Morning business round-up: Slovaks shun EU bailout plan

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

Political parties in Slovakia are in talks on their next step a day after parliament dramatically rejected plans to expand the EU bailout fund.

Slovakia is the only member of the single currency zone that still needs to agree to expand the European Financial Stability Facility.

It is unclear whether a new coalition will be formed or early elections will be called after the existing government collapsed over the vote.

Meanwhile, the EU's statistics office, Eurostat, said eurozone industrial production in the 17 countries that use the euro rose unexpectedly by 1.2% in August.

It meant industrial production had risen by 5.3% on an annual basis.

The increase may ease concerns that the eurozone is heading back into recession in the third quarter.

UK unemployment rose by 114,000 between June and August to 2.57 million, a 17-year high, according to official figures.

The Office for National Statistics (ONS) said the unemployment rate also increased to 8.1%.

The unemployment total for 16-24 year olds hit a record high of 991,000 in the quarter, a jobless rate of 21.3%.

Media caption,

Biz Heads

Also in the UK, Scottish and Southern Energy (SSE) will start auctioning its entire electricity supply on the wholesale market.

This is the first time such a move has come from any of the big six suppliers, who use their own power stations to generate electricity, with only a small surplus reaching the wholesale market.

The change could shake up the market for consumers by letting smaller energy firms challenge the big six, who supply 99% of British households' energy.

The US Senate has voted through a bill that aims to aims to put pressure on China to increase the value of its currency, the yuan.

Some lawmakers argue that the Chinese yuan has been kept artificially undervalued, giving the country an unfair advantage and hitting US jobs.

The legislation passed the Democrat-led Senate 63-35, putting it through to the House of Representatives.

The latest edition of Business Daily from the BBC World Service asks why paradoxes in economics of the eurozone nations make a political solution problematic.

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