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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. Elon Musk says Saudis back Tesla buyout plan
  3. Turkish lira falls again
  4. Sterling makes modest gains
  5. Ticketmaster to close secondary sites

Live Reporting

By Dearbail Jordan and Chris Johnston

All times stated are UK

Goodnight

That's it from us for today. Due to circumstances beyond our control we're unfortunately having to finish earlier than normal tonight.

But don't worry we'll be back at 6am sharp on Wednesday morning. Please do join us then.

IKEA lands in central London

Ikea store
BBC

Guess what's replacing the former Multiyork store on Tottenham Court Road in central London?

FTSE ends lower

The FTSE 100 has ended the day 0.23% lower at 7,649.73 with investors remaining wary that the Turkish lira’s dramatic plunge – and the concerns that a financial crisis in the country would ripple through the rest of Europe – keeping the market in the red.

Wall Street treads water

US traders
Getty Images

It's still a pretty lacklustre day of trading on Wall Street.

The Dow Jones is up just 0.08% while the S&P 500 is 0.3% higher. The Nasdaq is having the best day of all three indexes, with it trading up 0.5% thanks to a strong performance from the tech giants Apple, Amazon.com and Google-parent Alphabet.

However, the sharp fall in the Turkish lira is being blamed for weak trading in the big US banks, with Citigroup, Bank of America and JP Morgan all down 0.3%.

"If the Turkish lira gets worse and if this turns out to be a larger issue than it is currently, banks are in the front line to getting hurt," said Art Hogan, chief market strategist at B Riley.

Beware the fax machine

Fax machine
Getty Images

Booby-trapped image data sent by fax can let malicious hackers sneak into corporate networks, security researchers have found.

Since many companies use fax machines that are also printers and photocopiers, they often have a connection to the internal network.

The malicious images exploit protocols established in the 1980s that define the format of fax messages.

Read the full story here.

Plus500 sinks despite record first half

Shares in Plus500 fell almost 15% after warning it was unlikely to repeat its record first half, when both revenues and profit more than doubled, as global regulators crack down on online trading platforms.

The company explained that higher-than-expected volatility over the six months to June 30 resulted in new and existing customers making more diverse trades.

It was also aided by its expansion outside of Europe. Revenue rose 147% to $65.5m (£51.2m) while pretax profit nearly tripled to $346.4m a year earlier.

The company said its active customers more than doubled to almost 250,000, with new customers up 75% to 94,148. Transaction in the period rose by 51%.

Worse to come for sterling?

Pound coins
Getty Images

Sterling is up a touch to $1.2787 against the dollar and just under €1.12 today - but the pound could fall by up to a fifth in the coming months if the UK does crash out of the European Union without a Brexit deal, according to analysts.

The currency lost almost 2% last week after international trade secretary Liam Fox warned that there was a 60% chance of leaving without a deal.

Also muddying the outlook are major political events - Theresa May's Conservative party conference in early October, and meetings of EU leaders in late September and then mid-October.

"There's no guaranteed date for when Brexit progress or hard Brexit will be known by apart from exit day on 29 March 2019," Nomura analysts said. "We find that we are very much in the early stages of pricing for a hard Brexit."

Not on the rack...

Telegraph business news editor Jon Yeomans tweets:

View more on twitter

Tata Steel profits disappoint

Tata Steel said quarterly net profit more than doubled, but it was well below market expectations as a result of a one-off charge.

Net profit came in at 19.3bn rupees ($276m), compared to a profit of 9.2bn rupees a year earlier, Tata said.

Analysts had expected a net profit of 26.4bn rupees. The company blamed a one-off charge of 3.35bn rupees.

Markets won't buy Erdogan's talk

Andrew Walker

BBC World Service economics correspondent

President Erdogan
Getty Images

President Erdogan sees Turkey‘s problems as the result of a plot rather than economic fundamentals. That kind of talk might play well politically with some audiences in Turkey, but it won’t wash in the markets.

Turkey has underlying problems in the form of a fairly large international trade deficit, high levels of foreign currency debt owed by the private sector and a persistent inflation problem.

Certainly the situation has been aggravated by the deterioration in political relations with the United States and the higher tariffs that Turkey now faces on its steel and aluminium sales in the US.

