Business Live: Tuesday 1 July 2014

Live text

Reporting:

  • Rebecca Marston 
  • Ben Morris 

Last updated 1 July 2014

BREAKING HEADLINES

  • Tata Steel cuts 400 Port Talbot jobs
  • Pound jumps on strong UK factory data
  • BNP 'solid' enough to withstand fine

STANDARD 05:59

Ben Morris, Business Reporter

Good morning! As expected France's biggest bank, BNP Paribas, was whacked with a gigantic fine by US authorities. Plus a management shake-up at M&S is attracting attention. Stay with the live page.

STANDARD 06:00

Rebecca Marston, Business reporter, BBC News

We'll have our eye on that - and anything else that the morning throws at us. Here 'til 13:00. bizlive@bbc.co.uk, @bbcbusiness is how to talk to us.

STANDARD 06:00 CHINA MANUFACTURING

Radio 5 live
Chinese welder

China's manufacturing activity grew at its fastest pace for six months in June. The official purchasing managers' index (PMI) rose to 51, from 50.8 in May. On Wake Up to Money the BBC's Sharanjit Leyl in Singapore says the economy is responding to efforts by the government to boost the domestic economy.

STANDARD 06:03 HEATHROW

Radio 5 live
Duty Free, Terminal 2

Wake Up to Money is being broadcast from Heathrow Airport this morning. Everything is very big and very loud. Presenter Adam Parsons has been to the top of the control tower, where at least he had to whisper rather than shout. Bad weather and turbulence slow things down for air traffic control because pilots change course to keep passengers comfortable. Today is the first day on the job for the new chief executive, John Holland-Kaye.

STANDARD 06:11 MARKS AND SPENCER

M&S Marble Arch

Watch this name - Laura Wade-Gery . The Telegraph is touting her as a potential successor to Marc Bolland the chief executive of Marks and Spencer. She has been put in charge of M&S high street stores, having just overseen the revamp of the retailer's website.

STANDARD 06:16 HEATHROW BAGGAGE

Radio 5 live
Baggage handlers with a pile of Suitcases at Heathrow Airport.

After thousands of passengers in recent days arrived without bags, new Heathrow boss John Holland-Kaye on Wake Up to Money is apologetic: "What's taken longer than it should have done is getting bags back to passengers. I'd like to apologise to passengers affected."

STANDARD 06:23 LABOUR ECONOMY

BBC Radio 4

Labour publishes more of its thinking on the economy and business today. Chief political correspondent Gary O'Donaghue on Today says Labour will try to address unbalanced growth by boosting city regions outside London by allowing them to keep revenue from business taxes. Evan Davis points out that the Conservatives have a similar policy. Labour's Lord Adonis is on Today after 07:00.

STANDARD 06:31 ARGENTINA DEBT

Radio 5 live

Is Argentina about to default on its debt repayments, asks Wake Up to Money? It's the second time in 13 years that Argentina has been facing default, says Nick Gartside, from JP Morgan Asset Management. But after missing a payment on Monday it has 30 days to meet a new deadline, he says. On Monday Argentina paid for a whole page in the FT to plead its case to investors.

STANDARD 06:36 HEATHROW

Radio 5 live
Plane flying over a Heathrow Airport sign

Interviews with Heathrow representatives rarely happen without a plea for more capacity. New boss John Holland-Kaye tells Wake Up to Money: "It matters for Britain that we are at the heart of the global economy. The only way we can get to the global markets where growth is is by plane." We need that third runway, he concludes.

STANDARD 06:45 INNOVATION

BBC Radio 4

A man with more than £400m to invest in innovation is on Today: Iain Gray, the chief executive of the UK's innovation agency, the Technology Strategy Board. He says private sector investors have become more risk adverse but an endorsement by his organisation is a quality mark that they take notice of. He has taken eight UK robotic companies to the US to help them find opportunities.