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Live Reporting

Chris Johnston

All times stated are UK

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  1. Post update

    That's all for today from me. Come back tomorrow for some corporate results, including builders Balfour Beatty, and no doubt more news on Greece. Join us from 06:00.

  2. Market update

    US stocks closed higher, though not as high as earlier in the day, as energy stocks declined and Greece's debt crisis showed no clear sign of resolution. The Dow Jones industrial average rose 0.79%, to 17,759.04. The Standard & Poor's 500 Index was up 0.70%, at 2,077.53. The Nasdaq Composite Index was up 0.53%, at 5,013.12.

  3. ECB decision

    More on the funding decision by the ECB. Although it did not increase the amount available under the Emergency Liquidity Assistance to Greek banks, reducing it would have forced Greece to lower its €60 a day limit on cash withdrawals even further. That could have turned public opinion against the euro ahead of the referendum. The strict limit may be just enough to see Greek banks through the week until Sunday's referendum.

  4. Grexit - or a better deal?

    The FT's Peter Spiegel tweets: 

  5. Varoufakis aims for deal on Monday


    Greece aims to secure a deal with creditors on Monday after the referendum on Sunday, finance minister Yanis Varoufakis said tonight. Athens would accept "strict" conditions of a new bailout package if the sustainability of Greece's debt was guaranteed in return. A deal would allow the ECB to raise the level of funding it gives Greek banks, he added: "The Greek bank situation will return to normal soon after a deal is reached."

  6. Dijsselbloem writes to Tsipras

    Reuters reports that Jeroen Dijsselbloem has written to Alexis Tsipras, saying the Eurogroup will only consider Greece's new bailout request once the result of Sunday's referendum is known.

  7. ECB holds funding steady

    The European Central Bank has made no change to the amount of funding available to Greek banks, a spokesman says. The limit is understood to be about €89bn (£63bn, $98bn). The bank's governing council, made up of eurozone central bank chiefs and president Mario Draghi's executive, made the decision.

  8. Dijsselbloem: no more talks

    Following the earlier conference call with eurozone finance ministers, chairman Jeroen Dijsselbloem, says: 

    Quote Message: We see no ground for further talks at this point... We will simply wait now the outcome of the referendum on Sunday and take into account the outcome of the referendum. I am very sorry about this situation given the strong determination of the Greek people to be a part of Europe and to remain a part of the eurozone, in which we fully support them."
  9. World Business Report

    World Service

    Catch up with all of today's twists and turns on Greece with World Business Report - click here to download.

  10. Let's stick together

    Air Force One

    The White House believes all those involved in the Greek crisis want the country to stay in the eurozone, spokesman Josh Earnest tells reporters on Air Force One today.

  11. Varoufakis: six reasons to vote No

  12. Referendum wait

    No new Eurogroup meeting is planned before Sunday's referendum, a Greek government official said after the finance ministers' call earlier.

  13. Varoufakis: 'right direction'


    Greek finance minister Yanis Varoufakis says that his colleagues regard the latest Greek proposals as heading "in the right direction". He made the comments following a teleconference of eurozone finance ministers this afternoon.

  14. On the clock


    Robert Peston explains the Greek crisis in 30 seconds... Click here to watch.

  15. IMF Q&A

    Bored? The IMF has published a Q&A about Greece. Click here to read! But I think I already know the answer to question 1: "What would the IMF like to see happen to resolve the situation?"

  16. More horses and carts

    Robert Peston

    Economics editor

  17. No carts before horses

    Eurozone finance ministers will not hold more talks with Greece until after the result of Sunday's referendum, Slovakia's Peter Kazimir said. "Eurogroup united in decision to wait for the outcome of the Greece referendum before any further talks," he tweeted. "Let's not put the cart before the horse."

