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Morning business round-up: UK tourism falls

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

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The Olympic Games failed to boost UK tourism numbers, according to official figures. But although the number of UK visitors fell in August , the amount they spent rose, the Office for National Statistics said.

The UK's poor summer weather and exchange rate factors may have been contributory factors for the fall in numbers, the ONS said.

China's Lenovo has replaced US-based HP as top maker of personal computers, according to preliminary figures released by research firm Gartner.

Gartner said Lenovo shipped 13.8 million units in the third quarter, compared with HP's 13.55 million.

Also in China, fashion group Burberry said that sales in one of its key growth markets had slowed sharply. However, Burberry shares, which have slumped in recent months, re-bounded after figures showed that sales generally were not as bad as some analysts expected.

Trade friction between the US and China was underlined when Washington imposed sharply higher tariffs on solar cells imported from China. The US said it will offset the subsidies China pays its manufacturers. But China said the move will hurt trade relations.

There was a big flotation on the London Stock Exchange with the listing of Direct Line. Royal Bank of Scotland was forced to sell the insurance division as a European Commission condition for the £45bn of support the UK government gave it after the 2008 financial crisis.

RBS sold 30% of the company for £787m, or 175 pence a share, valuing the whole company at £2.63bn.

One of the most famous names in football, Rangers, has said it intends to float on the AIM stock market. The Scottish club, demoted from the top league because of financial troubles, said the proceeds would be used to help Rangers return to its "glory days".

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A day after BAE ended merger talks with EADS, the UK defence company has warned that its trading outlook in the US is "cloudy". The trading picture for the group as a whole is in line with expectations, BAE said, but there are uncertainties in the US because of budget cuts.

The International Monetary Fund has warned the global economic crisis has started to hurt growth in emerging economies. Uncertainty surrounding the global economy was hampering policymakers' ability to take measures to boost growth, said IMF head Christine Lagarde.

Earlier this week, the IMF warned that the global economic recovery was getting weaker.

The latest Business Daily podcast from the BBC World Service looks at the growing number of jobless graduates in India. Many graduates are starting to ask if a college education worth the high cost and hard work if you can't get a job.

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