News headlines provided by... BBC NEWS

CPI target to 'crucify' consumers

Consumers will be "crucified" unless ministers change the target for fighting inflation, a leading economist warns.

Oil edges towards $128 a barrel

Oil prices hit a record approaching $128 a barrel for the first time on fresh worries about global supplies.

Home construction picks up in US

Construction of new US homes increased in April, raising hopes that the housing market may be recovering.

US consumer confidence falls

US consumer sentiment is now at its lowest level in almost 28 years, says a closely-watched survey.

WTO scrutinises US trade policy

The US should lower trade barriers and grow exports to boost its economy, the World Trade Organization says.

Eurozone sees March trade deficit

A strong euro and soaring oil prices create a surprise trade deficit across the eurozone in March.

Exports bolster Japan's economy

Japan's economy grew at a brisk annual rate of 3.3% in the first three months of 2008, official figures show.

Fed auctions $7bn in securities

The US central bank auctions $7bn in securities, far less than was available, showing credit markets are improving.

Fewer people facing bankruptcy

The number of people facing bankruptcy in England and Wales falls compared with a year ago.

Abbey reduces some of its rates

The Abbey becomes the second big lender this week to make slight cuts to some of its mortgage rates.

Euro growth better than expected

Economic growth in Europe during the first three months of 2008 was better than expected, official data shows.

Global food prices fall in April

Average food prices fall in April, the first time they have done so for 15 months, according to a UN agency.

US industrial output sees decline

US industrial output fell 0.7% in April, after car and manufacturing industries cut production, figures show.

World Bank boosts microfinance

The World Bank and Standard Chartered join up to invest $45m in microfinance in Asia and Africa.

Mexican tortilla prices 'up 18%'

Tortilla prices in Mexico are set to rise by 18% over the next few weeks, an industry group says.

Zimbabwe gets new $500m note

Zimbabwe issues a Z$500m banknote, worth US$2, as the opposition calls for an emergency summit on the elections

IMF sees financial crisis ending

The head of the International Monetary Fund, Dominique Strauss-Kahn, says the worst of the world financial crisis is over.

Pakistan battles power shortages

Pakistan is switching to daylight saving next month to help reduce the effects of power shortages.

Flexible working to be extended

The right to request flexible working is to be extended to about 4.5 million parents of children aged up to 16.