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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. Treasury opens talks with Mark Carney
  3. WPP appoints new chief
  4. UK manufacturing PMI falls
  5. FTSE 100 higher
  6. Funding Circle plans IPO
  7. Argentina's finance minister asks for IMF help

Live Reporting

By Mary-Ann Russon

All times stated are UK

  1. Good night

    BBC testcard

    That's it for today on Business Live - thanks for reading. We'll be back bright and early at 6am on Tuesday.

    Do join us then for all the latest news and views from the wonderful world of business

  2. Exxon Mobil blockade in Nigeria

    Exxon Mobil sign

    Exxon Mobil has announced that a blockade at one of its oil terminals in Nigeria is threatening crude production.

    The blockade has been going on for six weeks and has been caused by former employees at the oil terminal, who are protesting their dismissal.

    The aggrieved former workers were ex-security personnel that were engaged by the US oil giant that were dismissed in July. These former employees had been threatening current staff at the facilities with violence and other actions aimed at threatening production.

  3. What Africa owes China

    The BBC's Africa Business Editor has taken a sober look at levels of debt accruing across the African continent, emanating largely from Chinese infrastructure investment.

    View more on twitter
  4. 'Businesses don't fail, people do'

    After Andy Scott's property chain went bust, he started out again taking over so-called "distressed businesses", that is, firms on the verge of going bust.

    His secret is that many troubled firms have bright futures if you have the patience to turn them around.

    Video content

    Video caption: 'Businesses don't fail, people do'
  5. Sajid Javid threatens tech giants over online abuse

    Home Secretary Sajid Javid has warned he will "take action" against tech giants if they do not help to tackle child sexual abuse online.

    Mr Javid said he was "demanding" companies take "more measures" - or face new legislation.

    He added that some sites were refusing to take online abuse seriously - and highlighted live-streaming of child abuse as a growing problem.

    Facebook, Google and Microsoft say they are committed to tackling the issue.

    Video content

    Video caption: Sajid Javid demands action from tech giants over online abuse
  6. Jet2 creates 300 new jobs in Scotland

    Jet2 aeroplane

    An airline is creating 300 jobs in Scotland after announcing expansion plans at two airports.

    Jet2.com and Jet2holidays is increasing capacity at Glasgow and Edinburgh's terminals next summer with more than 1.7 million seats in total.

    It is also launching new destinations - Bourgas in Bulgaria from Glasgow and Edinburgh and Izmir in Turkey from Glasgow.

    The company boasted of a "bumper summer".

  7. 'This ostrasisation process is racism'

    In an interview with the BBC last week, Kweku Adoboli, a former trader convicted of fraud in 2012, accused the UK authorities of racism.

    Mr Adoboli is Ghanaian, but has lived in the UK since the age of 12.

    He served four years of a seven-year sentence for a £1.4bn fraud at Swiss bank UBS. He was released in 2015.

    Foreign nationals sentenced to more than four years are automatically considered for deportation.

    Video content

    Video caption: Deportation process 'is racism' says ex-UBS trader
  8. TSB responds over IT problems

    TSB Bank

    TSB Bank has sent the BBC an update following this morning's IT problems.

    “Since mid-morning, we’ve seen good service levels on our Internet Banking and mobile app channels. We continue to monitor the situation and will continue to update our customers. Please accept our apologies for any inconvenience caused," a spokesman said.

    The BBC understands that a vast majority of customers have been able to access online or mobile banking, as well as being able to use cards and ATM machines, and banking transactions in branch have proceeded without issue.

    There is no wait time currently on the customer service phone lines if customers need to call for assistance, and it is believed the issue is unrelated to maintenance work, which was completed on Friday.

  9. Fintech threats to banks

    Simon Jack

    BBC Business Editor

    Samir Desai, chief executive and co-founder of Funding Circle
    Image caption: Samir Desai, chief executive and co-founder of Funding Circle

    The year is 2010. UK banks are on life support after their near-death experience in the crisis. After the worst recession for nearly forty years, lending to small businesses was not a top priority.

