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. Greek government to present economic reforms
  2. HSBC confirms its chief holds Swiss bank account
  3. HSBC annual pre-tax profits fall 17%

Live Reporting

By Chris Johnston

All times stated are UK

Chris Johnston

Business reporter

That's all from BBC Business Live for today. We're back again at 0600 GMT - thanks for reading.

Nick Leeson

Nick Leeson
Getty Images

It only seems like yesterday... Nick Leeson - the man who brought down Barings Bank -

posted this tweet today:

20 yrs ago, I was making a run for the airport. The plan was to get to Thailand and see how the dust settled. Didnt realise i'd set off a bomb

The former trader - pictured arriving for his trial in Singapore in November 1995 - is now a sought-after conference speaker.

Minimum wage

Workers
Getty Images

Potentially good news for millions of workers: the Low Pay Commission has urged the Government to increase the minimum wage from £6.50 to £6.70 an hour in October. The above-inflation increase is likely to be accepted by Business Secretary Vince Cable. Apprentices, whose wages are far lower, will get just 7p an hour more.

Novartis nod

Novartis
Getty Images

More excitement from the world of regulation. The US Federal Trade Commission has given Novartis approval for its $16bn deal to buy GlaxoSmithKline's cancer drug business. In return, Novartis has been ordered to sell assets related to two cancer drugs still in development. The

deal was first announced in April 2014.

FTSE 100

FTSE 100
BBC

After Wall Street closed at new record highs on Friday following the Greek bailout deal, there were hopes that the

FTSE 100 would follow suit. However, the 4.6% decline in
HSBC shares helped London's blue-chip index to end down 3 points at 6,912 on Monday.
G4S was the top riser, adding 3.2%. The chart shows how the FTSE has performed over the past month.

EU investigation

Alstom
Getty Images

The gas turbines sector may not be the sexiest, but that has not stopped European Commission regulators from casting a concerned eye over General Electric's proposed €12.4bn (£9.1bn) takeover of Alstom's power equipment business. They fear the deal may reduce competition by eliminating one of three main global players and result in higher prices. A decision on whether to block the deal is expected by 8 July.

HSBC scandal

For more on the Osborne/Balls spat in the Commons, follow our

politics live blog by Victoria King and Dominic Howell.

HSBC scandal

Chancellor George Osborne and his Labour shadow, Ed Balls, are sparring over HSBC in the House of Commons. Mr Balls accused Mr Osborne of "sweeping these issues under the carpet" and "turning a blind eye". The chancellor called Labour "the party of the tax avoiders" when it was in government.

Greece

Greek protesters
Reuters

The latest on Greek developments, from the

BBC News website, reporting some of the supposed plans the Greeks have put forward, such as measures to tackle tax evasion and streamline the civil service.

Israel interest rates

Tel Aviv
Getty Images

Another day, another central bank cuts interest rates. This time the Bank of Israel has unexpectedly cut from 0.25% to just 0.1% in an attempt to stop the shekel appreciating and to tackle deflation. It was the first rate move by the bank in six months and sent the currency down 1%. Turkey is expected to follow suit on Tuesday.

Wall Street falls

NYSE trading floor
Getty Images

Trading is underway on Wall Street and the S&P500 is down 0.2%, while the

Dow Jones has shed 0.35% after both closed at record highs on Friday following news of the Greek bailout deal. Federal Reserve chair Janet Yellen will update Congress on US monetary policy this week.

Honda reshuffle

Takanobu Ito (L) and Takahiro Hachigo (R)
Getty Images

Honda has a new boss as the Japanese car maker tries to deal with the fallout of a series of recalls. Takahiro Hachigo, 55, (pictured right) who joined Honda in 1982, replaces Takanobu Ito, 61, who was in the job for six years. His departure follows the mass recalls in the US of faulty air bags made by Takata which have been linked to six deaths - all in Honda cars.

Apple data centres

Apple logo
Getty Images

Apple plans to build two new data centres in Europe - one in Ireland and another in Denmark - at a cost of $1.9bn (£1.23bn). The centres, to be powered entirely by renewable energy, will run Apple's online services such as the App and iTunes stores, iMessage and Siri for customers across Europe.

