Morning business round-up: Double eurozone fund, says OECD


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

The head of the Organisation for Economic Co-operation and Development (OECD) has said that the eurozone needs to double its bailout fund to 1 trillion euros ($1.3tn, £836bn).

Angelo Gurria said the eurozone countries should boost their funds from the current limit of 500bn euros.

But German Chancellor Angela Merkel said that she would favour only a temporary increase to 700bn euros.

In the UK, a gas leak in the North Sea continued to cause concern.

Exclusion zones have been put in place around the Elgin platform, which has been suffering a serious gas leak since Sunday.

Coastguards said shipping was being ordered to keep at least two miles away and there was a three-mile exclusion zone for aircraft.

A cloud of gas was reported to be surrounding the platform, which is located 150 miles (240km) off Aberdeen.

Workers from a second platform and drilling rig have been removed.

In Germany, a strike is disrupting German air travel. Hundreds of flights have been cancelled at airports as ground staff strike demand a 6.5% pay rise.

The national airline, Lufthansa, said it had scrapped more than 400 flights scheduled for Tuesday, mostly at Germany's biggest airport, Frankfurt.

The walkout is part of wider industrial action by public sector employees ahead of further talks due later this week.

Media caption,
Biz Heads

The UK's focus on companies associated with Rupert Murdoch continued with a News Corporation subsidiary company accused of using a computer hacker to sabotage its subsidiary Sky TV's biggest rival.

The BBC's Panorama programme reported claims that NDS had leaked information from ITV Digital which could be used to create counterfeit smart cards, giving people free access to paid for TV.

The Carlton and Granada owned company folded in 2002, leaving Sky as the UK's only paid-for TV network.

An NDS statement denied the claims calling them "simply not true".

He has been placed under formal investigation in France over alleged involvement in a prostitution ring.

He has admitted attending parties where the authorities believe prostitutes were provided by a gang, but denies knowing that they were prostitutes.

Last May, he resigned from the IMF after being accused of attempting to rape a hotel maid in New York.

And finally, cheer for the Scots. The country's food and drink exports have hit export targets six years early.

The latest edition of the BBC's Business Daily is a special programme from South Africa.

In it Robin Lustig examines why millions are still living in poverty in one of the world's fastest emerging major economies.

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