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Summary

  1. Mark Carney slams City ethical standards
  2. FTSE 100 closes 1.1% higher
  3. Chancellor may announce review of UK bank levy
  4. Sainsbury's sales fall for sixth consecutive quarter

Live Reporting

By Chris Johnston

All times stated are UK

Get involved

  1. Goodnight

    That's about it from today's extended remix of Business Live. There's more on the RBS share sale here and we will be back at 0600 tomorrow with further reaction to the announcements made by both George Osborne and Mark Carney in their Mansion House speeches tonight. Thanks for reading.

  2. More on RBS from Osborne

    The Chancellor tweets:

  3. 'On the road to normality'

    RBS logo

    The Rothschild review into RBS concludes: "We believe that it would be in the interest of taxpayers for the government to set in train an initial small disposal of RBS shares... We believe that sending a strong signal that RBS is on the road to normality may also bring further benefits to the bank and to the government as a shareholder."

  4. Bank share sale

    The Treasury has released a report it commissioned from Rothschild about selling the government stakes in RBS and other banks that were rescued during the financial crisis. It found that given the banks' share prices as at 5 June, taxpayers would get back more than £14bn over and above what it cost to bail them out. That calculation takes into account the fees and other proceeds received from the banks since the bailouts. Government estimates in 2009 has feared that losses could be between £20bn and £50bn, the Treasury added.

  5. Want more?

    Osborne and Carney

    On the off chance you'd like to read the full text of George Osborne's Mansion House speech (pictured left), you can do so by clicking here. Similarly, Mark Carney's speech - titled Building real markets for the good of the people - can be found here. He's on the right in the picture, by the way, with Lord Mayor of London Alan Yarrow in the middle.

  6. 'Global standards needed'

    Gerard Lyons adds:

  7. Key message

    Gerard Lyons, economic advisor to Mayor of London Boris Johnson, tweets:

  8. Carney concludes

    Mr Carney ends with an unscripted joke referring to the recent "reply all" email error made by the Bank's head of press, which revealed it had been examining the consequences of the UK leaving the European Union. With a nod to Sir Christopher Wren, he adds: "Our response to recent failings should be as ambitious as those of our predecessors to the Great Fire: renewed prosperity built on private markets and public market infrastructure."

  9. Open Forum in the Autumn

    The Bank will underline its commitment to "openness and transparency" with an Open Forum in the Autumn for all stakeholders in fixed income, currency and commodity markets to discuss regulation and "whether enough has been done to build the real markets the UK deserves", Mr Carney says.

  10. New code of conduct for Bank of England

    Mark Carney

    Mark Carney has announced a new code of conduct for the Bank of England's staff. The principles of the Senior Managers Regimes will extend to the Bank's senior staff, including the Governor.

  11. Longer prison terms

    Mr Carney says that key elements of the Senior Managers Regime should be extended to all firms active in London's fixed income, currency and commodity markets, including dealers and asset managers: "Criminal sanctions should be updated, with market abuse rules similarly extended and maximum prison terms lengthened."

  12. 'Ethical drift'

    The Governor of the Bank of England says that the Fair and Effective Markets Review identified a number of factors that contributed to an "ethical drift" in the City. "Unethical behaviour went unchecked, proliferated and eventually became the norm. Too many participants neither felt responsible for the system nor recognised the full impact of their actions. For too many, the City stopped at its gates, though its influence extended far beyond."

  13. Mark Carney

    Mark Carney continues: "Most troubling have been the numerous incidents of misconduct that exploited such informality, undercutting public trust and threatening systemic stability... We have all been let down by these developments. And we all share responsibility for fixing them."

  14. Mark Carney speaks

    The Governor of the Bank of England is now addressing the Mansion House. He says it is vital that fixed income, currency and commodity (FICC) markets function well. "Markets without the right standards or infrastructure are like cities without building codes, fire brigades or insurance. Poor infrastructure allowed the spark of the US subprime crisis to light a powder keg under UK markets, triggering the worst recession in our lifetimes."

