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Live Reporting

By Ben Morris

All times stated are UK

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Ben Morris

Business Reporter

That's it from us today. We'll be back from 06:00 on Wednesday. It will be interesting to see what the stock market makes of the deals made by Sky and BT to broadcast Premier League football. So join us tomorrow.

Via Twitter

John Mervin

New York business editor, BBC News

"Total US oil production in January averaged 9.2 million barrels per day. (EIA). Highest in decades. No decline in output yet"

Via Twitter

Michelle Fleury

BBC business correspondent, New York

"A former Obama administration auto advisor wants to join GM's board and is urging the company to buy back stock #ActivistInvestors"

Via Twitter

Adam Parsons

Business Correspondent

Sky: "majority of the funding coming through substantial additional savings to be delivered by efficiency plans"

Premier League rights

BBC News Channel

Kamal Ahmed (right)
BBC

Sky will pay £1.392bn for each Premier League season from 2016-17 - in total that's £4.176bn. From our maths that means BT paid £959m for the two packages it won. BBC business editor Kamal Ahmed points out on News Channel that both Sky and BT have strong balance sheets so they can afford these prices.

Sky subscriptions

Radio 5 live

"Sky know that until 2015, they have got you," says BBC sports reporter Ben Smith on Five live. "They will need to get that back," he says and that will be reflected in TV subscription prices.

Premier League rights

Radio 5 live

"Nobody saw that coming" says sports reporter Ben Smith about the latest Premier League rights auction. "To go past $5bn has taken everyone by surprise," he said. It reflects that there were others parties "bidding very hard". Each game is worth £10.9 million he says.

Via Twitter

Premier League rights

Dan Roan

BBC Sports Editor

Premier League announces biggest TV deal in football history. Sky & BT pay staggering £5.136billion for 2016-19, up from £3.018billion

Via Twitter

Premier League rights

Kamal Ahmed

BBC Business editor

"Football costs rise by 80%."

Premier League rights

The Premier League raises £5.135bn for three seasons of football from 2016. Sky secures packages A, C, D, E, G and BT wins packages B and package F.

Via Twitter

Premier League rights

Kamal Ahmed

BBC Business editor

"On Sky versus BT battle for live football on TV, Package D is the key - 4pm Sunday kick offs. The crown jewels #livefootball"

Market update

FTSE 100
BBC

The

FTSE 100 spent most of the session in negative territory, but bounced off its lowest level for the day, ending just 10 points lower.
Marks and Spencer was the biggest winner on the index, up almost 5% and helped by a positive comment from brokers at RBC. Tesco and Morrisons were also in the top five winners.
Royal Mail was the biggest loser, down 4.7% after its shares were downgraded by JP Morgan.

Via Twitter

John Moylan

Industry correspondent, BBC News

"GMB Union says the AA is to cut 300 mainly back office jobs - it currently employs 8K people"

Via Email

HSBC scandal

John Mervin

BBC New York Business Editor

In the US Congress, Senator Sherrod Brown has been pressing the Federal Reserve's, Deputy Director of Banking Supervision and Regulation, Maryann Hunter, to disclose what if any investigation the Fed has made into the help HSBC allegedly gave to clients in evading taxes. Ms Hunter refused to give details. Senator Brown warned that the committee would be watching the Federal Reserve's actions on HSBC. "We'll be in touch," he told Ms Hunter.

Premier League rights

Radio 5 live

West Bromwich Albion"s Nigerian striker Brown Ideye
Getty Images

"Only the NFL can compete with the Premier League in terms of TV rights," says Ben Smith, football reporter on Five live. At the first Premier League auction for the 1992-93 season, games cost £660,000 per game, in the last round games were worth £6.5m each he says. That figure is expected to go even higher

in today's auction he says. We are due to get the result after 17:00.

'Cross-dressing'

Radio 5 live

John Pienaar, Radio 5 live chief political correspondent, says there was a "certain amount of cross-dressing" by the political parties at the British Chambers of Commerce conference today. Labour said it would support business, while Prime Minister Cameron said it's a good time for companies to share out their profits.

Lew on Europe

G20 meeting Turkey
EPA

US Treasury Secretary Jack Lew says Europe needs more fiscal policy. He says there is a "demand shortfall". Those comments were made at the end of the G20 finance ministers meeting in Turkey. Mr Lew is third from the left, next to Christine Lagarde, the head of the IMF.

Cuddle for cake

Sign
BBC

This was spotted in London by BBC Business Reporter Joe Miller. Cuddles for cake? What could possibly go wrong?

Via Twitter

Premier League rights

Dan Roan

BBC Sports Editor

"Signs emerging that US-owned Discovery Network (owners of Eurosport), didn't bid for PL rights after all. Let's see."

'Hokey-cokey'

Nick Clegg
BBC

"The endless hokey-cokey of whether or not we are going to stay in the European Union" is destabilising for British business, says Nick Clegg, speaking at the

British Chambers of Commerce.

