Morning business round-up: Spain to get 30bn euros to support banks


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

Eurozone finance ministers have agreed to lend Spain 30bn euros (£24bn; $37bn) this month to help its troubled banks.

It will be the first instalment of a bailout of up to 100bn euros, which was agreed in June.

The ministers will need to get approval from their own parliaments and hope to make the payment by the end of July.

The eurozone finance ministers also agreed to extend the 2013 deadline for Spain to cut its budget deficit to the EU limit of 3% by one year.

China's trade surplus widened in June as import growth weakened, underscoring worries about both the domestic and global economy.

The trade surplus grew to $31.73bn (£20.46bn), up 42.9% from the same month last year, the customs bureau said.

The main contributor was weak imports, which grew by 6.3%, about half the pace analysts had been expecting.

Norway's government has used emergency powers to force offshore oil and gas workers back to work, ending a 16-day strike.

Production was due to be shut down from Tuesday, with companies set to lock out workers in a dispute over pensions.

"I had to make this decision to protect Norway's vital interests," said Labour Minister Hanne Bjurstroem.

Media caption,
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Former Barclays boss Bob Diamond will receive his salary and benefits worth in excess of £2m, but has given up bonuses worth up to £20m after resigning amid the bank Libor scandal.

Barclays executive chairman Marcus Agius, who is being questioned by MPs about the scandal, said Mr Diamond had given up his bonus voluntarily.

Mr Agius also resigned but agreed to stay on to find Mr Diamond's successor.

He said he "regretted deeply" what had happened and was "truly sorry".

A Chinese aerospace firm is in exclusive talks to buy bankrupt US aircraft maker Hawker Beechcraft.

Superior Aviation Beijing has offered $1.8bn (£1.2bn) to buy the company and to fund its operations for the next six weeks.

However, the deal is not final and is subject to a legal and regulatory review in both the US and China.

In our latest Business Daily podcast, we hear from Europe's trade commissioner Karel de Gucht about the potential trade war with China over rare earth minerals.

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