  18. Dijsselbloem video

    The FT's Peter Spiegel tweets:

  19. Carney on Greece

    Robert Peston

    Economics editor

  20. 'Cancel the referendum'

    An opinion piece written by former finance minister, Nikos Christodoulakis, in the popular centre-left daily newspaper To Vima, calls on the government to abandon Sunday's referendum. He argues that "holding it can only blow up the political and economic future of the country... If the referendum goes ahead no matter what, only a resounding Yes can keep the country in the eurozone and minimise the cost of this adventure." Thanks to our colleagues at BBC Monitoring for the translation.

  21. Fine company...

    IMF logo

    Ooops. Only three countries apart from Greece are still in arrears to the IMF: Sudan, Somalia and Zimbabwe. Between them, they owe €1.6bn - about the same as Greece.

  22. FTSE 100 closes higher

    European stock markets have closed higher, with the FTSE 100 ending up 1.3%, or 87.6 points, at 6,608.6. Germany's Dax added 2.1%, while France's Cac 40 was up 1.9%. Tony Cross, market analyst at Trustnet Direct, said: "A degree of bargain hunting does appear to be on the cards right across Europe's major markets."

  23. ECB role

    The BBC's Theo Leggett tweets:

  24. 'Little chance' of progress

    Head of the eurozone finance ministers, Jeroen Dijsselbloem, says he sees "little chance" of progress after Alexis Tsipras's comment today: "We will talk about the proposals, but with that last speech I see little prospect of progress."

  25. Merkel: no rift

    Merkel and Tsipras

    Angela Merkel says there's no rift between her and the Greek PM: "I've spoken with Alexis Tsipras numerous times in the past days. Our personal relationship has not been damaged in the least," the German Chancellor said. Here's a picture of Mrs Merkel and Mr Tsipras - smiling too! - back at a summit in Riga in May. Happier days.

  26. Opposition talks

    Joe Lynam

    BBC Business Reporter in Athens

    Senior Pasok MEP tells the BBC: "The meeting of Greek pro-EU opposition parties are in talks with each other to build bridges between themselves for any scenario."

  27. 'Psychological warfare'

    Greek minister Giorgos Katrougalos has appeared on the BBC's HARDtalk today. 

  28. Talks delayed

    The eurozone finance ministers talks have been delayed until 1630, a spokesman says.

  29. Greferendum

    In his televised address today, Alexis Tsipras says:

    Quote Message: "Sunday's referendum does not concern our country's place in the euro. This is a given and no one can doubt it."
  30. Greferendum

    Greek PM Alexis Tsipras tweets:

  31. 'Our responsibility' to vote no

    The BBC's Joe Lynam tweets:

  32. Tsipras 'at the table'

    The Greek PM tweets:

  33. Salaries will be paid: Tsipras

    Robert Peston

    Economics editor

  34. 'Telling lies'

    Robert Peston

    Economics editor

  35. Tsipras speaks

    The BBC's Joe Lynam tweets:

  36. Tsipras speaks

    Alexis Tsipras is finally speaking on Greek TV. He says Greece remains at the table until Monday after Sunday's referendum and that the popular vote is more important than government decisions. The Greek PM says the ultimatum put to the country was unacceptable, which is why he called a referendum. Mr Tsipras repeated his call for a No vote: "No means pressure for a viable economic agreement."

  37. Grexit 'most likely outcome'

    An exit from the eurozone and a default on its private sector debt is now the most likely outcome for Greece, says analyst Fergus McCormick of credit rating agency DBRS. It has downgraded Greece to CC - deep into "junk" territory - after it failed to repay the IMF yesterday. If Greece does leave the euro, he doesn't expect other countries such as Italy and Spain to be downgraded, however.

  38. It's a nein from Schaeuble...

    Not really new news, but German finance minister Wolfgang Schaeuble isn't terribly impressed with the Syriza-led administration in Greece: "This government has done nothing since it came into office. It has only reversed measures. It reneged on previously agreed commitments. It negotiated and negotiated. We don't know if the Greek government is going to hold a referendum or not, whether it is for or against it. You can't in all honesty expect us to talk with them in a situation like this. We need to wait to see what happens in Greece."

  39. Bank queues

    The scene outside one bank branch in Athens today as pensioners without debit cards try to withdraw cash.

