Germany's private sector expanded for the 14th consecutive month in June, Markit's preliminary purchasing managers' index shows. "All in all that's a fairly decent picture of an economy that's seeing broad-based, fairly robust growth," said Markit chief economist Chris Williamson.

    MARKET UPDATE 09:02:

    Europe's main stock markets opened flat on Monday, with London's FTSE 100 up by only 0.05% to 6,828.88 points. Frankfurt's Dax edged up 0.04% to 9,991.4 points, and in Paris the Cac 40 index dipped 0.02% to 4,540.52 points. Meanwhile ASOS shares are recovering, now down about 1% after the online retailer announced it had resumed taking orders following a warehouse fire.

    HS3 RAIL LINK 08:47: Radio 5 live

    Sim Harris, from industry paper Railnews, says that a new high-speed rail link between Manchester and Leeds would cost about £50bn and involve digging a big tunnel under the Pennines. But he says there is a real need for it. "It is not easy to go east to west across the north of England," he adds. "It's very spectacular, but nobody could accuse it of being very fast."

    HS3 RAIL LINK 08:37: BBC Breakfast
    george osborne

    Chancellor George Osborne is on Breakfast outlining his belief that a new high-speed rail link in the north of England will create an economic area to rival London. "Let's try and think big, and long term, to ensure that our country has more than one great global city," he says.

    ASOS FIRE 08:24: Radio 5 live

    The ASOS warehouse fire, which caused the retailer to cease trading over the weekend, only goes to show the risks associated with online retailing, says Paras Anand, from Fidelity. "All of your risk is in your DC (distribution centre)," he tells Wake Up to Money. "Very rarely would you have a retail business where you have a localised issue and the whole business has to shut down," he adds. ASOS has resumed taking orders.

    Simon Tulett Business Reporter

    Apologies if you weren't able to access today's live page from 06:00. We've been struggling with some technical glitches. We've kept all the entries as they happened, and promise to make it up to you between now and 13:00.

    AA FLOTATION 08:08:

    Shares in UK motoring firm AA fall 2.4% to 244 pence in conditional trading on the London Stock Exchange, after the company's offer price of 250 pence valued the business at almost £1.39bn.

    MARKET UPDATE 07:45:

    Tokyo stocks closed marginally higher on Monday as late profit-taking eroded early gains spurred by record-setting advances on Wall Street last week. The Nikkei 225 index added 0.13%, or 19.86 points, to end at 15,369.28.

    BNP Office building

    There is lots of market chatter this morning that French bank BNP Paribas is close to a deal that would involve paying $8bn-$9bn as part of a potential settlement with US authorities over violations of sanctions on Iran, Sudan and Cuba. The size of any possible settlement has created political tensions between France and the US.

    HONDA RECALL 07:22:

    More on the car recall by Honda because of possible airbag problems. The company says the recall covers about 2,033,000 vehicles made between August 2000 and December 2005. Meanwhile, Mazda said it is recalling 159,807 vehicles worldwide due to similar possible airbag faults.

    ASOS FIRE 07:10:
    asos model

    Online retailer ASOS says it has re-started taking orders after a warehouse fire. In a statement, the company said that about 20% of the total stock at the site "has been compromised by fire damage and the sprinkler systems". ASOS added: "We are fully insured for loss of stock and business interruption."

    HONDA RECALL 07:00:

    Honda recalls more than two million vehicles worldwide for an airbag defect, the Japanese carmaker says. In April 2013 the company recalled more than one million vehicles over a similar fault.

    SUPERMARKETS 06:27: BBC Radio 4

    In response to Morrisons announcement of further price cuts to boost flagging sales, Planet Retail's Natalie Berg tells Today that supermarkets seem to be "in a race to the bottom. Supermarkets can cut prices, but that does not mean that people buy more food".

    FLYING CARS 06:20:

    For all those commuters stuck in a jam getting to work this morning. Massachusetts-based Terrafugia is seeking investors in China to help put its flying car on the streets and in the air by 2016. The South China Morning Post reports that Terrafugia's Transition can go from car-to-aircraft in less than a minute.

    CO-OPERATIVES 06:10: Radio 5 live

    More from Ed Mayo, chief executive of Co-operatives UK, on Wake Up to Money. He says it's been a "deeply humbling year for anyone who's an advocate of the co-operative business model". He "winced more than once" in the last 12 months, he says.

    CO-OPERATIVES 06:00: Radio 5 live
    Co-op bank

    It's been a pretty difficult year for the co-operative movement, thanks to the crisis at the Co-op Group. But there are 6,000 co-operatives in the UK, and the majority are in good shape, says Ed Mayo, chief executive of Co-operatives UK. He goes through the movement's annual report on Wake Up to Money and says total turnover at UK co-operatives is up to £37bn.


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