Morning business round-up: EU transaction tax

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

The European Commission has formally proposed a financial transaction tax on all EU member states.

The tax would raise about 57bn euros ($78bn; £50bn) and would come into effect at the start of 2014, the Commission said.

Commission president Jose Manuel Barroso said banks must "make a contribution" as Europe faced its "greatest challenge".

The announcement comes as officials prepare to review Greece's progress in cutting its debt levels.

Earlier, Mr Barroso had told Euro MPs that Greece would stay in the eurozone, but warned that the EU was facing its "greatest challenge".

Appealing for patience over the Greek debt crisis in his annual State of the Union address, Mr Barroso said: "This is not a sprint but a marathon."

Shares in hedge fund Man Group have fallen 20% after it said clients had withdrawn money over the summer months at the fastest pace since early 2009.

The company said total funds under management fell to $65bn (£101.4bn) at the end of September, 8% lower than three months earlier.

Man Group said investors had withdrawn money during a period of "relentless volatility" in world markets.

A US trade watchdog will investigate a claim by Taiwanese phone firm HTC that Apple has infringed its patents.

HTC filed the complaint with the US International Trade Commission (USITC) in August. It is one of three that HTC has filed against Apple.

Apple has also accused HTC of copying its technology, and other companies are also involved in what is being called a global patent war.

Media caption,

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Japan's government and the ruling Democratic Party (DPJ) have agreed to temporarily raise taxes to pay for reconstruction following March's earthquake.

The plan to raise 9.2tn yen ($120bn; £77bn) needs approval by the DPJ's coalition partner and the opposition party.

Officials said a further 2tn yen would be raised by selling government assets.

The earthquake and subsequent tsunami in March killed more than 16,000 people.

In the latest edition of Business Daily from the BBC World Service, we find out how Germans feel about increasing their country's commitment to Europe.

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