  15. Osborne on Europe

    The Chancellor turns to the thorny subject of the UK's membership of the European Union. "We need a settlement that recognises that while the single currency is not for all, the single market and the European Union as a whole must work for all," Mr Osborne says.

  16. 'Determined to be the best'

    Ross McEwan

    Ross McEwan, chief executive of RBS, welcomed the Chancellor's announcement. "We are pushing ahead with our strategy to build a simpler, stronger, fairer bank that is totally focused on the needs of its customers and centred here in the UK. When the government starts selling its shareholding, it will be selling a bank determined to be the best in the country."

  17. RBS shares for all

    Mr Osborne says that selling the government's shares in RBS will take "some years" and is likely to involve all types of investors, starting with institutions. But he adds: "I see no reason why ordinary investors - in other words members of the public - should not take part in due course. That is the approach we're taking with Lloyds."

  18. More RBS

    Still on RBS: "Yes, we may get a lower price than Labour paid for it - but we will get the best price possible. For the longer we wait, the higher the price the whole economy will pay," the Chancellor tells the audience at the Mansion House.

  19. Osborne confirms RBS stake sale

    As expected, Mr Osborne has confirmed plans to start selling the Government's stake in Royal Bank of Scotland. "I was not responsible for the bailout of RBS or the price paid then for shares bought by the taxpayer: but I am responsible for getting the best deal now for the taxpayer and doing whatever I can to support the British economy. There is no doubt that starting to sell the government's stake in RBS is the right thing to do on both counts."

  20. Mansion House speech

    George Osborne

    The Chancellor turns to the Fair and Effective Markets Review, whose final report was published earlier tonight. "Simply ratcheting up ever-larger fines that just penalise shareholders, erode capital reserves and diminish the lending potential of the economy is not, in the end, a long term answer. The Governor and I agree: individuals who fraudulently manipulate markets and commit financial crime should be treated like the criminals they are - and they will be."

  21. Mansion House speech

    Further savings will come in next month's Budget, Mr Osborne warns. "We must act now to fix the roof while the sun is shining." He says there is no economic security without sound public finances. The fiscal framework he plans to bring in will be voted on by MPs and assessed by the Office for Budget Responsibility later this year.

  22. Mansion House speech

    George Osborne starts his speech by saying "it's good to be back" and paying tribute to Danny Alexander, the former Chief Secretary to the Treasury, for his "good humour and determination to restore our nation's finances", as well as his opposite number on the Labour benches, Ed Balls. Both lost their seats in the election last month.

  23. Mansion House speech

    The Lord Mayor urges City firms to shout louder about their philanthropic activities: "Our dilemma is that our Britishness stops us from telling them. We have to pull out that cultural stopper - be more open."

  24. Mansion House speech

    Mr Yarrow turns to the scandals that have tarnished the City's reputation in recent years: "Let's not kid ourselves. We still need to earn back the trust we lost, and demonstrate that we are worthy of that trust... Just because it's legal, doesn't mean it's right... Theft is theft - there is no escape."

  25. Mansion House speech

    So we begin with the Lord Mayor of London, Alan Yarrow. He kicks off by reminding the Chancellor that "the City depends on access to a vibrant single market".

  26. Osborne set to speak

    George Osborne

    We are gearing up for the Chancellor to deliver his annual Mansion House speech in a matter of minutes. Here's George Osborne arriving at the City venue with Alan Yarrow, the Lord Mayor of London, earlier tonight.

  27. Tyrie backs crackdown

    Treasury Select Committee chairman Andrew Tyrie has welcomed the drive to clamp down on misconduct in the foreign exchange market outlined in the Responding to the Fair and Effective Markets Review published today.

    Quote Message: In these markets, as in banking, ensuring that individuals know that they will be held responsible for their actions is crucial. What's more, global markets need global standards - London and New York now need to give a lead and close their doors to market-riggers."
  28. The elephant in the room...

