Qantas says it will close some international routes and cut jobs after its profits were hit by strikes and rising fuel costs.

Former Olympus chairman Tsuyoshi Kikukawa is arrested as part of the probe against the firm, according to Japanese media.

Eurozone finance ministers say they need more oversight of Greece's economy, after Athens reaffirms its commitment to austerity measures.

Indonesia's Lion Air places an order for 27 ATR aircraft, a day after confirming a deal to buy 230 Boeing airplanes.

Societe Generale reports a big drop in fourth quarter profits after writing off 662m euros (£516m; $808m) in Greek government debt.

India's Kingfisher Airlines widened sharply in the final three months of 2011, raising fresh concerns about the carrier's future.

The founder of the Flintshire-based supermarket chain Iceland is in exclusive talks about a deal for his management team to buy the company ahead of other contenders.

UK defence group BAE Systems reports a drop in sales as defence orders fall off, and warns that sales growth is unlikely this year.