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Morning business round-up: Spain's borrowing costs rise | Morning business round-up: Spain's borrowing costs rise |
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What made the business news in Asia and Europe this morning? Here's our daily business round-up: | What made the business news in Asia and Europe this morning? Here's our daily business round-up: |
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Spain's borrowing costs have risen at its latest bond auction, as Spaniards prepare to vote for a new government to tackle its financial crisis. | Spain's borrowing costs have risen at its latest bond auction, as Spaniards prepare to vote for a new government to tackle its financial crisis. |
The average yield on 10-year government bonds soared from 5.433% in October to 6.975% - the highest since 1997. | The average yield on 10-year government bonds soared from 5.433% in October to 6.975% - the highest since 1997. |
A high yield indicates investors have less confidence in the government to fully repay its debts, and it is perilously close to 7% - the level at which other eurozone countries have had to seek bailouts. | A high yield indicates investors have less confidence in the government to fully repay its debts, and it is perilously close to 7% - the level at which other eurozone countries have had to seek bailouts. |
Italian 10-year bond yields passed 7% earlier this month. | Italian 10-year bond yields passed 7% earlier this month. |
Newly-appointed Italian Prime Minister Mario Monti is due to outline austerity measures aimed at steering the country out of its debt crisis. | Newly-appointed Italian Prime Minister Mario Monti is due to outline austerity measures aimed at steering the country out of its debt crisis. |
He will present his plans to the Italian senate ahead of a confidence vote in the upper house. | He will present his plans to the Italian senate ahead of a confidence vote in the upper house. |
Mr Monti, who has unveiled a cabinet of technocrats, has revealed little about his plans, but they are expected to follow demands made by the EU. | Mr Monti, who has unveiled a cabinet of technocrats, has revealed little about his plans, but they are expected to follow demands made by the EU. |
The head for Europe at International Monetary Fund (IMF) has resigned at a crucial time in the efforts to tackle the continent's debt crisis. | The head for Europe at International Monetary Fund (IMF) has resigned at a crucial time in the efforts to tackle the continent's debt crisis. |
Antonio Borges said that personal reasons were behind his decision to stand down immediately. | Antonio Borges said that personal reasons were behind his decision to stand down immediately. |
He had been director of the IMF's European Department for one year. | He had been director of the IMF's European Department for one year. |
Earlier in the year, Mr Borges was forced to retract comments in which he suggested the Fund might help Italy and Spain by buying up their debts. | Earlier in the year, Mr Borges was forced to retract comments in which he suggested the Fund might help Italy and Spain by buying up their debts. |
Google has launched an online music store in the US, which will allow devices running its Android software to buy, store and stream MP3 files. | Google has launched an online music store in the US, which will allow devices running its Android software to buy, store and stream MP3 files. |
EMI, Sony Music Entertainment, Universal and 23 independent labels are providing content to create a library of 13 million songs. | EMI, Sony Music Entertainment, Universal and 23 independent labels are providing content to create a library of 13 million songs. |
However, Warner Music Group has opted not to take part at this point. | However, Warner Music Group has opted not to take part at this point. |
The service poses a challenge to Apple's dominance of the sector. Apple launched its iTunes store in 2003. | The service poses a challenge to Apple's dominance of the sector. Apple launched its iTunes store in 2003. |
In the UK, retail sales rose by a stronger-than-expected 0.6% in October from the month before. | In the UK, retail sales rose by a stronger-than-expected 0.6% in October from the month before. |
Analysts had expected sales to fall, but a spate of pre-Christmas sales and promotions helped to lure shoppers, with prices down 0.4% in the month. | Analysts had expected sales to fall, but a spate of pre-Christmas sales and promotions helped to lure shoppers, with prices down 0.4% in the month. |
Northern Rock is being sold to Virgin Money for £747m, the government has announced. | Northern Rock is being sold to Virgin Money for £747m, the government has announced. |
The bank was nationalised in 2008 following its near-collapse at the onset of the global credit crunch. | The bank was nationalised in 2008 following its near-collapse at the onset of the global credit crunch. |
In the latest edition of Business Daily, BBC correspondents report from across Europe on how cuts are affecting the public mood and the way people live. | In the latest edition of Business Daily, BBC correspondents report from across Europe on how cuts are affecting the public mood and the way people live. |