hello. this is business live. from bbc news with ben thompson and sally bundock. the clock is ticking for argentina — the government prepares emergency measures to tackle the country's economic crisis. live from london, that's our top story on monday september 3rd. the country's economic woes come after the central bank hiked interest rates to 60% to curb runaway inflation — and soaring debt. also in the programme. banking on the future. we'll be live in mumbai with the latest on new moves to bring banking services to those excluded from financial services. and markets looking like this at the open in europe. we have just had the inflation figures from turkey and it's on the

uppen figures from turkey and it's on the upper. we will explain why that matters. and, from local listings magazine to global brand, we'll be finding out if time out is still the essential guide to city life. the global boss is here. we will talk to him later. and counting the cost of in—game purchases. the eu vows to get tough on games that charge users for extras. so today we want to know — is a warning label enough to prevent some children racking up huge bills. let us know — just use #bbcbizlive. hello and welcome to business live. let us know what you think of that, many of you getting in touch already using #bbcbizlive. we start in argentina, where the government is expected to announce new measures later to contain its worst currency crisis in years. the peso has lost almost half its value this year, as investors worry about the country's ability

to pay back it debts. so, how did argentina get into such financial mess? argentina's government has asked for the early release of a $50 billion loan from the imf amid a growing economic crisis. last week saw dramatic falls in the peso — with the central bank raising interest rates for the fifth time since april to an staggering 60%. argentina also has ballooning levels of government debt as a percentage of the country's total economic output — which is currently at 57%. plus there's a battle to try to control inflation, which at 30% per year is one of the highest rates in the world. so how can the argentinian government deal with the crisis? we will talk about that in a second. the bbc‘s south america business correspondent daniel gallas reports from sao paulo. it will be a make or break week for argentinian president mauricio macri.

on monday his government will announce a new set of policies to try to bring back international confidence in the country's finances. over the weekend argentinian papers reported that as many as ten ministries are likely to be axed, notjust to save money but also in an attempt to show a change of leadership. then on tuesday the finance minister nicolas dujovne will meet with the imf‘s christine lagarde. his goal is to finalise a deal that will quicken imf payments to argentina of a $50 billion loan package. in exchange for that argentina is likely to announce further spending cuts in its budget. that is daniel gallas, our south american business correspondent. joining us is cristobal arias. latin america economist at ts lombard. nice to have you on the programme. very good morning. then outlined some of the issues, daniel talked about the fact this is an important week. what do you hope will be

achieved this week? we're expecting to hearan achieved this week? we're expecting to hear an announcement with further adjustments to the fiscal outlook. let's remember the previous agreement stability and the primary fiscal deficit should be zero by 2,027 is likely that would be brought forward. we expect to see more announcements on spending cuts, infrastructure cuts and that's the most likely outcome. —— should be zero by 2,020. the finance minister will meet christine lagarde this week. will there be some strict fiscal discipline ideas for argentina from the imf and if so how will that go down given the history between argentina and the imf?|j think between argentina and the imf?” think so. in the end argentina is facing a credibility problem. they are not convincing the markets about their ability to meet their financing needs or on their debt. the way to go is just implement

sharper fiscal adjustments. you make it sound so easy but it's not easy at all. for the president mauricio macri as well, he has an election next year and this is not a vote winner when you're trying to implement tough austerity measures and that kind of thing when you want another term in office. he's definitely facing a very complex environment, his approval ratings are already falling and this is a challenge for his presidency and his own political aspirations. but he has to decide whether he wants a healthy economy or a healthier presidency. briefly, how bad will it get before it gets better? we expect a recession in 03 for 04 and get before it gets better? we expect a recession in 03 for q4 and it will probably extend into next year so it will get worse before it gets any better. thank you very much indeed. thank you. let's take a look at some of the other stories making the news. the billionaire founder and chief executive of chinese e—commerce giantjd.com has been arrested in the us state of

minnesota on suspicion of criminal sexual conduct. richard liu was later released without charge. the company says mr liu has been the subject of a false accusation. eu negotiator for brexit michel barnier has said he is "strongly opposed" to the uk prime ministers proposals on future trade once the uk leaves the european union. —— prime minister's proposals. in his most damning condemnation yet of the uk government's plans, he said the british offer on customs was illegal, and its suggestion of a "common rulebook" on goods would kill the european project. still on brexit — the chief executive of royal bank of scotland has warned that the bank may have to shed a number of business customers if there is no brexit deal. ross mcewan said 150 rbs staff had been deployed to amsterdam to set up a new operation serving the bank's european customers ahead of a no—deal scenario. india is turning its postal workers into bankers.

