The general secretary of Community, the steelworkers' trade union, has said they will "not let the steel industry in the UK die". 

Roy Rickhuss, speaking after Tata Steel said it was considering plans to sell its loss-making UK business, said steelworkers were "not going silently into the night".

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Tata employs over 6,000 workers in Wales, according to the Community Union.

In the UK, the figure is just over 15,000.

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There is cross party support for the Welsh Assembly to be recalled after Tata confirmed it is considering selling its UK business.

Conservative leader Andrew RT Davies and Plaid Cymru leader Leanne Wood both backed the idea of recalling the assembly - an idea also supported by First Minister Carwyn Jones.

Any recall would need the approval of Presiding Officer Rosemary Butler and would need to happen before 6 April - the pre-election point at which members are no longer officially AMs.  

Bloomberg is reporting that the $81m stolen from Bangladesh's central bank and sent to fake bank accounts in the Philippines is linked to two Chinese citizens. 

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The UK has been overtaken by France, Italy and Mexico as attractive places to do business, according to a KPMG. High rents in London have pushed up the cost of doing business in the UK among other things, it says.

Yael Selfin of KPMG tells Today the strong pound relative to the euro in 2015 had a significant impact on the cost of doing business in the UK.

The tax burden in the UK, however, is relatively low compared with other countries but transport infrastructure remains an issue for businesses. 

Despite strong pound KPMG found Manchester is now the most competitive place among the more mature cities – including London - to do business in, Ms Selfin says. That's because the overall cost structure - mix of exchange rate, office rents, transport costs and so on -  is the more competitive, she adds.

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Jonathan Aylen is a steel industry specialist at the Manchester Business School. He tells BBC Breakfast's Ben Thompson any buyer of the Port Talbot plant would be "betting on an upturn in the global steel market".  

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Business minister Anna Soubry tells Today the first thing the government wants to establish is a time frame for the sale of Tata Steel’s UK operations.

She says finding a buyer will take time so it is important to understand how long Tata is willing to keep Port Talbot operating.

She says the government is prepared to act, adding the government is willing to consider “all options and I mean all options”.

If Tata wants to get out of the UK in a hurry it could mean the government taking a stake in the UK steel industry at least on a temporary basis until a buyer is found. 

She says there may be other ways of keeping the Port Talbot plant operating - despite it losing £1m a day - without the government actually taking ownership of the steelworks.

Ms Soubry adds: "We need this commitment from Tata that we can have a proper sales process... I think we want to be talking about the early stages. There is a lot of consensus and there is a desire to work together."

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The news that Tata Steel is pulling out of the UK hasn't dented the stock market. The FTSE 100 index is up more than 1% at the open at 6,170.39.

Investors are digesting a speech from Federal Reserve chair, Janet Yellen, in which she said the US central bank should proceed cautiously with interest rate rises, suggesting a rate raise in April is unlikely.

Mr Kipling cake maker, Premier Foods, saw its share price jump 8% five minutes into the trading day at 61.07p after it received a third takeover bid from US rival McCormick & Company.

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The GMB union has described the announcement by the Tata group that it's to sell its loss-making UK steel business as "devastating". 

A steel expert says the outlook is bleak:

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Boeing says it will cut more than 4,500 jobs by June, as the company accelerates cost-cutting efforts in an effort to keep pace with customers demanding less expensive jetliners.

The cuts come despite record orders for Boeing's jets. The aircraft makers is increasing production of its single-aisle and twin-aisle planes.

But Boeing has been losing market share to rival Airbus.

Hundreds of managers and executives are expected to lose their jobs. The company will also reduce its flight testing unit, which is part of a separate unit, by about 10% of the approximately 5,700 positions, a company spokeswoman says.

Image source, Premier foods

US Spice and herbs giant, McCormick & Company, has upped its offer - for the third time - for Premier Foods, makers of Mr Kipling cakes.

The new offer is worth 65p a share. 

Premier rejected a bid at 52p earlier this month. 

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Assistant political editor

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The BBC understands the government is prepared to consider a management and workforce buy-out of the Port Talbot steel plant.

Sources say the unions and senior executives have already come up with a "turn around" plan for the plant and should be given the chance to see if they can secure the funding to put that into operation.

The government has also not ruled out direct state involvement in the plant.

A well placed source has told the BBC: "It is the role of the government to intervene when a vital economic interest is at stake."

It's understood ministers are concerned Tata could seek to close the Port Talbort plant within weeks if a buyer is not found. It is estimated the plant is losing £1m a day.

Sources say they are in urgent talks with Tata to ensure they have months to find a potential buyer.

The government is also looking at offering loan guarantees to potential buyers and much tighter rules on procurement to ensure major British projects are obliged to buy British steel.