Morning business round-up: UBS fined over Adoboli case

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

The UK's Financial Services Authority (FSA) has fined UBS £29.7m ($47.6m) for failings that led to trader Kweku Adoboli losing £1.4bn.

The regulator fined the Swiss bank for "system and control failings" that allowed him to trade in London well beyond authorised limits.

The trader was last week convicted of two counts of fraud and sentenced to seven years in prison. UBS said it was "pleased that the chapter has been concluded".

The UK chancellor may have to extend the squeeze on public spending until 2018 if the recent deterioration in growth prospects and tax receipts turns out to be permanent, said the Institute for Fiscal Studies.

The think tank said George Osborne may have to find another £11bn from tax rises or spending cuts if the economy does not pick up. This is on top of £8bn of cuts already mooted in the Budget.

Mr Osborne will deliver his Autumn Statement on 5 December, which the IFS warned could bring "more fiscal pain".

Eurozone finance ministers are set to meet in Brussels later to discuss the next instalment of bailout money for debt-laden Greece.

Athens is due about 31bn euros ($40bn; £25bn) in bailout loans.

However, eurozone members fundamentally disagree on how to deal with Greece's vast debt mountain.

It will be the third such meeting in two weeks. Greece was supposed to get the money back in May, and is being kept afloat on emergency loans.

Samsung says an audit of 105 of its suppliers in China has identified "several instances of inadequate practices at the facilities".

These included overtime in excess of local laws as well as fines for being late or absent from work.

China Labor Watch which alleged that it had evidence of long working hours and under-age workers. However, the audit found no evidence of under-age workers at any of the suppliers.

Media caption,

Biz Heads

Shares of Japanese chipmaker Renesas have risen almost 17% after a report said that shareholders have accepted a bailout from a government-backed fund.

The Nikkei Daily said the fund will buy two-thirds of the struggling company for 180bn yen ($2.2bn; £1.4bn).

Major clients Toyota Motor, Nissan and six others will supply another 20bn yen, the newspaper said.

Renesas, which is a key supplier to Japanese carmakers, has seen demand decline in recent months.

BP has held preliminary talks with the Russian government and stakeholders in the Nordstream pipeline about extending the line to deliver gas into the UK.

The pipeline currently runs under the Baltic Sea, delivering Russia's huge reserves of gas into Germany.

BP said any potential extension to the pipeline was unlikely to be agreed before next summer.

As North Sea production falls away, the UK has begun to import more gas from overseas, mainly from Norway and Qatar.

The latest Business Daily podcast from the BBC World Service asks whether the Catalonian election is a step towards independence. What would it do to the eurozone if Spain, one of its most financially stressed nations, were to break up politically? It also looks at whether the eurozone has a long term - and if so what would it look like?

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