    Graffiti in Athens

    Staying with Greece for a moment, the Associated Press has done a cut-out-and-keep guide to the sticking points preventing Greece reaching a deal with its creditors. The "elephant in the room" seems to be Greece's daunting €317bn (£231bn) debt pile - 176% of the country's annual GDP. Alexis Tsipras's government says it will not sign a deal unless it contains some provision for debt relief. However, none of the recent proposals leaked from the creditors mention the subject. We could be in for a bumpy ride.

  29. Wake Up To Money tomorrow

    BBC Radio 5 live's Adam Parsons tweets:

  30. 'Grexit' possible, warns Barroso

    BBC World News

    Barroso

    Greece leaving the single currency was now a possibility, says former European Commission president Jose Manuel Barroso. While the euro is "credible, strong and stable" and would survive Greece leaving, he tells the BBC's HARDtalk that such an event will not happen. Watch the interview here.

  31. Mansion House menu

    BBC business producer Mark Broad tweets:

  32. Africa free trade zone

  33. New crackdown on 'irresponsibility'

    Kamal Ahmed

    BBC Business editor

    A new report on strengthening controls in financial markets - the Fair and Effective Markets Review - by the Bank of England, the Treasury and the Financial Conduct Authority is being published tonight. It recommends a crackdown on rogue traders and a new Market Standards Board that would bring the "age of irresponsibility" to an end. The review says that criminal sanctions for market abuse should be extended to traders in markets such as foreign exchange and calls for maximum sentences for wrongdoing to be extended from seven years to 10.

  34. Ashley quits Newcastle board

    Mike Ashley

    Newcastle United said that Mike Ashley has stepped down from the board of the football club he owns, as has finance director John Irving, who is leaving the club. The Sports Direct tycoon is unpopular with many fans of Newcastle, which narrowly avoided Premier League relegation last month.

  35. Tyrie to chair Treasury select committee again: report

    Andrew Tyrie

    Bloomberg reports that Andrew Tyrie is set to be reappointed as chairman of the Commons Treasury Select Committee after no one challenged him. His second five-year term could be confirmed tonight.

  36. Whistl confirms closure

    Industry correspondent John Moylan tweets:

  37. Harnessing the seas

    World Service

    waves

    Can governments and businesses exploit the untapped economic potential of the seas without damaging its complex ecosystems? The BBC's Tanya Beckett has been to the World Ocean Summit in Portugal, where she spoke to attendees including Assuncao Cristas, Portugal's minister for agriculture and the sea, and Marco Lambertini, WWF director-general. Hear her report here.

  38. Carney: 'Unethical behaviour went unchecked'

    More from Mark Carney's speech that he will deliver at the Mansion House tonight. "Though markets can be powerful drivers of prosperity, markets can go wrong. Left unattended, they are prone to instability, excess and abuse. Personal accountability was lacking, with a culture of impunity developing. All these factors contributed to an ethical drift. Unethical behaviour went unchecked, proliferated and eventually became the norm," the Governor of the Bank of England will say.

  39. Royal Mail share sale starts

    Royal Mail

    After saying last week that the UK government would sell half its remaining 30% stake in Royal Mail, the process has now begun. Chancellor George Osborne said today that market conditions represented a good opportunity to achieve value for taxpayers - indeed shares rose 1% to 516.5p on Wednesday. They floated at 330p.

  40. Spotify hits 20m paying subscribers

    Spotify launch

    In the wake of Apple launching its new music service on Monday, Spotify said today it now has more than 20m paying subscribers and 75m active users - about double the levels 12 months ago. The Swedish company is now valued at about $8.5bn (£5.5bn) after Swedish telecoms firm TeleSonera paid $115m for a 1.4% stake. Spotify raised $526m in its latest funding round to help it fight the threat posed by Apple and other rivals such as Tidal, the Wall Street Journal reported.

