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Morning business round-up: Manchester United cuts share price

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

Manchester United has been forced to cut the value of its imminent share flotation in New York.

The football club said it would sell shares at $14 each, below the $16-$20 range that it announced just weeks ago.

It is selling shares representing 10% of the club, which will raise $233m to pay off some debt, below the $333m hoped for.

The lowering of the debut share price suggests that it could not find buyers at those higher prices.

The United Nations (UN) food agency has called on the United States to suspend its production of biofuel ethanol.

Under US law, 40% of the harvest must be used to make biofuel, a quota which the UN says could contribute to a food crisis around the world.

A drought and heatwave across the US has destroyed much of the country's corn crop, driving up prices.

The US argues that producing much of its own fuel, rather than importing it, is good for the country.

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Meanwhile, the current Libor rate-setting system is no longer a "viable option", a UK government-commissioned review has said.

It proposes pegging the rate to actual market data, rather than subjective submissions from banks, and introducing formal regulation.

Stronger sanctions to tackle abuse of the system are also included in the initial discussion paper, which aims to restore credibility.

Barclays bank has been found by regulators to have manipulated Libor rates over several years, while other banks are also under investigation.

In Asia, China's export and import growth slowed for the second straight month in July, raising fears about the strength of the world's second-largest economy.

Exports rose by 1% from a year earlier, down from 11.3% growth in June, amid slowing demand from key markets.

Meanwhile, imports rose by 4.7% compared with 6.3% in June, indicating that domestic demand was also slowing.

Analysts said the data was weaker-than-expected and may see Beijing introduce stimulus measures to spur growth.

Finally, PepsiCo, one of the world's largest drinks makers, has announced plans to re-enter Burma as the country opens up its markets after various sanctions against it were lifted.

It has signed an agreement with a Burmese firm to distribute Pepsi-Cola, 7-Up and Mirinda brands in the country.

PepsiCo, which pulled out of Burma in 1997, said it was also exploring the option of setting up production there.

The firm's rival Coca-Cola has also announced plans to return to Burma.

Friday's Business Daily programme from the BBC World Service looks at the profits and losses of the London Olympic Games.

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