Morning business round-up: Ford to close plant

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

Car giant Ford says it has started consultations on closing its factory at Genk in Belgium with the loss of 4,300 jobs to cut costs.

The company is looking to close the factory - which makes the Mondeo and S-MAX minivan - in 2014.

Unions held talks with the company on Wednesday morning.

Business activity in the eurozone contracted at its fastest pace in almost three-and-a-half years in October, a survey suggests.

The Markit Flash Eurozone Purchasing Managers' (PMI) Composite Output Index fell to 45.8, from 46.1 in September. A figure below 50 indicates contraction.

The reading is consistent with a quarterly rate of economic contraction in the bloc of 0.5%, Markit said.

The company said it was near to a deal with its banks and the French government to extend financing for its lending arm, Banque PSA Finance.

It reported revenue in the third quarter down 3.9% on a year ago.

Japanese game giant Nintendo has cut its profit forecast for the year by a third, despite reporting much-reduced first-half losses.

The company, which makes the Wii gaming device, says it expects annual profits of 20bn yen ($250m, £158m), down by a third on its July forecast of 35bn.

The downgraded forecast comes despite figures from Nintendo showing an improvement in operating losses.

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It lost 29.2bn yen in the six months to September, down from 57.3bn in 2011.

Huawei has offered to give Australia unrestricted access to its software source code and equipment, as it looks to ease fears that it is a security threat.

Questions have been raised about the Chinese telecom firm's ties to the military, something it has denied.

Australia has previously blocked Huawei's plans to bid for work on its national broadband network.

Hong Kong's central bank has intervened in financial markets again, weakening the value of its currency after it jumped in value.

This follows similar moves on Sunday and pushes the total cost of intervention in the past week to 14.3bn Hong Kong dollars ($1.85bn; £1.16bn).

Hong Kong limits the amount its currency can gain or fall to help maintain market and export stability.

The latest Business Daily podcast from the BBC World Service Business Daily explores how rising prices have defined out history and could shape our future.

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