Business news and markets: live

Here's Ambrose Evans-Pritchard's report from last night.

Turkey is in the latest country in the eye of the storm, no longer able to draw in enough foreign capital to cover a current account deficit of 7.5pc of GDP. Reserves have fallen to wafer-thin level of six weeks’ import cover.

The ruling Islamic movement of Recep Tayyip Erdogan is deeply split, while the country faces mounting Sunni-Shia tensions due to a spillover from Syria. The global chain reaction resembles what happened in the East Asia crisis in 1997-1998 when domino effects swept the region.

However, this time contagion is ricocheting between countries with large current account deficits or political crises wherever they are, while stronger economies such as Mexico are mostly spared.

What's on today: Mark Carney to speak in Edinburgh, Federal Reserve expected to taper further

07.15 A bit of a back-loaded day today, but it should make for an interesting afternoon.

• At 13.15, The Governor of the Bank of England, Mark Carney, will set out his views on Scottish independence at a speech in Edinburgh

• At 14.15, Lawrence Tomlinson, the millionaire businessman who accused Royal Bank of Scotland of "killing off" small firms by forcing good companies out of business for the lender's profit , will be questioned by the Treasury Select Committee on banks' lending practices.

• At 19.00, we'll have the latest decision from the Federal Reserve on whether it will slow its quantitative easing programme. In Ben Bernanke's final meeting, the Fed is expected to slow bond purchases from $75bn to $65bn.

• And at around 21.00, Facebook releases fourth-quarter results.

Top stories in today's Telegraph

07.10 Here's what's leading the business pages of today's Daily Telegraph

• The tax on commercial property in the UK could be scrapped after David Cameron paved the way for an overhaul of business rates , reports Graham Ruddick.

• Iraq is poised to flood the oil market by tripling its capacity to pump crude by 2020 and is collaborating with Iran on strategy in a move that will challenge Saudi Arabia's grip, reveals Andrew Critchlow.

• And Allister Heath argues that a genuinely low-tax, ultra-incentivised economy could unleash explosive growth .

Here's the front page of today's Business section

Good morning

07.00 Good morning and welcome to our daily business and markets live blog, your one stop shop for all the breaking business stories of the day.

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