Got a TV Licence?

You need one to watch live TV on any channel or device, and BBC programmes on iPlayer. It’s the law.

Find out more
I don’t have a TV Licence.

Summary

  1. Government may invest in Tata plant as sale of Scunthorpe steelworks to Greybull announced
  2. David Cameron and other senior politicians publish tax returns
  3. Daily Mail owner ponders bid for Yahoo
  4. British Chamber of Commerce warns on economic growth

Live Reporting

By Rebecca Marston

All times stated are UK

Get involved

  1. Bye for now

    Business Live is back on Tuesday - from 0600. Oh yes. See you back here then.

  2. US market close

    US shares closed lower after a late session sell-off. The Dow Jones fell 20.55 points to 17,556.41. The S&P 500 lost 5.61 points to 2,041.99 and the Nasdaq fell 17.29 points to 4,833.40. 

  3. Cash will disappear in five years time

    Business Insider reports this from Mark Barnett, the boss of MasterCard in the UK and Ireland. He believes that in five years time cash will be practically extinct in Britain and Ireland — and in 30 years it will seem as old fashioned as the horse and cart.

    Barnett told Business Insider at the Money2020 conference in Copenhagen last week: "By the time we get to another generation, 30 years down the track, will there be any cash? I very much doubt it. The idea of carrying coins — 2p, 1p, 50p all cluttering up your pocket — it will be an anachronism. It will seem as antediluvian as carrying a pouch full of gold.

    "In five years time the vast majority of the cash will be out of the system"

    Of course, MasterCard would say that. The more people use plastic to pay for things, the more business MasterCard gets. But figures show electronic payments have alrready overtaken cash ones in the UK.

    Religious window
  4. Calling Venezuela...

    Two of Venezuela's biggest mobile phone companies are suspending long-distance phone calls.

    Movistar, a subsidiary of Spain's Telefonica, will end the service on Friday, while Digitel's will do so on Friday.

    It come as the two companies struggle to pay bills because of the country's strict currency controls. 

    Venezuelans will still be able to make international calls from some landlines. 

  5. Oakbay to start setting up bank talks

    Oakbay has not given up fighting for its future. It says it will start a round of talks with banks: "We will start setting up meetings with banks on Tuesday to try and restore those relations because the lives of 7,500 employees are at stake," chief executive, Nazeem Howa, told Reuters in an interview.    

  6. Steel: Parliament to hold emergency debate

    MPs are to hold an emergency debate on the crisis in the steel industry. The Labour Shadow Business Secretary, Angela Eagle, used a parliamentary procedure - Standing Order 24 - to ask for an urgent debate - to take place tomorrow (Tuesday 12 April). She complained that the government had refused to recall parliament from its Easter break to discuss the news that Tata was selling its UK steel operations. Angela Eagle had up to three minutes to make her case for an emergency debate. The Commons Speaker, John Bercow, accepted the application and because Ms Eagle had the support of enough MPs, including some Conservatives, tomorrow's parliamentary business has been changed. This means there will be a three hour debate about the UK steel industry.

  7. Auditors and banks withdraw support for Oakbay Resources

    Oakbay Resources and Energy, which until last week was run by the controversial Gupta brothers, is facing ruin as auditors KPMG and several national banks withdrew their support for the company. They cited concerns about the political storm surrounding the Gupta family's friendship with President Jacob Zuma. It has been alleged the Gupta brothers unduly influenced his choice of appointments to the cabinet. They've resigned from their positions in Oakbay Resources, following what they called "a period of sustained political attack on our family and our businesses". Lucy Burton spoke to the new chief executive of Oakbay, Nazeem Howa. He said that if the company can't re-establish its relationship with the banks, thousands of jobs will be at risk.

    Video content

    Video caption: Oakbay hopes to restore its relationship with its banks, which has faltered.
  8. Government says will not nationalise Port Talbot

    There are media reports that the Government is planning to part-nationalise Port Talbot. But the Department for Business Innovation and Skills says it is not planning this. In the Commons today, Sajid Javid, talked about "‘co-investing on commercial terms". BIS says he is talking about a debt investment on commercial terms, which is the same as they are proposing to do with Greybull in Scunthorpe. This is OK under EU state aid rules. BIS say he was not referring to an equity investment, or a part-nationalisation,

  9. Tax islands to share data with UK authorities

    The Prime Minister, David Cameron, says some British overseas territories and crown dependencies - often seen as tax havens - would now share information with British authorities. He said territories, apart from Guernsey and Anguilla, had agreed to provide UK law and tax agencies with full access to information on the beneficial ownership of companies: "For the first time UK police and law enforcement will be able to see exactly who really owns and controls every company incorporated in these territories -- Cayman Islands, British Virgin Islands, Bermuda, Isle of Man, Jersey, the lot. This is the result of a sustained campaign, building on the progress that we made in the G8 and I welcome the commitment of the governments of these territories to work with us and implement these arrangements."

