The price of New York crude oil soared above $126 per barrel on Friday, lifted by speculative demand amid concerns about tight global energy supplies, analysts said. New York's main oil futures contract, light sweet crude for June delivery, spiked as high as $126,20 in London trading hours.
Asian and European stock markets fell sharply again on Monday as investors worried about possible recession and a forthcoming interest-rate call in the United States, analysts said. The Paris market fell amid anxiety and tension after an alleged -billion fraud was unearthed last week at French bank Société Générale.
The price of gold is hitting new record highs owing to the troubled United States economy and a cocktail of other supportive factors, leading some analysts to predict Â 000 per ounce could happen soon. In recent days the precious metal has blasted past in a record-breaking run. On the London Bullion Market on Monday, gold blazed a trail as high as ,30 dollars per ounce.
Troubled British bank Northern Rock faced break-up rumours on Sunday as it sought to reassure panicking customers and investors following an emergency bail-out by the Bank of England. Worried customers besieged Northern Rock on Friday and Saturday to withdraw their savings -- despite assurances that it would not fall victim to the global credit squeeze.
Investment fund TCI tried to spark a bidding war for Dutch group ABN Amro on Tuesday, seizing on marriage talks by British bank Barclays with an invitation to other banks to make offers. ABN Amro and Barclays revealed overnight that they were in ''exclusive'' talks to create a vast global bank with complementary interests around the world.
The appointment of Cynthia Carroll as chief executive of Anglo American marks a step in the right direction for equality in Britain's boardrooms as women struggle to break through the glass ceiling, analysts said. The global mining giant, which is registered in Britain but operates mainly in South Africa, announced last week that 49-year-old Carroll would replace Tony Trahar on March 1 2007.
Britain's Office of Fair Trading (OFT) said on Thursday it was investigating ''alleged price coordination'' related to the imposition of fuel surcharges within the airline sector and that it had visited British Airways (BA) as part of the probe. BA earlier announced that the OFT and the United States Department of Justice were investigating alleged cartel activity involving it and other airlines.
European stocks rose on Friday, recovering part of recent losses as investors seized on news that the New York Stock Exchange Group was to acquire the pan-European stock market Euronext. The $10-billion (€7,8-billion) cash and stock deal, announced overnight in New York, will create the first trans-Atlantic securities market.
Journalists and broadcasting workers at the British Broadcasting Corporation will strike for three days starting later this month over plans to cut 3 780 jobs across the organisation, union officials said on Thursday. Workers from three trade unions will walk out on May 23, May 31 and June 1.