  41. Carney slams ethical standards in the City

    Kamal Ahmed

    BBC Business editor

    Mark Carney

    The Governor of the Bank of England has launched a scathing attack on ethical standards in the City, saying that individuals acted with a "culture of impunity" and that markets responsible for trillions of pounds of global trade were stained by excess, collusion and abuse. In his Mansion House speech tonight, Mark Carney will also admit that the Bank of England under his predecessor Lord King failed in the run-up to the financial crisis because of its arcane and ambiguous rules and its inability to identify risks in the banking system. It also failed to effectively control markets where abuse was rife, Mr Carney added.

  42. European markets jump

    It seems some investors think recent sell-offs have gone to far and went bargain-hunting today. London's FTSE 100 ended the day up 1.1%, or 76 points, at 6,830, while the Dax in Frankfurt surged 2.4% to 11,265 points and the CAC 40 in Paris added 1.75% to 4,934 points.

  43. Fifa fat-cats

    Fifa logo

    Want to get rich? Work for Fifa! The non-profit (sic) organisation pays its staff an average of $242,000 (£155,000), according to figures from salary benchmarking site Emolument.com cited by Bloomberg. Traders working for banks make a mere $194k, and hedge fund employees a paltry $180,000. "Financial industry professionals must be breathing a sigh of relief that Fifa remuneration is hogging all the limelight," says Emolument's Alice Leguay.

  44. Mirror phone hacking appeal rejected

    Sadie Frost

    Mirror Group Newspapers has been refused permission to appeal against last month's High Court ruling that ordered the company to pay record damages of £1.25m to eight phone-hacking victims including Sadie Frost and Shane Ritchie. Trinity Mirror shares are down 3.6% at 154p in the last minutes of trading in London.

  45. Wall Street up 1%

    Wall Street is off to a good start, with the Dow Jones rising almost 170 points, or 1%, to 17,933 - erasing the index's losses for the year. The S&P 500 is also up 1% at 2,100 points, as is the Nasdaq at 5,063. However, US department store chain Sears is down 9%, bringing its losses this week to 25% after reporting disappointing revenue numbers on Tuesday night.

  46. Granite bids in

    Northern Rock queues

    The Chancellor said in the Budget in March that the Government would sell Northern Rock's £13bn mortgage securitisation vehicle known as Granite and bids were submitted last week. Reuters reports today that a group comprising buyout firm Blackstone, investment bank Goldman Sachs, US hedge fund Och Ziff, and the Special Situations arm of TPG has submitted a bid. It is understood that Royal Bank of Scotland also has submitted a bid. The Granite vehicle helped trigger the collapse of Northern Rock and Bradford & Bingley and forced their subsequent government bailouts. Want to know more? Here's a Q&A from the heady days of 2008.

  47. NIESR growth forecast

    And now some proper news at last: the UK's economic growth picked up pace in the three months to May, according to the National Institute for Economic and Social Research. It estimated that the economy expanded by 0.6%, compared with 0.5% for the three months to April. NIESR expects economic growth of 2.5% for 2015 and for interest rates to start rising in the first quarter of 2016.

  48. Cabin bag standards

    Plane cabin baggage

    No one enjoys the struggle to get luggage into the overhead bins on a plane, but the International Air Transport Association (IATA) may have found a solution. It has decided on an "optimum" maximum size for cabin luggage: 55 x 35 x 20 cm (21.5 x 13.5 x 7.5 inches) so that "theoretically everyone should have a chance to store their carry-on bags on board aircraft of 120 seats or larger". However, that is smaller than the maximum allowed by Easyjet, Ryanair, Thomas Cook, Virgin Atlantic and BA. Whether the idea is widely adopted by airlines - and passengers for that matter - is up in the air.

