Morning business round-up: No eurozone deal over Greece


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

The failure of eurozone ministers to reach a deal to give Greece its latest bailout payment threatens the whole bloc, leaders have said.

Following nearly 12 hours of talks in Brussels, the Eurogroup said it needed more time for technical work.

Greek Prime Minister Antonis Samaras said: "It's not only the future of our country, but the stability of the entire eurozone [that is at stake]."

In Asia, Japan's exports have fallen for a fifth straight month after demand in China and the European Union weakened.

Shipments fell 6.5% in October from a year earlier. Exports to China declined 11.6% and were down 20% to the EU.

Muddy Waters Research has renewed its attack on Olam International, claiming the Singapore-based agricultural commodities trader "will collapse".

Media caption,
Biz Heads

The comments come a day after Carson Block, the founder of Muddy Waters, raised questions about Olam's debt levels and accounting practices.

In the US, last-ditch efforts aimed at ending a labour dispute threatening one of the best-known US snack food brands have broken down.

Union officials said talks with Hostess Brands had ended without a deal that would save Twinkies. On Monday, a judge ordered Hostess into talks to try to avoid liquidating the firm, at a cost of 18,000 jobs.

In the UK, the government borrowed much more than expected in October, reducing the chances that the UK will hit its deficit reduction target in 2012-13.

One member of the Bank of England's Monetary Policy Committee voted for more quantitative easing earlier this month.

The minutes of the November meeting also showed that "views differed over the exact impact" of flooding the economy with cash.

The latest Business Daily podcast from the BBC World Service asks: digital technology means the world is awash with data - and not surprisingly the US military is interested in how it can use it. And not just to help fight wars.

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