For oil markets, it as if the Great Recession never happened. Surging demand in China, India and the Middle East is making up for decline in the debt-crippled West, ensuring another global crunch within three or four years. Bank of America and Barclays Capital, two leading oil traders, have told clients to brace for crude above $100 (£64) a barrel by next year, before it pushes relentlessly higher over the decade.
“All Toyota vehicles bear my name. When cars are damaged, it is as though I am as well. I love cars, and I take the utmost pleasure in offering vehicles that our customers love,” Akio Toyoda, the Japanese auto giant’s president said in an emotional address to his employees. “Yet it is clear to me that in recent years we didn't listen as carefully as we should—or respond as quickly as we must—to our customers' concerns.”