The FT leads with a report that the Middle East crisis threatened to disrupt oil markets when I...
The FT leads with a report that the Middle East crisis threatened to disrupt oil markets when Iraq said on Monday that it would cut production for one month to show solidarity with the Palestinians. Ali Rodriguez, secretary-general of the Organisation of Oil Exporting Countries, warned that Iraq's action, coupled with labour trouble that reduced Venezuelan oil exports, could provoke an oil crisis.
The FT also notes that Leo Kirch's core rights trading and free TV business filed for insolvency on Monday, revealing that the German media mogul harboured previously undisclosed liabilities and bigger debts than expected to Hollywood.
Tony Blair is using his close relationship with President George W. Bush to fight for a special deal to exclude British steel from punitive tariffs imposed by the US according to the FT.
The Telegraph writes that computer giant IBM stunned Wall Street yesterday by issuing its first profit warning for a decade. The company, nicknamed Big Blue in the US and regarded as a technology bellwether, said its first-quarter earnings would be up to 22pc below expectations of 85 cents per share.
Will Hay, nicknamed Mr Fixed Income in Scotland because of his role as one of Britain's most important bond fund managers, is to leave Standard Life Investments, it emerged yesterday says the Telegraph.
The Telegraph also notes that Gartmore, the British fund management business, is exiting the Japanese retail market and focusing on European expansion after carrying out a strategic revew.
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'Increasing engagement will only favour those prepared to put in the effort'