Chris Johnston

Business reporter

Good afternoon from me and thanks to Matthew West and Ian Pollock for this morning's sterling live coverage. Do let me know your views on the day's business news at bizlivepage@bbc.co.uk or on Twiter at @BBCbusiness

HSBC profits

Labour hopes to embarrass the government this afternoon over HSBC and the pay and bonuses of its chief executive Stuart Gulliver. An urgent question will be put to the Chancellor (or his appointed stand-in) about the issue. Cathy Jamieson, shadow financial secretary to the Treasury, said: "People will be astounded that bonuses of this size are still being paid out after the revelations of the last few days."

Retail sales down

Shoppers walk along Oxford Street in central London
Reuters

It's been a poor month for retailers according to the latest research from the Confederation of British Industry (CBI). The survey of 138 firms found the balance of retailers experiencing sales growth in February slid to plus one from plus 39 in January, the lowest reading since November 2013. Retailers also cut the orders they placed with suppliers to a balance of minus seven, the lowest since May 2013.

Neil Woodford and QE

Even more cash
PA

Here is another choice quote: "What it does do is redistribute wealth. It makes the asset-rich richer but the asset poor see no benefit and continue to be more exposed to the economy's structural problems, such as high and rising youth unemployment, a lack of real wage growth and persistently high debt levels."

Via Twitter

Greek economic reforms

A Evans Pritchard

International business editor, the Daily Telegraph

Am reliably informed that Greek reform list is 5 pages, including labour reform with ILO, and minimum wage (which will irk Berlin)

Neil Woodford and QE

More cash
PA

Here is a choice quote: "Unfortunately, we have plentiful evidence from the past six years to confirm the trickle-down effect simply does not work. The fruits of the policy are consumed in the financial world but the wider economy fails to benefit. On its own QE does nothing to improve economic fundamentals."

Neil Woodford and QE

Cash
PA

Here is a fascinating article from the website of

Money Marketing, a publication aimed at financial advisers. The highly successful investment manager Neil Woodford picks apart the effects of quantitative easing, the policy of the Bank of England and now the European Central Bank (ECB).

Via Twitter

HSBC tax scandal

Kamal Ahmed

BBC Business editor

George Osborne to answer an "Urgent Question" in the Commons on HSBC and tax avoidance at 3.30pm

Poor pensioners?

Pensioners
BBC

Mark Harper, a minister at the DWP, told Radio 4's Today programme that pensioners as a group were among the poorest in the country. Is that true? The

Office for National Statistics (ONS) said that in 2010-11, pensioner couples received an average annual income, from all sources, of £31,720. Is that poor? Their gross incomes had risen by about 50% since 1994-95.

Via Twitter

HSBC profits fall

World Service

HSBC's chief executive is under pressure, plus the rest of the morning's

BBC World Service business news.

Cameron's pensioner pledge

David Cameron
BBC

David Cameron has pledged to maintain universal benefits for pensioners. This includes free travel, the winter fuel allowance and free eye tests, among others. The prime minister was pushed on whether he would repeat this election promise, one he made in 2010. Since then he has had to face down pressure to scrap the benefits for wealthier pensioners.

Greece

Greek flag
Reuters

What might be on the Greek government's shopping list of "reforms" that it would like the so-called troika of financial authorities to agree? We don't know. But Anastasia Yamali of the newspaper Avghi, which is affiliated to the Greek governing party Syriza, has told the BBC: "I'm pretty sure that the reforms are going to be about tackling of tax evasion, oil smuggling, to tackle the humanitarian crisis and definitely reforms that could reform the state to make it more effective and a bit more flexible but with different terms than the past government."

HSBC profits fall

The northern France city of Lille shows the logo of banking giant HSBC
AFP/Getty Images

A bit further down in its financial report, HSBC gives its view of the UK's membership of the European Union. It states: "One economic uncertainty stands out for a major financial institution headquartered in the UK, that of continuing UK membership of the EU. Today, we publish a major research study, which concludes that working to complete the single market in services and reforming the EU to make it more competitive are far less risky than going it alone, given the importance of EU markets to British trade."

