Carillion said talks over the weekend to secure short-term financial support for the business failed.

"The board of Carillion has therefore concluded that it had no choice but to take steps to enter into compulsory liquidation with immediate effect."

Philip Green, chairman of Carillion, says: "This is a very sad day for Carillion, for our colleagues, suppliers and customers that we have been proud to serve over many years."

Carillion has announced that it will enter voluntary liquidation.

Today Programme
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Image source, Carillion

Alastair Stewart, an analyst at Stockdale Securities, reckons that whatever happens with Carillion today, all the work the construction and services company is contracted to do should end up getting done.

"However, there may be a messy period of administration as one contract after another gets handed over," he tells the BBC's Today programme.

He says Carillion's main problem is debt.

"Contractors are supposed to have net cash for a rainy day. But they also had some very bad contracts," he said, adding that it would only take "three or four really serious contract overruns" to cause trouble.

It is not clear what will happen if Carillion does go bust, says Applied Value's Stephen Rawlinson.

While he says that life will continue, he adds: "The interruptions in the short-term would be colossal. In some cases there will be no legal basis to employ people because that would cease to exist as a consequence of it going into administration."

ABC South-East Asia correspondent Adam Harvey is tweeting more pictures from the devastation at the stock exchange building in Jakarta...

Image source, Getty Images

Should the government step in and rescue Carillion?

Stephen Rawlinson, analyst at Applied Value, the management consultancy, says: "My own view is a method should be found to ensure its survival."

Why?

"What has happened here with Carillion is you could regard it as a perfect storm whereby [there have been] a number of projects on which there have been difficulties," he tells Wake Up to Money.

"There are always difficulties on construction projects because before you start a three-year build of a hospital there are things that happen along the way that you didn't know before you started and that's fundamentally what's happened in a number of cases here.

"They've all come together at one point in time for Carillion particularly at a time too when it hasn't won as much new work as it would like so the cash hasn't been coming in on new projects."

Dozens of people have been evacuated after a collapse at Indonesia's stock exchange in Jakarta, during a trading break.

Pictures on Indonesian television have shown people running away from the site.

It is unclear what part of the exchange collapsed but pictures on social media showed the ground covered in debris.

The stock exchange building also houses the World Bank’s local office on the 12th and 13th floors.

Initial reports suggest there are casualties.

Indonesian markets are currently in midday break and will reopen at 1.30pm local time (0630 GMT).

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Image source, Getty Images

Thomas Moore, investment director in UK equities at Standard Life, reckons that GKN, the FTSE 100 engineering group, has "got a fight on its hands" after rejecting a £7bn offer from Melrose International on Friday.

He describes turnaround specialist Melrose as the epitome of "capitalism".

"It is a company that just doesn't mess about and they've got this reputation for getting things done," he tells Wake Up to Money. "Seeing where the improvement can take hold in a company as big as GKN, it could be quite sizeable."

GKN is now looking at splitting up the car parts and aircraft maker.

So which plan will Standard Life, a shareholder in GKN, choose?

Mr Moore says Standard Life is going to listen to both sides and engage with both the company management teams and "work out who is going to stand the best chance of delivering for shareholders".

Welcome to Business Live and the beginning of a new week where the spotlight remains firmly on Carillion.

The construction and services company - whose biggest customer is the UK government - is fighting to save the business from collapse.

Carillion's creditors will meet Whitehall officials on Monday.

But questions are now being asked why the government continued to award contracts to Carillion despite it issuing a series of profit warnings in 2017.

As always we'd love to hear from you, Email us at bizlivepage@bbc.co.uk