Morning business round-up: HSBC profits fall
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China is buying crude oil from Iran using its currency, the yuan, an Iranian diplomat has said.
Oil transactions are usually settled in dollars but US sanctions make it difficult for Iran to accept payments in the US currency.
Iran is using the revenue to buy goods and services from China, Mohammed Reza Fayyad, Iran’s ambassador to the United Arab Emirates, confirmed.
In the UK, Andrew Moss, group chief executive of insurance firm, Aviva, has stepped down with immediate effect.
The move comes after the firm suffered the embarrassment of losing a shareholder vote on executive pay at its annual general meeting last week.
Meanwhile, leading bureaux de change in the UK are selling euros at a rate of 1.20 to the pound for the first time in three-and-a-half years.
The jump in the value of the pound versus the euro reflects worries about the eurozone in the wake of the Greek and French elections.
In Germany, industry recorded a surprise surge in output in March.
The total volume of output from the country’s factories, power stations and building sites rose a seasonally-adjusted 2.8% in the month, well ahead of forecasts for a rise of 0.8%.
The latest edition of Business Daily asks: Is Asia’s wealth gap worsening?
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