Business Digest, December 1, 2012

Euro-zone joblessness hits record 11.7pc

Unemployment in the euro zone hit a record high of 11.7 per cent in October, with more than 170,000 extra jobs lost compared with September and youth unemployment at almost 24 per cent, as the economy slumped into recession, official data showed. In Greece, 57 per cent of under-25s were jobless in August, the latest available figure, and in Spain 55.9 per cent in October. AFP

Japan unveils second round of stimulus

Japan's cabinet approved a second round of fiscal stimulus, worth 880 billion yen (HK$82.5 billion), using budget reserves as Prime Minister Yoshihiko Noda tries to boost the economy before elections on December 16. Along with the stimulus announced last month, it will lift gross domestic product by about 0.4 percentage point, the Cabinet Office said. Bloomberg

RBS sale of Indian assets to HSBC flops

Britain's bailed-out Royal Bank of Scotland said the sale of its Indian retail and commercial activities to HSBC had lapsed and said it will seek to wind down the operations. HSBC said the deal failed because the conditions required to close it had not been satisfied but it was committed to pursuing growth in India through its existing operations. AFP

UnionPay spreads its wings overseas

China's state-backed electronic payment services giant, China UnionPay, launched an international arm tasked with speeding its expansion overseas, heating up competition with rivals such as Visa and Mastercard. The move follows a World Trade Organisation ruling that China discriminates against foreign card firms by favouring UnionPay domestically. Reuters