Business

Morning business round-up: Qantas resumes flights

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

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Last Updated at 17:37 GMT

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Australian airline Qantas has resumed its flights after an independent tribunal ordered a permanent end to the industrial dispute with its union members.

Qantas said it had received permission from the Civil Aviation Safety Authority (CASA) to resume flights.

The move comes after Fair Work Australia issued a ruling, after hearing evidence from the airline, unions and the government.

Qantas grounded all Saturday's flights, affecting some 70,000 travellers.

The Japanese government has intervened in the currency market to weaken the yen after it hit a post-war high. The move resulted in the yen weakening as much as 5%.

A strong yen hurts Japan's export-led economy, as it makes goods more expensive to foreign buyers.

The currency has had an impact on several Japanese companies which reported lower second-quarter profits on Monday.

Toshiba, Honda and Panasonic all cited the strong yen as having a negative effect on their results.

In other Asian company news, Taiwanese smartphone maker HTC has said it expects slightly lower revenues and shipments in the fourth quarter than it recorded in the third.

The company cited uncertainties from new models due to be launched by itself and by its competitors.

HTC forecasts revenues of 125-135bn Taiwanese dollars ($4.2-4.5bn; £2.6-2.8bn) in the last three months of the year.

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In Europe, the president of the European Central Bank, Jean-Claude Trichet, has denied that eurozone countries are going "cap in hand" to China.

On the eve of his departure from the ECB's top job, Mr Trichet said the move was "absolutely normal".

The head of the European Financial Stability Facility (EFSF) has been meeting Chinese officials in an effort to boost the bailout fund.

Mr Trichet hands over the reins of the ECB to the Italian central banker, Mario Draghi, on Tuesday.

British bank Barclays has reported a 5% rise in third-quarter profits, helped by continuing cost-cutting work.

It made a pre-tax profit for the three months to 30 September of £1.34bn ($2.1bn), compared with £1.27bn for the same period last year.

Its quarterly revenues were 3% lower at £7bn in the face of "significant economic and market headwinds".

While profits more than doubled at its UK retail banking business, they fell at its main investment banking unit.

Npower, one of the big six power companies that dominate the UK gas and electricity markets, has been fined £2m by energy regulator Ofgem for failing to handle complaints properly.

Ofgem said Npower had not recorded complaints properly or given dissatisfied complainers details of the Energy Ombudsman's redress service.

The latest edition of Business Daily examines how hedge funds plan to make big profits from the eurozone crisis at taxpayers' expense.

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