Co-operative Bank puts itself up for sale
Baby Boom pensioners 'better off'
Pubs and restaurants warn of rate rise impact
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Simon Jack
BBC Business Editor
Image source, PABank of England sources told the BBC that Co-op bank had been operating with below recommended capital levels for some time so some action plan was needed.
Of potential buyers, TSB told BBC that although they are focused on completing the separation of their IT systems from Lloyds, at the right price it would look at it.
Today Programme
BBC Radio 4
Image source, ThinkstockLord Willetts says we should consider reviewing the triple lock pension policy of successive governments - a guarantee about how much the state pension will go up.
"Of course there has to be some kind of framework for increasing the pension... but the [triple] lock is a very powerful ratchet pushing up pensions at a time when incomes of the less affluent half of working households really are barely rising at all," says Lord Willetts, executive chair at the Resolution Foundation.
"And I actually think pensioners worry about their kids and grandchildren. They don't want to live in a society where all the big increases in incomes are accruing to pensioners and other groups are being left behind."
Image source, PAA bit more on the Co-operative Bank as it puts itself in the shop window. It says it expects to report a "significant" loss for last year.
The bank hasn't made a profit since it almost collapsed four years ago from a £1.5bn black hole in its balance sheet linked to its acquisition of the Britannia building society.
The losses will continue in its 2016 results, driven largely by high costs in updating its systems, the bank says.
However, the losses are expected to have narrowed from the previous year, on lower operating costs and conduct and legal risk charges, as well as a gain on the sale of its share in Visa Europe.
Today Programme
BBC Radio 4
Image source, Getty ImagesPensioner households are on average £20 a week better off than working age households, a report published today by the Resolution Foundation says.
Lord David Willetts - an executive chair of the Resolution Foundation and former Conservative minister - tells Today this is a "dramatic change" that's happened quite recently.
"It doesn't mean that the average pensioner has had a massive increase in their income.
"It's actually happening because the baby boomers are now reaching pension age and we have this surge of new younger pensioners who have got generous company pensions, who own their house quite possibly with the mortgage paid off, and many of whom are indeed still working as well."
Image source, Getty ImagesHeineken has confirmed it is to buy the Brazilian arm of Kirin, external - one of the largest beer and soft drinks producers in Brazil.
Heineken said it would pay 664m euros for the Japanese-owned business, becoming Brazil's second largest beer company in the process.
Heineken says it holds 10% of the Brazilian beer market where it sells Heineken, Bavaria and Amstel among other brands.
The Co-cperative bank says it still has "considerable potential" to grow further, as it puts itself up for sale.
The UK bank, known for its ethical stance, was saved from near-collapse after a black hole of more than £1bn was discovered in its balance sheet in 2013.
The Co-op Group sold off much of its stake in the bank to US hedge funds, although it still owns 20%.
Quote MessageWhile our plan has been impacted by lower for longer interest rates, the costs associated with the sheer scale of the transformation and the legacy issues we faced in 2013, there is considerable potential to build the bank's retail franchise further using the strength of the brand, its reputation for strong customer service and distinctive ethical position."
Liam Coleman, Co-op Bank's chief executive
Image source, Getty ImagesThe Co-operative bank is putting itself up for sale, external.
The bank, which almost collapsed in 2013, said the sale comes after "considerable progress" in its turnaround.
"The board is commencing a sale process, something always considered a potential outcome of the turnaround plan," the bank said in a statement.
The UK bank, which has 4 million customers, added that it was also "considering other options to build capital".
Image source, Getty ImagesAmazon has said that business ties it had in Iran may have violated US sanctions, Bloomberg reports, external.
In a regulatory filing, external, it said that from 2012 to 2016 it "processed and delivered orders of consumer products for certain individuals and entities located outside Iran covered by the Iran Threat Reduction and Syria Human Rights Act (ITRA)".
The firm reported the transactions to the US Treasury Department’s Office of Foreign Assets Control and the Department of Commerce’s Bureau of Industry and Security. However, it said it could face "penalties" following a review by the agencies.
Image source, AFPSamsung chief Lee Jae-yong has been questioned for a second time as a suspect in South Korea's biggest ever political corruption scandal.
The firm is accused of giving donations to organisations run by a confidante of President Park Geun-hye in exchange for political favours.
The Samsung boss had already been questioned last month. A subsequent court ruling decided there was insufficient grounds for an arrest - but it doesn't look like he's off the hook.
Depending on Monday's hearing, prosecutors are expected to decide again whether they'll seek a fresh warrant for Mr Lee.
At a parliamentary hearing last year, Samsung admitted giving a total of 20.4bn won (£16m; $17.46m) to the two foundations, but denied seeking favours in return.
BBC Radio 5 live
Tesco says it'll check prices at over 3,500 shops after a BBC investigation found customers were being short-changed by promotions which had expired but were still advertised on the shelves.
Retail analyst Steve Dresser says Tesco has made a "real effort to reduce promotions and make them simpler". The revelations are "not going to be good for them after the work they've done to restore trust," he tells Wake Up to Money.
"I don't think anyone does it deliberately," he adds. Instead, it'll be down to issues like job cuts, fewer overnight shifts and the general complexity of the business, he says.
BBC Radio 5 live
Image source, Greene KingBusiness rates are a bit like council tax for companies - and the value of the property that businesses are in is a big part of how they're calculated.
In the long-run, the system needs to be overhauled, says Kate Nicholls, chief executive of the Association of Licensed Multiple Retailers, which is warning that some restaurants and pubs will close as a result of big rate increases in April.
"We've got a system that's based on 19th century assumptions of where you did business, how you did business and how you calculated contribution," she tells Wake Up to Money.
"It's not fit for purpose in the 21st century, which is much more online."
Image source, EPAInvestors seem to be pleased with the talks between Donald Trump and Japanese PM Shinzo Abe over the weekend.
Tokyo's Nikkei 225 traded higher after the US president toned down his aggressive rhetoric and reconfirmed Washington's commitment to its closest ally in Asia.
The index rose by 0.5% with traders also looking at the latest data showing Japan's economy grewing for a fourth straight quarter in the final three months of last year.
The rest of Asia also saw gains with Hong Kong's Hang Seng higher by 0.4% and the Shanghai Composite 0.5% higher.
In Australia, the ASX 200 rose 0.7% while South Korea's Kospi wrapped the day flat.
The rises also come after US stock indexes finished the week at record highs.
Image source, Getty ImagesHow much of an impact will business rate rises coming in in April have on pubs, bars and restaurants?
If you’re a country pub in Lancashire maybe not very much. But if you’re Wagamama or Pizza Express or Greene King with outlets all over London and other big cities you’re going to need a stiff drink before you can look inside the envelope.
This morning the industry is asking the chancellor to consider some special treatment – something to take the edge off what are going to be some pretty difficult to swallow increases.
So far the government’s sticking to the line that the transitional funding already announced is all that’s on offer. That’s your lot mate. Ding ding. Time gentlemen please.
Image source, ReutersWelcome to another week of Business Live.
In the UK, companies are warning that the High Street will lose pubs and restaurants because of big rises in business rates.
A BBC undercover investigation has shown Tesco shoppers are being left out of pocket by out-of-date promotions.
And in Asia, stock markets are heading higher after Wall Street finished at record highs on Friday.
We'll have all the latest from the markets and the world of business. Do stay with us if you can.