But the scale of the apparent impact was due to the fact that Turkey was already economically and financially vulnerable.

Second home ownership 'more common'

The director of the Institute for Fiscal Studies, Paul Johnson, tweets:

View more on twitter

Netflix finance chief departs

Netflix's finance chief, David Wells, will step down after eight years in the role, the streaming company said on Monday.

He will remain with Netflix until his successor is found following an internal and external search.

"Personally, I intend my next chapter to focus more on philanthropy and I like big challenges but I'm not sure yet what that looks like," Mr Wells said.

He joined Netflix in 2004, two years after the company went public, and was responsible for content operations and strategic planning.

Shares in Netflix fell 1.4% in early trading to $341.09.

BreakingMusk outlines Tesla plan

Elon Musk
Getty Images

Elon Musk has outlined his plan to take Tesla private in a blog post on Tesla's website.

The founder of the electric car maker says he made the announcement on Tuesday last week "because I felt it was the right and fair thing to do so that all investors had the same information at the same time".

He adds: I will now continue to talk with investors, and I have engaged advisors to investigate a range of potential structures and options."

No go for Nintendo

Elliott tunes in to Nielsen

TV set
BBC
They don't make them like this anymore...

Elliott Management oversees assets worth more than $31bn (£22bn) and has earned a reputation over 40 years as a no-holds-barred activist investor, with an unusually large appetite for public face-offs.

The firm pursued Argentine government debt for more than a decade, while in the UK it intervened in transport operator National Express and fought supermarket Tesco for damages stemming from a 2014 accounting scandal.

Now it has set its sights on Nielsen Holdings and plans to push the TV ratings company to sell itself.

Elliott disclosed a 5.1% stake in the company before Wall Street opened today, sending Nielsen shares up more than 12% and confirming a Wall Street Journal report on Sunday.

The firm is known for its US television ratings that are used to determine ad rates for commercials.

Top Kenyan officials charged with fraud

Nairobi railway station
Reuters

The heads of Kenya's state railway and the agency that manages public land have been charged with fraud.

Mohammed Abdalla Swazuri, who chairs the National Land Commission and Atanas Kariuki Maina, managing director of the Kenya Railways Corporation, are accused of paying out more than $2m (£1.6m) in compensation for land which already belonged to the government.

The individuals who allegedly received the illegal payments have also been charged. All have pleaded not guilty.

The land was acquired for a $3bn Chinese-funded railway that will link the capital, Nairobi, with the port city of Mombasa. President Uhuru Kenyatta has said he is willing to lose friends in order to end impunity in Kenya.

Wrangler and Lee jeans to be spun off

Wrangler jeans
Getty Images

Remember Wrangler and Lee jeans?

The company that owns the brands, VF Corporation, said today that it will spin off its denim business into a separate business which is yet to be named.

VF's chairman, president and chief executive Steve Rendle said: "Our jeans platform is a successful, sustainable business with iconic global brands and a clear path to value creation as a standalone entity.

"This exciting step forward will mean that both VF and NewCo have the resources, management focus and financial flexibility to thrive in a dynamic consumer marketplace, creating an even brighter future for both organisations and all of their stakeholders.”

Turkey's economy will remain intact 'with God's help'

More from President Recep Tayyip Erdogan who says that Turkey's economy is strong and the currency exchange rate will soon "settle at a reasonable level".

"Turkey's economic dynamics are solid, strong and intact, and with God's help, they will remain intact," he said.

"The currency exchange rate will settle at a reasonable level... at the earliest. Do not worry, be at ease," he added.

No more bleeding fans dry?

The Guardian's Rob Davies tweets a link to a story on ticket reselling sites that he wrote back in May 2016 for the paper's Sunday stablemate the Observer:

View more on twitter

Attacks on Turkey will continue, says Erdogan

President Erdogan
Reuters

So, there was no interest rate rise from Turkey's President Recep Tayyip Erdogan to curb the country's inflation.

He said that he expected attacks on Turkey's economy to continue but predicted the lira would return to "rational levels" soon after the currency hit a record low against the US dollar.

Gold prices fall on investor snub

Gold bars
Getty Images

Gold is traditionally a safe haven in times of economic uncertainty.

