Morning business round-up: Tesco's UK sales dip


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

The morning in Europe saw a mixed set of results from key retailers.

The world's third largest retailer, Tesco, underwhelmed markets as it revealed a dip in sales in its core UK market as well as a worse-than-expected loss at its US "Fresh & Easy" business.

However, at the more luxury end of the spectrum things are proving much more rosy, with both UK clothes chain Burberry and French clothes and champagne maker LVMH beating expectations.

In Asia, results were less upbeat: Singapore's stock exchange reported falling profits following an aborted attempt to take over its Australian rival.

Meanwhile, Sony Ericsson's quarterly profits were affected by continuing disruption from Japan's earthquake.

Media caption,
Biz Heads

Staying in the tech sector, Apple launched legal action against Samsung, accusing the Korean firm's new touchscreen computers of "slavishly" copying the iPhone and iPad.

In the markets, Greek government bond yields continue to trade through the roof amid speculation that a debt restructuring is drawing closer, despite claims to the contrary by the European Union.

Elsewhere in the eurozone's troubled periphery, it emerged that a former executive of Allied Irish Banks got paid a $4.2bn golden handshake when he departed the failed Irish lender.

Finally, there was bad news for former British Prime Minister Gordon Brown's hopes of becoming the next head of the International Monetary Fund, after the current Prime Minister, David Cameron, said he may veto the move.

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