Economics / Markets

Gold rose to a record high above $1,500 a troy ounce and silver soared past $45 yesterday as developed countries' huge debt burden further pushed the appeal of the precious metals.

Financials dominate Forbes 2010 list of the biggest, most powerful companies in the world after a year of stellar performance and eye-watering profits.

British taxpayers are set to stump up more than £10bn to cover EU spending in 2012 - almost £700m more than they paid in 2010, according to The Telegraph.

Updated at 14.30: London's FTSE has stormed through the 6,000 barrier to hit 6026, up 2.2%, as strong corporate earnings and a new record high for gold prices triggered a European rally.

The Monetary Policy Committee (MPC) was again divided six-three against a rate rise earlier this month, minutes from the April meeting reveal.

The final cost to BP from the Gulf of Mexico oil spill disaster could reach $60bn (£37bn), according to fresh analysis from ratings agency Moody's.

Tim Geithner, the US Treasury secretary, shrugged off warnings from a leading ratings agency about the US public finances as he sought to reassure Wall Street that the world's biggest economy would be able to maintain its highly-prized AAA rating.

US markets opened higher this afternoon after shaking off losses sparked by yesterday's surprise Standard & Poor's downgrade of the outlook for US debt.

Over-regulation by the FSA and some of the highest income tax in the world is deterring business from investing in the UK, and putting the country's recovery at risk, according to a CBI report.

Three European asset management firms have accused banks including Bank of America Corp., JPMorgan Chase & Co., HSBC Holdings Plc, Barclays Bank Plc and Credit Suisse Group AG of conspiring to manipulate Libor.