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Morning business round-up: Germany to end nuclear power

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

Germany's pledge to shut all its nuclear power stations by 2022 dominated the European business headlines on Monday morning.

The announcement was made by Environment Minister Norbert Rottgen, and comes after the government set up a panel to look at the industry following the disaster at the Fukushima plant in Japan.

There have also been mass protests in Germany calling for the country's nuclear plants to close.

In Asia the main story was China's yuan hitting a fresh record high against the US dollar.

The yuan strengthened after the US Treasury department said the Chinese currency was undervalued but not manipulated.

Also in Asia, official data showed that economic growth in the Philippines slowed down in the first quarter of 2011 due to lower government spending and a slowdown in global trade.

The country's economy grew by a "modest" 4.9% in the three months to March compared with the same period last year.

Elsewhere it was announced that Christine Lagarde is planning to visit China, India and Brazil to drum up support for her bid to head the International Monetary Fund (IMF).

The French finance minister said she wanted to visit the three countries in an effort to ease concerns over her candidacy.

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Emerging economies have voiced complaints over the continuing hold of European nations over the IMF.

In the UK, the British Chambers of Commerce cut its growth forecast for the UK economy, blaming rising inflation and a squeeze on household incomes.

It now expects expansion of 1.3% this year, compared with its previous estimate of 1.4%, with growth of 2.2% predicted in 2012, down from 2.3%.

A separate UK report claimed that there is little link between the total pay increases that top British chief executives receive, and the performance of their firms.

The study found that while the average remuneration of bosses of companies on the FTSE 100 index rose 32% last year, the index itself increased just 9%.

Report co-author, business consultancy MM&K, said remuneration committees were struggling to stay independent.

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