Business Live: Tuesday 12 August 2014

Live text

Reporting:

  • Ben Morris 
  • Nick Edser 

Last updated 12 August 2014

STANDARD 05:58

Ben Morris, Business Reporter

Good morning. We have some interesting results coming up this morning, including Ladbrokes and Prudential. And 5 live's Mickey Clark is at a beer festival - what could possibly go wrong? Stay with the Business live page.

STANDARD 06:01 BEER FESTIVAL

Radio 5 live
Pint of beer

Mickey Clark is living the dream this morning on Wake Up to Money. He is at the Great British Beer Festival in London, organised by the Campaign for Real Ale (CAMRA). The organisation is highlighting the increasing number of pub closures, now up to 31 a week. Part of the problem is that it is easy to change a pub into another commercial use, says Tom Stainer from CAMRA. It wants planning laws to be changed.

STANDARD 06:09 PRUDENTIAL RESULTS

Radio 5 live

"The individual annuity market is definitely going to fall away," says Simon Chatterton, stockbroker and partner at S&T Asset Management on Wake Up to Money. That's a challenge for Prudential which reports half-year results this morning. Mr Chatterton says Prudential might be able to compensate by attracting more savers, thanks to higher ISA allowances. He also says they have been growing in the bulk annuity market - where companies buy annuities for staff pension schemes.

STANDARD 06:13 RANGE ROVER

Radio 5 live
Range Rover logo

The Range Rover Sport has a six month waiting list in China, says business reporter Rico Hizon in Singapore on Wake Up to Money. He was commenting on the profits of Range Rover's owner, Tata Motors. It tripled profits in its first quarter to 54bn rupees (£527m), helped by strong sales of Jaguar and Land Rover vehicles.

STANDARD 06:18 RETAIL SALES

Shopping basket

There were contrasting fortunes for food and non-food retailers last month, the British Retail Consortium says. Non-food retailers had a "stellar month", with sales of furniture particularly strong, but food sales fell again. Overall, total retail spending rose 1.3% from a year ago. Like-for-like sales - which strips out new floor space - fell 0.3%.

STANDARD 06:21 LADBROKES

Radio 5 live

Increased betting from the World Cup should help Ladbrokes when it reports results this morning says Laura Lambie from Investec Wealth and Investment on Wake Up to Money. But it has a problem with its online betting operation, it is "between suppliers" says Ms Lambie. That means they have struggled to get an online betting business up and running, she says.

STANDARD 06:31 RETAIL SALES

BBC Radio 4

Consumers are "shopping inflation out of their baskets" by mixing up cheaper goods with more expensive ones, Helen Dickinson of the British Retail Consortium (BRC) tells the Today programme. She says there is a "huge fight" among supermarkets for customers which is leading to great deals for shoppers. BRC figures show grocery sales in the three months to July hit their lowest average quarterly level since December 2008.

STANDARD 06:36 EXPAT TAX

Expats who rent out their home in the UK will lose the right to use their personal tax allowance, according to the Telegraph. It says plans for the change are being drawn up by Chancellor George Osborne. The Telegraph says the change could affect up to 400,000 people and raise £400m a year for the government.

STANDARD 06:45 RBS COUTTS

BBC Radio 4
Coutts sign

RBS should have no trouble in selling the international arm of its private bank Coutts, according to Laura Lambie, senior investment director at Investec Wealth and Investment. "I can imagine there will be a number of interested parties looking at this because it's the international customers that are wealthier than the UK customers," she tells the Today programme. RBS confirmed on Monday it was considering a sale.