    It was in these circumstances that the idea for Funding Circle was hatched by Samir Desai, James Meekings and Andrew Mullinger: let companies borrow from ordinary investors, other firms, not the traditional banks.

    Today they announced plans to become a public company worth over £1.5bn, a UK-born company which is the number one peer-to-peer lender to small business in the UK, US, Germany and the Netherlands.

    And Funding Circle is just one of a new crop of fintech companies, that may prove to be a real threat to the traditional banking industry.

    Read more here.

  10. London closes higher

    London Stock Exchange

    London shares have ended higher, as the weakening pound and stronger commodity stocks boosted UK indexes.

    The FTSE 100 ended 72.2 points or 1% ahead to 7,504.60, led by packaging company Smurfit Kappa, which rose 3.5% to £32.38 after winning an environmental award in Colombia for sustainable paper production on Friday.

    The FTSE 250 finished 6.9 points or 0.03% up to 20,695.85. Furniture retailer Dunelm tops the index, rising 3.5% to 538p.

    Dunelm's non-executive director Rachel Osborne, who has just been appointed chief financial officer at Debenhams, has stepped down from her role at Dunelm, citing a "competitive overlap".

  11. Argentina introduces export tax

    Daniel Gallas

    BBC South America business correspondent

    Austerity protesters walk past a bureau de exchange in Buenos Aires
    Image caption: Austerity protesters walk past a bureau de exchange in Buenos Aires

    Argentina’s treasury minister Nicolas Dujovne has outlined the new tax on exports, which will start on 1 January 2019.

    Every dollar exported in primary products will be taxed 4 pesos, and there will be a tax of 3 pesos for secondary products.

    Crucially, he said the government would reduce the budget deficit (excluding interest payments) to zero in 2019, and were planning a 1% primary budget surplus by 2020.

    Mr Dujovne is off to Washington tomorrow to meet the International Monetary Fund's Christine Lagarde.

  12. Argentina looks to reform its economy

    Daniel Gallas

    BBC South America business correspondent

    Argentine president Mauricio Macri

    Argentinian president Mauricio Macri announced a series of measures to try to contain a run on the country’s currency - the peso. The government will axe ministries and hike export taxes in an attempt to show investors Argentina is committed to reforming its economy.

    Shortly before markets opened, President Mauricio Macri went on television to announce his plan to save the economy.

    Mr Macri said Argentina can’t keep living with more money than it earns. Without going into many details, the president promised a cut of over half of the government ministries and said those who have more money in society will be asked to contribute more to tackling the crisis.

    That includes a hike in export taxes - which he acknowledged in his own words was a “terrible” idea, but an emergency measure needed to balance the economy.

    Argentina’s peso has lost about half of its value this year - as investors fear the country’s finances are fragile. On Tuesday the country’s finance minister will negotiate with the IMF in Washington advanced payments of a 50 billion dollar loan.

  13. Kweku Adoboli faces deportation

    A man

    Kweku Adoboli, who caused a $2.3bn trading loss at UBS Bank and was sentenced to seven years' in prison, was detained for deportation to Ghana at Livingston Police Station in Scotland this morning.

    Mr Adoboli, who was released from custody in June 2015 and has not lived in Ghana since infancy, had been working with several organisations in the UK involved in improving corporate governance and compliance within the financial industry.

    He also spoke at many events, was made an honorary member of the FT 125 discussion group and he is also a member of the faculty for the Forward Institute’s responsible leadership programme.

    Mr Adoboli avoided deportation last month after he attended a monthly check-in with police. He was allowed to go free, but today he was detained and has now been taken to Dungaval Immigration Removal Centre at Strathaven.

    Although Home Office guidelines indicate that anyone handed a sentence of more than four years will be deported automatically, his solicitors are arguing that the UK is his home, and that he is an asset to the community that should be allowed to remain in the UK.