    Greek pensioners
  40. Gabriel: no danger to euro

    Sigmar Gabriel

    Germany's economy minister, Sigmar Gabriel, seems to think a solution to the crisis can be found that will protect the euro and the European Union. "Whatever this week will entail, whichever twists Greek politicians may come up with and whatever the result of the referendum may be, I am sure that we will find solutions. Neither Europe nor the euro are in danger. The euro is and remains a stable currency," he told German MPs today.

  41. Carney: do a deal, fast

    Mark Carney

    Everyone will benefit if Greece reaches a deal with its creditors as soon as possible, says Bank of England Governor Mark Carney. "It is in the best interests of all the parties to come to an agreement ... [and] we would just encourage them to move to conclusion as quickly as possible," he tells Sky News.

  42. More warnings

    And finally:

  43. Let's call the whole thing off?

    More from Peter Kazimir:

  44. Slovakia PM tweets

  45. Hollande calls for a deal


    French President Francois Hollande said it was the duty of other eurozone countries - as well as Greece - to keep the country in the single currency. "As a European I don't want the dislocation of the eurozone, I am not into intransigent comments, into brutal rifts," he said. That is likely to have been a reference to German politicians, who have made increasingly tough statements on Greece. In contrast to German Chancellor Angela Merkel, who says no talks can take place until after Sunday's referendum, Mr Hollande wants a deal now. "If it doesn't happen, if we have to wait for a referendum, there is always a risk ... that we would enter a period of turmoil and enter into the unknown. It's better to be sure than to leap into the void."

  46. Summing it up

    There is no better way to start the afternoon than this tweet from Nick Malkoutzis, deputy editor of Kathimerini's English edition, methinks: 

  47. Kalimera!

    Thanks to Ben and Faarea for this morning's coverage. Chris Johnston here with you until 2130 to keep you fully up to date on the Greek debt crisis. (Kalimera is hello in Greek, by the way.) Get in touch:

  48. Via Twitter

    Ahead of a Greek announcement...

    Joe Lynam

    BBC Business Reporter

    oxi 'no' poster outside Greek ministry

    tweet: A massive 'Oxi' [No] banner has been unfurled from inside the Greek Finance Ministry. I can't imagine it at HMT

  49. Via Twitter

    Greek ATM queues...

    Rob Young

    Business reporter, BBC World Service

    Greek pensioners queuing at a greek bank

    tweet: Pensioners queue at #Greece #bank as a few hundred open to payout pensions for those without bank cards #GreeceCrisis

  50. Via Email

    As Greek pensioners queue for their withdrawals...

    Joe Miller

    Business Reporter


    Dimitris, 77, an actor, (pictured) has been trying to get his €120 since 7am. "I'm not ashamed to say it: we need a Sultan - democracy isn't working. Dmitris said he voted for PM Alexis Tsipras. "It's all a fairy tale," he says, "Syriza lied to me". He was working until the crisis. Now he can't get an acting job. "I cannot get work. I'm not Peter O'Toole"

  51. Ace to buy Chubb for $28.3bn

    Away from Greece, there's a big deal in the insurance business. Ace is buying rival insurance group Chubb for $28.3bn. They say that combined, the companies will create a "global leader in commercial and personal property and casualty (P&C) insurance".

  52. Via Email

    At the scene in Greece

    Joe Miller

    Business Reporter

    After a fretful few days, Greek pensioners were finally allowed to withdraw €120 of their monthly allowance at select bank branches on Wednesday. Queues started forming in the early morning, forcing some of the elderly to stand for hours in the Athens sun. But the pensioners with whom I spoke said they could not survive much longer on such a meagre payout. "What am I suppose to do with just over €100?! I have bills to pay," said one woman. Others felt that the pension payments were just a momentary diversion. "What shall I tell you?" said a clearly exhausted man exiting a bank with his cash. "The country's on fire".

  53. New Deutsche boss

    John Cryan, chief executive of Deutsche Bank

    Here are some interesting comments from the new chief executive of Deutsche Bank John Cryan. In a letter to employees he says: "Our reputation has been damaged by instances of serious misconduct". "We must simplify our business model, break down internal barriers and instil a culture of co-operation," he says and warns "I am not going to tell you that all will be sweetness and light in the coming months."

