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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

  1. Post update

    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.

  2. 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.

  3. 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.

  4. 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."

  5. 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.

  6. 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.

  7. 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.

  8. 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.

  9. 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.

  10. 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"

  11. 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.

  12. France reforms

    Closed shop

    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.

  13. 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.

  14. 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.

  15. Nigeria reserves

    Naira notes and other currencies

    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.

  16. 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.

  17. 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.

  18. 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 :-)"

  19. Via Twitter

    Douglas Fraser

    Business and economy editor, Scotland

    Open cast mining

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

  20. 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.

  21. 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.

  22. Post update

    Rebecca Marston

    Business reporter, BBC News

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

  23. 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?"

  24. Market update

    stock market graph

    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.

  25. 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.

  26. Via Email

    Your inflation

    Petrol pump

    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."

  27. Indonesia motorbike sales

    Motorcycles on Indonesia street

    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.

  28. Via Email

    Your inflation

    Biscuits

    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.

  29. Pub of the Year

    Peter Tiley

    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".

  30. Sports Direct

    Sports Direct shares

    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.

  31. Greece debt talks

    Rimantas Sadzius, Lithuania's finance minister

    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."

  32. 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.

  33. 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.

  34. Birmingham football club

    Birmingham's St Andrews statement

    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.

  35. John Wood Group

    Mustang oil rig

    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.

  36. 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.

  37. 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

  38. Greek debt talks

    BBC World News

    Theo Leggett (left)

    "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.

  39. 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'.

  40. Deflation ahead?

    pound coins

    Economists are forecasting that the UK could slip into deflation in March and April of this year. Price cuts by energy firms will start affecting the figures then, and lower petrol prices are still expected to be a factor. "With little sign that low inflation is becoming entrenched, though, the UK's period of deflation should be of the "good" sort," said Paul Hollingsworth, UK economist at Capital Economics.

  41. House prices

    Key and key ring

    UK house prices rose by 9.8% in 2014 to reach £272,000 on average in December, the Office for National Statistics said. Prices were 0.7% higher in December than November, which was the strongest month-on-month jump recorded since August. The all-time average price high of £274,000 was reached last August.

  42. Inflation nerdery

    Maths lecturer

    We've been reporting that this CPI figure is the lowest on record - but how far back do we go? Well it depends on which set of ONS data you look at. The first data in the official national statistics series of CPI is 1997. The ONS has also modelled a series using other inflation data that goes back to 1989. Today's figure is the lowest recorded in both of those sets of data. But the ONS has a third set of modelled data which goes back to 1950 and inflation was lower in 1959-60.

  43. January inflation

    Phil Gooding from the Office of National Statistics says that the fall in price of motor fuels is the biggest factor behind the falling inflation rate. But there's also been downward pressure from the prices of food, alcohol and recreational activities and services.

  44. January inflation

    The Consumer Prices Index fell to 0.3% in January. That's the lowest level on record and well below the Bank of England's target of 2%.

  45. Falling inflation

    CPI 12-month inflation rate for last 10 years

    We'll shortly receive inflation numbers for January. Last month's figures showed that the Consumer Prices Index fell to 0.5% in December, which matched the low hit in May 2000. Economists are expecting it to fall to 0.3%, which would be lowest level since the CPI numbers were first calculated.

  46. Greece: market reaction

    Athens Stock Exchange

    Greek shares are down about 3.5% in early trading - the chart above shows the last three sessions. The yield on Greek 10-year government debt has shot up this morning by 0.717 of a percent, now at 10.37%. Investors appear to have been unsettled by the lack of progress in Monday's talks over Greek debt. The euro is little changed against the dollar at $1.1352.

  47. Wanted: female pilots

    Radio 5 live

    Less than 5% of all commercial pilots in the UK are women. Of BA's 3,500 pilots, 200 are women and it wants to boost that number. BA senior first officer Helen Macnamara says that being a pilot "never occurred to her" when she was a child. Dorothy Saul-Pooley, the first female Master of the Honourable Company of Pilots, thinks that gender stereotyping starts so young that most girls don't think it's for them - even now.

  48. Greek debt talks

    More from Nobel winner Professor Christopher Pissarides on Today. If the failure of the debt renegotiations result in Greece leaving the eurozone, where does that leave the European dream of monetary union? "If countries can just walk in or out, it might as well collapse."

  49. Newspaper review

    Newspapers

    The failure of Monday's Greek debt talks makes the front pages and business pages of most of the broadsheets. The Financial Times has an interesting piece on how the saga is being closely watched in Portugal, where many would also like debt relief. The Financial Times also reports on criticism from President Obama for scrutiny of US tech firms by european authorities. The Guardian says the city regulator is looking at working practices at HSBC, but has not launched a full investigation following the tax avoidance scandal.

  50. Via Twitter

    Rolls-Royce bribery allegation

    Kamal Ahmed

    BBC Business editor

    Jefferies note on sell-side meeting with Rolls Royce last night - On Brazil, RR said internal review "had turned up nothing untoward"

  51. Market update

    There have been modest losses for the FTSE 100 this morning.

    • Royal Mail has slumped 4.4%.
    • Supermarkets are among the early winners - Tesco is up 0.8%, Sainsbury is up 0.6%.
    • On the FTSE 250, insurer Brit has jumped 10% after its directors recommended a takeover offer from Canada's Fairfax.
  52. Greek debt talks

    BBC Radio 4

    Nobel prize-winning economist Professor Christopher Pissarides is on Today giving broad support for Greece's new government. He's puzzled by Germany's stance. "I cannot understand the insistence on supporting policies that have quite obviously failed," he says. He also points out that the eurozone is a group of democracies. "Countries must help each other if the partnership is to work."

