Bayerische Motoren Werke AG (BMW) said full year net profit fell by 3.6% to €1.947bn as costs for new products resulted in a 4.2% fall in earnings in the company's core automotive division.

Microsoft has announced plans to expand its board to 10 directors, adding two more overseers from outside the company.

BMW chief executive Joachim Milberg, who led the German car manufacturer out of its failed bid to revive Britain’s Rover, will give up his post next year to eliminate speculation about who will succeed him.