Wednesday evening business bulletin

Apr 16 2008 By Andrew Mernin

Crude oil prices rose to a new record above US$114 a barrel today as investors opted for commodities over a weaker dollar.

Light, sweet crude for May delivery reached US$114.53 in electronic trading on the New York Mercantile Exchange before falling back slightly.

The latest spike followed on from yesterday’s record-breaking run above the US$113 mark.

It comes as the euro scaled new heights against the US currency - as much as 1.5946 euros per dollar today. Higher inflation in the euro zone that reduces the chance of an interest-rate cut has been cited as the reason for the shift.

The misery facing high street retailers was brought into sharp focus today as sportswear chain JJB Sports became the latest firm to reveal bad news with plans to close shops and axe jobs.

Hit by a slowdown in spending among hard-pressed consumers, retailers have become increasingly gloomy over the prospects for the sector over the year ahead. While JJB’s store closures are thought to be more a reflection of the company’s structural issues, the announcement added to growing evidence that the industry is facing testing times.

Dire March industry sales figures sent shockwaves through the sector yesterday, as the British Retail Consortium (BRC) said like-for-like sales fell by 1.6% in March in the first monthly fall for nearly two years.

The current financial turmoil has left cabbies cautious about buying new taxis, the maker of the iconic London black cab said today.

Manganese Bronze Holdings said first quarter sales of its new TX4 model were down on a year ago as drivers worried about the economic uncertainty.

The company sold a total of 4,147 vehicles during its newly-extended 17-month period to December 31, with 2007 calendar year sales up 23%.

Bosses said the TX4 enjoyed an ``excellent" response since being launched in October 2006, but warned that the financial turmoil had affected recent sales.

The new vehicle costs up to £32,000 and features a distinctive ``retro" look, passenger head rests, anti-locking brakes and more comfortable interiors.

The pound at 5pm was US$1.9741 compared to US$1.9626 at the previous close while the euro at 5pm was £0.8083  compared to £0.8049 at the previous close.