Business

Morning business round-up: EU in China cash plea

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

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Last Updated at 01:35 GMT

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The head of the eurozone's bailout fund is in China to try to pursuade Beijing to invest in a scheme to help rescue member countries facing debt crises.

After meeting Chinese leaders, Klaus Regling said there were no formal negotiations and there would be no deal now.

It is thought China may pay about 70bn euros ($100bn) into the eurozone's bailout fund, which is expected to be boosted to 1tn euros.

Bank stocks in Europe have continued to rally on Friday after the deal to get control of the eurozone debt crisis was agreed.

Eurozone leaders on Thursday agreed to expand the single currency's bailout fund to 1tn euros ($1.4tn; £880bn) and to take measures to recapitalise banks.

Samsung overtook Apple to become the world's biggest smartphones maker between July and September, based on handset shipments.

Research from Strategy Analytics showed that Samsung shipped 27.8 million smartphones in the three month period, compared with 17.1 million from Apple and 16.8 million from Nokia.

The consultancy said Apple's growth was hindered by customers waiting for the launch of the new iPhone 4S.

Hewlett Packard (HP) says it will now retain its personal computer division after all after reviewing a plan by its former chief executive to sell it.

The decision to keep the personal systems group (PSG) was made by HP's new head, Meg Whitman, who said HP would be a "stronger" firm as a result.

Her predecessor, Leo Apotheker, said earlier this year the company would look to spin-off the hardware arm.

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Qantas has said the ongoing strikes by members of three unions are costing the airline 15m Australian dollars ($16m; £12m) per week.

Workers have been striking against Qantas' plans to restructure the airline, a move than is expected to result in almost 1,000 job cuts.

Industrial action by the members has resulted in the cancellation of 129 flights and delayed another 387.

The Bank of Thailand has slashed its growth forecast for the current financial year after the country was hit by its worst flooding in decades.

The central bank cut its forecast to 2.6% for 2011, down from an initial projection of 4.1% growth.

The floods have affected one third of all provinces in the country and forced several industrial estates and factories to shut down.

Japan's industrial output and household spending fell in September, raising fresh concerns about the health of its economic recovery.

Official data shows that factory output dipped 4% from August, while household spending fell by 1.9% year-on-year.

The drop comes amid concerns that a slowdown in key markets such as the US and Europe, coupled with a rising yen, may hurt Japan's recovery.

The latest edition of Business Daily examines whether part of the new eurozone deal could damage growth for the region.

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