Morning business round-up: Dexia gets bailout
- Published
What made the business news in Asia and Europe this morning? Here's our daily business round-up:
France, Belgium and Luxembourg are to bail out the troubled bank Dexia, following fears it could go bankrupt.
The Belgian government will buy the bank's division in Belgium for 4bn euros ($5.4bn; £3.4bn) and Luxembourg's finance minister said a Qatari investment group was ready to buy the bank's Luxembourg unit.
Greece's Proton Bank has become the country's first lender to be saved by a rescue fund activated by its central bank.
The lender is being split in two after allegations some of its former managers violated money-laundering laws.
A "good bank" will take on the firm's deposit accounts and safe assets, while the rest of the business is being put into liquidation.
The German and French leaders will propose after concluding talks on Sunday on controlling the bloc's debt crisis.
Chancellor Angela Merkel and President Nicolas Sarkozy said the aim was closer and more binding economic and financial cooperation between eurozone countries.
The leaders said they would give further details by the end of October.
Biz Heads
Following the talks, UK Prime Minister David Cameron called for Europe's leaders to take to solve the financial crisis in the eurozone.
Meanwhile, the UK government has been urged to halt public sector job cuts.
The Chartered Institute of Personnel and Development says the current rate of public sector job losses is far greater than official projections and suggests total job cuts in the sector will be 50% higher than forecast.
It had planned to unveil the device on 11 October, but said it would be the wrong time to launch it while the world was still paying tribute to the Apple co-founder, who died last week.
China's Sinopec has agreed to buy Canadian oil and gas company Daylight Energy for about 2.2bn Canadian dollars ($2.1bn; £1.4bn) in the latest in a string of energy sector deals between China and Canada.
The latest edition of Business Daily from the BBC World Service asks who is going to pay for bank bailouts.