Summary

  • Co-operative Bank puts itself up for sale

  • Baby Boom pensioners 'better off'

  • Pubs and restaurants warn of rate rise impact

  • Get in touch: bizlivepage@bbc.co.uk

  1. Good nightpublished at 21:31 Greenwich Mean Time 13 February 2017

    Test Card F

    That's all from Business Live for today. 

    Please join us again tomorrow from 6.00am onwards for all the breaking news and analysis from the world of business and economics.

  2. Trump fuels stock market rallypublished at 21:11 Greenwich Mean Time 13 February 2017

    Stock market traderImage source, Getty Images

    The Dow Jones industrial average closed 142.10 points ahead on Monday, fueled by renewed optimism about the US economy.

    The index reached 20,411.47.

    Last week, US President Donald Trump promised a major tax deal, at the weekend he hosted Japan's Prime Minister Shinzo Abe and on Monday he appeared to take a more measured stance towards the tri-lateral North American Free Trade Agreement when he said America's agreement with Canada would be "tweaked".

    The Nasdaq also ended in positive territory, up 29.83 points at 5,763.96 after gains by Apple which closed at a record high $133.29.

    The S&P 500 rose 12.15 points to end at 2,328.25.

  3. UK warned over 'divide and rule' Brexitpublished at 21:03 Greenwich Mean Time 13 February 2017

    "Special discussions" with individual states not allowed, says EU Commission's boss.

    Read More
  4. UK must 'face consequences' of Brexitpublished at 20:46 Greenwich Mean Time 13 February 2017

    Emmanuel MacronImage source, Getty Images

    One of France's presidential hopefuls has said that Britain must face the consequences for voting to leave the European Union.

    Emmanuel Macron said: "If your government decides to organise a Brexit, I will be pretty tough on it."

    Mr Macron told Channel 4 News: "We have to preserve the rest of the European Union and not to convey the message that you can decide to leave without any consequence." 

    He said there was no desire to "punish" the UK but "it cannot be a game where Britain can maximise their interests without taking into consideration the EU's interests". 

  5. Canada holds its tongue over US and refugeespublished at 20:26 Greenwich Mean Time 13 February 2017

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  6. Apple shares at record highpublished at 20:20 Greenwich Mean Time 13 February 2017

    AppleImage source, Getty Images

    Shares in Apple are currently trading at a record high thanks to a note by investment bank Goldman Sachs which reckons the company's services business is undervalued.

    Its stock rose by 1% to $133.46. 

    Apple is focusing on growing its services side of its business to counter any slowdown in its hardware sales.

    While services revenue is comparatively small compared to, for example, the iPhone - $24.3bn compared to $136.7bn in the most recent full financial year - it is gaining momentum. 

    Service turnover rose from $19.9bn in the previous year compared to sales of iPhones, iPads and Mac which all fell in the year to 24 September 2016.  

  7. Getting the callpublished at 20:11 Greenwich Mean Time 13 February 2017

    Who will Mnuchin pick for his Treasury team?

    Steve MnuchinImage source, AFP

    The US Senate is set to confirm veteran banker Steven Mnuchin as Treasury Secretary later today.

    Then, of course, he's got to get on with appointing his team.

    CNBC is reporting, external that several Wall Street veterans are likely to join him, including Jim Donovan who could come over from Goldman Sachs to become deputy treasury secretary. They also put Justin Muzinich, a former Morgan Stanley banker in the frame, possibly as undersecretary for domestic finance. 

    The White House team of course already includes former Goldman Sachs alumni Gary Cohn as national economic council director, and advisers Dina Powell and Stephen Bannon.  

    Republicans will argue their experience is what qualifies them for the job. Democrats think its all a bit too cosy.

  8. US to "tweak" trade deal with Canadapublished at 19:42 Greenwich Mean Time 13 February 2017

    Justin Trudeau (L) and Donald Trump (R)Image source, Getty Images

    Trump is questioned on NAFTA, and is reminded that while he has spoken a lot about Mexico he has said little on Canada.

    He says that US has a "very outstanding trade relationship" with Canada which will be "tweaked".

    Trump says that the situation with Canada is "much less severe than what has taken place on the Southern border".

  9. Trump and Trudeau create council for womenpublished at 19:29 Greenwich Mean Time 13 February 2017

    Trump and Trudeau say they have also been discussing the role of women in the workplace and have created the Council for the Advancement of Women Entrepreneurs.

    "We must work to address the barriers faced by women and women entrepreneurs."   

  10. US and Canada to work 'closely' togetherpublished at 19:23 Greenwich Mean Time 13 February 2017

    Justin Trudeau (L) and Donald Trump (R)Image source, Getty Images

    The US President Donald Trump is meeting with and Canada's Prime Minister Justin Trudeau and now, in a joint press conference, is saying that America will work "closely" with its northern neighbour.

    He talks about "reciprocal trade and shared growth". 

    So what does this mean for the North American Free Trade Agreement?

  11. Upbeat traders send US stocks higherpublished at 19:08 Greenwich Mean Time 13 February 2017

    Dow Jones average

    Halfway through the trading day, and the Dow Jones average in the US continues its upward trend.

