Morning business round-up: Bank of Cyprus head 'sacked'

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

The chief executive of the biggest bank in Cyprus has been ousted by the central bank, state media has said.

Yiannis Kypri, head of Bank of Cyprus, was forced out by central bank governor Panicos Demetriades, who has himself come under fire for his handling of the country's banking crisis.

Mr Kypri's removal came on the orders of Cyprus' bailout lenders, the Cyprus News Agency reported.

The authorities are planning to reopen the country's banks on Thursday.

Leaders of the so-called Brics nations - Brazil, Russia, India, China and South Africa - are meeting in Durban to discuss the formation of a new development bank.

The bank would fund infrastructure and development projects throughout the developing nations.

Negotiations will focus on where the bank will be based and how much capital it will have.

It would be the first formal institution of the Brics group, and some commentators see the bank as a potential rival to the World Bank.

In company news, insurance giant Prudential has been fined £30m by regulators over its 2010 bid to buy AIA, an Asian subsidiary of US insurer AIG.

The Financial Services Authority (FSA) has also censured Tidjane Thiam, Prudential's chief executive.

The regulator said Prudential had failed to inform it of its plans to buy AIA and had failed "to deal with the FSA in an open and cooperative manner".

Prudential's deal to buy AIA eventually failed after shareholder opposition.

Prudential chairman Paul Manduca said: "We wish to draw a line under the matter, and to ensure our constructive relationship with our regulators remains good.

"Tidjane acted at all times in the interests of the company and with the full knowledge and authority of the board."

JWT India has sacked employees over a series of controversial advertisements, including one showing former Italian Prime Minister Silvio Berlusconi with a group of bound women in a car boot.

The adverts were never commercially used but appeared on a website.

JWT, a unit of the world's biggest advertising group WPP, said the posters were "distasteful and contrary to standards" followed at the firm.

Insurance market Lloyd's of London has returned to profit, despite paying one of the biggest claims in its history.

Superstorm Sandy, which hit the Caribbean and North America in October 2012, resulted in a £1.4bn payout.

But Lloyd's still made pre-tax profits of £2.77bn ($4.19bn; 3.26bn euros), reversing a loss of £511m for 2011, the market's costliest year on record.

The latest Business Daily podcast from the BBC World Service looks at the Brics meeting in Durban and asks if the group really is a force for good in Africa.

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