22 March 2011 Last updated at 08:18 ET

Morning business round-up: Relief rally on the markets?

Continue reading the main story

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

Financial markets in Asia and Europe enjoyed a "relief rally" with concerns over Japan's crippled nuclear power plant receding and oil prices easing back.

Japan's Nikkei 225 share index led the way with a rise of more than 4%.

The positive mood spilled over into Europe, with all the leading bourses opening higher.

But the continuing challenges facing Japanese industry were underlined with news that Toyota and Honda have delayed the restart of car production at their factories in Japan.

And the recent recovery in Britain's FTSE 100 index could be halted with news that inflation has jumped to 4.4%.

Nor will sentiment be helped by official figures showing that UK government borrowing hit a record £11.8bn in February.

It makes it even more important the government gets a good price now it has begun preparing to sell off rights to the next generation of mobile wireless networks.

Inflation is also a big problem in China, though it appears that Beijing is willing to see the yuan hit record levels against the dollar in order to help dampen rising prices.

Meanwhile, China has hit back at Google over claims that Beijing is disrupting the internet giant's e-mail service in the country.

People-power does work, it seems. The chief executive of Dutch bank ING has agreed to waive his bonus after a public outcry and threatened boycott.

It is a big day in the UK's financial calendar on Wednesday, with the Chancellor of the Exchequer's annual budget.

But the BBC has learned that George Osborne is planning a big crackdown on tax loopholes, including a private jet flight tax.

Finally, you may be surprised to learn that an entire continent - Africa - has not a single university in the global rankings of leading educational institutions.

Find out why Africa is being left out of the loop.