Business Live: Wednesday morning briefing

Key Points

• Shipbuilding in Portsmouth will stop after an order for aircraft carriers is completed, BAE Systems was expected to say.
• Apple released a list of data requests from governments in the first six months of the year.
• Japanese carmaker Toyota reported a 69% jump in pre-tax profits and raises forecasts for the full year.

Report

Reporters: Anthony Reuben and Pia Gadkari

1. 

   0600: Pia Gadkari Business reporter, BBC News 
   Good morning and welcome. We'll be bringing you the day's business headlines, as well as company results, economic data and the best of the BBC's business stories as they happen. You can get in touch by emailing bizlivepage@bbc.co.uk or tweeting @BBCBusiness.
2. 

   0600: Anthony Reuben Business reporter, BBC News 
   Good morning. Our posts may be over 140 characters (is the live page worth £8bn?) but still stay with us - we're here until 10:00.
3. TOYOTA RESULTS0608: 
   Results have just been released by Toyota, which made a net profit in the six months to the end of September of 1 trillion yen ($10.1bn; £6.3bn), which is up 82% compared with the same period last year.
4. INDONESIAN ECONOMY0610: 
   Indonesia has just said its economy grew by 5.6% in the quarter ending in September - in a slight slowdown from the previous quarter. Analysts say it's due to the effect of stimulus ending.
5. APPLE DATA REQUESTS0612:
   

   And some overnight news from the US: Apple has revealed details of requests it has received from governments across the globe to share customer data. The US government made between 1,000 and 2,000 requests in the first six months of the year, topping the list.
6. APPLE DATA REQUESTS0618: 
   Apple's publication of data requests comes as other technology companies have expressed outrage about the emerging details of how the US government may have monitored the communications of Americans. But Apple insisted that since its main business is not about collecting customer data, the vast majority of requests were about information on "lost or stolen devices".
7.  

   TOYOTA RESULTSVia Twitter Sally Bundock Presenter, World Business Report 
   tweets: "#Toyota has just reported a 69% jump in pre-tax profits for the 6 months to the end of Sept. A weak #yen boosting earnings."
8. TOYOTA RESULTS0626:
   

   Toyota shares rose today in Tokyo on rumours that the carmaker was going to raise its profit forecast for the full year - the shares closed up 0.8%. Toyota has indeed raised its forecasts - it now expects net profit of 1.67 trillion yen ($16.9bn; £10.5bn) in the full year, up from its prediction of 1.48 trillion yen made three months ago.
9. WORLD CUP FEARS0634:
   

   Fears about disruption to next year's World Cup have been raised after the key global football conference, Soccerex, was cancelled because of continuing civil unrest. It was due to start in three weeks at the Maracana stadium. The England manager, Roy Hodgson, was among a number of high-profile figures who were planning to attend the event.
10. TOP STORIES
    • Shipbuilding 'to stop' at Portsmouth
    • Toyota raises full year profit forecast
    • Apple releases data requests list
11. MARKET MANIPULATION FINES0642: 
    According to the Wall Street Journal, European regulators are preparing to announce a series of multi-million dollar fines against banks, which manipulated interest rates. The penalties, which could come in the next month, are due to hit six banks and some of the amounts could approach 1bn euros ($1.35bn, £839m), the Journal says.
12. TWITTER PRICING0647:
    

    We're expecting to get a price for the Twitter stock market listing later today. On Radio 5 live, the presenters have been told off by Paul Sloan, editor-in-chief at technology website CNET for objecting to Twitter's lack of profit so far. He says: "The demand is the demand, right, so if people will pay for it, it isn't overvalued." Tulip bulbs anyone?
13. BAE JOB LOSSES0649: 
    BAE Systems, the British aerospace and defence company, is expected to announce job losses at three British shipyards: Govan and Scotstoun in Glasgow and at Portsmouth on the south coast of England. There are currently 3,200 people employed by BAE across Govan and Scotstoun, and 1,200 employed in shipbuilding at Portsmouth. We'll bring you more on this as we have it.
14. COMMUNIST INVESTMENTS0654: 
    Some confusion among listeners to Wake Up to Money this morning about the markets guest, Holly Cook, editor of the investment website Morningstar. One listener contacted the programme to ask why a communist newspaper has an investment expert. It turns out that the Morning Star newspaper and Morningstar website are unrelated.
15. 

