Morning business round-up: Greece continues to dominate


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

More talks are due to take place later on Monday between Greece, the European Union and the International Monetary Fund over the country's debt crisis.

Greece needs the next slice of bailout funds to be released to avoid defaulting on its debts next month.

The talks come as the country's Finance Minister, Evangelos Venizelos, said Greece should not be the for the debt crisis in the eurozone.

He said European and international institutions were using Greece as an "easy excuse" to "hide their own lack of competence to manage the crisis".

In the US, President Barack Obama is expected to unveil plans to cut the US deficit by $3 trillion (£1.9tn) over the next decade.

A White House official said his proposals include an overhaul of the tax code that would raise $1.5tn.

Indian infrastructure giant GVK has said it will pay $1.26bn (£802m) to buy a majority stake in coal assets owned by Australia's Hancock Group.

GVK will take a 79% stake in two mines and own a third, as well as a port and rail project, the company said in a statement.

The action means 28 flights will be cancelled and 27 flights will be delayed by 35 minutes, the Australian carrier said in a statement.

Media caption,
Biz Heads

In the UK, the Bank of England said its £200bn programme of quantitative easing (QE) was "economically significant", according to the Bank's Quarterly Bulletin.

Some commentators believe its is impossible to measure its effects.

But the Bank said the programme, which took place between March 2009 and February 2010, boosted GDP by as much as 2%.

The is growing speculation that it may resume the QE programme to help stimulate the economy.

In the light of the $2.3bn loss at the Swiss bank UBS, alleged to have been caused by rogue trading, the latest edition of Business Daily from the BBC World Service looks at how some traders manage to work around a mountain of banking rules and regulations.

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