  54. Why would Germany negotiate?

      Megan Greene, chief economist at Manulife and John Hancock Asset Management tweets:

  55. Merkel: 'Door remains open'

    German chancellor Angela Merkel

    Chancellor Angela Merkel is addressing parliament. She says: "The door for talks with Greece was always open and still is." She also said: "Now we are waiting for the referendum. Before the referendum, no further talks on an aid programme can take place."

  56. Greece: impact of capital controls

    BBC Europe correspondent, Chris Morris tweets:

  57. Greek PM address 'in around an hour's time'

    Well don't hold your breath for that speech from the Greek prime minister. This from the BBC News assignments desk: "According to Greek media.. Tsipras is expected to speak on national TV in 'around an hour's time'".

  58. Greece's missed payment classified

    Newsnight economics correspondent Duncan Weldon tweets:

  59. Greek PM to make public address - reports

    Greek Prime Minister Alexis Tsipras is reportedly going to make a public address shortly. We will keep you posted.

  60. Shaeuble sceptical over Greece latest

    German Finance Minister Wolfgang Schauble

    Germany's finance minister, Wolfgang Schaeuble is, as usual, sceptical about reports that Greece is ready to accept an offer from creditors. "On the one hand, and that's the current situation reported in the media, Greece proposes a referendum calling to reject the deal on offer. Now they are talking about accepting something but there is nothing to reject or accept at the moment. Then there are reports the referendum might be cancelled. All this is not a basis to discuss serious measures," he said in a news conference.

  61. Greek reforms

    greek flag

    Greece is willing to accept an offer from creditors but with several modifications including maintaining a tax break for islands, reports Reuters news agency. It reported that Greek PM Alexis Tsipras asked for a delay on some pension reforms by a few months, and cuts to military spend. Reportedly Tsipras has also requested an extension of its debt deadline - even though the deadline expired last night.

  62. Via Twitter

    Simon Jack

    Business correspondent, BBC News

    tweet: Schauble says new Greek letter accepting conditions (with minor changes) "lacks clarity".

  63. Carney: Greece contagion limited

    What probability does the the Bank of England put on a Grexit? It's a question the BBC's Robert Peston has just asked Mark Carney. Mr Carney replied that the Bank hasn't put a probability on a Grexit, but that "in the medium term, we share the view of [Mario] Draghi [Head of the European Central Bank], which is that much needs to be done to reinforce the integrity of the euro area. In the near term, contagion should be limited here [Europe]. What you see in sterling markets today is relatively limited moves so thus far things are proceeding as one would hope."

  64. Greece crisis poses 'increased risk to British banks'

    The Bank of England has said that due to the Greek debt crisis, risks to the British banking system are more severe. "Events in Greece have tipped the balance to a worsened outlook", said Mark Carney, head of the Bank of England, during a press conference outlining the Bank's half-yearly review of banking risks.

  65. European stock markets surge

    Paris stock surge

    European stock markets surged on reports that Greece may be willing to accept the reforms required by its international creditors. London's FTSE is up by 1.2%, Frankfurt's Dax is 1.61% higher, but the bigger riser is France's Cac, which is up 1.7%.

  66. Report: Greece to accept reforms

    Has the Greek Prime Minister Alexis Tsipras capitulated? He has reportedly agreed to accept the conditions from international creditors that were on offer over the weekend, reports the Financial Times. It says only a few minor changes will be made, that's according to a letter Mr Tsipras has sent to the European Commission, the IMF and the ECB and seen by the Financial Times.

  67. Post update

    Ben Morris

    Business Reporter

    We are going to start including a broader range of business stories from now... as we want to bring you up to date with the Greek crisis, the financial markets and other developments today.

  68. Video: 'I'm used to the noise'

    Vina Rha has lived on Rosemary Road in Hounslow, for 17 years. "I don't hear the planes much anymore, you get used to it. The environmental issue is a problem, that's the downside to it I guess. But for me, it's a good thing on balance I think." This is what she hears every day living under the existing Heathrow flightpath.