    BAE JOB LOSSES0657: Radio 4 
    Defence analyst Francis Tusa tells the BBC's Simon Jack it was no secret that there would be excess capacity at the shipyards after two aircraft carriers have been built. But he adds: "What is of course complicating this massively is Scottish independence." When the contracts were drawn up, the yard at Portsmouth would have been the one to close, but now, "it has become political".
16. 

    WATER PRICES0705: Radio 4
    

    Also on Radio 4 this morning, we heard from Piers Clark, commercial director of Thames Water. The government has told water companies to "look closely" at whether they need to raise prices, which Thames Water has applied to do. "It means that we'll have less money to invest in the business we're doing now," he says.
17. PHOSPHORUS FERTILISER0707:
    

    Breakfast has got the glamorous gig again this morning. Graham Satchell doesn't just get to visit Slough, he's at a sewage works in Slough. It's an important project though - Thames Water is unveiling a treatment facility that makes phosphorous-based fertiliser from waste water. Read this feature to find out more about the world's insatiable hunger for phosphorus.
18. HOVIS BREAD0714:
    

    In a statement to the stock exchange this morning, Premier Foods has confirmed press reports that it has started looking for a partner to invest in its bread business, which makes Hovis. It has appointed the corporate advisors Ondra Partners to help with that.
19. 

    BAE JOB LOSSES0715: Radio 4 
    More about those expected job cuts at BAE Systems. Gerald Vernon-Jackson of Portsmouth Council says that if Portsmouth shipyard closes and Scotland becomes independent, the UK may lose its ability to build war ships. "We depend on sea trade for the food we eat, for the fuel in our cars, for the gas in our central heating systems. And, the Royal Navy has never bought ships from abroad."
20. JD WETHERSPOON0724:
    

    There's a third quarter update this morning from the pub operator JD Wetherspoon. Like-for-like sales, which exclude the effects of new pubs opening, rose 3.7% in the period. It is expecting to open 40 to 50 pubs this year, which is a bit more than it had previously announced.
21. 

    BAE JOB LOSSES0725: Radio 4
    

    "The government has consolidated all naval shipbuilding into one company, and there is less work in the future, and that's inevitable," says Portsmouth Council leader Gerald Vernon-Jackson. "But we've not stopped being an island. We've not stopped needing the sea lanes to provide our goods."
22.  

    HELP TO BUYVia Twitter Victoria Fritz Business reporter, BBC News 
    tweets: "Housebuilder Persimmon has flogged 3,000 homes under the Help To Buy scheme. Total weekly private rate up 44% on a yr ago since July"
23. JD WETHERSPOON0730: 
    Odd line in Wetherspoon's third quarter statement this morning. "Since supermarkets pay almost no VAT in respect of food sales, whereas pubs pay 20%, supermarkets are able to subsidise their drinks' prices to the detriment of pubs." But pubs don't sell Corn Flakes, they sell cooked meals, so it seems a strange comparison to make.
24.  

    FIRST GROUPVia Twitter Douglas Fraser Business and economy editor, Scotland 
    tweets: First Group 1st half Apr-Sept loss falls to £8m. Ceo: "Early days in multi-year" turnaround but "we're making progress"
25. FOXTONS0745:
    

    The London estate agent chain Foxtons has issued its first update since its stock market listing. As a result of the share sale, the company is now debt-free. "London property sales transactions in 2013 have so far remained relatively flat due primarily to a shortage in the supply of property for sale and low mortgage availability," the statement says.
26. 

    MONETARY POLICY0746: Radio 4 
    How many times have you heard this? The Bank of England's Monetary Policy Committee is meeting to discuss interest rates today and it is expected they will stay at a record low of 0.5%. Andrew Sentance, a former member of the rate-setting committee thinks it may be time to raise rates, saying an improved economy and perky stock market are good signs.
27. 

