Morning business round-up: Shares up on euro hopes

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

Continuing hopes of a plan to solve the eurozone debt crisis lifted European shares for a second day.

The optimism follows talks at G20 and International Monetary Fund meetings at the weekend.

A number of ideas are reportedly being discussed, including a 50% write-down of Greek government debts, strengthening big European banks that could be hit by any defaults, and boosting the size of the eurozone bailout fund.

Also on the subject of eurozone debt woes, Greek Prime Minister George Papandreou delivered an impassioned plea to German business leaders to help his country out of its current debt crisis.

He said German funding would not be an investment in past failures, but in future successes.

Mr Papandreou is in Germany for talks with German Chancellor Angela Merkel to discuss his country's progress in cutting its budget deficit.

Media caption,

Biz Heads

Japan also said that it would consider being part of a global plan to help bailout Greece.

Japanese Finance Minister Jun Azumi said eurozone countries needed to come up with a rational plan to ease global concerns.

In South Korea, the government is looking to increase its spending for the next financial year in a bid to spur job creation and boost domestic growth.

According to its budget proposal, the Finance Ministry said it was aiming to spend 326.1tn won ($275bn; £177bn) next year, a 5.5% increase from 2011.

In the UK, a job cuts announcement from defence group BAE Systems dominated the headlines.

BAE is cutting 3,000 jobs across the UK, mainly in its military aircraft division.

The company's chief executive, Ian King, said the company had to "ensure its long-term future".

BAE employs 40,000 people in the UK, and 100,000 worldwide.

Elsewhere in UK corporate news, half-year losses at video games retailer Game Group have more than doubled in what the firm called a "tough year" for the industry.

For the six months to 31 July it reported a pre-tax loss of £51.5m ($80m), compared with a £21.5m loss last year. Sales fell 10.5% to £558.8m.

Game blamed a combination of a cyclical low point for the games sector - while new hardware is developed - and a squeeze on consumer spending.

In the latest edition of Business Daily from the BBC World Service, Australian finance minister Wayne Swan gives his view on plans to sort out eurozone sovereign debt.

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