prime minister narendra modi wants to put an end to what he has called "financial untouchability, " especially for the poor in rural areas. over the weekend, india post started operating financial services across the country. for more on the story, we're joined now by bbc business reporter sameer hashmi in mumbai. this is an important way to include people who up until now have been excluded from the ways we might take for granted. that's right, then. the idea of the scheme is to reach out to more people across the country. there is still a huge section of society that doesn't have access to basic financial services. that's why what the government hopes is through the postal service which has a far wider reach they will be able to reach out to those people in villages and towns who don't have bank accounts or bank services. how will they do it? they hope to equip

the postman with smartphones and ta blets the postman with smartphones and tablets who will provide these basic services to people in these towns and villages who don't have access to proper banks. it is a huge indian postal service and if you look at it they have about 300,000 postmen across the country, 155,000 post offices so that's a very huge reach but the key question is implementation that's what we need to watch out for. can the government implement such a huge programme across the country? good stuff, thanks very much. i know you will keep an eye on it and how the roll—out continues. sameer hashmi in mumbai. the nikkei has been falling over worries over trade. donald trump said on saturday there was no need to keep canada in the north american free trade agreement, nafta. and also warned congress not

to meddle with trade negotiations, 01’ to meddle with trade negotiations, or he says he will simply terminated altogether. that spooked investors in the us and also asia because it raises worries over the likelihood over whether there will be a deal with china orjapan and the us so lots of questions over trade. that is how it has opened across europe over the last hour and we have a close watch on turkish inflation, up another 2.5% month on month in august, much more than forecast, so over the year inflation soaring to just shy of 18%, real concern with prices rising so quickly, how can turkey keep that in check? the big question it can deliver. more that with sour. michael hewson, chief market analyst at cmc markets is with us. good morning. nice to see you. indeed. labour day in the us, no action on wall street but the news coming out of turkey, given the news we have had out of argentina as well. this is the problem president

erdogan has, turkey has a fiscal credibility problem, the inflation numbers reflect that, jumping as they did from july to august and more importantly factory gate, producer prices, a lagging indicator of higher prices, came in at 32%, so if you extrapolate that into the inflation numbers going forward that means turkey needs higher rates and president erdogan has not given any indication he is prepared to do that, suggesting we will see further painfor that, suggesting we will see further pain for emerging markets. in the meantime, markets really, really techeetah today, certainly in asia, because of this concern and then on thursday the us could slap more ta riffs thursday the us could slap more tariffs on chinese goods, $200 billion worth. indeed and china has a limited ability to retaliate towards that given their exports to the us don't come even close to that. they are reaching the limits of the tit—for—tat type of process. you have also got nafta. there was a lot of optimism at the end of last week that canada would sign up to

the deal that the us signed with mexico. it does not look like that will happen now. there is a worry that when we talk about these trade wa rs that when we talk about these trade wars we forget about the businesses involved in and out of the direct effect it has on their bottom line and you start to see that with china manufacturing figures. we are starting to see some softness creeping into those headline numbers. whistle a pick—up in french and german numbers in the flash numbers last week but we have seen further weakness this week in spain and italy. italy got downgraded on friday, its credit rating outlook was moved to negative and there are is enormous amount of problems with populism and the government looking to ta ke populism and the government looking to take on brussels. that's not going to help business investment andi going to help business investment and i think we have a rough couple of months ahead of us. you will keep us across it all. i will try my best! we will talk about the need

direct flights between london and syd ney direct flights between london and sydney later, it is a long one but you don't have to change. time out turns 50. the boss of the company tells us why he thinks the magazine is still relevant in the digital age. that is coming up after the break. stay tuned. you're with business live from bbc news. first, we can focus on... the peer to peer lender, funding circle, has announced a plan to float on the stock market, aiming for a valuation of £1.5 billion. the financial technology company, which provides loans to small businesses with money provided directly by investors, hopes to use the money raised to fund expansion in the us and germany. funding circle's chief executive, samir desai joins us now. good morning, samir desai. this is

an interesting one because you guys, and i'm lumping you together in an industry, but you're doing well because there is mistrust of traditional banking. that's right, isn't it? just so your viewers know funding circle is a very symbol business. we allow anyone from individuals, institutions and money directly to small businesses cutting out the banks mean that investors can get better returns on their money, it means small businesses can get the capital they need to grow and expand and it means economies can grow. we have done over £5 billion of loans throughout platform, 1 billion came in the first half of 2018 alone and what thatis first half of 2018 alone and what that is testament to is that small businesses are increasingly looking for alternatives to banks and investors are trying to get alternatives for their money. many are traditionalists and worry how safe this new fintech products and services are. how do you convince people? no one takes risk more

seriously than us. we employ hundreds of people that focus on risk management and looking at individual loans. since we have started the business, investors have received net returns of about 5—7% per year pretty stably. and is delivering against that. thank you for explaining that and good luck with the flotation and the expansion plans that come out as a result of that, the boss of funding circle. we will have him back in a few years and get the inside track on funding circle. let's look at some other stories out today. mark reid is confirmed as the new chief executive of wpp replacing martin sorrell, big shoes to fill. this gives us a bit of detail. his annual salary, £975,000 with an annual salary, £975,000 with an annual bonus of 250% of the salary. your‘re watching business live our

