Business

Morning business round-up: Greece 'needs more aid'

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

Greece is back in the headlines after German Finance Minister Wolfgang Schaeuble said the current aid package for the country is "insufficient", adding there is a "real risk" of default if funds are not released soon.

In a letter to European Central Bank and International Monetary Fund (IMF) leaders dated 6 June, Mr Schaeuble said a new package was needed.

Germany's own economy took a small hit on Wednesday as new figures showed German exports fell sharply in April after surging the previous month.

Exports fell by 5.5% to 84.3bn euros ($123.8bn; £75.6bn) from March, more than analysts had expected, with imports also down 2.5% to 73.4bn euros, the national statistics office said.

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In Asia the IMF has said it expects Japan's economy to shrink by 0.7% this year, compared with its previous forecast of 1.4% growth, because of March's massive earthquake and tsunami.

However, reconstruction projects will help the economy to grow by 2.9% in 2012, the fund said, up from its previous forecast of 2.1%.

And Christine Lagarde's visit to India does not appear to have been entirely successful.

India's finance minister has said there is "no assurance" the country will support the French finance minister's bid to head the IMF. Pranab Mukherjee's remarks came after a meeting with Ms Lagarde.

In corporate news, Chinese car maker BYD has been given the go-ahead for a listing on the Shenzen Stock Exchange.

BYD, which branched into car making after becoming the world's biggest battery maker, plans to list 79 million shares on China's secondary market.

The share offering is to raise capital to fund the company's major expansion plans.

But China has agreed to stop subsidies for its wind industry that violate World Trade Organization (WTO) rules, according to US Trade Representative Ron Kirk.

The move comes after the United Steelworkers Union filed a complaint to the WTO.

The Chinese currently subsidise wind-power firms that use domestic parts instead of imports.

For another look at the Business news you can check out the Business daily podcast which today looks at microfinance for profit.

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