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Public sector borrowing expected at around £3.5bn

Today Programme

BBC Radio 4

Pund notes and coins
PA

Monique Wong, senior portfolio manager at Coutts, told the Today programme she expects June's government borrowing figures, which will be announced this morning, to stand at between £3bn and £4bn.

The number shows how much government spending exceeds tax receipts.

"The labour market data is healthy, the unemployment rate is at a multi-decade low, wages are rising faster than inflation so the tax take will continue to be in good shape," said Ms Wong.

"In terms of the spending, we saw an increase in departmental spending around the end March Brexit date so a good guess would be that that was to do with contingency planning."

"So my guess is for the June number is that will ease."

RBS says search for McEwan successor continues

RBS
Getty Images

Royal Bank of Scotland has issued a statement after that announcement from Australia that its chief executive Ross McEwan will take up the same role at National Australia Bank.

RBS said in April that he was stepping down as chief executive and had a 12-month notice period to April 2020.

Sir Howard Davies, chair of RBS, said we "congratulate him on this appointment.The search for a successor remains ongoing and the effective date of Ross' departure will be confirmed in due course."

Competition concerns for packaging takeover

packaging
DSSMITH

The Competition and Markets Authority has found food and drink suppliers could get a worse deal on their packaging if two specialist firms merge.

It has been investigating Liqui-Box's proposed takeover of DS Smith's rigid and flexible packaging business and found that Liqui-Box and DS Smith are two of the four main companies in the UK offering a specialist type of packaging called Bag-in-Box to food, wine, dairy and drink suppliers.

"If the deal is allowed to go ahead as planned, the CMA is concerned it could create insufficient competition in the supply of these products, leading to their customers potentially having less choice and paying higher prices, especially as there are very few large suppliers in the UK," the competition watchdog said.

The companies now have an opportunity to address the CMA's concerns.

SSP revenue rises

cafe
SSP

SSP - owner of Upper Crust and a provider of services at airports - has illustrated the impact of the fall in the value of sterling.

In a planned trading update it says trading results from outside the UK are converted into sterling at the average exchange rates for the period.

The overall impact on revenue of the movement of foreign currencies (principally the euro, dollar, Swedish Krona, and Norwegian Krone) during the first three quarters of 2019, compared to the 2018 average, was 0.7% increase.

If the current spot rates were to continue for the rest of 2019, this would provide a 0.5% boost.

It says its expectations for the year "remain unchanged and whilst a degree of uncertainty always exists around passenger numbers in the short term, we continue to benefit from the structural growth opportunities in our markets and to create further shareholder value".

In the third quarter it said group revenue increased by 9.2% on a constant currency basis,

It said some airports have been impacted by the grounding of Boeing Max 737 aircraft and the transfer of passengers away from our terminals.

Microsoft 'innovative but not cool'

Today Programme

BBC Radio 4

Microsoft sign
Getty

Microsoft beat expectations yesterday to deliver revenues of nearly $34bn (£27bn) and profits of $13bn.

Aaron Shields from Fitch brand consultancy said Microsoft's strength came down to "trust" and "innovation".

Although he acknowledged the firm lacked something other tech giants didn't, calling Microsoft "innovative but not cool".

He said the software giant still had a lot of "head height" with its Azure cloud computing platform because "that's where the whole world is heading" and that positions Microsoft well, he thinks.

"The likes of apple live or die on their product releases but Microsoft seems to buck the trend by just offering really good hardware that continues to sell."

NSO spyware ‘targets Big Tech cloud services’

The Financial Times global technology correspondent tweets

Inequality of netball

BBC Radio 5 Live

Wake Up to Money

netballers
Getty Images

Claire Nelson, chief executive of Netball Scotland, told Wake Up to Money about the inequality in female sport, which gets 1% of total sports sponsorship.

Scotland did not make the top eight in the Netball World Cup but will play Barbados on Saturday to rank 11th or 12th.

Netball is televised on Sky but she said "we do not get any money, we have to pay production costs".

"For me, having a Sky sports logo helps me to try and attract some investors and bring some commercial sponsors in".

She says there has been increased interest in her sport, saying there have been big viewing numbers for the sport.

"We need more eyeballs on us, free-to-air BBC channels are critical to us," she said.

"I want to see that shift that women's sport, and particularly netball, starts to get invested in as male sports does," she said.

It is also a way to reach women, she says, who are the "most powerful consumers and decision makers in the home".

"That for me is what I pitch to sponsors. The fact you've got so many women coming to watch a sports event, that's a game changer".

Business of cricket

BBC Radio 5 Live

Wake Up to Money

cricket team
Getty Images

Dr Paul Smith, senior lecturer in media and communication at De Montfort University, has been speaking to Radio 5 Live's Wake Up to Money about the business of cricket.

In case you need reminding, England won the World Cup on Sunday.

He explains that there is a "balancing act" for the sport - the money from pay TV and the visibility of free-to-air.

He provided these numbers: cricket got £15m a year when it was on free TV in the mid 1990s. That increased to £50m a year when it went to pay TV - and this season the sport received £75m.

Boeing needs to announce more numbers

BBC Radio 5 Live

Wake Up to Money

Grounded Southwest Airlines Boeing 737 Max aircraft parked at the Southern California Logistics Airport
AFP

Monique Wong of Coutts spoke to Radio 5 Live's Wake Up to Money about that announcement from Boeing that it was taking a $4.9bn hit to cover costs related to the worldwide grounding of its 737 Max aircraft.

The "line in the sand" was in line with the market's expectations as the share price of the company rose 2%.

But, she said: "They haven't put any estimate on the liabilities - legal and otherwise - associated with the crashes... Analysts would like to see some number associated with that".

The number announced on Thursday was to cover the compensation for airlines.

Boeing has a strong balance sheet, she said, but needed to get the planes back in the sky.