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Summary

  1. UK inflation figure falls to lowest on record
  2. Greek stocks and bonds fall on debt talks impasse

Live Reporting

By Rebecca Marston

All times stated are UK

Get involved

Rebecca Marston

Business reporter, BBC News

And on that slightly brighter last post, Business Live is shutting the shop for Tuesday. Back tomorrow at 06:00 with the morning half of the tag team. Ta ta.

Greece debt

Reuters is reporting the Austrian finance minister, Hans Joerg Schelling, told the Kurier newspaper that chances of keeping Greece in the eurozone had improved and negotiations were going on. "The signals are more positive than on Monday, there are constant negotiations," he was quoted as saying in an interview.

New Tesco chairman

John Allan holds senior positions at Dixons Carphone and Barratt Developments, as well as holding non-executive directorships at National Grid, Wolseley and Hamleys.

New Tesco chairman

Tesco has found a new chairman: "Following Richard Broadbent's decision to step down as Chairman, Tesco today announces that John Allan will join the Board and be appointed Chairman on 1 March 2015. Richard Broadbent will step down from the Board on the same date."

Via Twitter

Dominic Laurie

Reporter for Five Live

tweets: Just spoke to one of Libya's top businessmen. He describes how his delivery vans are attacked by anti aircraft missiles. That's on
World Business Report on the BBC World Service.

Currency markets

The pound fell 0.14% against the dollar to $1.5341 and was down almost 0.5% against the euro at €1.3467. Still high enough to make that case of wine much more affordable this year.

Market update

Europe's markets have closed. Timidly. The

FTSE 100 ended up 0.6% at 6,898.13 points. The
Dax in Germany closed down 0.25% at 10,895.62 points and
the Cac in France was up 0.04% at 4,753.99 points. The
Dow Jones is down 0.12% at 17,998.12 points.

Greece debt

Greece is making other plans for Friday. The Greek government says it will vote then on abandoning the controversial austerity programme, a condition of its bailout. Greece has until Friday to decide if it wants to continue with the bailout programme. If it doesn't, it could run out of money.

Greece debt

The Greek prime minister, Alexis Tsipras, has been telling his parliament the government will not give in to "blackmail" (from the rest of the eurozone) and will go ahead with the planned new laws to reverse bailout reforms. Don't forget, they have until Friday to agree to meet the others to work out a way to end the standoff. Not exactly amelioratory talk.

Your inflation

Andy Verity

Business reporter

tweets: "In services (everything from restaurant meals to banking to haircuts) prices rose in January by 2.4% - faster inflation than December"

Student debt woes

Younger Americans are struggling to keep up with student debt and its putting them off buying homes. The Federal Reserve Bank of New York says the percentage of student loans that are 90 days or more overdue rose to 11.3% in the last quarter of last year. Total student borrowing is a record $1.16 trillion, the most on record and 7.1 percent higher than 12 months earlier. The New York Fed found that younger Americans with student loans are less likely to take out mortgages.

France reforms

Closed shop
Getty Images

France's new laws should also see a change to Sunday's restricted shop hours, something visitors to France either find charmingly traditional or maddeningly frustrating as you flit about in search of someone to sell you an extra vat of vin de table having under-catered for your Sunday lunch.

France reforms

The economic changes will make it easier for firms to hire workers - and of course fire them. Critics of the current system say current protections for workers make businesses reluctant to commit to taking on staff as they are then hard to lay off. Critics of the new system say it leaves workers more vulnerable.

France reforms

The French government said it was passing President Francois Hollande's flagship economic reform bill by decree. Reuters reports that is to remove the risk of it being blocked by a backbench rebellion. It could prompt a a no-confidence vote by the opposition though.

Nigeria reserves

Naira notes and other currencies
Reuters

Nigeria's falling currency, the naira, is still causing problems for the country. The central bank announced it spent $380m in two days supporting it. Foreign currency reserves fell by 1.2% between February 13-16 to $32.66bn and 5.3% from a month ago.

Via Email

Does the ONS notice that food prices may not be rising but some pack sizes are shrinking? asked a reader earlier. It surely does. The ONS emails: "In response to Brian Orpin's email, ONS has confirmed that it does take into account changes in the size of food and other items in the inflation basket when measuring price changes. Please email cpi@ons.gsi.gov.uk with any other inflation queries." Public servants live.

Wall Street open

The US markets have reopened after their one-day holiday for Presidents' Day.

The Dow Jones is down 0.27% at 17,970.29. The
S&P is down a similar amount at 2,090.96 points and the
Nasdaq likewise at 4,883.21 points. Quiet. Suspect some traders made it a two-day break.

Via Email

Your inflation

Inflation is biting hard for Andy Bolstridge: "The price that surprised me lately is rents, have you seen how much they've gone up, yet the CPI doesn't care about non essential things like that, but does when it comes to vital things like flat screen TVs. Maybe they'll fix deflation by deciding to include rent and mortgage costs into the inflation calculations, nothing will change but everyone will be happy again :-)"

Via Twitter

Douglas Fraser

Business and economy editor, Scotland

Open cast mining
BBC

tweets: Coal-mining company set to halve Scots production and cut costs, after price plummets.
More here from Douglas on Hargreaves Services problems.

Greece debt

Reuters is reporting there should be no sudden end to the ECB's approval of emergency funding for Greek banks, expected this week, "a person familiar with the situation" said. The ECB's Governing Council meets on Wednesday and will review the provision of so-called Emergency Liquidity Assistance to Greek banks. Its international bailout expires at the end of this month.

Oil price pain

Direct hit from falling oil prices on Canada home sales. The Canadian Real Estate Association said sales activity was down 3.1% last month from December because of the drop in demand for oil.

