Morning business round-up: Greece confidence vote looms

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

Events in Greece continue to remain the main focus of the financial markets, and overshadowing the G20 meeting in Cannes.

Greece's Prime Minister George Papandreou faces a crucial confidence vote in parliament on Friday with the outcome on a knife-edge.

Mr Papandreou shocked EU partners and sent markets into turmoil after calling for a referendum on a hard-fought EU deal to bail out debt-ridden Greece.

While the prospect of a referendum has receded, even if the PM wins, his future remains unclear amid new calls to quit.

In Cannes, the G20 leaders are set to continue their talks as they seek to find a sustainable solution to the eurozone debt crisis.

They are expected to discuss ways to increase the firepower of the International Monetary Fund (IMF).

The hope is that increased resources will help the IMF to support struggling eurozone economies, such as Greece.

There have also been calls for a "financial firewall" to protect vulnerable economies, such as Italy.

In corporate news, Anglo American is to take control of diamond company De Beers after agreeing a $5.1bn (£3.2bn) deal to buy the Oppenheimer family's 40% stake.

The deal raises Anglo's stake in the world largest diamond distributor to 85%, with the remainder owned by the Botswana government.

The Oppenheimers have been in the diamond industry for about 100 years.

Lufthansa has said it is selling British Midland (BMI) to International Airlines Group (IAG), which owns British Airways and Iberia.

No details have yet been given of how much will be paid for the loss-making carrier.

The airlines said they hoped to sign a purchase agreement "in the coming weeks" and complete the deal before April 2012. The sale still has to be cleared by regulators.

Germany's second largest bank, Commerzbank, has reported a loss for the July-to-September quarter after taking further write-downs on Greek debt.

The bank, which is 25%-owned by the German government, reported a third-quarter net loss of 687m euros ($949m, £593m), after taking a 798m-euro hit on its Greek assets.

Commerzbank also said that it would cut back its lending in the eurozone as it tries to hit new capital requirements.

In Asia, Toyota has extended production cuts at its factories in Thailand and Japan because of a shortage of parts in the wake of floods in Thailand.

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The company says production in Thailand will remain suspended, while Japanese units will work at reduced capacity until 12 November.

Tokyo Electric Power Company (Tepco) is to receive 900bn yen ($11.5bn; £7bn) in bailout funds after the government approved its business plan.

The funds are part of the government's bailout plan for Tepco, which has just reported a six-month loss of 627bn yen.

The earthquake and tsunami in March damaged its Fukushima Daiichi nuclear plant, resulting in radiation leaks.

The flight was QF31 and had 258 passengers on board, with four pilots and 21 cabin crew, Qantas said.

The plane was an Airbus A380 superjumbo and engine number four suffered "an engine oil defect", a spokeswoman said.

The problem comes exactly one year after a mid-air engine blast forced an emergency landing of a Qantas A380 jet in Singapore.

Last year's emergency landing resulted in Qantas grounding its entire fleet of A380 aircraft, each of which is powered by four Rolls Royce engines, for safety checks.

The latest edition of Business Daily speaks to Bob Pozen, a senior lecturer at Harvard University and a former adviser to Republican Presidential contender Mitt Romney, about possible solutions to the debt problems of the US.

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