    TWITTER PRICING0755: BBC Breakfast 
    More attempts to explain why Twitter not making profits is ok. On BBC1 Breakfast, Rob Weatherhead from the advertising consultancy MediaCom says: "They're making the money, they're just not making that money profitably at the minute."
28. 

    PHOSPHORUS FERTILISER0801: BBC Breakfast
    

    Despatch from BBC Breakfast's Graham Satchell, who appears to now be standing in a pit of human excrement, He says: "It's a bit yuck." On the upside, the Thames Water reactor, which is the first reactor for phosphorus fertilizer in Europe, will help keep their pipes from getting clogged and help stop waterways being filled with algae.
29. MICROSOFT WARNING0802:
    

    One of the most read stories this morning has been the warning by Microsoft that hackers could exploit a "vulnerability" in its operating system to gain user rights to certain computers. It said attackers could exploit this by requesting users to preview or open a specially crafted email or web content. The issue affects Microsoft Windows Vista, Windows Server 2008, Microsoft Office 2003 - 2010, and Microsoft Lync.
30.  

    REALISTIC MANNEQUINSVia Twitter Victoria Fritz Business reporter, BBC News 
    tweets: "Debenhams is to be the 1st mainstream UK retailer to use size 16 mannequins in its windows. That's the average clothing size in Britain"
31. BAE JOB LOSSES0813: 
    Did you know: the shipyard in Portsmouth has been building vessels for 500 years, and King Henry VIII's flagship The Mary Rose was built there? It's the oldest shipyard in the country.
32. HELP TO BUY0813:
    

    The housebuilder Persimmon gives details of how the government's Help to Buy scheme to boost mortgage lending has been going. It sold 3,000 houses so far under phase one of the scheme, but under phase two it said: "with only a limited number of lenders involved in this second phase so far the impact to date has been muted due to the higher level of interest rates being charged."
33. 

    HOUSE PRICES0821: Kevin Peachey Personal finance reporter, BBC News 
    More evidence of a recovery in the housing market, according to the Halifax. The mortgage lender says prices have risen by 0.7% over the last month, and 6.9% over the last year as demand rises. But it adds: "Despite increases in the past year both house prices and sales remain below the levels reached at the height of the last housing market cycle in 2006/2007."
34. 

    BAE JOB LOSSES0823: BBC Breakfast 
    Details of where those BAE job cuts will be made won't be known until tomorrow. But we're hearing that the atmosphere inside the yard is "incredibly tense" ahead of the announcement. Local MPs have appealed for people not to speculate about what will happen, to reduce the stress facing the families of shipyard workers.
35. MARKS & SPENCER0833: 
    Following yesterday's discussion of the £199 Marks & Spencer cashmere onesie, today'sTelegraph is outraged that the retailer limited the availability of some of its most in-demand clothing, such as a "must-buy" pink coat. It quotes chief executive Marc Bolland saying: "You do not want 40,000 of the same coats walking around."
36. BAE JOB LOSSES0837:BREAKING NEWS 
    The BBC has learned that shipbuilding will stop at Portsmouth, once an order for aircraft carriers has been delivered. We are expecting an announcement about this later in the morning. More to follow.
37. BAE JOB LOSSES0841: 
    We are waiting to hear whether ship maintenance will continue at Portsmouth in an effort to save some jobs.
38.  

    5G PHONESVia Twitter Douglas Fraser Business and economy editor, Scotland 
    tweets: Huawei in China: investing $600m in 5G mobile. Could be 100x faster than 4G, and available from 2020. Via Reuters
39. 

    MANNEQUINS ON THE MOVE0843: BBC Breakfast
    

    News today that Debenhams is going to start using size 16 mannequins, showing the average dress size, instead of the usual size 10. Presenter Charlie Stayt questions whether the size 16 model doesn't still have unrealistically skinny arms and legs.
40. 

    BAE JOB LOSSES0846: Nick Robinson Political editor 
    who revealed that shipbuilding was to stop at Portsmouth, says the Defence Secretary will make a statement in the House of Commons if the announcement is made.
41.  

