The 10 things you need to know about business today

Here's what you need to know for today

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The Independent Online

1. UK interest rates are going to rise soon, according to Bank of England policymaker Prof. David Miles. He told BBC Newsnight that the time to raise the bank rate from its current historic low was "coming".

2. Glencore’s half-year earnings fall from $1.7 billion net profit to $676 million loss in first half. The commodity trader and miner posted a 29% fall in first-half earnings today on sliding metal and oil prices and said capital spending next year was expected to be lower than this year.

3. Asian shares fall to two-year low. Shanghai shares index drops 3.9%, denting hopes of Chinese stock markets stabilising following last week’s devaluation of yuan.

4. The sovereign wealth fund of Kuwait, Ontario Teachers and Hermes line up a £2bn bid for City Airport versus one from Macquarie, the Telegraph reports. The KIA is the world's fifth largest sovereign wealth fund with some $592bn in assets. The trio will come up against a group led by the infrastructure arm of Australian financial group Macquarie, which is also understood to be preparing a rival approach for London City.

5. Insurance claims after the deadly Tianjin blast could far exceed official estimates, Fitch ratings agency has warned. Based on official Chinese media reports, bank Credit Suisse estimates the losses could amount to $1-1.5bn (£640-957m).Ratings agency Fitch though warned the bill could be much higher.

6. Imperial Tobacco reports fall in tobacco revenue. Imperial Tobacco said today that it remains on track to achieve its fiscal 2015 targets, as it reported a 4% fall in tobacco revenue for the first nine months of the year.

7. The world's fourth-largest brewer Carlsberg reported second-quarter operating profit below expectations, hit by cold weather in Northern Europe and market decline in Eastern Europe. The company did not achieve the full range of anticipated savings, and a process of revising its strategy to re-establish and further strengthen financial stability has been initiated.

8. US supermarket giant Walmart has posted a fall in profits, missing analysts' expectations, and a drop in sales at its UK supermarket, Asda. Walmart reported net income of $3.48bn (£2.2bn) in the three months to July, down from $4.09bn a year earlier.

9. Insurer Admiral's profit is up 1% at £186 million as 6% rise in UK car insurance profits is offset by losses at comparison websites and Around 7700 of its employees are eligible for £1,800 share bonus.

10. New guidelines for video bloggers who enter marketing relationships with brands have been published. The Committee of Advertising Practice has issued its first guidance since a landmark Advertising Standards Authority (ASA) ruling last year.