Commodities

Jim Rogers, the chairman of Rogers Holdings, has described the bailout of the Spanish banking sector as "absurd economics" in a scathing attack on the European Union's approach to the crisis.

Gold exchange-traded commodities (ETCs) saw $500m of inflows in the past three weeks, as investors flocked to the precious metal as the eurozone crisis worsened.

Oil futures have risen to a five-month high on hopes of stronger demand for fuel following the announcement of the Spanish bailout.

The chief executive of Xstrata is in line for a £75m payday as head of the company created from a merger of the miner with commodities giant Glencore.

WEALTH MANAGERS

Gold had lost a fifth of it value since its peak last year as investors move into cash as fears over the eurozone crisis intensify.

Tom Dobell, manager of the £7.8bn M&G Recovery fund, has warned BP it must up its game or risk being snapped up by another oil major.

The gold spot price fell to a four-month low of $1,596 on Tuesday after the dollar strengthened significantly against the euro and other leading currencies.

Oil major BP saw profits fall in the first quarter of the year, led by its downstream business, but has held its dividend at 8 cents per share.

ENERGY