Business

Morning business round-up: Eurozone delays Greek loan

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

Market Data

Last Updated at 02:47 GMT

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Eurozone finance ministers said they were delaying a decision on giving Greece its next instalment of bailout cash, sending European shares down sharply.

The move came after Greece said it would not meet this year's deficit-cutting plan.

A meeting set for 13 October, when finance ministers had been expected to sign off the next Greek loan, has now been cancelled, said BBC Europe correspondent Chris Morris.

Also linked to the Greek debt crisis, shares in the Franco-Belgian bank Dexia have fallen for the second day running as fears over its exposure to Greece government debt continue.

Its shares fell 37% in early Tuesday trading, after losing 10% on Monday following an alert from the Moody's ratings agency.

Dexia is holding an emergency board meeting amid serious concerns.

The governments of France and Belgium, which are joint shareholders in Dexia, moved to guarantee its debts.

UK Prime Minister David Cameron commented again on the debt crisis in the eurozone, saying UK interests must be protected should eurozone countries seek closer integration as a result of the debt crisis in Europe.

The prime minister told the BBC it was "logical" that countries using the single currency would move closer to a single economic policy.

But he said the UK and nine other EU states which are not in the eurozone would need "certain safeguards".

TV rights

Pub landladies in the English coastal city of Portsmouth don't usually make the business headlines, but one certainly did so on Tuesday after she won the latest stage of her fight to air Premier League football games using a foreign TV decoder.

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Karen Murphy has been using a cheaper Greek satellite TV decoder in her pub to bypass controls over football match screenings.

She had been ordered to pay nearly £8,000 in fines and costs, but has successfully taken her case to the European Court of Justice.

The ECJ now says national laws which prohibit the import, sale or use of foreign decoder cards are contrary to the freedom to provide services.

The recent warm weather in the UK also made the business headlines, when cash machine operator Link said it led to record cash machine withdrawals last Friday.

Link said some £577m was taken out from its network that day as day trippers prepared for the warm weekend.

In Asia, the Chinese government attacked the latest pressure from the US to let its currency rise in value.

It followed a vote by the US Senate in favour of a bill that would give the US government the power to add tariffs to goods imported from countries deemed to be undervaluing their currencies to boost exports.

The Chinese government said that it "firmly opposed" the bill.

It accused the US of using the "so-called currency imbalance as an excuse to upgrade the exchange rate further, to take protectionist measures, [which is] a serious breach of World Trade Organization rules, [and] seriously interfere with economic and trade relations".

The latest edition of Business Daily from the BBC World Service looks at the issue of corporate responsibility in conflict zones, focusing on accusations that Shell is fuelling violence in Nigeria by funding armed militants.

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