Summary

  • BoE governor Mark Carney says rates could fall as soon as July

  • London shares close higher London and Wall Street also rises

  • Rupert Murdoch buys TalkSport owner the Wireless Group

  • Government to delay airport expansion decision

  • Brexit may derail UK Tata Steel sale

  • Singapore bank halts UK property loans

  1. German cheerpublished at 07:19 British Summer Time 30 June 2016

    IHS economist Howard Archer has taken a look at the German statistics out today, so we don't have to:

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  2. FTSE 250 woespublished at 07:11 British Summer Time 30 June 2016

    Today Programme
    BBC Radio 4

    Yes, the FTSE 100 has now recovered all the ground it lost in the wake of the shock Brexit vote after jumping 3.6% yesterday to close at 6,360 points.

    However, Karen Olney at UBS tells Today that the mid-cap FTSE 250, external - a better barometer of the UK economy - is the worst-performing of 40 global asset classes rated by UBS since the referendum vote. That's despite a 3.2% rise for the 250 on Wednesday. 

    The bank's economists are also cutting their outlook for UK economic growth by a third for 2016, partly because costs will rise for consumers, but wages will not follow suit.

  3. Gatwick glorypublished at 07:04

    5 live presenter Adam Parsons tweets:

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  4. Wine prices 'not heading higher'published at 06:52

    BBC Radio 5 Live

    Majestic WineImage source, Majestic Wine

    "Nobody actually knows what Brexit is going to look like... The range of options is enormous and no one has figured it out yet," Rowan Gormley, chief executive of Majestic Wines, tells Wake Up To Money.

    He says the prices of wine is not going up in the short term. However, if there is a sustained fall in value of the pound, then the prices of all imports will go up, Mr Gormley adds.

    However, he reminds us that tax accounts for 50% of the price of a bottle sold in the UK. So a 10% fall in the value of the pound would only increase the price of wine by 1.8% on his calculations.

    Majestic could also bottle more wine in the UK to mitigate the effects of the weak pound. The company still plans to hire 400 staff this year.

  5. 'Wait and see'published at 06:40 British Summer Time 30 June 2016

    Today Programme
    BBC Radio 4

    For sale signImage source, Getty Images

    You may remember that George Osborne, the Chancellor, issued some dire warnings about house prices in the referendum campaign. However, Professor David Miles of Imperial College - a former member of the Bank of England's Monetary Policy Committee - tells Today he doesn't think a big fall in house prices is likely even if some may be nervous about buying property right now. 

    Will the Bank be forced to cut interest rates in the wake of Brexit?

    "Wait and see" is the order of the day, he tells Today. 

    Professor Miles is more concerned about the long-term "enormous uncertainty" the Brexit vote has resulted in - and how it will affect the UK's labour productivity level.

  6. Serb-Clicquot anyone?published at 06:32

    BBC Radio 5 Live

    Novak Djokovic, tennis playerImage source, Getty Images

    Reports says that Novak Djokovic, the favourite to win Wimbledon this year, has bought land in Serbia to start a vineyard.

    Wake Up To Money asks its listeners to come up with some names for his first batch of wine: 

    Champagne super-Novak

    Spin-oh-grigio

    Serb-Clicquot

    Can you do any better? Email us: bizlivepage@bbc.co.uk

  7. UK 'doesn't need the single market'published at 06:23 British Summer Time 30 June 2016

    BBC Radio 5 Live

    EU UK flagsImage source, Getty Images

    The message from the European Union to the UK so far has been that it can't have access to the single market without the freedom of movement of EU citizens.

    However, the Leave campaign's central promise was to limit that freedom of movement. 

    So how does the UK overcome that block?

    "In a nutshell, you do not have to be in the single market and we need to get our head around that," says Gerard Lyons, former economic adviser to Boris Johnson and Leave campaigner.

    "You don't need to be in the single market, to sell into the single market," he says.

  8. What's next for UK bond prices?published at 06:11 British Summer Time 30 June 2016

    BBC Radio 5 Live

    It was "a pretty momentous event" when earlier this week the yield on UK 10-year gilts (government debt over 10 years) dropped below 1%, says Nandini Ramarkrishnan, global market strategitst at JP Morgan Asset Management on Wake Up To Money.

    In the near term yields could drop even further as people buy bonds.

    However, in the longer term, if the UK's growth weakens and inflation returns the demand for bonds could ebb she says.

  9. Singaporean bank suspends London loanspublished at 06:08 British Summer Time 30 June 2016

    London skylineImage source, Getty Images

    Singapore's third largest bank UOB has suspended its loan programme for London properties citing uncertainty caused by the UK's decision to leave the EU as the reason.

    UOB told the BBC in a statement: "We will temporarily stop receiving foreign property loan applications for London properties. As the aftermath of the UK referendum is still unfolding and given the uncertainties, we need to ensure our customers are cautious with their London property investments."

    The Singapore dollar has gained about 10% against the pound since the referendum.

    Singaporeans were the top Asian buyers of London property in 2015, according to consultancy Knight Franks.

    But as the BBC's Rico Hizon points out on Wake Up To Money, many buyers pay in cash, so don't have to apply for a mortgage.

  10. My Local: 'Stores were in bad locations'published at 06:06 British Summer Time 30 June 2016

    Administrators were appointed to the convenience store chain My Local yesterday.

    It was only formed nine months ago when Morrison's sold the M Local business.

    "A lot of stores were in bad locations," says Roger Owen, former property director at Morrisons. (He had been "long gone" from Morrisons when the convenience store chain was set up).

    They were also over-paying in rent, says Mr Owen.

  11. Carney to 'soothe' the markets on Thursdaypublished at 06:02 British Summer Time 30 June 2016

    Mark Carney, Governor, Bank of EnglandImage source, EPA

    Bank of England Governor, Mark Carney is due to give a speech on 16:00 BST, outlining the Bank's response to the Brexit vote.

    He will attempt to "soothe the markets" says Nandini Ramarkrishnan, from JP Morgan Asset Management, on Wake Up To Money.

    Watch out for these phrases: "Support, constantly vigilant, monitoring market activities," she says.

  12. What's behind the FTSE 100 relief rally?published at 06:02 British Summer Time 30 June 2016

    BBC Radio 5 Live

    Traders at BGC CapitalImage source, Reuters

    It's worth remembering that 75% of sales of FTSE 100 companies are generated outside the UK, says Nandini Ramarkrishnan, global market strategitst at JP Morgan Asset Management on Wake Up To Money.

    So the falling pound has been good for them, as it boosts the value of sales made overseas, when they are converted back into pounds.

    Also the stabilisation of oil prices has been good for the FTSE 100, says Ms Ramarkrishnan.

    On Thursday the FTSE 100 rose 3.6% to 6,360.

  13. Nikkei sees fourth day of gainspublished at 06:01 British Summer Time 30 June 2016

    Nikkei stock boardImage source, Getty Images

    Japanese shares have recorded the fourth consecutive day of gains, in line with global markets. 

    The Nikkei 225 was up by 0.9%. The gains come despite fresh data showing May's industrial output falling at the fastest rate in three months. 

    In China, the Shanghai Composite remained flat, while the Hang Seng in Hong Kong was up by 1.6%. In Australia, the ASX/200 jumped 2% while South Korea's Kospi index was also 0.7% up.

  14. Good morning!published at 06:00 British Summer Time 30 June 2016

    Welcome to Thursday's Business Live page. Asian shares are heading higher, as markets continue to stabilise after the shock of the UK's Brexit vote. On that subject, Bank of England governor Mark Carney is due to make a speech later on how the BoE is reacting to the situation.