Morning business round-up: Key Greek debt talks resume
- 26 January 2012
- From the section Business
What made the business news in Asia and Europe this morning? Here's our daily business round-up:
Key talks between Athens and its private creditors are set to resume to try to agree a debt write-off that would dramatically reduce Greece's debt levels.
The two parties have so far failed to agree an interest rate on new bonds that would replace existing debts.
If agreement can be reached, Greece should be in line for additional bailout funds.
Athens has said it hopes to reach a deal by the end of this week.
As the World Economic Forum (WEF) in Davos continues, David Cameron has told EU leaders they must be "bolder" if they want to shake off their economic troubles.
The UK prime minister told the World Economic Forum in Davos it was a "perilous time" for Europe's economies and "tinkering won't cut it anymore".
He called for a target for reducing Brussels red tape and for the EU to explore new free trade deals.
He also defended his government's austerity plan saying it had helped the UK "get ahead of the markets".
Also at Davos, the Bill and Melinda Gates Foundation has announced it has committed a further $750m (£479m) to a global fund to combat AIDS, tuberculosis and malaria.
"These are tough economic times, but that is no excuse for cutting aid to the world's poorest," said Microsoft founder Bill Gates told the WEF.
The Global Fund is a 10-year-old public-private partnership.
Mobile phone giant Nokia has reported a loss for the final three months of last year, as sales of mobile devices fell sharply.
The firm made an operating loss of 954m euros ($1.26bn: £800m). Net sales fell 21% on a year earlier to 10bn euros.
Net sales of mobile phones were down by a quarter.
NEC has also posted poor figures, announcing it is to cut 10,000 jobs after unveiling losses of 97.5bn yen ($1.25bn; £800m) in nine months.
The firm will cut 7,000 jobs in Japan, and 3,000 elsewhere, which will cost it 40bn yen.
NEC said its mobile phone business had suffered due to rivals including Apple increasing market share.
It is opening a new capacitor factory in Thailand after its current plant was damaged by last year's floods.
Japanese gaming giant Nintendo has unveiled heavy losses, blaming the strong yen and poor sales of its key 3DS console.
In the nine months to 31 December, it posted a loss of 48.35bn yen ($628m; £400m).
It compares with a 49.5bn yen profit in the same period of the previous year.
It has revised down its prediction of sales of its 3DS model in the full year from 16 million units to 14 million units.
Swedish clothing retailer H&M has reported a fall in profits as input costs rose and the tough economic environment took its toll.
Net profit for the three months to the end of November was 5.36bn Swedish krona ($794m; £506m), 2.4% lower than a year ago. Sales rose 3% to 31bn krona.
For the 12 months to 30 November, net profit was down 15% at 15.8bn krona.
The firm said the year had been "one of the toughest for a long time" for fashion retailers but said it had increased market share.
In the latest edition of Business Daily, Justin Rowlatt speaks to the head of the Nigerian Central Bank, Lamido Sanusi about why the Eurozone crisis really matters.