Hibernate - ao persistir dados na tabela

Pessoal estou com o seguinte erro: Utilizo o MYSQL versão 6.0.
Ao rodar a aplicação, a mesma cria a tabela. Porém não insere os dados. Alguém pode me ajudar??
Segue os códigos da aplicação:

<!-- unidade de persistencia com o nome financas -->
<persistence-unit name="financas">

	<!-- Implementação do JPA, no nosso caso Hibernate -->
	<provider>org.hibernate.ejb.HibernatePersistence</provider>

	<!-- Aqui são listadas todas as entidades -->
	<class>br.com.caelum.financas.modelo.Conta</class>
	<properties>

		<!-- Propriedades JDBC -->
		<property name="javax.persistence.jdbc.driver" value="com.mysql.jdbc.Driver" />
		<property name="javax.persistence.jdbc.url" value="jdbc:mysql://localhost/financas" />
		<property name="javax.persistence.jdbc.user" value="root" />
		<property name="javax.persistence.jdbc.password" value="097thiago484" />

		<!-- Configurações específicas do Hibernate -->
		<property name="hibernate.dialect" value="org.hibernate.dialect.MySQL5InnoDBDialect" />
		<property name="hibernate.hbm2ddl.auto" value="update" />
		<property name="hibernate.show_sql" value="true" />
		<property name="hibernate.format_sql" value="true" />
	</properties>
</persistence-unit>

package br.com.caelum.financas.modelo;

import javax.persistence.Entity;
import javax.persistence.Id;
import javax.persistence.GeneratedValue;
import javax.persistence.GenerationType;
@Entity
public class Conta {

@Id @GeneratedValue(strategy=GenerationType.IDENTITY) 
    private Integer id;
    
    
    private String titular;
    private String banco; 
    private String agencia;
    private String numero;
    
	public Integer getId() {
		return id;
	}
	public void setId(Integer id) {
		this.id = id;
	}
	public String getTitular() {
		return titular;
	}
	public void setTitular(String titular) {
		this.titular = titular;
	}
	public String getBanco() {
		return banco;
	}
	public void setBanco(String banco) {
		this.banco = banco;
	}
	public String getAgencia() {
		return agencia;
	}
	public void setAgencia(String agencia) {
		this.agencia = agencia;
	}
	public String getNumero() {
		return numero;
	}
	public void setNumero(String numero) {
		this.numero = numero;
	}

}

package br.com.caelum.financas.teste;

import javax.persistence.EntityManager;
import javax.persistence.EntityManagerFactory;
import javax.persistence.Persistence;

import br.com.caelum.financas.modelo.Conta;

public class TesteJPA {

 public static void main(String[] args) {
     
	 Conta conta = new Conta(); 
	 
        conta.setTitular("Joao Ferreira");
        conta.setBanco("HSBC");
        conta.setNumero("123345");
        conta.setAgencia("321");
 
        EntityManagerFactory entityManagerFactory = Persistence.createEntityManagerFactory("financas");
 
        EntityManager manager = entityManagerFactory.createEntityManager();
 
        
        manager.getTransaction().begin();
        manager.persist(conta);
        manager.getTransaction().commit();
        manager.close();
    }

