22 September 2014
Can Ed Balls persuade investors he would reduce Britain's public sector deficit just enough, while not demoralising Labour supporters who want an end to the long years of austerity?
Almost 1,700 jobs are to go at the failed mobile phone retailer Phones 4U, after the firm's administrators confirmed that 362 stores will close.
The US Securities and Exchange Commission reveals it has awarded a record $30m payout to an anonymous whistleblower who lives outside the US.
Tesco has suspended four executives, including its UK managing director, after the supermarket overstated its half-year profit guidance by £250m.
Asian markets reverse earlier losses after a better-than-expected China manufacturing activity survey.
Luxury shoes brand Jimmy Choo has confirmed its intention to float on the London Stock Exchange this morning. In a statement, chief executive Pierre Denis says the firm has "strong momentum" adding he is confident its future as a public company can only extend its reputation.
Here's a link to that (very short) statement from Tesco on Alan Stewart's arrival. The supermarket faced criticism after yesterday's revelations that it would be effectively running without a CFO for the rest of the year, had Mr Stewart started in December as originally planned. Will investors react positively to this announcement at the start of trading?
Tesco has said this morning that its new chief financial officer Alan Stewart will join the company today. That's almost three months early.
tweets: "Tate and Lyle: Disruption to supply chain in first half of the year has cost business £40m"
Some apparently good economic news from China, World Business Report, erm, reports. Activity in manufacturing unexpectedly picked up in September according to the latest figures, even as factory employment slumped. Rico Hizon in Singapore tells the programme that it is a big relief for investors after a string of negative news out of China in recent weeks.
Ms Palmer of Begbies Traynor tells Today when Laurie McIlwee resigned in April "it was allegedly due to some certain differences of opinion" between former chief executive Philip Clarke and Laurie McIlwee. "So it could well be that this issue goes that far back."
The Rockefellers - the US industrial family that made a fortune out of oil in the late 19th century, is going to sell its investments in fossil fuels and reinvent itself in clean energy, according to US press reports. Rockefeller Brothers Fund, founded by the family heirs, has signed a pledge to get rid of fossil fuel assets.
More from retail analyst Julie Palmer on Tesco. She says there has been "some concern over a period of time that the Tesco board just hasn't been strong enough". Tesco relies a lot on non-executive directors, she adds. It's also not clear how long former chief financial officer Laurie McIlwee has been absent from the company following his resignation in April.
It looks like Tesco has "recognised the acceleration of payments from suppliers for in-store promotions and bonus payments, while deferring costs relating to food that is out of date and stock theft", Julie Palmer of Begbies Traynor tells Today (whatever this means). But she says it's not clear if they have broken accounting rules.
British Chambers of Commerce boss John Longworth says Ed Balls' speech at the Labour party conference yesterday marked a "paradigm shift" in Labour's approach to business. He tells Wake Up to Money a slew of policy plans including cuts to business rates, infrastructure plans and a decision on Heathrow expansion are all good news. Suggestions that Labour is anti-business, he says, are "behind the curve".
The Bank of England should raise interest rates straight away according to Jim O'Neill, the economist and former chairman of Goldman Sachs Asset Management. He tells Wake Up to Money: "there's no reason not to move right now", and more "conventional" rates will be appropriate for the recovering economy.
Ahead of its trading statement later this morning Barclays Bank appears to have found itself in some regulatory hot water again. the Financial Times reports the bank will later today be fined £38m for failing to keep client's money separate from its own at its investment arm. The fine, levied by the Financial Conduct Authority, would be a record for this type of misconduct.
Tesco's troubles follow it to South Korea, the BBC's Steven Evans in Seoul tells Wake Up to Money. Regulators there have opened an investigation into Homeplus - a local Tesco subsidiary with 400 stores. Allegations include the selling of customer data, and the suggestion that a BMW car, meant as a customer lottery prize ended up in the hands of a friend of the staff - so not related to Tesco's current UK problems.
Morning folks. This morning we have a trading update from Barclays bank as well as one from Punch Taverns. We also learned of 1,700 job losses at Phones 4U overnight. There are the latest set of public sector finances to examine later on. And there's bound to be more on Tesco's accounting irregularities. Stay with us.
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Last Updated at 02:16 ET
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