Maids exploited

World Service

A group of protesters gather outside the courthouse in support of Indonesian former maid Erwiana Sulistyaningsih in Hong Kong on 10 February 2015.
AFP

"Thousands" of maids in Hong Kong suffer degrees of abuse and exploitation, according to Norma Kang Muico, a rights campaigner for migrants at Amnesty International. Employment agencies take advantage of their lack of language and knowledge of laws, she says. Today a Hong Kong woman

was found guilty of abusing an Indonesian maid. More on
World Business Report on World Service at 17:30 GMT.

William Hill turns punter

888 earnings
BBC

Shares in online gambling firm

888 Holdings have jumped almost 20%. That's after it confirmed that it had received a takeover approach from William Hill. Investors in
William Hill were not impressed, its shares fell 2.7%.

Market update

Coke cans
Getty Images

It's been a healthy start for US shares. The

Dow Industrials is up almost 0.6%, with
Coca-Cola leading the way with a 3.1% gain. It reported better than expected profits and sales in North America. Shares in oil companies are lower, after the price of crude fell.

Via Twitter

Shale industry

Michelle Fleury

BBC business correspondent, New York

What falling oil prices mean for US shale sector @IEA: 'It will not drive it out of the market' and 'might in fact come out stronger'

Via Email

Samira Hussain

BBC Business reporter, New York Stock Exchange

Markets are looking for a more positive open. All eyes are still on Greece but adding to international concerns are China and another possible stimulus. So what's got the spring in their step? American beverage icon Coca Cola reporting earnings that really pop.

Via Twitter

Michelle Fleury

BBC business correspondent, New York

Olivier Blanchard
BBC

IMF chief economist Olivier Blanchard less pessimistic on global economy due to falling oil prices #Buttonwood

Premier League rights

Sky shares
BBC

Sky shares have had a mixed morning ahead of the announcement on the Premier League rights deal. Shares opened with sharp losses but have since recovered.
Broadcasters are expected to pay a record amount to secure live coverage of England's top football league.

Via Twitter

Dan Roan

BBC Sports Editor

"Premier League to announce live TV rights deal at 5pm this afternoon"

Falling prices

BBC News Channel

Grocery prices fell 1.2% over the last 3 months according to Kantar Worldpanel. Fraser McKevitt, head of retail at Kantar says we're not going to see any price rises at all this year. Given that,

Tesco's 0.3% sales growth for the 12 weeks to 1 February is "great news", he says on News Channel.

Ben Morris

Business Reporter

I'm here until 18:00. We are still getting lots of correspondence on the HSBC tax scandal. Keep it coming.

Mandelson on Charles

Mandelson
BBC

Lord Mandelson has spoken to the BBC's Mark Lobel in Sharjah, UAE. Following revelations in The Times that Prince Charles is unwilling to promote UK arms in the Middle East, the former Labour business secretary says the Prince was never deployed as part of a sales drive for the defence industry.

Detroit for sale

World Service

Detroit
Getty Images

After the bankruptcy, why is the Motor City selling off land for $100 a piece? The BBC's Kim Gittleson

has been to find out for
Business Daily.

Tyrie on FCA

Andrew Tyrie, the chairman of the Treasury select committee, has been commenting on the FCA boss's lack of knowledge of the HSBC investigation. "The spirit may being willing - particularly at the top - but the flesh remains weak," he says. "Mr Wheatley's comments are further evidence that some banks may be too big to manage."

'International agreement'

HMRC
PA

Our reporter Katie Hope has been on the phone to HMRC, asking why it did not notify the FCA about its HSBC investigation. A spokesman had this response: "We received the data under an international treaty agreement with France, which had tight restrictions. We couldn't move it outside the department; we could only use it for tax evasion purposes."

Via Twitter

Ross Hawkins

Political correspondent, BBC News

PM spokesperson said no minister had any knowledge that HSBC may have been involved in wrongdoing in regard to its Swiss banking arm before weekend

Via Twitter

Nick Robinson

Political editor

Cameron echoes Kinnock: "I warn you not to aspire; to aspire to work, to turn a profit ... because in their vision you are the enemy"

Cameron reveals Help to Grow

First it was Help to Buy - now it's Help to Grow. David Cameron told the BCC conference in London that the new scheme aimed to help 500 smaller companies a year to expand - or "walk safely through the valley of death" as the prime minister put it. Help to Grow will aim to create a UK version of Germany's Mittelstand. A pilot scheme run by the British Business Bank will make £100m in new lending available initially and more if the Conservatives form the next government, Mr Cameron added.

FCA on banks

Martin Wheatley tells the Treasury Committee that "we have in our organisation a number of investigations that are ongoing, which will raise further questions about the banks". He adds that the banks "have an obligation to talk to us about their skeletons early on", but that even the CEOs "don't know about the skeletons in their organisations".