  53. Greek debt talks

    Eurogroup President and Dutch Finance Minister Jeroen Dijsselbloem

    The chairman of the eurozone group of finance ministers Jeroen Dijsselbloem hopes that Greece will ask for an extension to its current bailout programme: "And once they do that we can allow flexibility, they can put in their political priorities," he said. However on Monday Greek Finance Minister, Yanis Varoufakis rejected a six-month extension of the current programme as "unacceptable".

  54. InterContinental Hotels

    BBC World News

    Richard Solomons

    The chief executive of InterContinental Hotels Group is talking about the latest profit figures. Richard Solomons says China is now IHG's second biggest market and with plans to roll out a new luxury chain of hotels the country looks set for further growth. Russia is another key market, but he's not too worried about the current geo-political problems. "We are a long term business and continue to invest in downturns, be they economic or political," he says.

  55. Via Blog

    Euro's existential threat

    Robert Peston

    Economics editor

    Syriza can be confident Greece would endure if Greece leaves the euro, although the country would be considerably poorer for a while. By contrast, Berlin, Paris and the rest simply cannot be confident the euro will be for all time if Greece is either bundled out the exit door or chooses to walk through it.

  56. UK deflation?

    BBC Breakfast

    Steph McGoven

    On Breakfast Steph McGoven is at an Ebac factory, which makes white goods (fridges, washing machines, etc). Economist Alicia Higson says there will be a "short bout" of deflation in March or April of this year. John Elliott, chairman of Ebac says a bit of deflation is generally a good thing, "as long as it is not too extreme".

  57. InterContinental Hotels

    Crowne Plaza Madinah, Saudi Arabia

    InterContinental Hotels, whose assets include 400 Crowne Plaza's, made pre-tax profits of £600m last year, unchanged from 2013. "2014 was an excellent year," says chief executive Richard Solomons. China did particularly well, with a record year for hotel openings.

  58. Insurance takeover

    Directors at Brit are recommending a takeover offer from Canadian insurance firm Fairfax in a deal worth £1.22bn. Brit's directors say the deal will allow the business be able to better compete in a tough market, which has been hurt by prolonged low interest rates, weaker premiums and surplus insurance underwriting capacity.

  59. Social investments

    BBC Radio 4

    Social bonds - investments that try to mix a good deed with greed - are increasingly popular. Threadneedle's Social Bond Fund, with £67m in assets under management, has just celebrated its first birthday. How's it doing? The firm's Iain Richards tells Today it made an 11.1% return. Wow! But there's a health warning. "It was an exceptional year" and investors should not expect a repeat, he says.

  60. Trade talks

    BBC Radio 4

    European Union commissioner Cecilia Malmstroem has been in London pushing the benefits of TTIP, the controversial trade talks with the US. But War on Want's executive director John Hilary says it's all about opening up European markets to big US corporations - nothing more. He tells Today: "She is not listening to the millions of European voices that say we do not want this deal."

  61. Falling inflation

    BBC Radio 4

    Having graced the Radio 5 live airwaves, Investec's Laura Lambie is now on Today where she is warning about the affects of deflation. The latest inflation figure is due later and she predicts it could fall further towards negative territory. Good news in the short term, as people feel they've got more money. But bad news for retailers in the long term as people come to expect permanently falling prices.

  62. Greece debt talks

    Radio 5 live

    Zakynthos

    "For the moment" the Greek debt talks are having no real impact on the tourism industry, says Panos Paeleogos, founder of Greece's biggest hotel management company HotelBrain. In fact, with 21 million visitors, last year was a record year for the Greek tourism industry and 2015 "looks even better" he said on Wake Up to Money.

  63. US ports disruption

    Radio 5 live

    Ships gather off ports of Los Angeles and Long Beach

    Rico Hizon in Singapore talks about the disruption caused by the partial shutdown of 29 ports on the US west coast over the last three days. Together those ports handle 70% of US imports from Asia. In particular, Japanese car makers can't get parts to their US factories. Sending goods to the US East coast and then overland is an option, but can double the transport cost.

  64. Falling inflation

    Radio 5 live

    Last month inflation matched the lowest level on record at 0.5%. Laura Lambie from Investec Wealth and Investment thinks it could fall even further. However some industries are experiencing significant inflation. Wake Up to Money speaks to a restaurant owner who says staff costs are rising much higher than inflation.

  65. Greece debt talks

    Radio 5 live

    Yanis Varoufakis, Greek Finance Minister

    "There's hope that by the end of the week Greece will have requested some sort of extension [to their bailout] so they avoid default. There's got to be some sort of compromise," says Laura Lambie from Investec Wealth and Investment. On Monday talks failed to make any progress and Greek Finance Minister Yanis Varoufakis (pictured) said that extending the current bailout plan would be "absurd" and "unacceptable".

  66. Post update

    Ben Morris

    Business Reporter

    Good morning. Inflation could fall to the lowest rate on record, when we get the latest figures at 09:30. Plus more on the fallout from those failed Greek debt negotiations. If you want to get in touch email bizplan@bbc.co.uk or tweet @bbcbusiness. Welcome to the Business live page.