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| Morning business round-up: Oil moves on Opec impasse | Morning business round-up: Oil moves on Opec impasse |
| (40 minutes later) | |
| What made the business news in Asia and Europe this morning? Here's our daily business round-up: | 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. | 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. | 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. | 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. | 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 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. | 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. |
| The money will help fund the production of the next generation Mini in the UK, safeguarding more than 5,000 jobs. | 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. | 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. | 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. | 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. | 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. |
| For more Business news you can check out the Business daily podcast. The latest edition looks at the race for the top job at the IMF. | For more Business news you can check out the Business daily podcast. The latest edition looks at the race for the top job at the IMF. |