Eurozone unemployment rate sticks at 11%
Unemployment in the eurozone was 11% in April, unchanged from March, but still the highest since records began in 1995.
Spain had the highest rate in the eurozone at 24.3%, while Austria had the lowest at 3.9%, according to the official figures from Eurostat.
A seasonally adjusted total of 17.4 million people were unemployed in the eurozone, up from 17.3 million.
In the 27-nation European Union, the jobless rate was 10.3%, up from 10.2%.
"Today's grim unemployment figures provide a sober reminder that the eurozone economy is in desperate need of a more expansionary policy stance," said Martin van Vliet, an economist at ING.
"The labour market recession in the eurozone continues to spread and deepen."
The rate of unemployment in both France and Italy rose to 10.2%, from 10.1% in March.
But Germany bucked the trend, with the rate of unemployment dropping to 5.4% from 5.5% the previous month.
BP plans to sell stake in TNK-BP
BP has announced that it is going to try to sell its stake in the TNK-BP Russian oil joint venture. In a short statement, the oil company said it had received “unsolicited indications of interest” in acquiring its shares. BP has informed the other shareholder in TNK-BP, Alfa Access Renova, that it plans to pursue a sale. It warned that there was no guarantee that such a transaction would take place.
BBC business editor Robert Peston said: “I understand that one of these approaches is from an unnamed Russian state business, which might offer cash and shares for the TNK-BP stake.” TNK-BP is a joint venture between BP and Alfa-Access-Renova (AAR), a group of Russian billionaires.
In its own statement, AAR said it had received BP’s notification and added: “It has become apparent that the parity ownership structure has become inoperable given fundamental differences over strategy and governance between AAR and BP.” “AAR remains committed to the successful development of TNK-BP including potentially increasing its shareholding in the business.”
Earlier in the week one of the billionaire owners of AAR, Mikhail Fridman, announced he would be stepping down as TNK-BP’s chief executive in 30 days “for personal reasons”. Relations between the shareholders have been particularly strained since BP had to abandon plans to form another joint venture with rival Russian oil firm Rosneft last year after AAR launched a legal challenge.
On Thursday, Fridman warned that one of the two partners needed to take full control of TNK-BP and that the joint venture would be paralysed until it did so. TNK-BP is Russia’s third largest oil producer. It was formed in 2003 when BP merged its Russian oil and gas assets with those of AAR. The joint venture also has operations in Ukraine, Brazil, Venezuela and Vietnam.
Spain's manufacturing sector sees contraction worsen
The rate of contraction in Spain's manufacturing sector was worse than that of Greece in May, according to a business survey.
Markit's eurozone manufacturing purchasing managers' index for the whole eurozone dropped to 45.1 from 45.9 in April.
Any figure below 50 suggests a contraction in the sector.
Spain's figure of 42.0 was the worst in the bloc, dropping below Greece's level of 43.1.
It was Spain's fastest rate of decline in its manufacturing sector since May 2009.
"Things went from bad to worse in the Spanish manufacturing sector during May," said Andrew Harker, the report's author.
"The ongoing lack of demand in the sector is mainly reflective of domestic problems, but the weakness in the rest of the eurozone was also reported to have weighed on demand in May."
Contagion fear
The eurozone-wide figure of 45.1 was also the lowest for three years.
Markit said this suggested the downturn in so-called peripheral countries was spreading into stronger nations such as France and Germany.
Chris Williamson, chief economist at Markit, said the figures were a cause for concern: "All four of the largest eurozone nations are now reporting worryingly sharp downturns in their manufacturing sectors.
"Eurozone manufacturers reported a deepening downturn in May, indicating that the damage to the real economy caused by the region's financial and political crises continues to spread across the region."
Firms have also been cutting jobs. The survey showed staffing levels fell for the fourth month in a row.
The European Central Bank will meet next week to talk about the level of interest rates.
It is also expected to cut its growth forecasts for this year and next.
Diamond Jubilee: River Thames pageant to honour Queen
The Queen's Diamond Jubilee weekend will reach its peak later on Sunday with a colourful River Thames pageant.
Hundreds of thousands of people will line the banks of the river to watch the Queen cruise past on a royal barge escorted by a 1,000-strong flotilla.
The event to mark 60 years of her reign promises to be the most spectacular nautical event in London for 350 years.
Millions more Britons are expected to take part in Jubilee parties, outdoor concerts and fairs across the country.
The Queen, Duke of Edinburgh and other senior royals will travel from Albert Bridge to Tower Bridge aboard a lavishly adapted royal barge - the Spirit of Chartwell - decorated with almost 1,000 cut flowers.
Dunkirk small ships
As the pageant begins at 11:30 BST with mustering at Hammersmith and Battersea bridges, the Thames barrier will be lowered to slow the river's flow.
