Morning business round-up: Mis-selling costs hit Lloyds

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

One of the UK's leading banks, Lloyds, said it had set aside £3.2bn to cover the cost of mis-selling claims on loan insurance policies.

The provisions mean Lloyds reported a loss of £3.47bn in the first three months of the year.

Sony has blamed the online vigilante group Anonymous for indirectly allowing the security breach that allowed a hacker to gain access to the personal data of more than 100m online gamers.

French bank Societe Generale has reported a fall in first quarter profits. The bank said profits were down 13.8% to 916m euros, with international earnings hit particularly badly following unrest in Africa and the Middle East.

The European bank, among the most exposed to the regions, temporarily closed operations in Egypt, Tunisia and Ivory Coast because of the unrest.

German airline Lufthansa said it had also been affected by the unrest in North Africa.

The impact of the political unrest in the region, and of the earthquake and tsunami in Japan in March, had cost it 40m euros in the first quarter of the year, the carrier said.

Media playback is unsupported on your device
Media captionBusiness headlines

South Korea's parliament ratified a free trade agreement with the European Union, clearing the last hurdle for the deal to take effect in July.

The pact is expected to boost the value of trade in goods between South Korea and the EU to about 100bn euros (£84bn).

And in the Philippines, prices hit their highest in a year.

Consumer prices rose more than expected, bringing inflation to 4.5%.

To hear about some of the wider trends in the world of business, click through to our Business Daily podcast.

Around the BBC