Morning business round-up: Oil moves on Opec impasse


What made the business news in Asia and Europe this morning? Here's our daily business round-up:

The price of oil reacted to the surprise news that the Opec oil cartel had failed to agree on a rise in production.

US light, sweet crude rose 71 cents to $101.10 per barrel, before slipping back to $100.74 at the end of the Asian trading session.

In London, Brent crude rose almost $1 at the start of trading, reaching $118.53 before dropping back to $117.70.

Figures from Australia indicated that the country's jobs market had continued to weaken in May.

The economy shed 22,000 full-time jobs, government figures showed, the second month in a row that full-time employment has declined.

The UK's car sector received a boost on Thursday when BMW announced a plan to invest £500m in UK car production over the next three years.

Media caption,
Biz Heads

The money will help fund the production of the next generation Mini in the UK, safeguarding more than 5,000 jobs.

But there was further evidence of the tough conditions facing the UK retail sector from Home Retail Group.

Its shares fell 11% after it said its catalogue-based retail chain Argos had seen a big drop in sales in the past three months.

The Bank of England kept UK interest rates unchanged at the record of low of 0.5%, as expected.

In the world of football, a study by Deloitte found that the proportion of income that English Premier League clubs spend on wages hit a record 68% in the 2009-10 season.

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