Rebecca Marston

Business reporter, BBC News

Afternoon. It's me in the chair for the rest of the day. Let's see what transpires.

Via Email

Your inflation

Continuing our theme of whether you are seeing inflation fall, Bob Lamb writes: "Tell that to Chester black cab drivers. My metered fare from railway station to home has just gone up from £5.40 to £6.15, a rise of 13%. Haven't fuel prices been falling, or have I missed a trick?"

Market update

stock market graph
BBC

The

FTSE 100 continues to shrug off concerns about deadlock in the Greece debt talks.
InterContinental Hotels is still the FTSE 100's biggest loser, down 5% after releasing its latest profit figures. Mining and commodity shares are the big winners so far, with
Anglo American,
Rio Tinto and
BHP Billiton all making healthy gains.

Greece debt talks

More from Theo Leggett's interview with Lithuania's finance minister Rimantas Sadzius. He thinks the hard line rhetoric that has come from both sides in the last 48 hours can be resolved with good old fashioned diplomacy. "These are words, and words can change," he says.

Via Email

Your inflation

Petrol pump
PA

With inflation stats out today, we asked you for specific evidence of price rises and falls. Peter Nicholson, from Somerset, emails with something that may strike a chord. "I note that, with wholesale prices of oil having bottomed up, prices at the pumps have started rising again. Already up 2 to 3p on the lows seen a week or so ago."

Indonesia motorbike sales

Motorcycles on Indonesia street
AP

A reminder of just how popular motorbikes are in Indonesia. Sales in January were a huge 502,783 units, the country's motorcycle industry association says. And that was a 13% fall on the previous January. By way of comparison, total US sales for 2014 were 483,500.

Via Email

Your inflation

Biscuits
BBC

More on your inflation evidence, and Brian Orpin emails with a good point: "Food prices might not be rising but pack size is reducing. Does the ONS take that into account? This is happening for virtually everything." Packs of one of his favourite chocolate biscuits contain 20% less, but are the same price, he says.

Pub of the Year

Peter Tiley
PA

Let's raise a glass to Peter Tiley, a former business analyst who quit his London job for something far more important - running a pub. His Salutation Inn, at Ham, Gloucestershire, has won the Campaign for Real Ale pub of the year. The 31-year-old has only been in the business two years. Camra called the pub, built in 1840, a "gem".

Sports Direct

Sports Direct shares
BBC

It's been a bumpy session so far for shares in

Sports Direct International. At one stage they were down almost 4% but have recovered to trade 0.8% lower. The Times reports today that a senior director who was in charge of the company's deal making has left the firm. Jeff Blue, a former Merrill Lynch banker, also filled-in as finance director. According to the Times, Mr Blue was behind a strategy that saw Sports Direct take bets on Tesco and Debenhams shares.

Greece debt talks

Rimantas Sadzius, Lithuania's finance minister
Reuters

BBC business correspondent Theo Leggett has interviewed the Lithuanian finance minister, Rimantas Sadzius. The minister thinks a deal with Greece is still possible because the "European Union is always about compromise", he said. One problem: "We sometimes lack clarity about what the precise position of the Greek government is."

Birmingham football club

More on the news that Birmingham City football club's Hong Kong holding company has called in receivers Ernst & Young. The club says that now E&Y is in control, the receivers will be able "without any obstruction or distraction" to take steps "necessary for the purpose of preserving the future" of the club.

Orange profits slump

Shares in Orange, France's biggest mobile phone operator, are down 2.8% in Paris.

The telecoms giant reported a 50% fall in net income last year to €1.22bn euros from the previous year. The company said that fall was not related to its operating performance. Nevertheless, sales for last year were down 2.5% in 2014 on the previous year.

Birmingham football club

Birmingham's St Andrews statement
PA

The Hong Kong-based company that owns Birmingham City football club has called in receivers. But the football club said it would have no impact on its owns operations and that it was "business as usual". With the continuing "fractious and inharmonious relations" within the holding company, its board had little option but to appoint receivers, the club said.

John Wood Group

Mustang oil rig
John Wood Group

Shares in John Wood Group are enjoying a good day on the London stock market after the energy services firm

posted good profit figures despite falling oil prices. The stock was almost 10% in late morning trading. Investors seem particularly pleased with the performance of the US shale gas business.

Prices: What do you think?

We've been talking a lot about inflation today. But let's get specific. What prices have surprised or perhaps stunned live page readers recently? Colleagues on the business desk are moaning about the price of razor blades. But clothes for kids seem much cheaper than when your correspondent was a lad back in the 1970s. Email us at bizlivepage@bbc.co.uk.

Via Twitter

Gavin Hewitt

Europe editor

Greek Dep For Min Chountis: 'We don't accept blackmail proposals, ultimatums about extending the bailout' but says he's cautiously optimistic

Greek debt talks

BBC World News

Theo Leggett (left)
BBC

"It's a classic face-off and both sides are refusing to concede any ground until they have to," says business reporter Theo Leggett on World Business Report. If Greece is shown leniency, anti-austerity movements in Spain and Italy would gain momentum, Theo points out. Meanwhile, in Germany and some other European nations, taxpayers already feel that Greece has had enough help, he says.

Market update

FTSE 100
BBC

The

FTSE 100 has moved into positive territory, but only just. Mining shares are among the biggest winners, with
Anglo American,
Rio Tinto and
BHP Billiton all making healthy gains. But
InterContinental Hotels is down almost 4% after releasing its latest results.

Via Twitter

Duncan Weldon

BBC Newsnight

UK CPI falls to 0.3% BUT core inflation rises from 1.3% to 1.4%. That could mean 'good low inflation'.