However, gold prices have below $1,200 an ounce in London to $1,199 90 as investors choose to put their money into dollar-denominated assets such as US Treasuries.

Capital Economics analyst Simona Gambarini says: "The safe-haven demand that has been triggered by the crisis in Turkey is going into the dollar rather than gold, which has been a trend going on for a while now."

US is trying to stab Turkey in the back, claims Erdogan

Turkey's President Erdogan
Reuters
Turkey's President Erdogan

Turkey's President Erdogan has taken aim at the US after Donald Trump announced that it would double tariffs on steel and aluminum.

During a speech in Ankara, President Erdogan says that the US trade actions against WTO principals, he claims that America is trying to stab Turkey in the back".

'Executive presidency is best suited for Turkey's needs'

Turkish President Recep Tayyip Erdogan is now speaking in Ankara.

He says that the executive presidency is best suited for Turkey's needs.

Meanwhile, the Istanbul stock exchange is down 1.72% or 1,668.05 points at 95,245.30.

UK stocks stay in the red

US stock market trader
Getty Images

The FTSE 100 and 250 remained in the doldrums as trading approached midday.

"Investors remained fearful on Monday, the Turkish lira’s precipitous plunge – and the concerns that a financial crisis in the country would ripple through the rest of Europe – keeping the markets in the red, " says Connor Campbell, financial analyst at Spreadex.

He adds: "Looking to the US open and the Dow Jones is set to join its European peers in the red. The futures have the index dipping 0.2% after the bell, a slight decline that would nevertheless leave the Dow only a smidge above 25,250, its worst open in nearly three weeks.

"There’s nothing really on the agenda to distract from the situation in Turkey, so the Dow could see its losses worsen when the US session gets underway."

Turkey thanks Germany for criticising US tariffs

Turkey's finance minister Berat Albayrak has given a big thumbs up to a comment from Germany’s economy minister Peter Altmaier who condemned Donald Trump's decision to double tariffs on Turkish steel and aluminum to 50% and 20% respectively.

View more on twitter

Emerging markets feel Turkish heat

Indian rupee
Reuters

Turkey’s lira crisis may be spreading to other developing markets.

India’s rupee slipped to an all-time low of 69.62 against the dollar and there are reports that the Reserve Bank of India has been intervening to stem the decline.

The South African rand has also been under pressure, falling by more than 9% in early trading although has since recovered.

Breakingesure 'minded to accept' offer from Bain Capital

Insurance group esure has just announced that it has received a takeover approach from private equity firm Bain Capital and that it is "minded to recommend" a firm offer.

Bain Capital is offering 280p per share for esure, valuing the business at £1.17bn.

esure has made the announcement following the recent movement in its share price.

esure's share price on Monday
BBC
esure's share price on Monday

Rail passengers may face 3.5% fare rise

Ticket barrier
Getty Images

Millions of commuters are due to face a 3.5% rise in rail fares from January.

The fare hike comes after a summer of chaos for many train customers,after a rail timetable overhaul saw scores of cancellations and delays.

The exact increase will be announced on Wednesday when official inflation figures for July are published.

Read more here.

Chemring takes £20m hit after fatal accident

Chemring may take a £20m hit after an employee died and another was hurt in an accident at its site near Salisbury on Friday.

The defence firm said one worker was killed and another "badly" injured at its flare manufacturing facility.

Annual operating profits are likely to be between £10m and £20m lower than previously expected due to the accident, it said.

Chemring shares fell more than 20% at the open and were down 14% lower at 202p in late morning trading.

The firm has started an investigation into the accident, as well as the potential financial ramifications, while Wiltshire police said it was investigating the explosion along with health and safety officers.

Turkey threatens legal action over 'fake news'

Currency
Reuters

More on Turkey: its interior ministry is threatening to prosecute anyone who posts "fake news" about the rapid fall in the value of the lira currency.

The Capital Markets Board has issued a statement warning it will take steps against "those who carry fake, false news and statements" about the lira.

Reuters reports that the Istanbul Prosecutor's Office has already started investigations into "those who act in ways that threaten economic security" on news and social media accounts, accusing them of acting on behalf of enemies of President Erdogan.

