Business news and markets: as it happened 17.15 With European markets done for the day, London's blue-chip index has closed above the psychologically important 6,600 level for the first time in five and a half years. The Telegraph's markets reports Ben Martin reports: The benchmark index climbed 32.24 points to finish at 6,624.98, with moves by central banks around the world to boost stimulus measures in recent weeks contributing to a rally that has sent the index to its highest close since October 2007. Having risen for seven trading days in a row, the blue-chips have now recorded their longest streak of daily gains since July 2011. The moves in London have been mirrored by other stock markets around the world. In Japan, the Nikkei 225 climbed 2.9pc to its highest close since January 2008, while in Germany, the Dax reached a fresh record today. Both the S&P 500 and the Dow Jones Industrial Average in the US touched all-time highs earlier this week. "It is no coincidence that a number of central banks have record low interest rates coupled with large stimulus packages, and global equity markets are at multi-year highs or in some cases all-time highs," said David Madden, a market analyst at spread-betting firm IG. Investors know in their heart of hearts that this artificial rally won't last forever, but they won't be stepping off the gravy train anytime soon. The FTSE 100 has now advanced 12.3pc so far this year, having finished 2012 at 5,897.81. The FTSE 100 year to date. Source: Bloomberg 16.55 Markets on the continent are also closed now for the day. The Cac closed up 0.64pc, the Dax up 0.19pc, the FTSE Mib up 1.13pc, while the Ibex closed down 0.33pc. 16.48 The FTSE 100 has managed to hold on to its gains and has finished up 32.24 points at 6,624.98, closing above 6,600 for the first time since October 2007. Having risen for seven days in a row, the blue-chips have recorded their longest streak of daily gains since July 2011. The mid-cap FTSE 250, 34.04 better at 14,315.66, is also at a fresh all-time high. Nicholas John De Villiers Dale-Lace, senior sales trader at CMC Markets UK, says it has been a quiet end to a frantic week, with the bulls now heading for the champagne bar. 16.30 More on those results from the Ocado AGM earlier today. The Telegraph's Szu Ping Chan reports: Ocado, the online grocery retailer, has suffered a sizeable shareholder backlash over executive pay after almost a quarter voted against the company's remuneration proposals. The results of Ocado's annual general meeting on Friday showed that 23.46pc of shareholders voted against the remuneration report, while almost 14pc voted against Ocado's Long-term incentive plans (LTIPs). Friday's dissenting vote compares with just 2.4pc who voted against the remuneration report last year, and 1.2pc in 2011. It also comes days after the Association of British Insurers criticised Ocado's LTIPs for being opaque. The ABI, which represents pension funds, issued a "red-top" alert - its highest level of concern - ahead of the AGM, and called for the plans to be published so that investors could see the details. 16.09 Online food retailer Ocado held its annual general meeting today and the votes are now counted. The shareholders do not seem best pleased with the remuneration package. The The Telegraph's James Quinn tweets: James explains a bit more on the 'red top' note: The Association of British Insurers issued a red top notice ahead of Ocado's annual general meeting, the most severe warning in its arsenal. The ABI said that Ocado should publish its long-term incentive plan (LTIPs) for executives so that investors could see the details. However ahead of the meeting, Lord Grade told last week's Sunday Telegraph that the company had 'consulted in detail' with its investors, who he said supported the firm's pay plans. 15.50 More from Bernanke now, who has finished speaking at the SIFI conference at the Chicago Fed. The chairman of the US Federal Reserve said the central bank was stepping up its monitoring of "too big too fail" companies and other risks to financial stability. Bernanke said the Fed was moving into a more systemic mode of financial monitoring after failing to spot the seeds of the 2008 Wall Street meltdown more than four years ago. The step-up in our monitoring is motivated importantly by a shift in financial regulation and supervision toward a more macroprudential, or systemic, approach. In addition to the lessons learned from the financial crisis, the more intensive monitoring was needed "because financial activities tend to migrate from more-regulated to less-regulated sectors," Bernanke said. The second motivation for more intensive monitoring is the apparent tendency for financial market participants to take greater risks when macro conditions are relatively stable. Bernanke sounded a note of caution about the recent record-setting rise in the US stock market as the Fed holds its near-zero key interest rate and pumps $85 billion a month into bond purchases to support a weak economic recovery. In light of the current low interest rate environment, we are watching particularly closely for instances of 'reaching for yield' and other forms of excessive risk-taking, which may affect asset prices and their relationships with fundamentals. For the purpose of safeguarding financial stability, we are less concerned about whether a given asset price is justified in some average sense than in the possibility of a sharp move. 15.36 German finance minister Wolfgang Schaeuble has weighed into the discussion on the risk of a global currency war. Ahead of the G7 meeting, where he confirmed that foreign exchange rates will be on the agenda, he said it was "important to remember" that G20 countries have promised not to improve competitiveness by manipulating currencies. Mr Schaeuble also gave a nod to calls from the US for Germany to ease up on austerity, saying it was "important that policies seek balance between growth and austerity." German finance minister Wolfgang