15 September 2014
Bankers tell me that George Osborne, Mark Carney and Alex Salmond can ward off a serious credit crunch in Scotland if Scots vote for independence
Chinese online giant Alibaba increases the price range of its initial public offering, meaning it could raise more than $25bn when it lists in New York.
French fashion house Jean Paul Gaultier is to stop making ready-to-wear clothes for both men and women, and will focus on "haute couture" and perfume.
Air France has warned that disruption will get worse as a week-long strike by its pilots continues.
Shares in online fashion firm Asos fall 14% in early trading after it downgraded its profit forecast for the coming financial year.
A leading Scottish business group calls for the country to unite "to drive Scotland forward", whatever the referendum result.
15 September 2014
Aviva chief executive tells the BBC that the building of key infrastructure such as schools and hospitals could suffer.
We await UK August inflation numbers due at 09:30. In July Consumer Price Index (CPI) inflation fell to 1.6% from 1.9% a month earlier. However average wage growth was just 0.6% in the three months to June.
Phones 4U founder John Caudwell is back this time on Radio 5 live. He says that Phones 4U would never have pushed the network operators so hard in negotiations that they would have been forced to walk away. It would have made no sense to have alienated their only suppliers, he argues. But he concedes that he doesn't know the facts of the matter.
Overall high street vacancy rates have fallen in the first-half of the year, according to The Local Data Company (LDC). On Radio 5 live Matthew Hopkinson of LDC says there are lots more charity shops, pound shops and also independent retailers. He also says that vacancy rates in the North West are double that of London (16.9% versus 7.8%).
ASOS shares are almost 13% lower so far this morning. The online fashion retailer warned that profits would not grow in the current financial year. Sales rose 15% in the three months to the end of August, but that was a sharp slowdown from the previous quarter when sales accelerated 25%. ASOS shares are down more than 60% over the last six months.
The former chief executive of the Office for Fair Trading John Fingleton tells Today it is "highly unlikely that Vodafone and EE colluded to reduce high-street competition by cancelling their contracts with Phones 4 U." Mr Fingleton, who was head of the OFT from 2005 until 2012, says there is "no evidence" of collusion and rejects any call for an investigation into the matter.
As well as condemning the network firms, Mr Caudwell also dishes out criticism for the BC Partners, the private equity firm that owned Phones 4U. He says it took £200m out of the business. "I don't like the fact they did it because they left the business much more vulnerable but it was manageable," he tells Today.
The "ruthless actions" of mobile phone networks were behind the demise of Phones 4U says founder John Caudwell , who sold the business in 2006. It was an "unprecedented assassination" of the company by the networks which had partnered the firm for 20 years he said on the Today programme. The idea the Phones 4U managers "dug their heels in" during negotiations is "preposterous", he says adding "I simply don't believe Vodafone".
UK holiday operator Thomas Cook says it expects full-year earnings to the end of September will be in the range of £315m to £335m putting it broadly in line with analyst expectations. It added weaker prices, which it first warned about in May, continued but it had offset that impact by speeding up its cost-cutting programme.
US pension giant Calpers is withdrawing all of its investments in hedge funds, blaming their expense and complexity. That's a cool $4bn (£2.4bn) leaving 30 hedge funds. Calpers, which stands for the California Public Employee's Retirement System, is the biggest public pension fund in the US.
tweets: "Ouch....Q4 sales at ASOS weren't quite as bad as feared (+15%), but ASOS warn that there will be no profit recovery in y/e Aug 2015"
Maurice Levy, one of the most influential figures in advertising and in France, is to stand down as chairman of advertising giant Publicis in 2016. He is credited with turning Publicis into one of the world's biggest advertising agencies.
What will happen to the currency on Friday it Scotland votes in favour of independence? George Godber of the fund manager Miton tells the Today programme that he can see "a very significant fall" in the value of the pound, maybe as much as 10% over about a week. That's because the UK's status as the fastest growing Western economy and a safe haven will be put in jeopardy, he says.
Europe could cope if Russia were to interrupt gas supplies in retaliation to European sanctions, says Malcolm Bracken of stockbrokers Redmayne Bentley. Norway can increase oil and gas production and gas reserves are in a pretty healthy shape, he says. Vladimir Putin needs money from the West more than he's letting on so we shouldn't be too worried about the effect of sanctions, says Mr Bracken on Today.
More than 100 of the UK's biggest companies, including Tesco and Marks & Spencer, have called for an overhaul of business rates. In an open letter to the Daily Telegraph they say business rates "are no longer fit for purpose for the 21st century". The tax brings in £25bn for the Treasury annually.
Brent Crude fell below $97 a barrel on Monday for the first time in two and a half years. Malcolm Bracken of stockbrokers Redmayne Bentley explained the fall on the Today programme. "There's been a slowdown in China, cars are becoming more efficient, the war premium is falling, sanctions haven't really had an effect on oil production in Russia and money is tightening," he says.
Alibaba has raised the price range of shares in its US stock market debut and could now raise $25bn (£15.4bn). The funds will allow the Chinese internet company "to make its mark" in the US market place says BBC Business presenter Rico Hizon on Wake Up to Money. Company executives are on an international road show to market the shares. Today there are in Singapore, tomorrow London.
The leaders of the three main parties at Westminster have signed a pledge to devolve more powers to Scotland, if Scots reject independence. On Wake Up to Money Colletta Smith, the Economics Correspondent for BBC Scotland says it amounts to an "agreement to make some kind of agreement". Details will have to be worked out after the vote, she says.
"I'm not surprised it fell over," says fund manager, George Godber in reference to the failure of Phones 4U over the weekend. On Wake Up to Money Mr Godber says the company did "not have any room for financial manouevre" because its private equity owners had recently loaded it with £250m in debt. Phones 4U founder John Caudwell will be on Radio 5 at around 08:45.
Good morning. It's shaping up to be a busy morning with inflation figures due at 09:30 and we'll see what John Caudwell has to say about the demise of the company he founded, Phones 4U. Stay with us.
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