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More on the ICO's intention to fine BA: the biggest-ever made by the Information Commissioners Office.

The company has 28 days to appeal.

"British Airways will be making representations to the ICO in relation to the proposed fine," said Willie Walsh, International Airlines Group chief executive.

"We intend to take all appropriate steps to defend the airline's position vigorously, including making any necessary appeals," he added.

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The fine isn't the only thing concerning British Airways chiefs this morning.

Bosses will begin talks with its pilots today to avert a potentially damaging summer strike.

Pilots have rejected a pay increase worth 11.5% over three years, which the airline says is "fair and generous".

However, the British Airline Pilots' Association (Balpa) argues that its members deserve a better offer, as BA has been making healthy profits.

The two sides will meet at the conciliation service Acas.

Read more here

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The UK Information Commissioner's Office (ICO) has proposed fining British Airways £183.4m over the theft of customer data.

According to British Airways owner IAG, the penalty is equivalent to 1.5% of British Airways' worldwide turnover for the financial year ended 31 December 2017.

IAG says it intends to appeal the decision.

"We are surprised and disappointed in this initial finding from the ICO," said British Airways chairman and chief executive Alex Cruz.

"British Airways responded quickly to a criminal act to steal customers' data. We have found no evidence of fraud/fraudulent activity on accounts linked to the theft.

"We apologise to our customers for any inconvenience this event caused."

Today Programme
BBC Radio 4

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More on Deutsche Bank, which has announced it will cut 18,000 jobs to maintain profitability.

According to Damien McGuiness, the BBC's correspondent in Berlin, Deutsche's current chief executive Christian Sewing blames the bank's problems on "a reliance on risky finance".

Mr Sewing was a former bank apprentice who progressed through the ranks of the bank, and he is much more keen on retail banking over investment banking.

"What we're seeing is the end of a culture war in the bank where on one side, the international bank managers who wanted to turn Deutshe Bank into more of an investment banking giant globally, and the German culture within the bank, which is always safer, domestic investments," Damien told BBC Radio 4's Today programme.

"I think a lot of people in Germany would say it's a welcome change, but you're having to lay off a lot of people, which is an expensive change... and we won't know until at least 2020 if the change has worked."

BBC Radio 5 Live
Wake Up To Money

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"Retail isn’t dead; it’s taking a new direction," reckons designer Karen Millen.

She told Wake Up To Money: "We have to step back and look where it’s going, but it’s still about experience.

"People are looking for combining shopping with an experience and social time – a place you can eat, meet friends and shop, where you won’t be rushed, and finding something that is destination based, whether it's entertainment, food, products the environment and walk away with a gift for the home."

She sold the fashion company that bears her name back in 2004 but it is now up for sale.

What does she think about that?

"I think it was inevitable – it’s been owned by a bank for several years now. In 2008 when things went crash, it was taken into the ownership of Kaupthing Bank. They don’t run businesses, they fund them.

"We’ve seen the change in that time. it lost its direction, and I’m surprised they hadn’t sold it sooner."

She is now looking to start a new business to be called Homemonger.

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More than eight in ten chief financial officers expect the UK business environment to deteriorate because of Brexit, according to Deloitte's latest CFO survey.

Only 4% of CFOs said they think that now is a good time to take a greater risk on to their balance sheet, representing the highest level of caution since the financial collapse in 2008.

The survey, which involved 79 CFOs at large UK corporates, also saw 62% of respondents say they expect to reduce hiring over the next three years due to Brexit.

Ian Stewart, chief economist at Deloitte, said: "Events in the last three years, and recent news suggesting the economy shrank in the second quarter, have added to worries about the impact of Brexit.

"This is not solely a question of the long-term outlook. Brexit has not happened, but it is acting as a drag on corporate sentiment and spending."

BBC Radio 5 Live
Wake Up To Money

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What happened at Deutsche Bank?

"It's quite a stunning reversal of a very ambitious strategy," said former banker Philip Augar, author of Death of Gentlemanly Capitalism, The Greed Merchants and Chasing Alpha.

He told Wake Up To Money: "In 1999 Deutsche Bank, a quite a conventional corporate and retail lending bank, decided it wanted to enter the trading business.

"It splashed out buying Bankers Trust, an American derivatives house, and for about 10 years it looked like it was going to successfully challenge the Wall Street giants.

"Then came the crash, most other firms reacted to that very quickly, cutting the business and raising capital.

"Deutsche just didn't do it enough and it has been limping along for the last 10 years making to day an inevitable decision."

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Asia stock markets dropped across the board on Monday.

Japan's benchmark Nikkei 225 was down 1%.

In China, Hong Kong's Hang Seng index fell 1.6% while the Shanghai Composite dropped 2.5%.

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The Turkish lira dropped after Turkish President Recep Tayyip Erdogan fired the governor of the central bank over the weekend.

No official reason was given but it comes amid reports of disagreements over interest rates, which the government wants to lower in a bid to boost economic growth.

The lira was last down over 2% against the US dollar.

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Huawei has long said it is independent from the Chinese government with some Western countries concerned its products pose a national security risk.

The question over its relationship with the Chinese state came up again with a recent study written by Christopher Balding,, external Associate Professor at Fulbright University Vietnam.

"Using a unique dataset of CVs", he found that "key mid-level technical personnel employed by Huawei have strong backgrounds in work closely associated with intelligence gathering and military activities."

"Based upon an analysis of this dataset, I find there is strong evidence that Huawei personnel act at the direction of Chinese state intelligence, and that there exists a deep and lasting relationship between Huawei, its employees, and the Chinese state." he writes.

When asked about the study by the BBC, Huawei said it maintains "strict policies" for hiring candidates with military or government backgrounds and cyber security remained a top priority.

"We welcome professional and fact-based reporting on investigations into Huawei's transparency," Huawei said in an e-mailed statement.

"We hope that any further research papers will contain less conjecture when drawing their conclusions, and avoid so many speculative statements about what Professor Balding 'believes', 'infers', and 'cannot rule out'."

South Korea's finance minister has urged Japan to withdraw its export restrictions on key semiconductor materials, according to media reports, external.

Japan imposed the restrictions last week.

Welcome to today's Business Live page.

We're looking forward to finding out more about those Deutsche Bank job cuts and how many of the bank's 8,000 British workers are affected.

Meanwhile, in a stark warning for the Government City finance bosses have said they expect the UK's business sector to be harmed in the long-term by Brexit. That's according to Deloitte's latest CFO survey.

Later on this morning Ford of Europe Chairman Steven Armstrong will be giving evidence to MPs about the company's proposed closure of its Bridgend plant. We'll bring you news of that as it happens.

Do get in touch at bizlivepage@bbc.co.uk