Summary

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

  • FTSE 100 closes 0.43% ahead

  • Mixed picture on Wall Street as Dow and S&P fall but Nasdaq climbs

  • Just Eat shares slide by 12.6%

  • Lego sales slide for first time in 13 years

  1. Who's winning the supermarket war?published at 08:23 Greenwich Mean Time 6 March 2018

    Tesco and Morrisons were the fastest growing of the big four supermarket chains for the 12 weeks to 25 February.

    That's according to the the latest report from Kanta Worldpanel., external

    Asda also had some success over the period, with growth of 2.3%, its own-label brands, did particularly well.

    However, Aldi and Lidl continue to bound ahead. Aldi saw sales rise 13.9% and Lidl recorded a 13.3% increase.

  2. Just Eat shares slidepublished at 08:15 Greenwich Mean Time 6 March 2018

    While the FTSE 100 has opened 1% higher this morning, shares in Just Eat have tumbled 14% despite reporting a big rise in revenues for 2017.

    Neil Wilson at ETX Capital says that while the company plans further investments into delivery in the UK, Canada and Australia & New Zealand, there are doubts whether this stratgey will deliver for investors.

    "There is a risk of becoming embroiled in a low-margin street fight with the likes of Amazon, Uber Eats and Deliveroo. Management notes dryly that ‘delivery-based activity has a different margin profile to our marketplace businesses’," he says.

    "There is a risk of management taking the eye off the ball by focusing on delivery instead of making the most of its status as the go-to platform and primary distribution channel for restaurants."

  3. Group of MPs oppose Melrose bid for GKNpublished at 08:07 Greenwich Mean Time 6 March 2018

    GKNImage source, Getty Images

    A group of 16 MPs has written to Business Secretary Greg Clark opposing the takeover of GKN by Melrose.

    The group says the business strategy of Melrose is "short-term" and that it may put parts of GKN into administration and, as a result, put some pension funds into the the hands of the Pension Protection Fund.

    The executive team at Melrose should not become "even richer" at the expense of GKN employees and pensioners, the letter says.

    The bosses of GKN and Melrose are due to appear before the Business Committee, external from 09:30.

  4. Lego sales slidepublished at 07:59 Greenwich Mean Time 6 March 2018
    Breaking

    LegoImage source, EPA

    Lego has posted its first annual fall in sales for 13 years as the Danish toy maker faces difficult markets in North America and Europe.

    Sales slid 8% to 35 billion Danish crowns ($4.2bn), while pre-tax profit fell 18% to 10.2 billion crowns.

  5. William Hill sells Australian businesspublished at 07:57 Greenwich Mean Time 6 March 2018

    William HillImage source, Getty Images

    William Hill is selling its Australian business for 300m Australian dollars (£168.5m) to CrownBet.

    In February the company took at £238m charge to write-down the value of that business.

    The writedown followed changes in regulation, which saw credit-funded betting banned in Australia and a rise in taxation in some states.

  6. Trump threats weighed at Geneva Motor Showpublished at 07:48 Greenwich Mean Time 6 March 2018

    Theo Leggett
    BBC Business News Reporter

    Donald Trump's threat to impose tariffs on imports of cars made in the EU has certainly raised a few eyebrows here at the Geneva Motor Show.

    No-one seems entirely sure whether this is simple bombast or a genuine threat. The message from most people here is "let's sit tight and see what happens".

    Meanwhile, it's business as usual at the show - with electrification and autonomous (self-driving) technology taking central stage.

  7. Aggreko fails to generate higher profitspublished at 07:38

    AggrekoImage source, Getty Images

    Aggreko, the world's largest temporary power provider, reported a 11.8% fall in annual profity, hit by discounts and issues in Argentina.

    The company, which powers major events and cover electricity shortfalls, said pretax profit before exceptional items fell to £195m last year.

  8. 'The froth has come off the coffee'published at 07:31 Greenwich Mean Time 6 March 2018

    Today Programme
    BBC Radio 4

    London SkylineImage source, Getty Images

    As we mentioned in an earlier post, IWG manages office space. It's sometimes seen as a barometer of the UK economy and last year it issued a profits warning.

    Mark Dixon the company's chief executive told the Today Programme that the market has stabilised.

    "We are seeing good demand. The froth has just come off the top of the coffee, particularly in London, he said.

    He is asked about the US-based company WeWork, which does the same thing as IWG but is worth $20bn (IWG is worth $2.8bn).

    He says it is annoying as IWG is 20 times the size of WeWork.

    "They are just much better at marketing themselves," Mr Dixon says.

  9. Record December for Just Eatpublished at 07:16

    Just Eat workerImage source, Just Eat

    More on Just Eat. Its UK business posted a 29% rise in revenues last year to £303.8m, while a profit figure it has somewhat mysteriously called "uEBITDA" was up 28% to £155.4m.

    The firm sponsors The X Factor on ITV and processed more than 500,000 orders on the day the competition concluded in December, with more than 10 million orders during the month.

    Following the competition watchdog's approval of its £240m Hungryhouse takeover, Just Eat has started the moving Hungryhouse's restaurants and customers to its platform.

    Canada is now its second-largest market following the takeover of SkipTheDishes, which contributed £50.4m of revenues last year.

  10. Profits fall at IWG (formerly Regus)published at 07:11 Greenwich Mean Time 6 March 2018

    IWG, formerly known as Regus, runs flexible office space for business. It now has 3,000 sites in 114 countries.

