Morning business round-up: EU debates board quotas

  • Published

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

EU commissioners are due to debate proposals that would force quotas for women on corporate boards.

EU Justice Commissioner Viviane Reding is in favour of the proposals to make it mandatory for companies to reserve 40% of seats for women, but several countries, including the UK, are opposed to it.

Eurotunnel has reported a rise in passenger numbers over summer, the period that included the Olympic Games.

The company, which operates the Channel Tunnel and runs Le Shuttle vehicle train, said revenue rose 13% to 274.6m euros ($358m; £224m) in the third quarter from the same period last year

India's Kingfisher Airlines has offered to pay three months of salary to its striking employees in an effort to restart its operations.

The staff, who have not been paid for seven months, went on a strike three weeks ago, grounding aircraft.

And also in Asia, the world's fourth-largest steel maker Posco has cut its sales forecast as Europe's debt crisis and slowing growth in China continue to hurt demand.

The South Korean firm forecast sales of 36.3tn won ($33bn; £22bn) for the current financial year, down from its previous estimate of 37.5tn won.

In the UK, Arm Holdings, whose computer chip technology powers Apple and Samsung smartphones, has posted a 22% rise in quarterly profits to £68.1m.

Shares in Arm, which said in a statement that it had a record order book, rose 2.7% in morning trading.

Media caption,

Biz Heads

An advertising campaign featuring Olympic stars Mo Farah and Usain Bolt helped Virgin Media boost the number of new cable customers. Revenue was up 2.8% to £1.03bn for the three months.

Mulberry, which is famous for its leather bags, has seen its shares sink by more than a quarter after the luxury goods firm issued a profit warning.

Slower-than-expected international sales growth and falling wholesale revenues meant this year's profits will be lower than last year's, it said.

The latest Business Daily podcast from the BBC World Service asks, do computers cause instability in financial markets? A growing share of financial market trading is being done electronically and automatically and it was blamed for what's called the Flash Crash in New York in 2010. Can regulators do anything about it? And should they?

Around the BBC