Schaeuble 15.27 Earlier we reported that Anglo American's platinum-mining arm Amplats had bowed to pressure from South African government and unions over job losses at its operations in the country, more than halving the scale of planned cuts. Anglo American Platinum, known as Amplats and 80pc owned by Anglo, said it now expected to make 6,000 job cuts, down from 14,000 originally. The announcement followed repeated extensions to talks with the South African government over the restructuring plans. Anglo is the largest private-sector employer in South Africa, where unemployment stands at about 25pc, and the radical job cut plans have raised fears there could be more violent strikes such as those that hit the country's mining sector last year. Anglo however sees the restructuring as crucial to its profitability as the platinum industry faces rising costs and weak prices. Read her full piece here. 14.55 The WI is preparing Afternoon Tea for the Chancellor's G7 guests at Hartwell House in Buckinghamshire. George would appear to be mucking in, too. Source:Twitter 14.48 Here's a round-up of comments made by attendees of the G7 meeting of finance ministers and central bankers, courtesy of Reuters. On austerity: US Treasury Secretary Jack Lew said: For a global recovery... It cannot be led by the United States alone... There are countries in Europe that have more fiscal space in Europe to create a bit more economic demand and more economic growth. Canadian finance minister Jim Flaherty said: The resolve has weakened, and I think it's mistaken. I would like to achieve a consensus that we need to do both ... fiscal consolidation and economic growth incentives. Olli Rehn, EU Commissioner for economics and monetary affairs, said: In Europe, we can afford a smoother path of fiscal adjustment but at the same time it is ever more important to intensify structural reforms ... this is valid for countries like France, Italy and Spain. 14.45 Amid caution over the outcome of the G7 meeting, the Dow Jones Industrial Average in the US has had a weak start and has dipped six points in early deals. In London, the FTSE 100 has also pared some of its gains and briefly slipped below the 6,600 level, although it is currently up 13 points at 6,605. 14.40 Back to Bernanke, who says prolonged economic stability is a "double-edged sword." [Economic stability] can reduce incentives for market participants to take precautions. Our best defence against complacency is careful monitoring for emerging risks. 14.38 Dipping back to the Co-op bank's downgrade by Moody's, Richard Evans has more on the rising yield on the bank's debt. Investors happy to take the risk of investing in the Co-operative Bank following warnings that it may need state help can get an income of 11.5pc on the bank's bonds. Co-op Bank's 9.25pc preference shares currently yield 9.17pc net of tax, according to Canaccord Genuity, the stockbroker. But its 13pc subordinated bonds are yielding 11.5pc, although this is a gross figure. The preference shares are trading today at 100p without the right to the most recent dividend. Before the announcement from Moody's their price was 133.5pc ex-dividend, so they have fallen by 25pc in a day. The subordinated bonds were trading at 155p yesterday but have fallen to 113p, a decline of 27pc. "Subordinated" means that other creditors rank higher in the event of insolvency, so the bonds are riskier. Investors in the bonds must buy units of £1,000, whereas it's possible to buy a single preference shares if you wish. Rates on bank bonds and similar assets such as preference shares and building society Pibs are attractive to investors who struggle to get more than about 3pc on cash deposits. Read his full piece here. 14.31 He's up. He opens by saying the legacy of the financial remains. 14.29 Ben Bernanke, chairman of the US Federal Reserve, who will be represented by his deputy at the G7 meeting today, is about to take the podium at the SIFI conference at the Chicago Fed. You can watch along live here. 14.19 The Moody's downgrade of the Co-operative Bank's debt to 'junk' status has triggered a heavy sell-off in the bank's subordinated debt, where bankers reported seeing Tier 2 bonds as much as 300bp wider and covered bonds 50bp wider. Moody's has also said that it may downgrade the bank's ratings again. 14.12 The EU's top economic affairs official Olli Rehn has urged the G7 to avoid talk of currency wars. 13.55 Chancellor George Osborne has declined to predict whether the Co-operative Bank will need a government bail-out. Speaking ahead of today's G7 meeting, he said: The Co-op have put out a statement last night about how they are going to strengthen their capital position. Those plans, like the plans of any bank, will be supervised by our new independent PRA, the prudential regulatory authority, and in Britain we now have a very strong independent regulatory system that looks at all of our banks including the Co-op and indeed here at the G7 we are going to be talking about what we can do to strengthen international co-ordination and regulation of our financial system. 13.30 Should Co-op Bank customers be concerned about the Moody's downgrade and ensuing departure of its chief executive? Rosie Murray-West thinks not. Before you rush to Balloon Street to get your cash out, however, let me explain why I won't be joining you. Despite the £674m annual losses, the Moody's downgrade, and the lack of chief executive, the bank has several things in its favour. For a start, savers are protected by the Financial Services Compensation Scheme, which ensures that the first £85,000 that you have in any bank is guaranteed to be returned to you. The company also says that its funding profile at present is "significantly above the regulatory requirements" - meaning that it should not be going under any time soon. For me, the really sad thing about Mr Tootell's departure and the Moody's downgrade is that together, they may spell the end of the Co-op's position as thorn in the side