Business

Morning business round-up: EU finance chiefs meet

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

Market Data

Last Updated at 06:38 GMT

Market index Current value Trend Variation % variation
Dow Jones 21703.75 Up 29.24 0.13%
Nasdaq 6213.13 Down -3.40 -0.05%
FTSE 100 7318.88 Down -5.10 -0.07%
Dax 12065.99 Down -99.20 -0.82%
Cac 40 5087.59 Down -26.56 -0.52%
BBC Global 30 10190.50 Up 22.83 0.22%

All eyes are once again on the latest attempts to resolve the eurozone debt crisis, with European finance ministers gathering in Poland for a meeting.

Worries about a Greek default are high on the agenda, and US Treasury Secretary Timothy Geithner is attending the meeting, underlining Washington's fears that problems in the eurozone could spread beyond Europe.

UK Chancellor of the Exchequer George Osborne said on Friday that the eurozone's situation was "grave", and Austria's finance minister refused to rule out the prospect of an eventual Greek default.

The BBC has learned that the UBS trader being questioned on suspicion of unauthorised trading alerted the bank himself.

The BBC's business editor, Robert Peston, says UBS's internal controls did not pick up the huge loss allegedly generated by its trader Kweku Adoboli, and that Mr Adoboli told UBS that he had engaged in unauthorised trades.

Shares have continued to rise following Thursday's news of emergency liquidity measures by five central banks.

The central banks are trying to encourage lenders, especially in Europe, to keep lending to each other, and are to provide commercial banks with three additional tranches of loans to help ease funding pressures.

India's central bank has raised interest rates for the 12th time in 18 months to try to curb inflation.

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The Reserve Bank of India raised the policy lending rate, called the repo rate, by 25 basis points to 8.25%.

India has been struggling to contain inflation which is at a 13-month high of 9.78%.

Staying in Asia, Manchester United has received approval to sell shares on the Singapore Stock Exchange.

The club aims to raise $1bn (£635m) to pay off some of its debts by selling about 25% of the parent company's shares.

United want to complete the process by the end of the year.

The latest edition of the Business Daily programme from the BBC World Service talks to supporters of a potentially game-changing alternative source of nuclear power.

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