  49. Super-size that Surface

    Surface Hub

    Be afraid - those office meetings could be about to get a whole lot worse. Microsoft has revealed that its super-sized Surface Hub touchscreens - which it hopes will get "people around information to get things done" - will cost $7,000 (£4,500) for the 55-inch model and a mere $20,000 (£12,800) for the whopper 85-inch model. They go on sale in late July and will be shipped two months later. Forrester analyst Frank Gillett says: "We are talking about a pretty sophisticated tool that is more appealing than traditional white board, projector or video conferencing tools." I'll have one of each then.

  50. Lego says sorry

    Lego Mixel Turg toy

    Thanks to my colleagues on Newsbeat for pointing out Lego's apology after the Danish company used a phrase that upset mental health charities. The website description for the Mixels character Turg had read: "Part frog, part chicken, part back-of-the-bus window-licker, this Mixel has the longest tongue of them all." The site still says Turg looks like "an experiment that's gone very, very wrong" though - surely that will upset scientists too?

  51. Picture of the day?

    Merkel

    And before we move on, I couldn't resist sharing this picture from today's EU summit with central and south American leaders in Brussels. Yes, that's Brazil's President Dilma Rousseff to the left of Angela Merkel, and you might have even guessed it's Bolivian President Evo Morales on the right. But how many of you knew it was Ecuador's President Rafael Correa rudely pointing at the German chancellor? Time for a caption competition methinks: bizlivepage@bbc.co.uk

  52. Merkel to Tsipras: let's have a chat

    Well, Greece has been slightly off the boil for, oh, at least 24 hours now, but it's time for normal service to be resumed. German Chancellor Angela Merkel said today that a solution was possible to the Greek debt crisis, adding that she was available to meet Alexis Tsipras in Brussels if he wanted to have a chat. "If there is a will there is a way. But... every day counts," she said at a summit of EU and Latin American leaders that the Greek PM is also attending.

  53. Good afternoon

    Thanks to Tom and Ben for this morning's sterling coverage as always. Chris Johnston here with you for the rest of the day - and the big news is that Business Live will continue on to bring you the chancellor's Mansion House speech tonight. George Osborne is due to start speaking about 2100. Happy days indeed! Stay tuned.

  54. A question of balance

    The Economist tweets:

  55. Swedish telecom firm takes Spotify stake

    Spotify

    Sweden's largest telecoms firm TeliaSonera is buying a 1.4% stake in music streaming service Spotify for $115m, the firm has said. TeliaSonera is hoping to "master the internet logic," its chief executive Johan Dennelind said - online services are growing faster than more traditional communications.

  56. EC rejects latest Greek proposals

    Tick tock. The European Commission says Greek proposals to reach a debt deal, including additional amendments made this week, are still not good enough to unlock vitally needed bailout funds. "For this final push the Commission is of the view that the ball is clearly now in the court of the Greek government," spokesman Margaritis Schinas told reporters.

  57. Nuclear deal would be 'economic madness'

    Hinkley Point nuclear power station in Somerset

    The GMB union believes the Bradwell nuclear site could be "handed over lock, stock and barrel to the Chinese National Nuclear Corporation" as part of the deal to fund the Hinkley Point C nuclear site. "The idea that a Chinese state company will be given a site in the UK not far from London where they can use Chinese labour to construct a reactor to be made in China and using Chinese components would in our view constitute economic madness and raises serious safety issues," the GMB's Gary Smith said in a letter to energy secretary Amber Rudd.

  58. The 'folly' of low wages

    Dr Paul Krugman, 2008 Nobel Laureate

    Paying rock bottom wages makes no commercial sense, according to eminent economist and New York Times columnist, Paul Krugman. He also says that workers have more leverage when it comes to asking for higher wages than they think.

  59. Via Blog

    Selling-off RBS

    Kamal Ahmed

    BBC Business editor

    City sources tell me that Mr Osborne wants to take a two-stage approach [to the RBS sale].

    First, an inquiry into the options for a sale and a major study on how it will be done. Second, a timetable for when the sale will take place."

    Read Kamal's full blog post.

