Business

Morning business round-up: Greek deficit targets missed

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

Greece has admitted that it is likely to miss targets to cut its deficit.

The admission prompted sharp stock market drops across Europe and Asia.

International inspectors are in Athens to decide whether Greece should receive the next tranche of its bailout, worth 8bn euros (£6.9bn; $10.9bn).

Franco-Belgium bank Dexia fell as much as 14% after ratings agency Moody's said it could downgrade the firm because of its exposure to Greece.

And more bad news for Europe as a survey showed that manufacturing in the eurozone shrank at its fastest pace in two years in September.

But in the UK, the survey suggested that its manufacturing sector has returned to growth in September for the first time in three months.

However, employment in the sector also fell for the third month in a row.

Media playback is unsupported on your device
Media captionBusiness headlines

In Asian manufacturing news, large manufacturers in the world's third-biggest economy expect conditions to improve in the next three months.

Oil giant Royal Dutch Shell declared a force majeure on some of its customers after a fire shut down its refinery in Singapore last week.

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