  69. 'Put national interest first'

    Heathrow Airport

    Airport expansion group Let Britain Fly has called on UK political leaders to back the Airports Commission's view that the government should give the green-light to a new runway at Heathrow. Gavin Hayes, Director of Let Britain Fly, said: "With Heathrow, our only international hub airport, already full for a decade and all of London's other airports forecast to be full within the next 10 years, there is no alternative but to now get on with it. "

  70. Heathrow expansion: 'Nonsense'

    Promises that a new Heathrow runway will benefit the economy are "outdated", says Zac Goldsmith, a vocal opponent to a new Heathrow runway. He told BBC London 94.9 that promises of a new runway's economic benefits are based on "aviation models of 25 years ago". "The idea of using huge quantities of taxpayers subsidies to build a giant foreign-owned monopoly on one edge of our city, the idea that it is going to be in the interest of the wider economy is nonsense," he said.

  71. Heathrow: 'Vehement opposition'

    BBC Radio 4

    The chief executive of Gatwick Stewart Wingate tells Today that "when you look around the cabinet table there is a lot of vehement opposition to expansion at Heathrow." He also points at that the mayoral candidates are against Heathrow. As a result of that opposition Gatwick is still in the running.

  72. Heathrow decision: Call for ministers to be barred

    Norman Smith

    BBC Assistant Political Editor

    Tory MPs in favour of Heathrow have demanded cabinet ministers opposed to a third runway for constituency reasons be barred from any say in the final decision. There are around five cabinet ministers who would be affected by a third runway. They include Justine Greening, Theresa May, Philip Hammond, Greg hands and Theresa Villiers. Several of them have already expressed strong opposition to a third runway.

  73. Goldsmith resignation threat

    zac goldsmith

    Back in 2008 Zac Goldsmith, the conservative MP for Richmond Park and North Kingston, threatened to resign if the government approved a third runway at Heathrow. Today he told LBC radio that he would keep that promise. The new Heathrow runway is not "politically deliverable, any more than it is legally deliverable", said Mr Goldsmith who is a frontrunner in the race to be the Tory candidate to replace Mr Johnson as mayor next year.

  74. Gatwick: 'Long battle ahead'

    BBC Radio 4

    "The birds have been noisier than the planes," says the BBC's Zoe Conway reporting from Ifield, a village near Gatwick. She speaks to Peter Barkley who is campaigning against the expansion of Gatwick. Despite today's recommendation "there's still a long battle ahead" to convince the government that Gatwick should not get another runway, he says.

  75. Boris Johnson: 'Fatuous' proposal

    BBC Radio 4

    London Mayor Boris Johnson

    The Mayor dismisses Sir Howard's recommendation: "This was an outcome that I always thought inevitable because the mandate really was to provide a political fig leaf for an establishment u-turn on Heathrow runway three."

  76. Boris Johnson: 'Huge increase' in pollution

    BBC Radio 4

    The London Mayor has now popped up on Today. He says that the restrictions that Sir Howard is trying to impose "really give the game away". The Heathrow plan will lead to a huge increase in noise and vehicle pollution. "This is the sort of thing you could possibly have got away with in China in the 1950s," he says. It is "totally fatuous" to propose a legal ban on a fourth runway as no government can bind its successors, he says.

  77. Heathrow: Ban on night flights?

    BBC Radio 4

    The chief executive of Heathrow John Hollande-Kaye would not commit to a ban on all night flights: "We will work with the government" he told the Today programme. His plan meets criteria set out three years ago. He says Heathrow has changed its plan to meet the Prime Minister's concern. "We have u-turned so the Prime Minister doesn't need to".

  78. Heathrow expansion: Local reaction

    LAurence Luca

    "There are too many planes from Heathrow, this will make it worse. The problem is if they have more planes at night, I don't mind during the day as I am not here then." - Laurence Luca, 23, from in Hounslow West.