The spectacle, along a seven-mile stretch, will end some six hours later when the last boat passes Tower Bridge.
Adam Kerr, the skipper of a restored 19th Century Cornish fishing lugger, the Barnabas, sailed 400 nautical miles to take part.
"It's going to be wonderful, I think it's going to be a pretty colourful spectacle," he told the BBC.
"I'm sure they're very worried about the security of boats crashing into each other, I think we'll be okay - we're a pretty well controlled boat, good crew and nice engine to drive us along."
The £10m cost of the event has been met by private donations but the security costs will be paid for by the taxpayer.
The anti-monarchy group, Republic, has said it will hold a demonstration against what they call an unelected, unaccountable monarch.
BBC weather forecaster John Hammond said pageant watchers should wrap up with waterproofs and wind proofs amid temperatures of around 11C.
He said party-goers in most of England and Wales should expect cloud and the threat of rain, whilst Scotland and Northern Ireland would be dry with some sunshine.
A collection of small ships used to rescue stranded troops from the beaches of Dunkirk in 1940 will also take part in the river event.
It will be led by the Motor Torpedo boat 102, the flagship of the officer who co-ordinated the evacuation on the scene.
A boat carrying eight specially cast Jubilee bells will lead the water-borne procession, and churches along the river bank will return the peel as it passes.
Later on Sunday, Prime Minister David Cameron will attend a Jubilee party in Downing Street.
And around the country, a community initiative called the Big Jubilee Lunch will encourage people to share food with neighbours and friends in street parties or at picnics.
On Monday, a concert will be held in front of Buckingham Palace in the area surrounding the Queen Victoria Memorial, with performances from artists including Dame Shirley Bassey, Sir Elton John, Jessie J, JLS and Ed Sheeran.
When it ends at 22:00 BST, more than 4,000 beacons are due to be lit in the UK and around the world.
The Queen will light the UK's last beacon - the National Beacon - at about 22:30 BST, to be followed by a firework display at Buckingham Palace.
Cargo plane hits bus in Ghana airport crash
A cargo plane has crash landed in Ghana's capital Accra, hitting a bus full of passengers, officials say.
Ten passengers on board the bus were reported to have been killed while all four crew members survived.
Local TV showed the heavily damaged Boeing 727 Allied Air plane lying across a road close to Kotoka International Airport.
Ghana's airport operator said the plane, which had flown from Lagos, Nigeria, overshot the runway.
It said in a statement that the four crew members were receiving treatment at an airport clinic.
"The aircraft collided with a minivan, resulting in 10 confirmed fatalities," the statement added.
Police and troops cordoned off the scene following the incident just after 19:00 GMT on Saturday.
Ghana's Vice President John Dramani Mahama told reporters at the airport that a thorough investigation would be carried out.
"No early conclusions should be drawn. We should allow investigations to arrive at the actual cause. But I can assure Ghanaians that the situation is under control," he said.
Ghana Airport Company said flights were continuing as normal at the airport.
Kofi Kportufe, head of Ghana's national disaster management agency, praised the emergency services for their quick response, which he said had "averted further disaster".
"This is a sad day for Ghana," he said.
The BBC's West Africa correspondent John James says Ghana's air safety record has been good in recent years.
BBC
US Drone Strike Kills 5 Militants in Pakistan
Security officials in Pakistan say a U.S. drone strike has killed at least five militants in the country's northwestern tribal district.
Authorities say four missiles were fired into a village Sunday near the Afghan border. Officials say the strike targeted the home of a militant commander.
On Saturday, a drone strike in the same region killed at least two insurgents.
Drone strikes have become an increasingly contentious issue between Washington and Islamabad, following a November strike that killed 24 Pakistani soldiers.
Pakistan has demanded the U.S. apologize for the November air strike. Washington has refused.
Pakistan says the missile attacks are counter-productive, violate its sovereignty, kill civilians and fuel anti-U.S. sentiment.
Thousands in Egypt Protest Mubarak Verdict
Thousands of Egyptians took to the streets across the country late Saturday to protest the verdicts in the trial of former president Hosni Mubarak, former interior minister Habib al-Adly and six top security officials.
The ousted leader was found guilty for his role in the killings of hundreds of anti-government protesters during the first week of the uprising in February 2011 that forced his downfall. He was given a life sentence. Prosecutors had called for the death penalty, but the presiding judge said that although Mubarak failed to prevent the deaths, he was not directly responsible for them. Mubarak's lawyers are expected to appeal the sentence.
The much-hated interior minister was also found guilty and given the same sentence, but the top security officials were acquitted.
The court also acquitted Mubarak, his two sons Gamal and Alaa, and others of corruption charges.
Demonstrators turned out in Cairo, Alexandria, Suez and other cities. In Cairo, people flooded Tahrir Square, the center of the revolution, demanding everything from a retrial to the death penalty for Mubarak. The crowd also protested the acquittal of the security officials.
