Morning business round-up: Facebook loss hits UBS
What made the business news in Asia and Europe this morning? Here's our daily business round-up:
Swiss bank UBS has said it lost 349m Swiss francs ($356m) due to problems surrounding the launch of Facebook shares on the Nasdaq, more than halving its profits.
UBS's second quarter profits were $425m Swiss francs ($434m; £276m), compared with 1bn francs a year earlier.
Separately, Deutsche Bank has reported a 63% fall in second quarter earnings to 375m euros ($460m; £293m) from 969m euros last year.
Like UBS, Deutsche blamed the economic downturn in Europe and the US for lower fees and commissions as firms cut back on big deals and share sales.
Italy's Prime Minister Mario Monti is travelling to France, Finland and Spain to discuss plans to "secure the euro".
Mr Monti said the willingness of European authorities to implement agreements reached last month was having an effect.
He is the latest eurozone leader to try to reassure markets that efforts are being made to stem the crisis.
His comments came as eurozone unemployment hit a new record rate of 11.2% in June.
Official data showed that 17.8 million people were out of work in the eurozone in June, up 2 million from June 2011.
Unemployment in Italy hit a 13-year high of 10.8%, the statistics agency Istat said.
Oil giant BP has reported a sharp fall in profits in the second quarter of the year after it had to cut the value of a number of its key assets.
The company made a replacement cost profit - which strips out the effect of oil price movements - of $238m (£151m) in the April to June quarter, compared with a profit of $5.4bn a year earlier.
BP said it had to cut the value of its US shale gas assets and a number of its refineries.
Even without these one-off factors, BP's profit was lower as it was hit by weaker global oil prices and the reduced price of natural gas in the US.
Underlying replacement cost profit for the quarter fell to $3.7bn compared with $5.7bn a year earlier.
Honda Motors - Japan's third-biggest carmaker - has reported a four-fold increase in earnings during the first quarter as it continued to recover from the effect of last year's natural disasters in Japan and Thailand.
Net profit was 131.7bn yen ($1.7bn; £1.1bn) in the April to June period, up from 31.7bn yen a year earlier.
Honda's car sales more-than-doubled in the US and Japan during the period and revenue from its motorcycle division also rose.
Taiwan's economy contracted in the three months to the end of June, as the global slowdown weighed on export-dependent countries.
The economy contracted 0.16% compared with the previous year, the statistics agency said. Analysts were expecting slight growth.
The agency also cut its forecast for full year growth to 2.08% down from 3.03%.
The Philippine government is set to auction off three areas in the South China Sea for oil and gas exploration that are also claimed by China.
Several local and foreign companies are qualified to bid, including French energy giant Total, US-based Exxon and Royal Dutch Shell.
The Philippines is eager to reduce its dependence on imported energy.
However the waters, which are claimed by several other countries, are a source of tension in the region.
In another big week for the euro, Tuesday's Business Daily programme from the BBC World Service considers what it would take to save the currency.