  79. Heathrow expansion: Local reaction

    Ismail Muna

    "I'm an HGV driver at Heathrow. The more the airport expands, the more jobs there will be. On the other hand there's some concern about the noise but we've been living with that so I wouldn't worry too much" - Ismail Muna from Hounslow.

  80. Heathrow boss: It's about more than a runway

    planes parked at Heathrow airport

    John Holland-Kaye, chief executive of Heathrow Airport said: "This debate has never been about a runway, it's been about the future we want for Britain. Expanding Heathrow will keep Britain as one of the world's great trading nations, right at the heart of the global economy."

  81. Boris Johnson: Decision 'a long way off'

    BBC Breakfast

    Is the Mayor in a difficult position, given that he is part of a government that might accept this recommendation? "We are a very long way off that ... I don't think we'll ever get there" says the Mayor. He thinks it's interesting that the report only solves the problem to 2030. If the third runway is built at Heathrow there will be immediate demand for a fourth, he says.

  82. Heathrow boss responds to the Mayor

    john holland-kaye

    Heathrow's chief executive has responded to London Mayor Boris Johnson's insistence that the new runway will not be built. John Hollande-Kaye told BBC London 94.9: "It can happen. We have huge support from businesses and local communities who want to grow their exports, they want to get to global markets. By expanding, we will help to deliver economic benefits for London and the UK."

  83. Boris Johnson: 'It is not going to happen'

    BBC Breakfast

    Boris Johnson

    "It is not going to happen" says London Mayor Boris Johnson on News Channel about the recommendation for a third runway at Heathrow. He says that Heathrow will move to "negate" the value of restrictions over noise and air pollution. The third runway would be an "inevitable precursor" for a fourth runway. That would have "catastrophic" impact for the city's population says the Mayor.

  84. Heathrow expansion: PM's position

    BBC Radio 4

    Sir Howard Davies

    In 2009 the Prime Minister said he would oppose Heathrow's expansion with "no ifs and buts". But Sir Howard (pictured) says that the proposal back then was "a deficient offer". It had none of the recommendations over noise and air quality of today's report and lacked the economic benefits.

  85. Via Email

    Heathrow: 'Get diggers in the ground'

    John Cridland

    CBI, Director-General

    "Now that Sir Howard's Commission has made its recommendation, the Government must commit to the decision now, and get diggers in the ground at Heathrow swiftly by 2020. Growing airport capacity in the South East is absolutely critical to the whole of the UK's economic future - it simply isn't an optional "nice to do".

  86. Sir Howard: Gatwick a 'conceivable' option

    BBC Radio 4

    Sir Howard is very firm about which airport is the best option. Gatwick is a "conceivable" option but Heathrow is our "strongly unanimous" and "preferred" choice, he tells Today.

  87. Heathrow airport reaction

    Heathrow sign and plane

    After being awarded a new runway, Heathrow airport said in a statement: "The benefits are significantly greater, for business passengers, freight operators and the broader economy" and that "all passengers will benefit from enhanced competition." It added that a Heathrow expansion will "connect all of Britain to growth markets around the world and enable the UK to overtake its European competitors in the race for jobs and growth."

  88. Post update

    Richard Westcott

    BBC transport correspondent

    tweet: So Heathrow with big conditions. Gov parliamentary commitment to no runway 4. Noise levy (airlines pay? So ticket price rises?) legal

  89. 'Gatwick still in race'

    Gatwick's chief executive Stewart Wingate says the West Sussex airport is "still very much in the race".

    Following the publication of Sir Howard Davies' report which backed a third Heathrow runway, he said: "It is for the commission to make a recommendation but it is of course for the government to decide.

    "We are confident that when the government makes that decision they will choose Gatwick as the only deliverable option."

  90. Heathrow: Mayor should 'look hard' at report

    BBC Radio 4

    London Mayor Boris Johnson has said that a third runway at Heathrow will never be built. In response Sir Howard says "the mayor would do well to look hard" at the report before reaching a firm view. The Mayor has never come up with a "plausible" alternative he says.