top story: argentina is expected to announce vital new measures to tackle its deepening economic crisis. the country is racked by runaway inflation and soaring government debt. we'll will —— real worries for the economy there. a quick look at how the markets are faring. real concerns about whether we are looking at brand—new tariffs slapped on chinese goods headed to the us. now, wherever in the world you're watching us today, chances are you'll have picked up a copy of time out to check what's happening where you are. it's been the giant of entertainment and events listings for many cities around the globe. but it began life as just a one page publication in london. it was first printed in 1968. it's since expanded to cover many cities, and by 2010 was valued

at $26 million when private equity firm 0akley capital bought 50% of the business. in 2016 it floated on the london stock exchange. and today it publishes listings for over 100 cities across nearly 40 countries. joining us isjulio bruno, global chief executive of time out group. you became ceo when the company floated, which was 2016. a lot has changed since then, actually. you brought about a lot of change. you joint time out in 2015. that's right. talk about what you have brought. it was a company that was struggling, even though it has been around for a long time and has a strong brand. it is our 50th anniversary, as you said. what i brought it was a sense of purpose.

and a vision for the future. in the world of media today you need to diversify in order to survive. in today's world, time out continues to be what it was, inspiring people and informing people around the world, ina informing people around the world, in a cities in 39 countries. talking of expansion, you touched on it, the way we consume media has changed. it used to be something you would buy, now it is free. it was also a definitive guide of what was happening in a city, but now there are so many sources, online, twitter, facebook, all of those things, how do you compete and stay releva nt? things, how do you compete and stay relevant? by being true to ourselves. time out has always been about an editorial creation with professional journalists that go about an editorial creation with professionaljournalists that go out every day. that's theirjob. to find out what is best and unique in any city and talk about it. what you have today is a lot of disinformation. and overwhelming information. you need that helping hand which tells you, there are

other things to do in that city. that's an ideal world, to have fantastic, qualified journalist travelling around and telling me what to do with my time. but that is expensive. yet your magazine is free and everything i access is free online. i know you are making your money through advertising, but is that really a business model which is sustainable? we believe it is. 0ur is sustainable? we believe it is. our business model, notjust advertising, we also have e—commerce. so you can buy the things that you read about. if you wa nt to things that you read about. if you want to go to the theatre, you can buy a ticket through time out. also, in 2014 we launched time out market. this is in lisbon, portugal? yes. tell us about it. we call it the best of the city under one roof. the best of the city under one roof. the best editorial creation, the best restau ra nts, best editorial creation, the best restaurants, the best bars, the best

everything. they come to the market. if you look at the one in lisbon, 32 restau ra nts. .. if you look at the one in lisbon, 32 restaurants... we are just showing it now on the tablet. we're illustrating it, i hope we can bring it to the viewer... how does it work? you don't feed everybody at time out, do you? you just get the best of the best in one place, is that right? we say time out is the only global brand you can read, eat, and enjoy. which is the best restau ra nt and enjoy. which is the best restaurant in the city through time 0ut. they have to have four, five stars is a rating in time out. they come to us. they bring their chefs and food. but we take over everything. and he will launch this in many cities? yes, new york, miami, montr al, chicago, in many cities? yes, new york, miami, montral, chicago, and boston. your 50th anniversary, you have not been there for all of them. that's clear. talk me through the

cove rs. that's clear. talk me through the covers. they are iconic. you spend a lot of time making sure they are something that people want to pick up. can you show our viewers about this one you have chosen. this is the 100th anniversary of winston churchill. i think it is iconic in this country for many reasons, right? time out has it. it shows the cheekiness, can i say that? the internal voice time out has, it was a lwa ys internal voice time out has, it was always like that, and continues to be like that. it is personality. that's the magazine. notjust the magazine. we have a reach of 217 million, monthly, people, that our reach. it shows the personality of what time out is today and has a lwa ys what time out is today and has always been. thank you for coming on, julio. we shall keep a close eye. you are invited to the party on the 29th. the 50th birthday party of

time out, are we going? we will have to make sure we are not at work the next day. it isa at work the next day. it is a saturday night. 0k, it is a saturday night. ok, i it is a saturday night. 0k, ishall it is a saturday night. ok, i shall be there. thank you, julio. this week we're looking at some of the newest startups around the world. in brazil, one of the most successful new firms is a platform for dogs. users can earn money by walking or looking after other people's pets. take a look... brazil has the second—largest dog population in world after the us. we are talking about 110 million dogs. when we came into this market, specifically the dog hotel market,

