Morning business round-up: China economy 'on track'

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

China's Premier, Wen Jiabao, has told the World Economic Forum in Tianjin that his country is on track to hit growth targets for this year.

He also called on international leaders to strengthen co-ordination and oppose trade protectionism during the global economic slowdown.

His address comes amid signs that China's economy may be slowing faster than previously thought.

Manufacturing and export growth have slowed, while imports have dipped.

Meanwhile, Spain's Prime Minister Mariano Rajoy has said he will not accept outside conditions over a possible bailout.

Mr Rajoy made the pledge in his first television interview since taking office. But he said no decision to request a bailout had been taken.

Last week, the president of the European Central Bank (ECB) unveiled plans to buy bonds from indebted countries - under bailout conditions.

Mario Draghi said the ECB would provide a "fully effective backstop".

Media caption,

Biz Heads

In company news, the new boss of Barclays, Antony Jenkins, has said that he will be quick and bold in making reforms at the bank.

Mr Jenkins is faced with rebuilding the bank's reputation after a series of scandals, including Libor interest rate-fixing.

He said the bank will move to stop activities that have hurt its reputation in the past.

However, he said there would be no break up of operations by selling off the bank's investment arm.

Philips Electronics has said it will shed another 2,200 jobs as it looks to cut additional costs from the business.

The Dutch group had already announced an 800m-euro ($1bn; £640m) cost-cutting programme, which has now been increased to 1.1bn euros.

The cuts are being made in light of tough economic conditions and high pension costs, the company said.

Last year, Philips cut thousands of jobs as new chief executive Frans van Houten looked to overhaul the business.

The company made a loss of £1.3bn euros last year, but has recorded two consecutive quarters of profit since.

Finally, shares in fashion house Burberry have slumped 19% after the company issued a surprise profit warning.

The UK group said its full-year profits would now be at the lower end of market expectations due to weak sales.

Burberry said like-for-like sales in the 10 weeks to 8 September were unchanged from a year earlier, and that they had fallen since then.

As a result, it said its annual profits would be "around the lower end of market expectations".

Meanwhile, the BBC's Business Daily radio show on the World Service looks at the future of the euro.

As the Dutch go to the polls, and German constitutional court decides whether bailouts are legal, the programme asks 'who still loves the struggling euro?'

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