Germany business confidence

German flag
BBC

German business confidence rose to a seven-month high in February, a leading survey has said, suggesting Europe's largest economy is starting 2015 on a stronger footing. The IFO Institute for Economic Research's business climate index, which is based on a monthly survey of some 7,000 firms, increased from 106.7 in January to 106.8 in February. That was the highest reading since July 2014.

Statistics

At the BBC business unit we thrive on official statistics, especially those about the economy. They keep us in a job. But it seems that fewer than a third of voters trust politicians to be honest with the stats. Horrifyingly, the British Social Attitudes Survey has found that only 19% of respondents trusted the media to report the statistics accurately!

Greek economic reforms

Has Greece submitted its list of economic reforms demanded by its creditors, to extend the country's bailout programme by four months? A European source has told Agence France-Presse it has. But a European Commission spokeswoman is reported to have suggested otherwise.

Greek economic reforms

Greek bank customers withdrew €3bn (£2.2bn) from their accounts last week, before Friday's last-minute aid extension agreement with the country's euro zone creditors. That's according to an estimate from US investment bank JP Morgan and is 50% higher than the week before. It also means Greek banks were on course to run out of collateral for new loans in eight weeks - as opposed to 14 weeks as previously estimated - had a deal not been agreed.

Greece

BBC News Channel

A man holds a Greek flag in front of the Greek parliament in Athens
AFP

Thanos Vamvakidis of Bank of America Merrill Lynch tells World Business Report: "Greece is not out of the woods yet, we are at the beginning of a very long process. Market volatility will continue but it was very important to reach an agreement on Friday, otherwise banks could have been under tremendous pressure this week. They were already losing deposits, they've got the message from the European Central Bank, so at least now they've got some time and hopefully they will reach an agreement in the next few days."

HSBC profits fall

Why did HSBC threaten recently to withdraw advertising from media organisations (the Telegraph and the Guardian)? Because it made no commercial sense to advertise alongside hostile editorial material, nothing more sinister, Mr Gulliver says.

HSBC profits fall

Questioned about how HSBC staff now feel, Mr Gulliver admits to shame and embarrassment. His chairman, Douglas Flint, describes the Swiss tax dodging revelations as "totally humbling". So far though, there has been no contact from the UK authorities about the Swiss private bank, Mr Gulliver reveals. Mr Flint adds: "We have not been given any credit for the large amount of work we have done to restructure that private bank."

HSBC profits fall

Mr Gulliver gives a fascinating insight into his own tax affairs. Back in the 1990s HSBC's computer system in Hong Kong let everyone in the bank access the accounts of every other member of staff. So he opened a bank account in Switzerland for privacy reasons. "To protect me from the HK staff," he says. And the Panama account was then opened "to protect me from the Swiss staff".

Via Twitter

HSBC profits fall

Harry Wilson

City editor, The Times

Gulliver on his non-dom status: "I regard Hong Kong as home... I would expect to die abroad"

HSBC profits fall

A HSBC Private Bank logo as the premises of the private bank's Swiss arm
Getty Images

Talking about the tax dodging activities of HSBC's Swiss private bank, Mr Gulliver explains that this has been the fault of past managers and that the current bank management are the ones who have been doing something about it.

HSBC profits fall

Mr Gulliver, talking about his own bonuses, has explained that all his pay is taxed in the UK, and that most of his bonuses are in shares and are deferred (so he can't sell them immediately). They are subject to 100% clawback by the bank for seven years. He says that means the bank has plenty of time to deal with anything untoward that might emerge about his time as chief executive.

Market update

London's

FTSE 100 Index is lower by 0.06% at 6910.73 just over an hour into the trading day. Unsurprisingly HSBC is among the biggest fallers following the release of its annual results earlier this morning. On the other hand Lloyds is among the top risers after the government announced it had sold another tranche of shares in the bank taking its shareholding down to 24% from 4% last year.

HSBC profits fall

Stuart Gulliver has told a conference call for journalists that he has lost £1.75m in potential bonuses in the past two years because of the bank's fines for fixing foreign exchange rates, and for "other control failures".