Business Live: Tuesday 15 July 2014

Live text

Reporting:

  • Ben Morris 
  • Emily Young 

Last updated 15 July 2014

STANDARD 05:58

Ben Morris, Business Reporter

Adam Parsons is on the quayside in Lerwick, Shetland. He's all alone apart from a seal. Why are we here he asks? To learn about the fishing industry he answers. Will Adam be interviewing the seal? Find out here on the Business live page. Email us at bizlive@bbc.co.uk or tweet @bbcbusiness.

STANDARD 05:59

Emily Young, Business Reporter

Morning morning. We've got the joys of the Treasury Select Committee later - MPs will be questioning the Bank of England's Mark Carney and Co about the housing market.

STANDARD 06:00 FARNBOROUGH AIRSHOW

BBC World News
Scorpion plane

They're talking about the Scorpion on World Business Report. That's the military plane that went from the drawing board to the air in less than two years. They've managed to do it by not waiting for a buyer to approve all the parts, as normally happens, and just making the decisions themselves. You can read more about it here.

STANDARD 06:05 SHETLAND FISHING

Radio 5 live

Top fishing fact from Wake Up to Money: More fish are landed in Shetland than England and Wales put together. Simon Collins, from Shetland Fisherman's Association says the European Union quota system for fishing is a "complete mess" and "shambolic". He says that the quotas are often completely inappropriate for the stock of fish in their waters.

STANDARD 06:12 EXPORTERS

Radio 5 live

"Lamentable" is how John Longworth the head of the British Chambers of Commerce describes government support for exporting on Wake Up to Money. He says Germany spends ten times as much as the UK on its international support network for firms hoping to expand overseas. Mr Longworth would like the UK to develop its network and to see tax breaks for exporters.

STANDARD 06:21 YOUNG WORKERS

Many of the papers have picked up on a report from the Institute for Fiscal Studies (IFS) which says that young adults have borne the brunt of the recession. The IFS found that average incomes for people in their 20s fell by 13% in the four years to 2013, compared with an average fall for all workers of 10%. The Daily Mail picks up on the fact that record numbers of young people still live at home with their parents.

STANDARD 06:26 SPACE PORT

BBC Radio 4
NASA's Wallops Flight Facility, Virginia

Could the scene above be coming to the UK? The government has said it wants 10% of the space market and is set to announce later today where it plans to develop a space port. But according to Today there's a lot of scepticism about a forecast that the market will be worth £40bn by 2030.

STANDARD 06:36 YOUNG WORKERS

More on the report from the Institute for Fiscal Studies - Paul Johnson tells Justin Rowlatt on Today that home ownership rates have halved for people in their 20s. Nearly half of people born in the 60s were owning a house in their 20s - an astonishingly high number he says and that's down to 1 in 5 for people in their 20s born in 1980s.

STANDARD 06:42 WATER SCARCITY

Lake Mead

Nestle says that water scarcity is "more urgent" than climate change, according to the Financial Times. The company has set aside $43m for water-saving and equipment for treating water at its plants around the world.

STANDARD 06:47 AFRICA OUTFLOWS

World Service

Africa is losing $192 billion every year to the rest of the world, according to a report from ten UK and African NGOs. They have attempted to calculate how much the continent loses to illicit financial flows, profits taken out of Africa by multinational companies, debt payments and other outflows, reports BBC World Service.