Morning in brief: Greece passes austerity bill, Olympus makes ¥33bn loss

13 February 2012 | By fundweb staff

Markets

Asian stocks continue their longest run of weekly gains since 2005 after Greece approves fresh austerity measures, while the yen falls on news that the Japanese economy has contracted, according to Bloomberg.

Companies

Japanese camera maker Olympus posts a ¥33.09 billion (£269m) loss for the nine months to the end of December as it continues to battle the accounting scandal that caused its share price to plummet, the BBC reports.

Five City trade groups, including the Association of British Insurers (ABI) and the British Bankers’ Association (BBA), write in the Daily Telegraph that the European Commission’s analysis of the benefits of a financial transactions tax is “flawed”.

International

Disorder erupts in Athens after the Greek parliament approves a highly unpopular austerity bill to help the beleaguered nation secure a €130 billion (£108.9 billion) bailout package from the international community, according to Reuters.

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