Morning business round-up: Japan sees rising prices


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

Prices rose in Japan during April, the first such rise for two years, as fuel imports surged following the earthquake and tsunami. Consumer prices rose by 0.6% in April.

But car production in the country plunged as manufacturers continued to face a shortfall in parts supply. Production at Toyota was down 74.5% on a year earlier.

Also, credit ratings agency Fitch downgraded its outlook on Japan's debt to negative from stable, saying it was worried about the high levels of Japanese government debt.

The chairman of the eurozone finance ministers, Luxemburg Prime Minister Jean Claude Juncker, has warned that the IMF may not release the next payment in Greece's bail-out package.

Mr Juncker said IMF rules may stop it making the payment because Greece cannot guarantee its solvency for the next 12 months.

Media caption,
Biz Heads

In the corporate world, MGM China has raised $1.5bn (£912m) through a share flotation in Hong Kong as investors look to grab a slice of Macau's gambling boom, the company priced its stock at HK$15.34 per share, the top end of its expected range.

Google is being sued by PayPal, which claims that the internet search giant stole its technology for turning smartphones into digital wallets.

Alipay, the firm at the centre of a dispute with Yahoo, has received a licence from China's central bank, Alipay was spun off from China's Alibaba Group, which is 43% owned by Yahoo, in order to apply for the online payments licence.

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