Business Live: Friday 29 August, 2014

Live text

Reporting:

  • Rebecca Marston 
  • Ian Pollock 

Last updated 29 August 2014

STANDARD 06:00

Ian Pollock, Business reporter, BBC News

Good morning, we are here again, to keep you informed, educated and possibly entertained.

STANDARD 06:00

Rebecca Marston, Business reporter, BBC News

All of that. Stay with us - we're here 'til 13:00.

STANDARD 06:03 GOOGLE DRONE

Google drone

Overnight, Google said it was developing drones to act as flying delivery vehicles. The company calls it Project Wing. But it said it would take many years to create a service with lots of drones making lots of deliveries every day. More here.

STANDARD 06:14 HOUSE PRICES

For Sale signs

The gap between house sellers' asking prices and actual selling prices is widening, says the property website Hometrack. It explains that the market is cooling down, at least in terms of prices. It says sellers in England and Wales typically got 96% of their asking price in August, falling back for the third month in a row. But it adds house prices only tend to start falling when the percentage of the asking price that sellers achieve falls below 94%.

STANDARD 06:22 EUROZONE ECONOMY

Radio 5 live

Wake Up to Money ponders whither the eurozone? This week France had to re-appoint its cabinet because of its failing economy. Italy re-entered recession earlier this month and even German GDP was down slightly in the latest quarter. Kathleen Brooks, from Forex.com tells the programme: "Some economies are falling at a faster rate than others but what we've really seen is the core economies Germany and France lagging behind Spain."

STANDARD 06:35 CO-OP VOTE

BBC Radio 4

Big changes to the structure of the deeply troubled Co-op group will be put to a ballot of members tomorrow. Phil Dorrell, of consultants Retail Remedy, tells Today that even if the changes go through, a new leadership will have lot of work to do. "This will be a large step-change. My one concern would be that it probably shouldn't be the final change for the Co-op, they should consolidate, make sure they get their businesses back on track, and then have another look at it in a couple of years time."

STANDARD 06:49 VIRGIN AUSTRALIA

Virgin planes

Virgin Australia overnight announced losses of A$355.6m (£200.5m) for the year - more than three times its loss last time. It blamed "weak consumer sentiment" and too many planes - like its rival Qantas which reported its results yesterday.

BREAKING 07:05 TESCO PROFIT WARNING Breaking News

Tesco says its profits will be lower than expected. Dividends to be cut.

STANDARD 07:08 TESCO PROFIT WARNING

Tesco has brought forward the start date for Philip Clarke's replacement David Lewis as boss. He now starts the job on Monday.

STANDARD 07:10 TESCO PROFIT WARNING

"We now expect trading profit for 2014/15 to be in the range of £2.4bn to £2.5bn. Trading profit for the six months ending 23 August 2014 is expected to be in the region of £1.1bn."