Morning business round-up: Eurozone debt crisis

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

With emergency talks on Europe's debt crisis about to begin, Germany and France have thrashed out a common position ahead of the meeting.

But the crisis is far from resolved, and as the BBC's Europe editor Gavin Hewitt writes the upheaval in the eurozone is turning UK policy towards Europe on its head.

There was better news from Japan, with official figures showing that the country posted a trade surplus for the first time in three months.

It was a sign that exports are starting to recover after the 11 March earthquake and tsunami disrupted production.

Japan is also getting a new budget airline after All Nippon Airways agreed to set up a joint venture with Air Asia.

In a report on China, the International Monetary Fund urged Beijing to rebalance its economy to head off inflation, a property bubble, and other risks to sustainable growth.

Media caption,

Biz Heads

In contrast, the UK's problem is not rapid growth but the sluggishness of its economy. Nevertheless, official data showing that UK retail sales posted a modest rise in June will be welcomed - even if it was mainly due to price cutting.

More evidence of just how tough it is in UK retailing came with figures from B&Q, a huge Do-It-Yourself chain, which saw a near 7% fall in sales over just 11 weeks.

Technology firms, at least in the US, are doing better. Result from eBay results surpassed expectations due to the expansion of PayPal.

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