All five of the biggest losers so far on the FTSE 100 are mining stocks, led by silver miner Fresnillo and gold miner Randgold. They have taken a hit following a drop in commodity prices. Oil is down by 3%, while silver, copper and gold also dropped in morning trade.

The FTSE 100 is currently 33 points, or 0.5%, lower at 6,825.40 points. 

Image source, Reuters

PwC is hiring more than 1,000 tech specialists, external in the UK over the next four years to bolster its cybersecurity services following a number of high profile hacks on UK businesses. 

The auditing and consultancy giant said the recruits will tackle cybersecurity and privacy threats, as well as data management, business systems and IT risks. 

Over 600 jobs will be filled by external hires, while over 400 will be transferred from other PwC sites. The firm will also be recruiting at least 200 data and tech graduates. 

Among the recent data breaches was software accounting firm Sage, which said earlier this month, external that employee details for about 280 companies were accessed by an unauthorised user via an internal login. 

India has a new central bank chief after the departure of Raghuram Rajan - known as the "rock star banker" for his charismatic approach. Urjit Patel is his replacement... 

Image source, Woodford Investment Management

The fabled bankers' bonus - to some a symbol of City excess, and others a necessary incentive in a fiercely competitive field - is being binned by one fund. The investment company run by Neil Woodford - dubbed Britain's Warren Buffett - says it will be paying its staff everything in a single salary instead.

Pension, medical care and insurance were all put into workers' wages at Woodford Investment Management from April, and discretionary bonuses will no longer be paid. "We have implemented a remuneration scheme that is fair and appropriate for Woodford employees and, ultimately, clients," chief executive Craig Newman said.

So will Britain's banks follow suit? Jane Foley, an analyst at Rabobank, doesn't think so. She told the BBC it would be difficult for one of the big banks to do this in isolation, because there would be a risk the most valuable staff would leave.

Image source, Xtandi

US pharmaceutical giant Pfizer has struck a deal, external to buy cancer drug company Medivation for about $14bn (£10.7bn).

Medivation produces the prostate-cancer treatment Xtandi, which has treated 64,000 men in the US. Medivation founder David Hung said the deal was the "right next step" for the company and its "blockbuster" Xtandi franchise.

French drugs firm Sanofi had tried to buy Medivation, and Merck & Co and Celgene were also said to have considered bids.

Amid a dispute with two suppliers, VW has already halted production at its Wolfsburg plant, which makes Golfs, and at Zwickau where Golfs and Passats are made. Production is due to begin again later this week.

Production has also stopped at Braunschweig, which makes chassis parts and plastic parts, but should start again next Monday.

Later this week, production will cease at Salzgitter, which is involved in engine production, and Kassel where transmission and exhaust system production takes place.

In what the company said was an unrelated issue, production was halted at Emden, which makes Passats, last week and will resume on Wednesday.

In some cases employees have been sent home, in others they are engaged in short-time working on other jobs within the plants.

Image source, Getty Images

A bit more on Volkswagen cutting back on production - including trimming workers' hours - at several German factories. The plants produce some of VW's most popular models including Passat sedans and Golf compacts.

It comes after a row with two suppliers of gearbox parts and seat covers halted deliveries. VW's efforts to force CarTrim, which makes seats, and ES Automobilguss, which makes cast iron parts needed to make gearboxes, resume deliveries have been without success, Reuters reported. 

VW said it would resume talks with the suppliers on Monday. While the group "wishes to achieve a result through negotiations," it may also pursue legal means, a spokesman said. 

Nigeria and the US are in the action too.

Image source, AP

The oil rally - which has seen the price of crude rise by more than 20% this month - is spluttering. The price of Brent dropped by over 1.5% in early trading, falling below the $50 a barrel mark before recovering slightly.

It comes as Iraq plans to increase crude exports by around 5% this week after reaching an agreement to resume shipments from three oil fields in Kirkuk, in the north of the country. This will be an increase of around 150,000 barrels of oil per day from Opec's second largest producer.

Opec members are due to meet next month to discuss a freeze in output levels in order to combat continued oversupply in the global oil market.  

Image source, AFP

Production at several Volkswagen plants has been interrupted as a result of a halt in component deliveries by external suppliers, the company has revealed, external.

A court order has been issued obliging suppliers to resume deliveries, but that is yet to happen. Almost 30,000 workers will see their working hours reduced until the supplies become available again.

BBC Radio 5 Live

Image source, PA

The Rio Olympics are over, but sporting heads will already be thinking about how UK Sport will distribute funding for Tokyo 2020. Sports that have missed their medal targets, external are at risk of funding cuts.

Jane Allen, head of British Gymnastics - which exceeded its target by winning seven medals - said the body has already gone through "a very extensive process" for the next round of funding. The decision will be announced before the end of the year, she told Radio 5 Live.

BBC Scotland business editor Douglas Fraser tweets...

Urjit Patel has been named the new governor of India's central bank. What do we know about him and what subjects will he find in his in-tray when he takes up the post? Sameer Hashmi has the lowdown.  

BBC Business Live

Business Live on the BBC News Channel heard from Guntrum Wolff, the director of the Bruegel Institute ahead of the crucial EU leaders meeting today.

While he thinks the possibility of another EU member country following the UK's Brexit lead is unlikely, he did stress there were causes for concern.

"Low growth in the Eurozone is a bad problem," he said.

When it comes to negotiations for the UK to leave the Union, Mr Wolff said there is potential for a lose:lose situation. 

"If both sides take a confrontational stance, they will both lose," he said.

Black, Asian and minority ethnic (BAME) workers are a third more likely to be underemployed than white workers, according to a new TUC report.  

Image source, PA

Radio station owner Wireless Group says, external the company's full year results are expected to be "broadly in line" with expectations as the interim report showed positive signs.

“Wireless Group – and especially talkSPORT – has performed well in the first six months of the year. After a competitive bidding process, we were also delighted to be awarded three packages for Premier League live audio rights which will further underpin the outlook for talkSPORT going forward," said chairman Richard Huntingford.   

Wireless Group’s first-half profits were boosted by the sale of its TV business to ITV in February, which generated a profit of £79.2m. Pre-tax profit rose to £82.1m from a loss of £500,000 a year ago.  

The company has agreed a £220m takeover with News Corp and the deal is coming along well according to Mr Huntingford.

 "Good progress is being made in respect of the regulatory clearances required in connection with the News Corp offer,” he said.  

Image source, PA

Attempts will start later today to refloat an oil rig that became grounded off the Scottish coast. The 17,000 tonne drilling rig came ashore during a storm while it was being towed from Norway to Malta.

The leader of the salvage team said the rescue efforts for the Transocean Winner rig would start this evening at high tide. 

Today Programme
BBC Radio 4

Image source, AP

The fund which commercialises technology and healthcare research from Cambridge University has been on the Today Programme explaining plans to raise £75m of new capital, external. 

Victor Christou, boss of Cambridge Innovation Capital, told Dominic O’Connell that the plan is to float the company on the stock market, known as an initial public offering (IPO), within 12-18 months.

"This is a pre-IPO funding round," Mr Christou said.

"Cambridge is very good at commercialising science, we have a great tradition of it," he said. Being based within the university grounds allows the fund to work alongside academics, he added.