Morning business round-up: Shares up on euro debt deal


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

Shares have jumped after eurozone leaders agreed a deal that they said would help to resolve the debt crisis.

The eurozone agreed a deal on expanding the bailout fund and banks taking losses on Greek debt in exchange for recapitalisation.

The biggest gainers were banks, especially French banks, which are the most exposed to Greek debt. Credit Agricole rose 14% and Societe Generale rose 11%.

Higher gas and oil prices allowed Shell to double its profits in the three months to the end of September compared with the previous year.

Current cost of supply net income rose to $7.2bn (£4.5bn) compared with $3.5bn during the same period a year ago.

The cost of Brent crude was 48% higher in the quarter compared with the same period last year.

The Bank of Japan (BOJ) has expanded its asset purchase programme by 5tn yen ($66bn; £41bn) in a bid to boost growth.

The decisiom comes amid concerns that the European debt crisis coupled with a strong yen may hurt Japan's post-quake recovery.

The BOJ also left rates unchanged at between zero and 0.1%.

Sony has bought full control of mobile phone maker Sony Ericsson from Swedish telecoms equipment maker Ericsson.

Sony has agreed to buy 50% of the firm for 1.1bn euros ($1.5bn; £964m), making the mobile handset business a wholly-owned subsidiary of Sony.

Ericsson said that the synergies between telecoms equipment and mobile phones were decreasing.

The gaming group made a net loss of 70.3bn yen ($925m; £579m) in the six months to September, from a loss of 2bn yen in the same period last year.

Nintendo, which makes 80% of its sales abroad, has been hurt by the sharp rise in the value of the yen.

Shares in Olympus corporation surged 23% on Thursday, a day after the company's chairman Tsuyoshi Kikukawa resigned.

The fee came into focus as former chief executive Michael Woodford claimed he was fired for questioning the payments.

Media caption,
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Gross domestic product (GDP) grew by 0.7% from July to September, down from a 0.9% expansion in the previous April-June quarter.

Capital investment slowed as firms continued to be concerned about growth prospects amid fears of a global economic slowdown.

The Australian Securities Exchange (ASX) resumed trading after a technical glitch forced a halt just as the market opened.

The suspension, which lasted for almost four hours, applied only to equities and did not affect commodities or currency trading.

The halt came days before the launch of a rival exchange in Australia by Chi-X.

For more abnalysis, the latest edition of Business Daily examines whether the eurozone deal is a milestone and whether the losses agreed on Greek bonds be seen as a default.

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