Business

Morning business round-up: Saab bankruptcy 'likely'

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

Swedish carmaker Saab's application for protection from its creditors has been rejected by a Swedish court.

The decision increases the likelihood that its owner Swedish Automobile will be pushed into bankruptcy, with unions saying they could demand that the company be declared bankrupt within days.

Major economies are likely to slow by the end of the year, the Organisation for Economic Co-operation and Development (OECD) has warned.

In the fourth quarter, the OECD expects 0.2% growth in the Group of Seven largest economies, and estimates the German economy could contract by as much as 1.4%.

But the organisation said it made its projection amid high uncertainty and they had a wide margin of error.

Earlier, figures showed a sharp decline in German exports. They fell by 1.8% in July, the Federal Statistics Office said.

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The European Central Bank has left interest rates unchanged at 1.5%. The move followed a similar decision to hold rates in the UK, with the Bank of England leaving rates unchanged at 0.5%.

Taiwanese smartphone maker HTC has said it is suing Apple in its continuing war with the maker of the iPhone over patent infringement.

HTC has used patents it bought from Google last week to lodge a fresh complaint against Apple with the US International Trade Commission (ITC).

Bad debts held by local governments in China are raising worries over its banks, ratings agency Fitch has warned.

HSBC has said it will cut 3,000 jobs in Hong Kong over the next three years, as part of a global cost-cutting plan.

Today's Business Daily programme from the BBC World Service comes from the frontline of the cyber war in Estonia, and also finds out why the European trade supremo, Karel de Gucht, is not worried by Europe's trade deficit with China.

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