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World Business Report: 09/11/2015 22:32 GMT: EU Ministers Hold Steel Crisis Talks

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Steel Processing Plant; Picture Credit: Getty Images

09/11/2015 22:32 GMT

09/11/2015 22:32 GMT: EU Ministers Hold Steel Crisis Talks

EU Ministers Hold Steel Crisis Talks

BBC World Service - World Business Report, EU Ministers Hold Steel Crisis Talks

Meeting in Brussels comes amid industry calls for action against cheap Chinese steel.

Emergency talks seek to resolve problems caused by the plummeting steel price and the boss of Africa's biggest mobile company, MTN, resigns following a $5.2bn fine from Nigeria.

The global price of steel has plummeted partly due to China's economic slowdown. As a result, China has been trying to find new markets for the huge quantities of steel it produces and so it has been undercutting producers around the world. The effect in Europe has been severe; British steel manufacturers shed 4,000 jobs last month alone. The European industry claims China is unfairly dumping steel on the world market, selling it at a loss. The UK requested today's emergency meeting of European economy and industry ministers in Brussels which includes a proposal to impose tariffs on Chinese imports. 

In Myanmar indications point to a landslide victory by the opposition National League for Democracy party led by Aung San Suu Kyi. We hear what this may mean for companies looking to do business in Myanmar and ask if it will get any easier to operate there.

The boss of Africa's biggest mobile company, MTN, has resigned after the firm received a $5.2bn fine from Nigeria. Chief executive Sifiso Dabengwa stepped down, saying it was "in the interest of the company and its shareholders". The fine was imposed on the South African firm for failing to cut off unregistered mobile users in Nigeria. The Nigerian regulator has been pushing cell phone network companies to verify the identity of their subscribers because of fears that unregistered SIMs were being used for criminal activity in a country facing Islamic militant group Boko Haram's insurgency.

We hear why millions of Indians have gone on a spending spree today, buying up gold, in particular. Plus, our regular commentator, Lucy Kellaway, turns her fire on business jargon. Picture: Steel processing plant; Picture credit: Getty Images

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