Other people's business, Friday 11 May.

Coty advances on Avon.

1. Jamie Dimon’s Ahab meets his Moby Dick (Reuters)

PMorgan’s Ahab has met his Moby Dick, writes Antony Currie.

2. Jamie Dimon makes a drama out of a credit crisis (Financial Times)

JP Morgan’s sudden conference call to disclose, and to try to explain, the $2bn trading loss that it racked up in only six weeks was one of the most absorbing bits of live financial theatre since the 2008 crash, writes John Gapper.

3. Coty’s freshened offer hard for Avon to resist (Reuters)

Coty is making its advances harder for Avon Products to resist, writes Agnes T. Crane.

4. True oil independence is an unrealistic dream (Washington Post)

Over the past few years, the United States has experienced a boom in oil and gas production, writes Brad Plumer.

5. Boardroom botches call for checklist fix (Reuters)

If checklists can save lives, surely they can help shareholders, writes Jeffrey Goldfarb.

Photograph: Getty Images
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Tony Blair won't endorse the Labour leader - Jeremy Corbyn's fans are celebrating

The thrice-elected Prime Minister is no fan of the new Labour leader. 

Labour heavyweights usually support each other - at least in public. But the former Prime Minister Tony Blair couldn't bring himself to do so when asked on Sky News.

He dodged the question of whether the current Labour leader was the best person to lead the country, instead urging voters not to give Theresa May a "blank cheque". 

If this seems shocking, it's worth remembering that Corbyn refused to say whether he would pick "Trotskyism or Blairism" during the Labour leadership campaign. Corbyn was after all behind the Stop the War Coalition, which opposed Blair's decision to join the invasion of Iraq. 

For some Corbyn supporters, it seems that there couldn't be a greater boon than the thrice-elected PM witholding his endorsement in a critical general election. 

Julia Rampen is the digital news editor of the New Statesman (previously editor of The Staggers, The New Statesman's online rolling politics blog). She has also been deputy editor at Mirror Money Online and has worked as a financial journalist for several trade magazines. 

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