  91. Via Twitter

    London mayor Boris Johnson tweets....

    tweet: Davies commission pro Heathrow is disappointing - compounds not solves issue - destined for vertical filing as 3rd r/way will never be built

  92. Heathrow: 'Greater economic benefits'

    BBC Radio 4

    On Today Sir Howard Davies explains why Heathrow has been given the nod by his report. The economic benefits are "much greater". It has better long haul connections and is "by a long long way" the centre for air freight.

  93. Heathrow runway: 'The best answer'

    Kamal Ahmed

    BBC Business editor

    Sir Howard said that the recommendation for a new runway to the north of the present airport was "clear and unanimous". "The best answer is to expand Heathrow's capacity through a new north-west runway," Sir Howard said. "Heathrow is best placed to provide the type of capacity which is most urgently required: long haul destinations to new markets."

  94. Heathrow recommended for new runway

    Kamal Ahmed

    BBC Business editor

    The government's Airports Commission has recommended the building of a third runway at Heathrow, saying that it would provide £147bn in economic growth and 70,000 new jobs by 2050. Sir Howard Davies's report says that the new runway should come with severe restrictions to reduce the environmental and noise effects. Sir Howard said that a second runway at Gatwick was a "credible" option but was less able to provide connections to long-haul destinations and would create lower levels of economic growth.

  95. No 'snap' decision over airport expansion

    Norman Smith

    Assistant political editor, BBC News

    Number Ten says it will not be be making "a snap judgement" in response to Sir Howard Davies' report on airport expansion today. They were given a copy of the report last night. Downing Street says it wants to "properly read and properly digest" the report. A formal government response is not expected until the Autumn.

  96. Greece: 'No more rabbits in hats'

    BBC Radio 4

    Greek Prime Minister Alexis Tsipras

    "I would say there aren't many more rabbits for [Greek PM Alexis] Tsipras to pull out of the hat," says Lucy O'Carroll from Aberdeen asset management on the Today programme. Ahead of Sunday's referendum, Mr Tsipras will display to the Greek people that he's making every effort to cut some sort of deal with its international creditors, as he needs to give the Greeks the feeling that their vote is worth something on Sunday. "After all, what they're voting for has effectively expired with the deadline last night," she says.

  97. Rail disruption possible today

    Blackfriars station London

    This is the latest from Network Rail on how the weather will affect services: "Going to be the hottest day for several years today - speed restrictions likely to be pretty widespread, so while morning journeys should be unaffected, once temps rise and the restrictions have to be brought in it will likely cause some congestion/extended journeys in the evening peak." Thanks to BBC transport correspondent, Richard Westcott for that update.

  98. Greece: Large protests in Athens overnight

    BBC World News

    Protests outside Greek parliament

    Last night tens of thousand of Greeks gathered in central Athens demanding that the nation stay in the eurozone. "Greece, Europe, democracy was what they were shouting," reports the BBC's Joe Lynam from Athens on World Business Report. On Monday there was a protest against further austerity, which would likely result in Greece leaving the eurozone. Greece has become the first advanced economy to fall into arrears with the IMF. Eurozone finance ministers are due to meet this morning to discuss a Greek request for financial support.

  99. UK airports: 'Another ten-years' before runway built

    Radio 5 live

    Gatwick Airport

    At 07:00 the Airports Commission will recommend Heathrow as the preferred site for London's new runway, sources have told the BBC. But Tim Jeans, chairman of Newquay Airport and a non-executive director at the low-cost airline Aer Lingus, says "my understanding is that Gatwick is by no means going to be ruled out". He agrees that it will probably take another ten-years to get the runway built, due to our "desperate" planning processes. We are gearing up for "the mother of all legal battles" particularly over Heathrow, Mr Jeans says.

  100. Post update

    Ben Morris

    Business Reporter

    Good morning. Brace yourselves, there's going to be a deluge of news this morning. The crisis in Greece is building and at 07:00 we'll finally get an official recommendation on exactly where Britain should build a new runway in the South-East. If you have any thoughts on that please email or tweet @bbcbusiness.