we we re specifically the dog hotel market, we were primarily being served by friends and family. the change in value there was about asking favours. you probably wouldn't be able to ask someone to come you know, walk my dog twice a day. so we are putting in place asking a favour. i learned that people in brazil, especially, dog parents really are pa rents. especially, dog parents really are parents. they think of their dogs as pa rt parents. they think of their dogs as part of the family. they are looking for safety, and they are looking for people they can trust. 0ur for safety, and they are looking for people they can trust. our product is built in a way that we can deliver that. through our apps, we have transparency, information on

the sitter, but also warranty, in case of accidentals. we are offering it in brazil and also north america. we can never have too manyjokes on this programme. i will bring mine in one day. he will run around the studio, cause mayhem. we talked about this warning that there will be a big label on boxes of games, we were wondering if that would be enough to stop kids racking up would be enough to stop kids racking up huge bills. this message service, my child has never bought anything they haven't asked permission for. this has been around for years. phone accounts, debit cards, changing it to gift cards, that is how you get the in app purchases.

0nly stupid people that kids play games with in game purchases, says this message, that's a good point, don't put your credit card details on there if you don't want your kids to buy. easier said than done. i have to put my details in every timei i have to put my details in every time i want to buy something. what about special warnings on the packaging? the kids don't look at that. i don't even read the packaging. ijust buy the game. my 16—year—old nephew used to play the games i played, and they were 18. and i was happy to let play them. 0ne viewer contacted us earlier and said our son 0ne viewer contacted us earlier and said ourson —— 0ne viewer contacted us earlier and said our son —— her son backed up a bill of £1000 without her and her husband knowing. you would have thought they would have got a phone call from the credit card company,

excuse me, are you aware of this? who knows what happened. you get monthly bills. my son thought he was buying something, he didn't think it had been bought, he kept pressing the button, each time he clicked he spent £7.99. it takes time to upload. the nonstop london to sydney flights by qantas. this is quite a turnaround, isn't it, by 2022?m flights by qantas. this is quite a turnaround, isn't it, by 2022? it is but they will meet specially adapted planes. given the brexit scenario, are they going to be able to get one in time, given the wing factory is in newport. thanks, michael. we will be back tomorrow. we start the week with a three—way

split. a cold front across southern parts of scotland, down into northern england and parts of wales, south—west england is bringing more cloud and outbreaks of rain. behind it, something more fresher but with sunshine across northern ireland, northern and western scotland, and ahead of it a fine, dry and warm day across eastern and south east england. in between we have this zone of cloud and outbreaks of rain. some of that will be heavy over southern parts of scotland and north east england through the afternoon. behind it, plenty of blue skies and sunshine. maybe the odd shower of the northern and western parts of scotland. down into northern ireland, as well, plenty of sunshine, but not much higher than 14 celsius. card across southern scotland, down into northern england, and the midlands, bringing patchy rain at times, some of the rain extending into eastern parts of wales and south—west england. behind it, plenty of sunshine, and ahead of it, plenty of sunshine, and ahead of it, plenty of sunshine, and ahead of it, plenty of sunshine across south—eastern and eastern england.

through this evening and overnight, not much change. this cloud still sits here. bringing light rain and drizzle. behind it, clearskies, but a chilly night over rouble parts of northern ireland and scotland, temperatures start to three degrees. -- rural temperatures start to three degrees. —— rural parts. which is holding around 14 degrees in south—east england. tomorrow, we still have this area of cloud, but it is spinning and braking. the odd spot rain, patchy drizzle through the midlands and eastern parts of wales. a mainly dry day for most, more cloud than we have seen recently over east anglia, and south—east england, temperatures possibly getting up to 21 degrees. wednesday, an area of high pressure building from the south—west. a lot of dry weather. but this front is never far away from the fringes of the uk. that will bring outbreaks of raid into western pa rt that will bring outbreaks of raid into western part of scotland and northern ireland through the day on wednesday. —— outbreaks of rain.

elsewhere, a mainly dry day, temperatures generally between 16 and 20 celsius, more like 14 celsius for the far north of scotland. it is a north—south split through the week. rain further north, and mainly dry further south. hello it's monday, it's 9am, i'm victoria derbyshire, welcome to the programme. doctors are facing a mental health crisis like never before — that's the warning today from the most senior professional in england in this field. we'll hear from the mum of a 26—year—old junior doctor who took her own life. given that she had always got better so quickly before i think if she should have seen somebody three and a half weeks before she died and had the right medication, i expect she would be here. if you're a doctor who's had or having mental helath problems — where do you turn for help? lucy mecklenburg, the partner of celebrity big brother contestant ryan thomas, is here in herfirst

radio or tv interview about the physical abuse allegations her boyfriend is at the centre of. it comes after this incident featuring another cbb contestant roxanne pallet.