Morning business round-up: 75% tax for richest French


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

France has said that nine out of 10 citizens will not see an income tax rise, but confirms the new 75% tax rate for top earners.

The new tax rate is for people earning more than 1m euros (£800,000; $1.3m) a year, French Prime Minister Jean-Marc Ayrault said as he announced the new budget.

Spain is poised to unveil just how much money its banks will need as the government seeks to avoid a full-blown bailout.

The so-called stress tests due on Friday will show how much in toxic property is held by 14 of its banks.

A report into the Libor rate-rigging scandal says the system is broken and suggests its complete overhaul, including criminal prosecutions for those who try to manipulate it.

Its author, regulator Martin Wheatley, told the BBC that bankers guilty of fixing Libor in future could be jailed.

The company was paid a £57m fee to supply Olympics security staff, but had to rely on the army for back-up after failing to fill the posts.

Media caption,
Biz Heads

In Asia, Sony agreed to invest 50bn yen ($640m; £397m) in the embattled camera firm Olympus and the two will form a joint company which will focus on medical equipment.

Japan's industrial output fell more than expected in August, as cars and electronics suffered from weak global demand.

And shareholders in Singapore-based conglomerate Fraser and Neave have voted to sell the company's beer business to Heineken.

The latest Business Daily podcast from the BBC World Service looks at the Catalans, who are to vote next month whether to separate from Spain. But does it make economic sense for them and for Europe?

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