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Morning business round-up: Greek woes hit markets

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

In Europe shares were hit by the Greek crisis as the continuing political uncertainty in Athens undermines investor confidence.

Greek President Karolos Papoulias failed to form a coalition government through talks on Sunday and will continue discussions with political leaders on Monday evening.

Bank shares are worst hit, particularly in Spain and France, with Madrid's Ibex index down 2.8% and the Cac in Paris down 2.4%.

London's 100 share index was down 1.9% and Germany's Dax down 2.1%.

Still with the troubled euro area, industrial production in the eurozone fell by 0.3% in March, figures have shown, fuelling concerns that the bloc has returned to recession.

The main factor behind the monthly fall was an 8.5% drop in energy production.

On an annual basis, production dropped by 2.2%, Eurostat said.

Top executives at JPMorgan Chase are expected to resign this week following $2bn (£1.2bn) of losses at the bank's London trading desk, reports suggest.

They include chief investment officer Ina Drew, the New York Times said. Two other high-ranking executives are also set to leave, according to US media.

On Sunday, JPMorgan boss Jamie Dimon said he was "dead wrong" to dismiss concerns about trading at the bank.

Mr Dimon had previously rejected Ms Drew's resignation, the reports said.

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In Asia, Japan Airlines (JAL), which went bankrupt two years ago, has posted an annual net profit of 186.6bn yen ($2.3bn; £1.5bn) thanks to cost cuts.

Revenue for the year to 31 March 2012 amounted to 1.2 trillion yen, the company said.

A strong currency also boosted business as more Japanese people travelled overseas, it added.

JAL filed for bankruptcy in January 2010 with more than $25bn of debt and required a government-backed bailout.

Elsewhere in Asia, India's inflation rate rose more than expected in April, figures show.

The wholesale price index rose to 7.23% from 6.89% in March, driven by higher food and fuel prices.

Finance Minister Pranab Mukherjee said "food inflation is a matter of concern", and that measures would be taken to contain the problem.

And Asian powers have been discussing a trade pact.

Chinese President Hu Jintao has met the leaders of South Korea and Japan, as the three countries agreed to begin negotiations on a free-trade pact.

The leaders were meeting in Beijing for two days of trilateral talks.

The latest Business Daily podcast dissects the anatomy of a euro break-up.

Plus it asks: Are powerful women frightening because they are powerful or are they powerful because they are frightening?

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