Austerity in the UK has cut demand and output more than even pessimists predicted, former US Treasury Secretary Larry Summers tells the BBC.

Private company the Bristow Group is to take over the UK's helicopter search and rescue operations, including those of the RAF and Royal Navy.

The owner of B&Q, Kingfisher, reports a fall in profits after what it describes as "a tough year" of weak consumer confidence and wet weather.

The government invites private companies to bid for the East Coast rail franchise and also announces Virgin will run the West Coast Main Line until 2017.

Hon Hai Precision Industry, also known as Foxconn, a major assembler or Apple products, posts record quarterly profits.

Cyprus's finance minister says big depositors in the country's banks could lose up to 40% of their funds.

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

A think tank has rejected Scottish government suggestions that Scotland could be on the brink of another North Sea oil boom.