The launch of an Ariane rocket that was to lob a Canadian telecommunications satellite into orbit was postponed hours before blast off because of a problem with the European launcher.

Arianespace, the European rocket launch group, said Asia will be its biggest market this year, accounting for 40% of revenue, as it gains orders from companies such as Thailand’s Shin Satellite.

Airbus to Eurofighter company EADS posted a €298m loss last year and plans to cut 1,700 additional jobs to help put it on an even financial keel.

An unspecified number of people are feared dead after a massive explosion at a petrochemical plant outside the southern French city of Toulouse this morning.