    HS2 MINISTERVia Twitter Richard Westcott BBC transport correspondent 
    tweets: HS2 minister issues correction over departmental budget http://bbc.in/1aCb5i4
42. CARBON CREDIT SCAM0901: 
    The Insolvency Service has said 19 firms have been shut down for pressuring retail investors into buying carbon credits, before their price abruptly dropped. It has contributed to the loss of about £24m, affecting around 1,000 people, many of them elderly.
43. MARKETS UPDATE0903: 
    Let's take a look at the markets. The FTSE 100 in London started the day slightly higher, up 0.2%. The Dax in Frankfurt rose 0.4% while the Cac 40 in Paris opened up 0.7%. The Nikkei in Tokyo closed up 0.8% while in Hong Kong the Hang Seng ended the day barely changed.
44. 

    TOP TOYS0907: Kevin Peachey Personal finance reporter, BBC News
    

    Bit of a retro feel to the Toy Retailers Association's list of top toys for Christmas - Monopoly, Lego and Fireman Sam all appear in the top 13. Analysts say parents are increasingly buying £50 plus toys.
45.  

    NEW CARSVia Twitter Richard Westcott BBC transport correspondent 
    tweets: The gravity defying rise of new car regs keeps going...@smmt New car registrations hit 157,314 in October, an increase of 4.0%.
46. 

    BAE JOB LOSSES0916: BBC News Channel 
    Ian Davidson, MP for Govan, told the BBC that there simply was no longer enough demand to keep the UK's shipyards busy. He said it would be better to keep one shipyard open for building new ships and another for maintaining and repairing existing vessels.
47. BAE JOB LOSSES0919: 
    Just to clarify: in addition to cuts or closure in Portsmouth, the BBC understands that there are likely to be some job losses at the Glasgow shipyards as well.
48.  

    AIRCRAFT NOISEVia Twitter Richard Westcott BBC transport correspondent 
    tweets: Heathrow airlines ranked by noise for first time http://bbc.in/19AEWpj
49. BAE JOB LOSSES0936:
    

    For those keen to follow the BAE Systems announcement concerning the future of shipbuilding in Portsmouth, the BBC is also running a dedicated live page which will bring you all the detail as they emerge.
50. UK ECONOMY0937: 
    Better news for UK manufacturing. When the preliminary figures for UK economic growth came out on 25 October, it said that the sector had grown 0.5% in the third quarter. But the latest figures this morning have bumped that up to 0.6%. It makes it a bit more likely that overall GDP will be revised up from the preliminary estimate of 0.8%.
51. HI-TECH WEDDINGS0944:
    

    Fancy a GPS-enabled wedding ring to keep track of your spouse's whereabouts? Or perhaps a WeddingBot to carry the rings to the altar? The BBC takes a look at how hi-tech a wedding can get.
52.  

    UK ECONOMY0950: Via Blog Robert Peston Business editor 
    blogs: "Why is the British economy like my favourite football team, Arsenal FC? We're both top of the league - by a margin (blimey it's been a few years since I said that)."
53. MARKETS UPDATE0953: 
    Let's take a look at the markets. The FTSE 100 in London started the day slightly higher, up 0.1%. The Dax in Frankfurt rose 0.4% while the Cac 40 in Paris rose 0.8%. The Nikkei in Tokyo closed up 0.8% while in Hong Kong the Hang Seng ended the day barely changed.
54.  

    CAR SALESVia Twitter John Moylan Industry correspondent, BBC News 
    tweets: "#SMMT new car forecast raised from 2.22m to 2.25m units for 2013 - 10% ahead of last yr - due to 'robust private demand'"
55. TOP TOYS0957:
    

    As the Toy Retailers' Association announces its top toys for Christmas, the BBC Magazine asks whether today's children have too many.
56. 1000: 
    As we prepare to sign off for today, we're waiting for defence firm BAE Systems to say it will stop shipbuilding in Portsmouth, which is likely to involve mass layoffs. We've also seen UK manufacturing figures revised up, adding to the feeling of recovery. And Thames Water gets its phosphorus-from-waste plant into production. We'll be back at 06:00 tomorrow. See you then.

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