  60. Greece: 'No movement... no meeting'

    A Greek flag waves beside the statues of Greek godesses Athena (L) and Apollo (R)

    This doesn't sound good. The EU Commission says its chief Jean-Claude Juncker has no plans as yet to meet the Greek Prime Minister on Wednesday. Greece submitted a new offer to its creditors late on Monday, but it appears to have been insufficient even to hold a meeting about. "If there is no movement, there is no meeting," Reuters reported one EU official as saying. "Germany and France don't see the point of a meeting for now," the official said.

  61. Shares in Sainsbury's surge

    Sainsbury's shares

    Shares in Sainsbury's are leading the FTSE 100 higher with a 4.2% gain. Investors clearly liked the trading statement that came out earlier this morning. "There are some signs that future progress may be possible in non-food areas such as clothing, general merchandising and financial services," said Richard Hunter from Hargreaves Lansdown Stockbrokers. "From an investment perspective the projected dividend yield of 4%, even after the cut, is an attraction to income seeking investors," he added.

  62. World Cup bidding process postponed

    Jerome Valcke

    FIFA secretary general Jerome Valcke has said the bidding process for the 2026 football World Cup will be postponed because of corruption allegations surrounding the 2018 and 2022 tournaments. Speaking during his first public engagement since US prosecutors charged a number of FIFA officials with bribery he defended the organisation. Mr Valcke said that there were limits to what FIFA could do to control its officials, because this was largely the responsibility of regional associations.

  63. Africa trade deal to be signed

    A stock exchange in Egypt

    In Egypt today a trade deal called the Tripartite Free Trade Area is being signed between 26 African states. BBC editor Matthew Davies says: "The devil will be in the details with this agreement. There have been concerns over protectionist measures for local industries and a method of settling trade disputes. But it may boost intra-Africa trade."

  64. Supermarket pressure 'self-inflicted'

    Shopping

    While supermarkets are under pressure from external factors including competition from discounters, "a lot of their problems are self-inflicted", Bryan Roberts, director of Retail Insight at Kantar Retail says in a pre-recorded interview for Today. "They're actively encouraging shoppers into the online space, which is less profitable, they're encouraging shoppers into convenience stores as well, where basket sizes are smaller," he says.

  65. World cup bids postponed

    BBC 5Live Sports correspondent Richard Conway tweets:

  66. Pensions: 'People should pay for advice'

    Radio 5 live

    People should expect to pay for pensions advice, Baroness Altmann said earlier on Radio 5 live: "I don't think it's wrong to tell people that they need to have some financial advice... financial advice can't be free." There have been reports of people being told they can't access the capital in their pensions without first taking pensions advice, which can be expensive.

  67. Malaysia Airlines to become 'entirely new company'

    World Service

    Christoph Mueller, chief executive Malaysia Airlines

    Malaysia Airlines suffered two major tragedies in six months, as a result the company went into voluntary administration. An "entirely new company" will emerge, chief executive Christoph Mueller (pictured) tells BBC World TV. The new company will honour tickets and frequent flyer miles, he says. The company is investigating whether the brand name can be saved.

  68. Music streaming market 'not crowded'

    Business Live

    Athony Bay, chief executive, Rdio (right)

    Anthony Bay, the boss of music streaming company Rdio, is on Business Live. Presenter Sally Bundock confesses that she hadn't heard of his company until today. Mr Bay says that's probably because Rdio is stronger in Canada, Latin America, and Asia. He disputes that it is has become a crowded market, particularly now Apple has entered the industry. There are only three or four companies in addition to Apple that are available "on a global basis," Mr Bay says.

  69. UK review of banking standards

    Business Live

    Simon Jack

    The results of a UK review into the regulation of the banking and finance industry are due to be released at 17:00 today. We are expecting the announcement of a new body designed to raise standards, says business reporter Simon Jack on Business Live. He also says some more specific offences could be announced that could be used to prosecute scandals like the fixing of the Libor interest rate and the rigging of the currency market. "It was not clear what offences had been committed," says Simon.

