Business Live: Wednesday 9 July 2014

Live text

Reporting:

  • Howard Mustoe 
  • Matthew West 

Last updated 9 July 2014

STANDARD 06:00

Howard Mustoe, Business reporter

Good morning all! We'll be bringing you all the best business and economic news this morning, so stay with us.

STANDARD 06:00

Matthew West, Business reporter

Morning one and all, if you want to get in touch you can do so via bizlivepage.co.uk or @BBCbusiness on twitter. Do send us your views on the latest news.

STANDARD 06:02 CASINOS

Crown

Australian mogul James Packer's £800m Sydney casino has been approved by the state gaming regulator, taking it one step closer to winning final approval. Billionaire Mr Packer, who runs Crown - a worldwide gambling empire already operating casinos in Melbourne, Perth and Macau - won backing from the New South Wales Independent Liquor and Gaming Authority.

STANDARD 06:08 TURNING JAPANESE

Radio 5 live
Man fallen asleep in front of a computer screen

Over at BBC 5 live's Wake up to Money Charles Elvin, chief executive of the Institute of Leadership and Management, has been explaining how we're all working longer hours. In Japan leaving the office last is treated as a competitor sport and the fastest way to promotion. But Mr Elvin says most managers prefer quality of work over quantity of hours worked, adding: "We all know if you're tired and stressed the quality of the work you do goes down."

STANDARD 06:24 MARKET UPDATE

Hong Kong stocks tumbled 1.24% after Chinese inflation came in below forecast in June and following a second day of declines on Wall Street. The benchmark Hang Seng Index fell 292.95 points to 23,248.43. Tokyo stocks slipped 0.25%. The Nikkei 225 index fell 38.16 points to 15,276.25.

STANDARD 06:38 TURNING JAPANESE

Radio 5 live
A woman using a smartphone

Mr Elvin tells Wake up to Money people are working longer partly as a result of concerns over job security since the financial crisis. He says that has also led employers to look at cost control with managers asking themselves whether certain roles really need to exist. And he says technology means that we're all more connected to the office than in the past, meaning many people are answering emails on smartphones long after they've gone home for the day.

STANDARD 06:46 INTEREST RATES

BBC Radio 4

Jonathan Portes of the National Institute of Economic and Social Research is on the Today Programme talking about interest rates. "There's some overheating in the housing markets," he says, but hiking rates to kill off "a little bit of froth in the London market" may be a bit heavy-handed."

STANDARD 06:57 RECOVERY

BBC Radio 4

More from Mr Portes. "We are seeing a reasonably strong cyclical recovery," he says. But there are still "the structural weaknesses of the UK economy, weak exports," to deal with. Not enough houses, which lends the market to bubbles, is a problem too, he adds.

STANDARD 07:14 AIRBUS INVESTIGATION

The Financial Times has reported that the Serious Fraud Office has made arrests and questioned six individuals as part of a long-running investigation into alleged corruption in Saudi Arabia by a subsidiary of European Aerospace and Defence Group Airbus, GPT Special Project Management.

STANDARD 07:29 FOOD PRICES

Radio 5 live

Professor Michael Waterson of Warwick University, who specialises in retail prices, tells Wake up to Money the strong pound and lower commodity prices are the two main contributors to lower food prices in the UK. Food prices are rising at the slowest pace since 2006 according to the British Retail Consortium, which Professor Waterson says, is also partly the result of competition between supermarkets.