Morning business round-up: China pledges growth

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

China's economic policymakers have pledged to guarantee growth in 2012, despite an "extremely grim" global outlook for the year ahead.

After their annual closed-door economic meeting in Beijing, the country's leaders declared that monetary policy would remain "prudent".

They said the currency, the yuan, would remain "basically stable".

In another announcement, China's Commerce Ministry said it would put a tax on imports of small US cars.

Japan's scandal-hit camera maker Olympus has filed revised earnings reports to try to avoid being delisted from the Tokyo Stock Exchange.

The firm filed its reports hours before a deadline passed which would have seen it automatically delisted.

Olympus was asked to refile its earnings because of deceptions and accounting irregularities.

In November, Olympus admitted that it had been hiding losses of $1.5bn (£968m) going back almost two decades.

Japanese online gaming company Nexon received a lukewarm response from investors to its $1.2bn (£775m) initial public offering, Japan's biggest this year.

The company's shares slipped from their flotation price of 1,300 yen to close at 1,270 yen.

Nexon game titles include Maplestory and Zombie Misfits.

Hong Kong is the world's most developed financial market, according to a World Economic Forum report, overtaking the US and the UK for the first time.

The US slipped to second place, as financial stability remains a concern there, said the report.

The WEF's Financial Stability Index ranks 60 countries' financial systems.

The world's largest clothes retailer, Inditex, has beaten forecasts by reporting a 10% rise in profits, helped by expansion in Asia and online sales.

Media caption,

Biz Heads

The owner of the Zara fashion chain said net income for the first nine months of the year was 1.3bn euros ($1.69bn; £1.09bn) up from 1.17bn euros last year.

Net sales rose by 10% to 9.7bn euros.

Latest figures showed that UK unemployment rose by 128,000 in the three months to October to 2.64 million, the highest level since 1994.

The Office for National Statistics said the jobless rate was 8.3%, up from 7.9% in the previous quarter.

Youth unemployment rose to 1.027 million, the highest since records began in 1992, beating the previous record set only last month.

Travel firm Thomas Cook has reported a £398m ($616m) loss for the year to the end of September and also said it would close 200 of its High Street branches in the UK.

The latest edition of the Business Daily programme considers the problems facing a generation of young people whose working lives are starting in a recession.

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