Business

Morning business round-up: Greece bail-out talks

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

All eyes remain on Greece again, with a report that the country is close to agreeing a new bail-out package.

The Reuters news agency said that a new three-year plan had been agreed in principle, which would, in effect, supersede Greece's existing 110bn euro ($159bn, £97bn) EU and IMF bail-out.

Greece is expected to target another 6.4bn euros in austerity measures and finally start its 50bn euro privatisation programme.

Staying in Europe, a survey has indicated that growth in the eurozone services sector slowed slightly in May, while business confidence fell to its lowest level in a year-and-a-half.

The closely-watched Markit PMI Services survey said that while France and Germany continued to see strong expansion in the services sector, Italy, Spain and the Irish Republic saw limited growth.

A hacker group has claimed it has attacked a Sony network and stolen more than one million passwords, e-mail addresses and other information.

Lulz Security said it had broken into servers that run SonyPictures.com.

MGM China made a strong debut on the Hong Kong stock exchange as investors continue to bank on Macau's gambling boom.

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The company - which is one of only six companies to have a licence to operate casinos in Macau - saw its shares rise as much as 6% at first before closing up 2%.

Rio Tinto has secured a major land deal with Aboriginals in Western Australia.

Under the deal, Rio will pay almost $2bn over 40 years in return for access to the resource-rich land.

In the UK, bookmaker Betfred has won the auction to buy the Tote betting business.

Betfred, the UK's fourth-biggest bookmaker, will pay £265m ($432m) for the business. The deal signals the end of a 14-year attempt by UK governments to privatise the betting group.

The London 2012 Olympics may still be a year away, but model maker Hornby is already confident that sales of Olympic branded products will bring it "lasting benefits".

Hornby, whose brands also include Scalextric, Airfix and Corgi, said that with a year to go to the London Olympics it was already seeing strong sales of the products.

For a wider look at the world of business, you can download the latest Business Daily podcast, which today report's from Tunisia on the economic issues that have been powering the so-called Arab Spring.

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