  70. Pensions: 'Don't be in a rush'

    Radio 5 live

    More from Baroness Altmann: "The best thing you can do with your pension is leave it until later in your life," she says. When challenged that the whole point of government pensions reforms was to let people take lump sums out of their pensions pots, she says: "What we want to do is make sure that people understand the implications of taking money out of pensions." She added that "you can't expect government to rush in two months after the reforms have started and say 'Oh, it's not working, it's got to change, and we've got to come down very heavily'."

  71. Pensions industry 'not got its act together'

    Radio 5 live

    Prime Minister David Cameron and pensions campaigner Ros Altmann, who became a minister when the Conservatives were re-elected

    The pension industry is to blame for problems with major reforms to the industry, including allowing savers complete access to retirement savings, according to Minister of state for pensions Baroness Ros Altmann: "It's disappointing that the industry, having had over a year to prepare for all of of this doesn't seem in many cases to have quite got its act together... It's a very difficult situation because the government wants people to have the freedom and flexibility to use their pension funds as they want to."

  72. Newspaper review - business pages

    Newspaper review

    George Osborne will announce a return to the public finances of the Victorian age, reports the front page story on the Guardian today. Daily Telegraph columnist Jeremy Warner is "doubtful" that the government will be able eliminate the budget deficit, as the "low-hanging" fruit of cost cuts has already been plucked, he says. In The Times business commentary Alistair Osborne says "there's a danger of reading too much" into what HSBC boss Stuart Gulliver had to say about potentially moving the base to Hong Kong. HSBC has fears "about becoming a Chinese bank" he says.

  73. Via Email

    Apples and oranges

    Live page reader, Robert Stockwell, is not impressed with the analysis of Today programme guest Danny Gabay. Mr Gabay said that after the war the UK reduced debt through growth rather than austerity. Mr Stockwell says the comparison between then and now is "not very meaningful". In 1947 the pound was devalued from $4 to $2.70 to the pound, he points out. Also there was an enormous amount of rebuilding after the devastations of wartime," he says.

  74. Flybe reports a hefty loss

    Flybe plane

    Airline Flybe has made a full year loss before tax of £35.6m, mainly on the cost of surplus aircraft and discontinued operations. That's compared to a £8.1m profit in 2014. The firm also made a loss on revaluations of US dollar loans that hedge the value of aircraft.

  75. Catching bad bankers

    BBC business presenter Ben Thompson writes:

  76. RBS sale: 'Make your best guess'

    BBC Radio 4

    RBS HQ

    We may hear more about plans to sell off RBS in the Chancellor's Mansion House speech this evening. Would RBS be an attractive investment for fund managers? "Certainly management at RBS has done much of the heavy lifting around restructuring and simplification of the bank and trying to improve underlying results," says Sue Noffke of Schroders on Today. But the bank has not settled with US authorities over issues stemming from the financial crisis and there could be other fines so "you have to make your best guess" as investors, she adds.

  77. Boohoo sales jump

    Models at a Boohoo event

    Fashion firm Boohoo, which describes itself as "the global fashion leader for a social generation" (that's nice dear) has seen sales rise 35% to £41.3m in the three months to 31 May.

  78. Chinese shares excluded from key index

    Shares board, Beijing

    Chinese shares will not be included in the global benchmark index of MSCI, which is a leading US provider of stock indexes. "It's a big deal for investors," says the BBC's Rico Hizon. Among the concerns are how easily investors can get their money out of China. However MSCI says Chinese shares will remain on their review list for potential inclusion. If Chinese shares are approved it would attract an estimated $400bn of funds from big investors, Rico says.

  79. Tough times in groceries

    Trading conditions in the groceries business remain grisly. In a statement with his company's results, Sainsbury's chief executive, Mike Coupe said: "Trading conditions are still being impacted by strong levels of food deflation and a highly competitive pricing backdrop. These pressures, including the effect of our own targeted price investment, have led to a fall in like-for-like sales for the quarter."

