Business

Morning business round-up: Italy's record debt interest

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

Italy has had to pay more to borrow money, despite passing new austerity measures last week.

Italy sold 3bn euros ($4.2bn, £2.6bn) worth of 5-year bonds at a 6.29% yield on Monday, a new eurozone record.

The news came as figures from Eurostat showed industrial production falling 2% during September in the 17 countries that use the euro.

US President Barack Obama has said that China is not doing enough to allow its currency to rise in value.

Speaking at the Asia Pacific Economic Cooperation (Apec) summit in Hawaii, President Obama said China needed to follow the same rules as other nations.

The value of the yuan has been a key point of conflict between the US and China over recent years.

Earlier on Sunday, the 21 Apec member nations agreed to increase trade to bolster global growth

Japan's economy rebounded in the third quarter, growing for the first time since a deadly earthquake in March.

Gross domestic product grew by 1.5% in the three months to the end of September, compared with the previous three months, the Cabinet Office said.

The gain comes after three quarters of contraction, and indicates an annualised rate of growth of 6%.

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Indian inflation remained high in October, driven by the rising cost of food and fuel.

The wholesale price index rose at an annual rate of 9.73% in October, up slightly on 9.72% in September.

The rise comes despite falls in global fuel and commodity costs, which have failed to feed through to curb rising domestic food and fuel prices.

India's central bank has raised rates 13 times since March 2010 to try to hold back rising prices.

Shares in Olympus rose on Monday as investors speculated about the company's future.

The scandal-hit electronics manufacturer's shares rose 17%, the most the Tokyo stock exchange would allow in one day.

The rise came after unconfirmed reports that the company may avoid having its shares delisted.

Despite Monday's rise, the company's shares are down 78% since 13 October, when the scandal emerged.

PC shipments in Western Europe fell 11% in the third quarter, according to the technology research firm Gartner.

A total of 14.8 million units were shipped by the major manufacturers, which was a fall of 11.4%.

The mobile-PC market was particularly hard hit with a 12.6% decline, driven by more than a 40% decrease in mini-notebook shipments in the third quarter of 2011.

Shipments of desktop computers declined by 8.7%.

For another angle on the business news, the latest edition of Business Daily speaks to German exporters, who say Italy should not expect unlimited bailouts from Germany.

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