  10. Goldman fined $5bn for bad mortgage-backed products

    Goldman Sachs has agreed to pay $5bn ($3.5bn) to settle allegations of “serious misconduct” relating to mortgage-backed securities it sold before the financial crisis.

    The investment bank reached a deal with the Department of Justice and state governments. The penalty includes $1.8bn earmarked for consumer relief.

    “This resolution holds Goldman Sachs accountable for its serious misconduct in falsely assuring investors that securities it sold were backed by sound mortgages, when it knew that they were full of mortgages that were likely to fail,” said associate attorney general, Stuart Delery.

  11. Steel industry analysis

    The BBC's business editor Simon Jack writes:

    The key questions are: how long is the list of buyers and how long will that process take? Tata Steel is losing millions a week and today's deal with Greybull took six months to conclude. Group Executive Director Koushik Chatterjee told me that the process would be given "due time" without specifying what that might be. 

    He also said workers should take comfort from the fact that the company had already waited two weeks before starting the process and that he saw potential buyers in "the tens". 

    There has already been tentative interest from the steel company Liberty House but the vision outlined by its chairman, Sanjeev Gupta, would require a radical and time consuming restructuring of operations at Port Talbot along with significant government support.

    That appeared to be on hand as the Business Secretary Sajid Javid said the government would be prepared to co-invest with a buyer on commercial terms to secure a sale of Tata's remaining assets. 

    This is a step further than the government has gone before, and, while giving extra hope, also shows just how difficult it may be to find a buyer.  

    Read Simon's blog in full

  12. Oil price rises 2%

    Oil has had a good day. Brent has risen 1.9% to $42.72 a barrel. US light sweet crude is up 1.4%. Earlier it was above $43 a barrel. That's the highest since December.

  13. Goldman deal

    Elsewhere in the world...

    Goldman Sachs has agreed to pay $5bn ($3.5bn) to settle allegations of “serious misconduct” relating to mortgage-backed securities it sold before the financial crisis.

    The investment bank reached a deal with the Department of Justice and state governments. The penalty includes $1.8bn earmarked for consumer relief.

    “This resolution holds Goldman Sachs accountable for its serious misconduct in falsely assuring investors that securities it sold were backed by sound mortgages, when it knew that they were full of mortgages that were likely to fail,” said associate attorney general, Stuart Delery.

  14. Tata will contact 'tens' of potential Port Talbot buyers

    Tata Steel's executive group director, Koushik Chatterjee, says it will contact "many tens" of potential buyers for its UK steel business. Mr Chatterjee said the aim was to sell the assets as one, rather than split up the business. He spoke after Tata announced the signing of an agreement to sell its Long Products business, including the giant Scunthorpe plant, to investment firm Greybull Capital.

  15. German steel workers in anti-dumping protest

    Steel is a big issue in Germany, too. Thousands of German steelworkers are staging demonstrations across the country to demand action to prevent China from dumping cheap steel on world markets. The protesters want the EU to impose higher tariffs on Chinese imports. Hannelore Kraft is the premier of the state of North Rhine-Westphalia, home to many steel plants. Addressing workers in Duisburg, she said action was needed to give the European steel industry a fair chance:  "When I say: A fair solution, fair competition then this fairness must also apply internationally. We need fair rules world-wide. We cannot accept unfair steel dumping from China making life difficult for us.So we have come together to support tougher and faster anti-dumping measures, better and faster market monitoringThe EU Commission's steel summit has picked up on our demands but now words must be transformed into actions."

    Steel workers protest in Germany
  16. Government to consider co-investment in Port Talbot

    The Government will consider co-investing with a buyer on commercial terms to save the Port Talbot steel plant in south Wales, Business Secretary Sajid Javid has told the Commons.

  17. No promises on steel jobs, minister

    The Business Minister, Sajid Javid says he cannot promise that no more jobs in the British steel industry will be lost. 

  18. London market closes flat

    The FTSE-100 index at the close was down 4.29 at 6200.12.