COMMODITIES HIT BY CRASH May 5, 2011 Commodity prices suffered a dramatic slump yesterday as oil fell below the psychologically important $100 a barrel mark in the US last night. The accelerating crash brought into sharp focus a commodity sell-off that has now spanned four days and has seen silver lose almost a quarter of its value. Investors scrabbled for other safe-haven [...]
Lloyds boss snubs rivals May 5, 2011 LLOYDS’ new head Antonio Horta-Osório blindsided other bank chiefs yesterday by taking a unilateral decision not to participate in an industry appeal against a high court ruling that could cost the banks billions. A board member at a rival bank said that the Lloyds boss had angered his counterparts by going it alone and showing [...]
Hammond slams strikes May 5, 2011 Transport secretary Philip Hammond has branded the latest round of Tube strikes “highly irresponsible” and said the union’s behaviour will lead to tougher industrial laws. The RMT union, headed up by Bob Crow, has announced six strike days. They will down tools for between nine and 24 hours between 16 and 20 May and again [...]
Commodities crash was predictable May 5, 2011 SO Goldman Sachs was right after all. The bank everybody loves to hate called the top of the commodities market three weeks ago; yesterday, its prediction came true, with the declines in key commodities seen in recent days suddenly turning into an almighty crash. The price of oil plunged especially dramatically, with Brent crude losing [...]
Clegg’s AV hopes vanish May 5, 2011 THE future of the coalition government is hanging in the balance as Nick Clegg prepares himself for a certain defeat in the referendum on the alternative vote due to be announced tonight. Voters are expected to reject change in favour of the traditional first-past-the-post system, a crushing disappointment for Clegg who had pledged electoral reform [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 5, 2011 FINANCIAL TIMES JAGUAR TO INVEST £5BN Jaguar Land Rover is investing £5bn over the next five years to catch up on quality with BMW, Mercedes-Benz and Audi – the three German companies that dominate the luxury end of the automotive business globally. The money will be spent mainly on product development and new equipment at [...]
AIG loses $1bn in first quarter May 5, 2011 Bailed-out insurer American International Group (AIG) lost more than $1bn (£609m) from its ongoing operations in the first-quarter, as the company took a huge charge for the termination of its credit facility with the Federal Reserve. AIG reported a loss from continuing operations of $1.18bn compared with a profit on the same basis a year [...]
Sir David Michels to quit M&S May 5, 2011 Marks & Spencer is undergoing a boardroom reshuffle, with deputy chairman Sir David Michels and non-executive director Lady Patten both stepping down. Michels, who has served five years on the board, will leave after his term ends in February while Patten, who has been with M&S since 2006, will go after the firm’s annual meeting [...]
Pound slumps as UK service sector slows May 5, 2011 GROWTH in the UK’s service sector eased last month, after printing a tearaway rate in March. Services expanded at an index score of 54.3, according to the latest purchasing managers’ index (PMI), down from March’s 13-month high of 57.1. The slowdown in the economy’s largest sector will concern chancellor George Osborne, with this week’s PMI [...]