Business

Morning business round-up: Markets rebound

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

European stock markets were in positive mood with the major indexes up more than 2% as investors decided that shares were over-sold despite fears about the eurozone debt crisis.

It followed strong gains in the Asia-Pacific region, where Australia's stock market jumped on the back of a rebound in economic growth figures.

But it was bad news for Yahoo's chief executive, and for Swedish carmaker Saab.

Yahoo's Carol Bartz was fired after a difficult two-and-a-half years during which she failed to improve the internet company's performance. Yahoo shares jumped more than 6% in after-hours trading following the announcement.

Saab, once a leading player in European manufacturing, has filed for bankruptcy protection. The company is seeking regulatory clearance for fresh funding from Chinese investors.

One person unlikely to have much trouble finding some extra cash for Saab is Liang Wengen. The building and construction entrepreneur has just been named the richest person in China.

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Complaints from Google's competitors about alleged market dominance led to an antitrust raid on the company's offices in South Korea. The search engine is also facing investigations in Europe and the US.

Some gloomy retail and housing data in UK will do nothing to bolster confidence.

One of the leading High Street electrical retailers, Dixons, reported a sharp drop in sales. And there was more evidence of falling house prices in a report from mortgage lender Halifax.

In these tough times the UK government is facing opposition to the 50p top rate of tax.

A group of 20 economists has said the high tax rate 'harms the UK economy' and should be cut, but critics say this would send out the wrong signal.

Today's Business Daily programme from the BBC World Service asks if President Obama's jobs plan can kick-start the US economy? Lesley Curwen talks to Frederic Mishkin, former member of the Federal Reserve Board of Governors.

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