Business Live: Monday 4 August 2014

Live text

Reporting:

  • Matthew West 
  • Rebecca Marston 

Last updated 4 August 2014

STANDARD 06:00

Matthew West, Business Reporter

Morning folks. So Portugal has announced a rescue plan for Banco Espirito Santo, there are concerns about energy prices and the chairman of the Energy Committee Tim Yeo, has warned the forthcoming competition inquiry may be compromised because it does not include the wholesale market. We've got HSBC half year results coming up later, stay with us.

STANDARD 06:02

Rebecca Marston, Business reporter, BBC News

Plenty to keep us going through til 13.00. And you can talk to us - bizlive@bbc.co.uk, and on twitter @bbcbusiness.

STANDARD 06:04 INDIA BANK ARREST

Indian police have arrested the chairman of state-run Syndicate bank, Sudhir Kumar Jain, and several others over allegations of bribery. Mr Jain has been accused of taking bribes to raise the credit limits of firms.

STANDARD 06:10 HSBC RESULTS

An HSBC bank in London

The big news of the morning will be the HSBC results - coming up later. The Financial Times reports the bank will be announcing a new charge of £75m for mis-sold PPI, taking the total for the UK's banks to £23bn.

STANDARD 06:23 STAYCATIONS

Radio 5 live
Hoseasons

A little bit of holiday trivia to start the day. Where does the name for UK holiday firm Hoseasons come from? Is it a play on words? Nope... it is in fact the surname of the holiday firm's founder Jim Hoseason who died in 2009, who founded the business in 1944 as a family boating business.

STANDARD 06:34 BUSINESS CONFIDENCE

BBC Radio 4

The Today programme is looking at the UK economy - pleasingly strong at the moment. But how confident can we be that this momentum can be kept up? Not terribly, according to Charles Davies, economist at the Chartered Institute of Accountants: "There's a slight dip in confidence, although we shouldn't overplay it. It's the first dip in two years. Economic growth will slow at the end of the year."

STANDARD 06:45 FIRST WORLD WAR CENTENARY

Radio 5 live

As the country commemorates the outbreak of the First World War 100 years ago today, it's worth noting perhaps that the London Stock Exchange closed for five months before the war began. The outbreak of war saw 1,600 men join the newly created Stock Exchange Battalion of Royal Fusiliers, 400 never returned.

STANDARD 06:55 BUSINESS CONFIDENCE

BBC Radio 4

Today also hears from John Cridland, director general of the CBI. He takes a more positive view of the UK economy's prospects: "You can't keep accelerating as quickly for ever, but the CBI survey shows output and exports will increase. The one thing that is slipping is export confidence and that's because of the strength of the pound."

STANDARD 07:09 CO-OP FARM SALE

A sign outside a Co-operative retail store

The Co-operative Group has confirmed the sale of its farming business this morning for £249m to the Wellcome Trust. The sale has been expected for some time. It includes 15 farms, including three packing sites, over 100 residential properties and 27 commercial properties.

STANDARD 07:20 AFRICA BUSINESS

BBC Radio 4

There were hopes that President Obama's term of office would herald a fantastic business opportunity for both Africa and America. Six years on it's widely felt that those opportunities haven't been fully realised. Washington is playing host to around fifty of Africa's leaders. Jag Singh, a political strategist tells Today: "The US economy has kick-started and spurred the African apparel industry beyond imagining."