of the more traditional banks. At the height of the financial crisis, switching to the Co-op allowed consumers to show their dissatisfaction with the status quo. With the group's financial strength called into question, that rhetoric suggesting that there is a better way to treat customers as well as society and the environment, is called into question too. And that's a shame, because strong challenger banks are something that ordinary customers really need. We can't afford for Balloon Street to float off any time soon. 12.46 It looks like the avoidance of a currency war might feature strongly on the G7 agenda today and tomorrow. Although Bank of Japan governor Haruhiko Kuroda insists his monetary policy is not aimed at driving down the value of the yen - which hit a new four-and-a-half year low against the dollar overnight - US Treasury Secretary Jack Lew has warned that it is pushing the boundaries of international agreements to avoid competitve currency devaluations. Speaking to CNBC ahead of the G7 meeting of finance ministers and central bankers, Mr Lew: I'm just going to refer back to the ground rules and the fact that we've made clear that we'll keep an eye on that. 12.31 Dipping back to Japan, the IMF has said it is keeping a tight eye on the effects of the new cash supply unleashed by the BoJ, since such massive flows of cash could lead to asset bubbles or overheating in some emerging markets. New cash supply from monetary easing in the US and Europe could also contribute. 12.28 BT's strong full-year results, where it posted 2pc rise in pre-tax profits, have sparked a rally in its shares, which have risen almost 11pc. The company's value had risen by £2.3bn between market open and midday today. 12.19 Bank of Japan governor Haruhiko Kuroda has insisted that the central bank's aggressive monetary easing, which will see Japan's money supply double by the end of the year, is not aimed at driving down the value of the yen. Even so, the yen has fallen to a four-and-a-half year low against the dollar, breaching the 100-to-a-dollar mark overnight. His comments will strike a chord at the G7 today, where he plans on repeating his assertion. He told reporters ahead of the meeting that his monetary policy is targeted at hitting Japan's 2pc inflation goal in two years. BoJ governor Haruhiko Kuroda. Photo:AP 12.04 Activist investor Carl Icahn has submitted a proposal to the board of US computer company Dell in a bid to upend the $24.4 billion buyout by founder Michael Dell. Mr Icahn, together with Southeastern Asset Management, has submitted a bid which would offer shareholders the option to keep holding stock in the company, and take an additional $12 a share in cash or stock, according to a letter addressed to Dell's board. The duo also plans to take additional stock in the computer company, they said. Southeastern and Mr Icahn, who together own 13pc of Dell and have been vocal in their opposition of Mr Dell's plans to take the company private, argued in their letter that the buyout effort significantly undervalued the company. 12.00 Shares in mining giant Anglo American have lost ground since Amplats, its South African platinum division, said it may cut up to 6,000 jobs, which is significantly lower than its initial proposal to shed 14,000 workers. Anglo shares are currently off 1.9pc, one of the biggest FTSE 100 fallers. 11.51 Economics editor Philip Aldrick points out that the latest ONS revisions for construction sector output mean that Britain probably never had a double-dip recession. The UK collapsed back into recession in the first quarter of 2012 using the technical definition of two consecutive quarters of negative growth. However, new estimates of construction industry activity in the first three months of 2012 suggest that the economy only flatlined. As a result, technically, there may never have been a double dip. The ONS now believes that output in the quarter contracted by 5pc, not the 5.4pc previously thought. In terms of levels of GDP, it has revised construction output for the quarter up by £108m to £25.273bn. Philip Shaw, UK economist at Investec, has calculated that an increase of just £70m in national output in the first three months of 2012 would cause growth to be revised from -0.1pc to 0.0pc. All else being equal, the construction industry revisions would suggest that the economy did deliver just enough activity to escape the technical double dip recession. Construction revisions have made it likely that the UK avoided a doubled dip, let alone triple dip recession Photo: Pete Le May 11.42 Greece's painful austerity measures are starting to pay off. The country's first quarter budget deficit ended up being less than half the sum initially forecast. Deputy Finance Minister Christos Staikouras said government overspending in January-April 2013 reached €2.45bn against a targeted €5.74bn. For the first time this year, tax collection was on target in April, while quarterly net revenues were 5.1pc above target. 11.23 Shares in drugmaker Shire are looking healthy this morning, having jumped 4.2pc on news the pharmaceuticals group has won a court case protecting its Lialda bowel drug from a rival generic version developed by competitor Actavis. Deustche Bank said the development would provide relief for the shares: After a difficult 12-18 months news-wise the threat of Lialda generics had become an overhang for the shares in our view. Hence, we view this legal win as a significant positive for Shire. 11.22 US Treasury Secretary Jack Lew has said the US must raise its debt ceiling immediately and that some EU countries have room to create more demand in their economies are likely to Speaking to CNBC, he said: Congress should deal with this right away. The fact that they have more time should not put off dealing with this. The youngest woman in the world to make $1bn (£650m) on her own was approached by Bill Gates to commit half her wealth to the philanthropy, according to Forbes magazine. Read Louisa's whole piece here.