Morning business round-up: 'Rogue trade' arrest
What made the business news in Asia and Europe this morning? Here's our daily business round-up:
Police in London have arrested a 31-year-old man in connection with allegations of unauthorised trading which has cost Swiss banking group UBS an estimated $2bn (£1.3bn).
He was detained in the early hours of Thursday and remains in custody.
UBS shares fell 8% after it announced it was investigating rogue trades, which would mean the bank making a loss for the third quarter of 2011.
Meanwhile, the European Commission has predicted that economic growth in the eurozone will come "to a virtual standstill" in the second half of 2011.
It halved its forecast for July to September to growth of just 0.2%, while the forecast for the last three months of the year is down from 0.4% to 0.1%.
Elsewhere in Europe, markets opened higher following supportive comments from eurozone leaders about Greece.
London, Frankfurt and Paris indexes were all trading more than 1.5% higher, after eurozone leaders said Greece was an "integral" part of the eurozone.
Moving to Asia, a new report suggests China is losing its edge as the world's cheapest place to manufacture goods.
Indonesia and Bangladesh are benefiting most as rising costs in China force firms to switch production, it says.
The report by consultants KPMG says that minimum wage levels in China are now four times greater than other places in South and South East Asia.
In the UK, it emerged that retail sales had contracted in August, with sales volumes down 0.2% in the month, latest official figures show.
It means the volume of sales for the month was no higher than it was a year ago, according to the Office for National Statistics (ONS).
The trend was reflected in sales figures from two such retailers on Thursday.
The latest edition of the Business Daily programme from the BBC World Service recalls the collapse of Lehman Brothers investment bank three years ago. Are we facing another "Lehman's moment", and why is it taking so long to unravel the mess left behind?