Morning business round-up: EU crisis 'critical'

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

The European debt crisis again dominates the business agenda as EU finance ministers meet in Brussels after a top official said the region had just days to take decisive action to resolve the crisis.

EU Monetary Affairs Commissioner Olli Rehn said: "We are now entering the critical period of 10 days to complete and conclude the crisis response".

The meeting comes a day after eurozone ministers agreed measures to expand the region's bailout fund.

Meanwhile, Europe's economic backdrop continues to worsen with official figures showing that the eurozone unemployment rate rose slightly to 10.3% in October, up from a revised 10.2% in September.

The number of people unemployed rose by 126,000 from September to 16.3 million.

The rate in Germany fell to 5.5% from 5.7%, while that in Spain rose to 22.8% from 22.5%, Eurostat said. Youth unemployment in Spain rose to 48.9%.

UK government cuts to public sector spending and pensions brought an estimated two million public sector workers on strike.

Workers including nurses, teachers and border control staff said the walkout was set to be the biggest for a generation.

Media caption,

Biz Heads

Earlier, there was news that the Indian economy grew at its slowest pace in two-years, as the manufacturing and mining industries suffered.

Gross domestic product growth fell to 6.9% between July and September compared with the same period a year earlier.

Growth had expanded at 7.7% in the previous three months.

Economic growth in India may be slowing, but with Europe barely keeping out of recession, Asia remains a comparative economic powerhouse, which is underpinning the health of many of Europe's best-known luxury brands.

Profits at Italian fashion house Prada soared in the third quarter boosted by increased sales in the Asia-Pacific region.

Prada said it made a net profit of 273m euros ($364m; £234m) in the three months to the end of October, a 75% jump from year earlier.

The jump in profits came amid concerns that a growing global slowdown may hurt sales of luxury brands.

There was good news for South Korea's Samsung, which has won a major battle in its ongoing tussle with Apple, after an Australian court overturned a ban on the sale of its Galaxy tablet in the country.

Apple had won an injunction against Samsung in October preventing sales of the Galaxy 10.1, accusing of it copying its touch-screen technology.

Samsung has since redesigned the tablet.

This week's editions of Business Daily programmes report from the Bric countries (Brazil, Russia, India and China). Today it asks: do these very different economies really have anything in common apart from the fact that they are big and growing?

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