Morning business round-up: Euro stock markets steady


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

European stock markets appear to have lapsed into a pre-Christmas calm, shrugging off fresh warnings about the eurozone crisis.

A quiet but positive tone in stock markets on Thursday continued into early Friday trading in Europe.

Italy's long-term borrowing cost fell back for a second day towards 6% - a still high, but not critical, level.

This was despite a downgrade of several major banks by credit rating agency Fitch, and IMF head Christine Lagarde warning of a "gloomy" economic outlook.

The company has priced its initial public offering (IPO) of 100 million shares at $10 a share. The price values the company at about $9bn.

Its flotation will be the largest by an internet company since Google raised $1.9bn at its IPO in 2004.

The Reserve Bank of India has held interest rates at 8.5%, interrupting a long period of rate increases.

The widely expected decision reflects concern at the weakness of the economy.

Inflation remains high, although the rate of wholesale price rises fell to 9.1% in November from 9.7% a month earlier, data on Wednesday showed.

Despite the central bank raising rates 13 times since March, the value of the Indian rupee fell to another all-time low against the dollar this week.

Russia is finally set to join the World Trade Organization (WTO) on Friday at a ceremony in Switzerland, after 18 years negotiating its membership.

The Swiss brokered a deal between Russia and Georgia earlier this year that removed the last obstacle to Russia's accession.

Georgia had tried to block Russia's WTO entry since the two countries fought a short war in 2008.

Russia is by far the biggest economy yet to join the global trade body.

Media caption,
Biz Heads

Research in Motion (RIM), which makes Blackberry phones has announced a delay to the launch of its new Blackberry 10.

There was also disappointment at the prediction of sales of between 11 and 12 million smartphones in the current Christmas quarter, down from 14.8 million in the same period last year.

It reported net income of $265m (£171m) for the quarter to 26 November, down from $911m in the same period of 2010.

RIM shares fell more than 6% in after-hours trading.

Oil giant BP has agreed a settlement with contractor Cameron International over the Gulf of Mexico oil spill.

Cameron was the designer and manufacturer of the blow-out preventer on the Deep Water Horizon project, which failed during the spill.

Under the agreement, which settles all claims between the firms, Cameron will pay BP $250m (£161.3m)

The money will be put into the $20bn trust BP set up to compensate those affected by the disaster.

The latest edition of Business Daily continues with its look at youth unemployment and what measures can be taken to ease the problem.

Around the BBC