Current events of 5 May 2008 (2008-05-05) (Monday) edit history watch

The United States Federal Reserve System reports that banks are tightening lending standards on home mortgages, other types of consumer loans and business loans in response to the subprime mortgage crisis. (AP via Google News) Crude oil futures contracts reach US$120 a barrel on the New York Mercantile Exchange for the first time. (Reuters) Somalian troops open fire killing at least two people during food riots in Mogadishu. (AP via Google News) Media reports the death toll from Cyclone Nargis in Myanmar to have passed 10,000. (BBC News) Three people are killed and another three injured after an explosion on a bus in Shanghai, China. (BBC News) In Bolivia's Santa Cruz department, 86% of voters supported proposals for greater autonomy in a referendum. Bolivian President Evo Morales condemned the referendum, calling it illegal. (BBC News)