  80. First Group profits jump

    Bus and rail company First Group has reported a jump in full year in profits before tax of 80.9% to £105.8m. The firm saw improved margins on a rise in student fares and a rise in UK bus passenger volume, and like-for-like rail passenger revenue growth of 6.7%.

  81. BreakingBreaking News

    Sainsbury's sales fall

    Sainsbury's store

    Sainsbury's has reported a 2.1% fall in like-for-like sales, excluding fuel, for the 12 weeks to 6 June, which is a little bit better than analysts had been expecting. But it is still the sixth consecutive quarter of falling sales.

  82. 'Growth not austerity'

    BBC Radio 4

    Chancellor George Osborne wants to run a surplus in normal years, when most economists would recommend running a surplus in boom years, Mr Gabay tells Today: "In the Second World War, when Britain emerged with a debt of more than 250% of its GDP, so it dwarfs the current level, in ten years that debt was halved... but almost all of that came from growth, not through austerity." He adds what needs to be fixed is "exceptionally weak" productivity growth in the UK because "the banks are still broken".

  83. Osborne's 'frustration' over debt

    BBC Radio 4

    George Osborne wants to enshrine in law a rule that the government always spends less that it earns unless there are exceptional circumstances. But is this feasible, or desirable? Danny Gabay, co-director of Fathom Consulting and formerly of the Bank of England, says no. "Given that the last five years was the tightest fiscal settlement that we've seen in modern times... it was extremely hard on spending, and yet the level of debt continued to go up," he tells Today. "You can sense his [Mr Osborne's] frustration, but does it make sense to take it out on the rest of us? No, not really," he adds.

  84. Bank shares downgraded by S&P

    David Buik, market commentator at Panmure Gordon, tweets:

  85. M&S to launch loyalty card?

    Radio 5 live

    M&S clothes rail

    Marks and Spencer is reportedly looking at launching a loyalty card later this year called Sparks. It would offer exclusive benefits and personalised offers, rather than earning points for how much you spend, Reuters reports. On Wake Up to Money Danielle Pinnington from Shopper Centric says that people might want exclusives on M&S food, but doubts whether exclusive offers on M&S clothes will be popular. What do you think of loyalty cards - are they any good? Email bizlivepage@bbc.co.uk.

  86. 'Pensions revolution in crisis'

    Radio 5 live

    "Pensions: What a shambles" reads the front page of the Daily Mail today. It says that the government's pension revolution is "in crisis" as savers either can't access their money or are being charged high fees to do so. On Radio 5 live Lord John McFall says that "people are losing money in their pension pots". He wants a standing commission that will take a long term look at the industry. The four to five year horizon of governments is a problem, he adds.

  87. Sainsbury's results

    Radio 5 live

    Sainsbury's sign

    The latest trading statement from Sainsbury's is due at 07:00. Shares of Sainsbury's and Morrisons are the most short sold shares on the FTSE 100 index, we learn on Wake Up to Money. (Shorting is a way of betting that shares will fall). At the beginning of the year there was excitement over supermarket shares, says Sue Noffke from Schroders. But now "there's greater realism over how long it's going to take to address the fundamental problems," she says, including price wars and customer loyalty.

  88. Bank levy to be reviewed?

    Radio 5 live

    George Osborne

    Chancellor George Osborne is expected to announce a review of the bank levy later. Mr Osborne will be speaking at the annual event at Mansion House in London. "He's likely to announce something along those lines," says Lord John McFall, deputy chairman of the Banking Standards Board on Wake Up to Money. On the subject of HSBC, Lord McFall says it has had to pay almost $9bn in fines and customer redress, which is almost double what it pays in bank levy. So he thinks HSBC has bigger problems than the levy.

  89. Post update

    Ben Morris

    Business Reporter

    Good morning. There's much speculation over what will be in the Chancellor's speech to the City this evening. Do get in touch. You can email bizlivepage@bbc.co.uk or tweet @bbcbusiness.