    Pre-tax profit fell 14% to £149m. Sales rose 5%., external

    The company is optimistic about this year, saying sales were strong at the end of last year. It intends to raise its dividend payout to shareholders by 12%.

  11. Just Eat loses £76mpublished at 07:09
    Breaking

    Just Eat bikesImage source, Just Eat

    Just Eat has reported a 45% jump in annual revenue to £546m as 21.5 million customers ordered 172 million takeaways globally.

    However, the FTSE 100 firm posted a pre-tax loss of £76m after wriitng off £180m on goodwill in Australia and New Zealand.

    Chief executive Peter Plumb says the firm now has 82,000 restaurants "partners".

  12. Kobe Steel chief quitspublished at 07:06 Greenwich Mean Time 6 March 2018

    Kobe Steel signImage source, Getty Images

    The chief executive and president of Kobe Steel, Hiroya Kawasaki, has announced his resignation.

    The move was widely expected after Japan's third largest steel maker revealed last year that it had submitted false strength and quality data for its products shipped to hundreds of clients worldwide.

  13. Tokyo snaps losing streakpublished at 06:56 Greenwich Mean Time 6 March 2018

    TokyoImage source, Getty Images

    The Nikkei in Tokyo has ended up 1.8% on Tuesday, snapping a four-day losing streak after shares on Wall Street rallied overnight.

    The Dow Jones Industrial Average closed 1.3% higher in New York last night, while the S&P 500 and Nasdaq both added about 1%.

    Fears of a global trade war had sent markets tumbling on Thursday and Friday.

  14. No dog required...published at 06:52

    BBC Radio 5 live

    Wake Up to Money presenter Sean Farrington has been droning on this morning:

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  15. US taking tough line on Brexit airline deal - FTpublished at 06:46 Greenwich Mean Time 6 March 2018

    Newspapers

    The US is being tough over a post-Brexit deal on flights between the US and the UK, according to the Financial Times., external

    It is insisting that to qualify for an "Open Skies" deal, airlines need to be majority owned and controlled by parties from their country of origin.

    That would be a problem for British Airways, Virgin Atlantic and Norwegian UK which all fall short of that criteria, the FT says.

    However, the report says negotiators are confident that they can reach a deal which will allow those airlines to keep their slots.

  16. Hermes' gender pay gappublished at 06:41 Greenwich Mean Time 6 March 2018

    Today Programme
    BBC Radio 4

    Hermes Investment Management, which describes itself as a responsible investor, is the latest company to reveal its gender pay gap, which stands at 30%.

    Chief executive Saker Nusseibeh tells Today that the figure is not uncommon in the fund management sector and that Hermes pays female employees the same as men.

    However, the problem is that Hermes does not have enough female fund managers, he says.

    The pool of talent for female fund managers is not big enough, Mr Nusseibeh says. To solve that problem he believes the City will have to return to the model of tapping talent in other industries.

  17. Not so bouncypublished at 06:25

    Trampoline park

    You might think public trampoline parks are safer than trampolines in private gardens, but that's not the case it appears.

    Last year ambulances were called out to 1,181 incidents at trampoline parks across England - more than three a day.

    Nearly 200 patients were treated at Sheffield Children's Hospital for trampoline injuries in six months, around 70 of whom had been hurt at parks.

    Analysis found 44% of patients at parks had suffered fractures, compared with 36% from home trampolines.

    Sheffield Children's Hospital said its own audit found children hurt at parks required "more treatment" than those injured on home equipment.

    There are no safety regulations specifically aimed at the UK's 200 trampoline parks, but a voluntary standard was published last year.

    More here.

  18. Jigsaw chief executive stands downpublished at 06:04 Greenwich Mean Time 6 March 2018

    Jigsaw clothesImage source, Newscast

    The chief executive of Jigsaw, Peter Ruis, has stepped down, after more than four years in charge.

    Jigsaw's chairman will run the company after his departure.

    Jigsaw said last year that it had received a number of approaches about buying a minority or majority stake in the company, which also has stores in Australia, Ireland, Singapore and the US.

    The Telegraph reports that Jigsaw, external might announce the sale of a stake in the firm later this week.

  19. Ford boss on tariffs and future of dieselpublished at 06:04 Greenwich Mean Time 6 March 2018

    BBC Radio 5 live

    Steven Armstrong, the President of Ford in Europe, is interviewed on Wake Up To Money. He is asked about President Trump's threat to impose sanctions on cars made in Europe as part of a bigger confrontation over trade.

    "We don't like tariffs of any sort," Mr Armstrong says.

    He hopes the countries involved will be able to work out a deal that won't involve any tariffs.

    Mr Armstrong is also asked about the future of diesel cars and commercial vehicles.

    "We see diesel as having a very important part to play in Ford's product range," he replies.

    He also points out that the latest "Euro-6" diesel engines are "very clean" and don't have the some problems with pollution.

  20. Good morning!published at 06:00 Greenwich Mean Time 6 March 2018

    Ben Morris
    Business reporter

    Welcome to Tuesday's Business Live page

    The proposed takeover of UK engineering giant GKN by Melrose will be in focus today, with the bosses of both companies due to answer questions from MPs.

    We'll also hear from the boss of Ford in Europe and see what he's got to say about the trade tension between the US and Europe.

    Plus, more upheaval on the High Street - the chief executive of fashion chain Jigsaw stands down.