Morning business round-up: Eurozone mulls Greek funds
- 12 November 2012
- From the section Business
What made the business news in Asia and Europe this morning? Here's our daily business round-up:
Eurozone finance ministers are meeting in Brussels to discuss whether to release new funds to indebted Greece.
After passing next year's budget involving large spending cuts, Athens hopes it has done enough to secure the latest instalment of bailout money.
But it could take some weeks before the EU reaches an agreement on how to deal with Greece's debt level.
Greek PM Antonis Samaras earlier warned that without the new loan, Athens would run out of money within days.
Japan's economy contracted in the July to September quarter, as a global economic slowdown and anti-Japan protests in China hurt its exports, while domestic consumption remained subdued.
Compared with the previous three months, gross domestic product contracted by 0.9%, and was down 3.5% from the same period a year earlier.
The weak data is likely to put pressure on the government to boost stimulus measures to spur growth.
Japanese electronics firm Olympus has returned to profit after an accounting scandal dented earnings last time.
The camera and medical equipment maker reported net profit of 8.02bn yen ($101m; £63m) in the six months to September compared with a loss of 32bn yen in the same period last year.
The profit was partly due to the sale of some subsidiaries but its medical systems unit also made a profit.
The camera business made a loss as a result of the strong yen and popularity of camera-equipped smartphones.
In India, the country's industrial output registered a surprise fall in September, adding to concerns about slowing growth in the country's economy.
Factory output fell 0.4% from a year earlier. Most analysts had projected a rise of 2.8%.
Manufacturing activity, which accounts for almost two-thirds of overall output, fell 1.5% from a year earlier.
The weak data has once again raised calls for policymakers to boost stimulus measures to spur growth.
China has said it will give foreign investors more access to its financial markets as it tries to spur a fresh wave of economic growth.
It said it will raise the Qualified Foreign Institutional Investor (QFII) quota once the current limit of $80bn (£50bn) is reached.
It is the second time this year that China has increased the quota.
It will also raise the limit for investors seeking to put yuan funds, raised overseas, in China's markets.
The latest Business Daily podcast from the BBC World Service considers why so many big companies manage to pay so little tax when working people have no choice but to pay their share.