    Currently it is up 169 points at 20,439, a rise of nearly 1%. Optimism has been restored after US President Donald Trump promised last week promised to make a major tax announcement in the next few weeks.

    The Nasdaq was also ahead, up 33.80 at 5,767.93 while the S&P 500 added 14.31 points to rise to 2,330.41.

  12. Greek debt crisispublished at 18:43 Greenwich Mean Time 13 February 2017

    Christine LagardeImage source, Reuters

    The Greek debt crisis rumbles on.

    It has been widely reported that Greece, the International Monetary Fund (IMF), and the country's eurozone lenders cannot agree on letting the country have more funds as part of its previously agreed bailout. 

    But the IMF managing director, Christine Lagarde, has told Reuters that it is doing its best to agree on bailout loans for Greece, but cannot compromise its principles and cut a sweetheart deal for the country. 

    She added that, in her view, a cut in Greece's debts could take place without international lenders having to take write-downs on their loans - an issue of great concern to European Union creditors.  

  13. Promotion problems: 'Not just at Tesco'published at 18:25 Greenwich Mean Time 13 February 2017

    A BBC investigation has found that Tesco customers are being short-changed by promotions which have expired but are still advertised on the shelves. 

    Have you come across this problem at the checkout? Is it just Tesco, or do other supermarkets have out-of-date offers too? One Business Live reader writes:  

    The issue found at Tesco regarding pricing is not restricted to them. Morrisons is just as bad. I regularly have to complain about out of date [products]. The issue is reduced hours across the store impacting people's ability to check process. Without doubt this will impact all large retailers.

    Phil Clayton

  14. David ends battle with Goliath over water dealpublished at 18:03 Greenwich Mean Time 13 February 2017

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  15. Co-op: ethics are key to customerspublished at 18:03 Greenwich Mean Time 13 February 2017

    Co-op BankImage source, Getty Images

    More on the Co-op bank putting itself up for sale.

    Chief executive Liam Coleman has told BBC News that the bank is hoping for a sympathetic buyer.

    He says: "Any person that is considering, I think, what is the key strength of this bank will understand that the values and ethics plays a vital role in terms of the relationship that our customers have with us," he said.

    "They tell us, in the research that we do, that it's extremely important to their relationship with us. 

    "And I'm sure that anybody looking at the bank from the outside will come to very much the same conclusion," he added. 

  16. Brits less romantic than Americanspublished at 17:46 Greenwich Mean Time 13 February 2017

    Red rosesImage source, Getty Images

    Ahh, Valentine's Day, it really is a marketeer's dream.

    Here at New Broadcasting House we've been receiving some absolute corkers.

    One app company, for example, has been able to find out which country is the most romantic by tracking the number of people visiting flower shops for Valentine gifts - you know, red roses, flammable teddy bears, that kind of thing.

    It turns out that America is the most romantic nation based on trips to florists, followed by France leaving Britain limping behind in third place. 

    Read into that what you will.

  17. How to stabilise the fishing industrypublished at 17:25 Greenwich Mean Time 13 February 2017

    Commercial fleets help make new discoveries in our waters that could help stabilise fishing industries, discovers BBC's The Food Chain aboard a voyage with one of the oldest record-keepers of the sea - to see how its plankton, and our seafood, might be changing...

    Media caption,

    Species of the world's smallest creatures, plankton, are moving homes - and our seafood.

  18. London stocks end on a positive notepublished at 17:05 Greenwich Mean Time 13 February 2017

    MiningImage source, Getty Images

    The FTSE 100 closed 20.17 points ahead at 7,278.92 with mining companies leading the way.

    A rise in iron ore and copper prices lifted shares in Anglo American, up 4.2% at £14.09, Rio Tinto, 3% higher at £36.79 and Glencore whose stock rose 2.56% at 328.95p. 

    The FTSE 250 also ended in positive territory, up 43.42 points at 18,758.78. Mining Ferrexpo was the biggest gainer, 6.71% ahead at 175p.

    The price of copper touched a 20-month high on the back of supply worries after shipments were shut off from the world's two biggest copper mines.

  19. Glencore raises stakes in DRC minespublished at 16:48 Greenwich Mean Time 13 February 2017

    DRCImage source, Getty Images

    Second time lucky for Glencore which has just acquired a 31% stake in the Mutanda mine in the Democratic Republic of Congo.

    Glencore is buying the shares from Dan Gertler's Fleurette Group. 

    It is also acquiring a 10.25% holding in the Katanga mine from the colourful Israeli mining entrepreneur. That mine is also in the DRC, one of the poorest countries in the world. 

    Mr Gertler has been criticised in the past over his business deals in the DRC amid claims he was able to buy mining assets at low prices because of his friendship with Joseph Kabila who has been the country's president since 2001. Mr Gertler and Fleurette have denied the claims. 

    Glencore originally attempted to buy the 31% stake in the Mutanda mine in 2015. Today's deal will give it total control of the mine. Both deals are worth a total $960m.

  20. Something stinks...published at 16:27 Greenwich Mean Time 13 February 2017

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