Many were furious about the acquittals of corruption charges. They suspect the vast wealth allegedly accumulated by the Mubarak family would remain in their hands.
Earlier in the day, jubilant Mubarak opponents embraced and wept outside of the Cairo courthouse as the verdicts were announced. But the joy turned quickly into anger as the implications of the verdicts were absorbed and the chance they could be easily overturned became clearer.
“They are waving the Egyptian flag. They are shouting for a cleansing of the judiciary. They are calling for new trials. And, it is quite a broad spectrum of people who have gone down there.”))
Meanwhile, Egyptian state media say Mubarak suffered an unspecified “health crisis” after the verdict. He received treatment at a prison hospital. The 84-year-old former president had consistently arrived in court on a stretcher.
Mubarak's abrupt resignation in February 2011 ended his almost 30-year rule in Egypt.
The verdict and sentencing come as Egypt remains divided over who will replace the 84-year-old Mubarak. The first presidential elections since his ouster pit Islamist Mohammed Morsi against Ahmed Shafiq, the last prime minister under Mubarak.
Early Sunday, a group of protesters reportedly ransacked Shafiq's offices in Fayoum city south of Cairo. Local authorities say the attack could have been sparked by earlier demonstrations by Egyptians who wanted Mubarak executed.
News: Wyclef Jean
Rapper Wyclef Jean will perform “The Star Spangled Banner” during a tribute performance to Jimi Hendrix at SummerStage in New York. The SummerStage Gala titled “The Music of Jimi Hendrix” will take place at Rumsey Playfield next week, where Bebel Gilberto, G. Love & Special Sauce, Amel Larrieux, Living Colour, and The Roots will also perform.
The highly anticipated show featuring songs from Hendrix’s legendary catalog is being produced by Michael Dorf, who is known for producing similar events at Carnegie Hall. Seated concert tickets start at $50 for the concert, which takes place on June 5.
Venezuela bans private gun ownership
Venezuela has brought a new gun law into effect which bans the commercial sale of firearms and ammunition.
Until now, anyone with a gun permit could buy arms from a private company.
Under the new law, only the army, police and certain groups like security companies will be able to buy arms from the state-owned weapons manufacturer and importer.
The ban is the latest attempt by the government to improve security and cut crime ahead of elections in October
Venezuela saw more than 18,000 murders last year and the capital, Caracas, is thought to be one of the most dangerous cities in Latin America.
'Must do more'
The government has been running a gun amnesty in the run-up to the introduction of the new law to try to encourage people to give up their illegal arms without fear of consequences.
Hugo Chavez's government says the ultimate aim is to disarm all civilians, but his opponents say the police and government may not have the capacity or the will to enforce the new law.
Criminal violence is set to be a major issue in presidential elections later in the year.
Campaign group The Venezuela Violence Observatory said last year that violence has risen steadily since Mr Chavez took office in 1999.
Several Latin American countries have murder rates far higher than the global average of 6.9 murders per 100,000 people.
According to a recent United Nations report, South America, Central America and the Caribbean have the highest rates of murder by firearms in the world.
It found that over 70% of all homicides in South America are as a results of guns - in Western Europe, the figure was closer to 25%.
Donation allegations refuted by Grenada PM's Office
Grenada’s Prime Minister Tillman Thomas has admitted receiving money from an overseas donor as leader of the ruling National Democratic Congress (NDC), but it’s not US$150,000 as claimed by the opposition New National Party (NNP).
Dr Keith Mitchell, leader of the NNP, has also alleged that the US$150,000 was contributed by a source in Saudi Arabia, but that charge has also been refuted.
“Approximately five months ago, a friend of Grenada, who does not wish to be publicly identified, and whose place of corporate residence is the British Virgin Islands, made a political donation of 50,000 US dollars to the prime minister as political leader of his party,” said a statement issued on Wednesday by the Prime Minister’s Office (PMO).
The full text of the PMO’s statement is as follows:
In the wake of the resounding and embarrassing defeat suffered in the recent vote of no-confidence motion on May 15th 2012 and the shock from the massive and enthusiastic crowd brought out by the Prime Minister at his Thanksgiving rally at the Grenville Car Park, the NNP and those known to be opposed to Prime Minister Tillman Thomas, are desperately grasping at straws, in their attempt to tarnish the good character of the Prime Minister and Political Leader of the NDC.
As a result, they are now trying to convince the Grenadian Public that the Prime Minister was engaged in some kind of shady financial dealings and that he received the sum of $150,000 US dollars from a criminal source in Saudi Arabia.
The Prime Minister wishes to assure the Grenadian public, in keeping with his commitment to the good governance agenda and his pledge to the Grenadian people to be accountable and transparent, that nothing could be further from the truth.