Morning business round-up: Cyprus talks continue

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

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Political leaders in Cyprus are continuing to try to hammer out a deal that will give the country access to an EU-IMF bailout.

The European Central Bank has warned that it will cut the emergency funding it currently provides to Cyprus's largest banks if a deal isn't agreed by Monday.

The island's banks are to remain closed until Tuesday at the earliest to prevent customers from rushing to take their money out.

Despite the continuing uncertainty, the euro has recovered slightly against other major currencies after posting falls on Wednesday.

In the United States, the video sharing site YouTube has announced that it now attracts a billion users every month.

That makes the site a social networking rival to Facebook, which passed one billion users in October last year.

Meanwhile, in Asia there was mixed news for the region's economies.

A survey in China suggested the country's manufacturing sector picked up speed in March.

Analysts said the data implied the Chinese economy was still on track for a gradual recovery in its growth.

But Japan posted a trade deficit for the eighth straight month, underlining the challenge the new government faces in spurring on the country's economy.

In the UK, the opposition called for a government U-turn on economic policy after growth forecasts for 2013 were halved to 0.6% in the annual Budget statement.

The latest Business Daily podcast from the BBC World Service asks why Mongolia is expected to be one of the world's fastest-growing economies this year.

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