Morning business round-up: Eurozone growth forecast cut

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

The European Union has drastically cut its growth forecast for the eurozone in 2012, from 1.8% down to just 0.5%.

"Growth has stalled in Europe and there is a risk of a new recession," said European Commissioner Olli Rehn.

The low growth makes it harder for Europe to escape its debt crisis, with Italy's position seen as unsustainable.

Italy raised 5bn euros from a new issue of bonds on Thursday, but had to pay an interest rate of 6.087% to borrow the money for one year.

French bank Credit Agricole has reported a 65% drop in third-quarter profits after being hit by losses on Greek sovereign debt.

It said net profit in the three months to September 30 fell to 258m euros, from 742m euros in the same period last year.

The French bank wrote down its exposure to Greek government debt by 60%, taking a 637m euro charge.

Staying in Europe, Airbus owner EADS has reported a 15% drop in third quarter operating profits to 322m euros and says its A350 jet will be delayed.

It came as revenues for the quarter at the European aerospace giant fell by 4% to 10.75bn euros.

EADS said it had taken a charge of 200m euros to cover production and delivery delays in its A350 long-range jet, which will now enter service in the first half of 2014, up to six months late.

China's export growth slowed further in October as the eurozone debt crisis and fears of a slowdown in the US dented demand for its goods, figures have shown.

Shipments from China rose 15.9% from a year earlier, down from a 17.9% growth in September and 24.5% in August.

The data has raised fresh concerns about the impact of a global slowdown on China's export-led growth.

The Tokyo Stock Exchange has put Olympus shares and warned that they could be delisted.

The move came as Olympus said it would not be able to meet the 14 November deadline to submit its quarterly earnings report.

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Biz Heads

Earlier this week, Olympus executives admitted to hiding losses from investments over decades.

Shares in the camera maker have lost almost two-thirds of their value since 14 October.

But the deal could hit trouble after Chile's state copper miner Codelco said it would exercise an option to buy 49% of the business, Anglo American Sur.

Anglo's sale of the stake to Mitsubishi means Codelco might not be able to buy more than 24.5% of the operation.

Anglo American said it had made a "thorough assessment" of the sale

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