But will telling citizens that paying in their gold and foreign currency will help stem the lira's staggering losses - as the president of Turkey has done - be deemed fake news too, we wonder?

Soothing words on Turkey travails

Istanbul mosque
AFP

Rebecca O’Keeffe, head of investment at Interactive Investor, has some reassuring words for those afraid that the Turkish market meltdown will spread to others - the dreaded "contagion".

"Despite all the issues it faces, Turkey is a small player on the global scale and in cutting itself off from other markets, the impact on Europe is largely limited to some specific banks. The big question for investors is whether this is the start of a wider problem for emerging markets that will feed through to lower global growth, or if this is a potential buying opportunity for investors."

The banks she mentions include BBVA and Unicredit, both of whose shares are down more than 2% today.

Quick off the mark...

Evening Standard business reporter Joanna Bourke tweets:

View more on twitter

Sterling gains

The pound has clawed back some losses and is now down 0.09% against the dollar at $1.2759.

Sterling has also extended gains against the euro to rise 0.16% at €1.1212.

Asian markets end in negative territory on Turkey worries

Stock market board in Tokyo on August 13
Getty Images

Asia's markets ended Monday's session in negative territory as investors sold off riskier assets, including Asian stocks, amid Turkey's currency crisis.

The benchmark Nikkei 225 lost 1.98% to close at 21,857.43 points.

In Hong Kong, the Hang Seng Index fell 1.52% to end at 27,936.57, while the Shanghai Composite Index shed 0.34%, to close at 2,352.11.

In Australia, the S&P/ASX 200 closed down 0.42% to 6,252.2 points, while South Korea's benchmark Kospi lost 1.5% to close at 2,248.45 points.

TUI Travel tops FTSE fallers

TUI plane
Getty Images

Holiday group TUI Travel led the FTSE 100 fallers on Monday morning after its shares fell 3.4% to £15.11.

In subdued trading, BAE Systems is the morning's biggest riser, up 1% at 631.8p.

The FTSE 100 is down 0.7% at 7,614.8 points.

On the mid-market FTSE 250, shares in fund manager Ashmore fell 5.4% to 337.4p.

Shipping services group Clarkson led the risers, up 7.3% to £27.65 reporting a fall in interim pre-tax profits and a "challenging trading environment".

The FTSE 250 is down 0.56% at 20,552.5 points.

Wake Up once more...

BBC Radio 5 live

If you missed Wake Up to Money this morning, never fear. Click below to catch up.

Turkey to take legal action against lira posts

Turkish kia
Getty Images

Turkey's interior ministry has announced that it is taking necessary legal measures on social media posts regarding the dollar exchange rate that create a negative perception of the economy.

It said 346 social media accounts that posted comments about the weakening of the lira "in a provocative way" have been identified since 7 August and legal action has been launched.

BHS pension scheme members get boost

Today Programme

BBC Radio 4

BHS store with closing down signs
Getty Images

The 9,000 members of BHS's pension scheme have received a bit of good news - Pension Insurance Corporation has taken over the scheme.

The scheme was at the centre of a row between the Pensions Regulator and former owner Sir Philip Green who eventually agreed to pump £363m into the pension pot.

Commenting on the deal, pensions expert John Ralfe explains: "Nothing changes as far as the pensions those 9,000 pension scheme members will receive.

"But the good news is they are now backed by a properly regulated insurance company which has proper capital and does it as part of its business and that means the security of their pensions has increased."

Air France-KLM shares slide

Air France planes
Getty Images

Shares in Air France KLM fell more than 5% in Paris after the airline's biggest pilots union warned that further strikes could result if pay talks with management did not resume.

Philippe Evain, head of the powerful SNPL pilots' union, told Le Parisien newspaper there would be 15 more days of strikes if the airline's new boss did not restart talks over pay conditions.

Air France-KLM has been searching for a new chief executive since the abrupt departure of Jean-Marc Janaillac in May after staff rejected a pay offer aimed at ending the strikes, which have cost €335m.

The French government owns a 14% stake in Air France-KLM, while Delta Airlines and China Eastern Airlines each have an 8.8% holding.

Its shares have fallen more than a third this year.