Business

Morning business round-up: Greek crisis talks

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

The Greek prime minister is having a day of talks with fellow EU leaders to approve a new bailout tranche Greece needs to avoid bankruptcy in October.

George Papandreou is meeting European Council chief Herman Van Rompuy and others in Warsaw before seeing French President Nicolas Sarkozy in Paris.

International inspectors are in Athens to decide whether Greece should receive the 8bn euros (£6.9bn; $10.9bn).

Adding to the eurozone's woes, the overall inflation rate for the 17 countries that use the currency rose sharply to 3% in September, up from 2.5% in August, according to official estimates.

No breakdown was given, but the EU's statistics agency said its initial forecasts were usually "reliable".

Separate figures also released by Eurostat showed the eurozone unemployment rate unchanged at 10% in August from the previous month.

In Asian financial news, Japan's government authorised the use of additional funds to help prevent the yen strengthening further, as figures showed a slowdown in the growth of industrial output.

The Finance Ministry said it could spend another 15tn yen ($196bn; £125bn) to stabilise the currency, which has risen in value as investors look for safety amid economic uncertainty.

Data showed Japan's factory output rose by 0.8% in August, less than analysts expected.

Media playback is unsupported on your device
Media captionBusiness headlines

Elsewhere in Asia, Hong Kong's High Court has ruled that a domestic helper from the Philippines should be allowed to apply for permanent residency in the city.

The case was brought by Evangeline Banao Vallejos, who has lived in Hong Kong since 1986.

The ruling follows a landmark judicial review and could lead to more than 100,000 other foreign maids winning rights to residency.

In the UK, agency workers are set to gain additional rights in pay and benefits under new rules that come into force on Saturday.

Workers will gain similar rights to full-time staff once they have completed 12 weeks of service doing comparable work.

Business groups have suggested the changes could cost firms up to £2bn a year. There are an estimated 1.4 million agency workers in the UK.

The latest edition of Business Daily from the BBC World Service rewrites economics as a Hollywood movie and asks how the eurozone crisis will end: with the world economy in smouldering ruins, or on a never-ending road trip in search of elusive economic growth? Or might there be a happy ending?

Around the BBC