Business

Morning business round-up: Airlines' spending spree

What made the business news and moved the markets in Asia and Europe this morning? Here's our daily business round-up:

New plane orders at the Hong Kong air show continued to roll in, providing further evidence that the airline industry is recovering from the global downturn.

Hong Kong Airlines ordered 38 Boeing aircraft in a deal worth $8.5bn (£5.3bn), while Cathay Pacific agreed to buy 15 Airbus and 10 Boeing planes.

Airbus' parent EADS announced a return to profit in 2010, largely thanks to a more than 80% rise in orders.

The aerospace and defence giant made a net-profit of 553m euros ($768m) compared with a loss of 763m euros in 2009. It said it expected revenues in 2010 to beat the record revenues achieved last year.

The world's biggest carmaker, Toyota, beset by a series of forced recalls over the past 18 months, laid out its "global vision" for the future.

It is aiming to sell 10 million vehicles a year by 2015, compared with 8.7m in 2010. The company also targeted an annual operating profit of 1 trillion yen ($12bn) "as soon as possible".

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In Europe, German automotive giant Daimler and UK engine manufacturer Rolls-Royce teamed up to bid for German engineering group Tognum.

The 50-50 joint venture will offer 3.2bn euros ($4.4bn; £2.7bn) for the engine and turbine maker. Daimler said a deal would allow the new partners "to realise the huge market potential".

UK department store group John Lewis, seen as a bellwether for the UK retail sector, reported profits of £367.9m for 2010, a 20% rise compared with 2009. However, it warned that 2011 could be more difficult.

Ahead of Tottenham Hotspur's game against Italian giants AC Milan on Wednesday, the English Premier League football club announced a new five-year kit deal with US firm Under Armour.