Business

Morning business round-up: Cyprus depositors face losses

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

Following a multi-billion-euro bailout, Cyprus's finance minister has said that big depositors in the country's banks could lose up to 40% of their funds.

But people with more than this could see about 40% of their deposits converted into bank shares, Michalis Sarris told the BBC.

Bank of Cyprus chairman Andreas Artemis later handed in his resignation.

Boeing said that a test flight to check the 787 Dreamliner's new battery system "went according to plan".

The planemaker redesigned its battery after malfunctions on some planes led to the grounding of the entire 787 fleet.

Hon Hai Precision Industry, a major assembler of Apple products, has posted record quarterly profits helped by growing demand for iPhones and iPads.

The Taiwanese firm, also known as Foxconn Technology, posted a net profit of NT$37bn ($1.2bn; £814m) in the October-to-December quarter.

In the UK, Kingfisher, owner of the B&Q DIY chain, posted a big fall in profits after what it described as "a tough year".

Pre-tax profits for the 12 months to the end of January were down 11.4% to £715m compared with a year earlier.

The UK government promised to help businesses "compete" more effectively in the global nuclear energy market.

Ministers have promised £18m to 35 research projects and £15m for a "world-class" central resource for firms developing technology.

A think tank has rejected suggestions that Scotland could be on the brink of another oil bonanza.

The Scottish government had said that North Sea production could generate a great deal more in tax revenues than had been estimated.

But the Centre for Public Policy for the Regions said a return to the boom years was unlikely.

The latest Business Daily podcast from the BBC World Service hears from the chemicals firm Bayer Material Science about how innovation could soon be turning carbon dioxide gas into mattresses.

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