}


Out 05, 2013 12:43:08 PM org.hibernate.annotations.common.Version
INFO: HCANN000001: Hibernate Commons Annotations {4.0.1.Final}
Out 05, 2013 12:43:08 PM org.hibernate.Version logVersion
INFO: HHH000412: Hibernate Core {4.2.0.Final}
Out 05, 2013 12:43:08 PM org.hibernate.cfg.Environment
INFO: HHH000206: hibernate.properties not found
Out 05, 2013 12:43:08 PM org.hibernate.cfg.Environment buildBytecodeProvider
INFO: HHH000021: Bytecode provider name : javassist
Out 05, 2013 12:43:09 PM org.hibernate.service.jdbc.connections.internal.DriverManagerConnectionProviderImpl configure
INFO: HHH000402: Using Hibernate built-in connection pool (not for production use!)
Out 05, 2013 12:43:09 PM org.hibernate.service.jdbc.connections.internal.DriverManagerConnectionProviderImpl configure
INFO: HHH000115: Hibernate connection pool size: 20
Out 05, 2013 12:43:09 PM org.hibernate.service.jdbc.connections.internal.DriverManagerConnectionProviderImpl configure
INFO: HHH000006: Autocommit mode: true
Out 05, 2013 12:43:09 PM org.hibernate.service.jdbc.connections.internal.DriverManagerConnectionProviderImpl configure
INFO: HHH000401: using driver [com.mysql.jdbc.Driver] at URL [jdbc:mysql://localhost/financas]
Out 05, 2013 12:43:09 PM org.hibernate.service.jdbc.connections.internal.DriverManagerConnectionProviderImpl configure
INFO: HHH000046: Connection properties: {user=root, password=****, autocommit=true, release_mode=auto}
Out 05, 2013 12:43:09 PM org.hibernate.dialect.Dialect
INFO: HHH000400: Using dialect: org.hibernate.dialect.MySQL5InnoDBDialect
Out 05, 2013 12:43:09 PM org.hibernate.engine.transaction.internal.TransactionFactoryInitiator initiateService
INFO: HHH000268: Transaction strategy: org.hibernate.engine.transaction.internal.jdbc.JdbcTransactionFactory
Out 05, 2013 12:43:09 PM org.hibernate.hql.internal.ast.ASTQueryTranslatorFactory
INFO: HHH000397: Using ASTQueryTranslatorFactory
Out 05, 2013 12:43:09 PM org.hibernate.tool.hbm2ddl.SchemaUpdate execute
INFO: HHH000228: Running hbm2ddl schema update
Out 05, 2013 12:43:09 PM org.hibernate.tool.hbm2ddl.SchemaUpdate execute
INFO: HHH000102: Fetching database metadata
Out 05, 2013 12:43:09 PM org.hibernate.tool.hbm2ddl.SchemaUpdate execute
INFO: HHH000396: Updating schema
Out 05, 2013 12:43:09 PM org.hibernate.tool.hbm2ddl.TableMetadata
INFO: HHH000261: Table found: financas.conta
Out 05, 2013 12:43:09 PM org.hibernate.tool.hbm2ddl.TableMetadata
INFO: HHH000037: Columns: [id, banco, agencia, titular, numero]
Out 05, 2013 12:43:09 PM org.hibernate.tool.hbm2ddl.TableMetadata
INFO: HHH000108: Foreign keys: []
Out 05, 2013 12:43:09 PM org.hibernate.tool.hbm2ddl.TableMetadata
INFO: HHH000126: Indexes: [primary]
Out 05, 2013 12:43:09 PM org.hibernate.tool.hbm2ddl.SchemaUpdate execute
INFO: HHH000232: Schema update complete
Hibernate:
insert
into
Conta
(agencia, banco, numero, titular)
values
(?, ?, ?, ?)
Out 05, 2013 12:43:09 PM org.hibernate.engine.jdbc.spi.SqlExceptionHelper logExceptions
WARN: SQL Error: 0, SQLState: S1000
Out 05, 2013 12:43:09 PM org.hibernate.engine.jdbc.spi.SqlExceptionHelper logExceptions
ERROR: Could not retrieve transation read-only status server
Exception in thread “main” javax.persistence.PersistenceException: org.hibernate.exception.GenericJDBCException: could not execute statement
at org.hibernate.ejb.AbstractEntityManagerImpl.convert(AbstractEntityManagerImpl.java:1387)
at org.hibernate.ejb.AbstractEntityManagerImpl.convert(AbstractEntityManagerImpl.java:1310)
at org.hibernate.ejb.AbstractEntityManagerImpl.convert(AbstractEntityManagerImpl.java:1316)
at org.hibernate.ejb.AbstractEntityManagerImpl.persist(AbstractEntityManagerImpl.java:881)
at br.com.caelum.financas.teste.TesteJPA.main(TesteJPA.java:26)
Caused by: org.hibernate.exception.GenericJDBCException: could not execute statement
at org.hibernate.exception.internal.StandardSQLExceptionConverter.convert(StandardSQLExceptionConverter.java:54)
at org.hibernate.engine.jdbc.spi.SqlExceptionHelper.convert(SqlExceptionHelper.java:125)
at org.hibernate.engine.jdbc.spi.SqlExceptionHelper.convert(SqlExceptionHelper.java:110)
at org.hibernate.engine.jdbc.internal.ResultSetReturnImpl.executeUpdate(ResultSetReturnImpl.java:136)
at org.hibernate.id.IdentityGenerator$GetGeneratedKeysDelegate.executeAndExtract(IdentityGenerator.java:96)
at org.hibernate.id.insert.AbstractReturningDelegate.performInsert(AbstractReturningDelegate.java:58)
at org.hibernate.persister.entity.AbstractEntityPersister.insert(AbstractEntityPersister.java:2966)
at org.hibernate.persister.entity.AbstractEntityPersister.insert(AbstractEntityPersister.java:3477)
at org.hibernate.action.internal.EntityIdentityInsertAction.execute(EntityIdentityInsertAction.java:81)
at org.hibernate.engine.spi.ActionQueue.execute(ActionQueue.java:362)
at org.hibernate.engine.spi.ActionQueue.addResolvedEntityInsertAction(ActionQueue.java:203)
at org.hibernate.engine.spi.ActionQueue.addInsertAction(ActionQueue.java:183)
at org.hibernate.engine.spi.ActionQueue.addAction(ActionQueue.java:167)
at org.hibernate.event.internal.AbstractSaveEventListener.addInsertAction(AbstractSaveEventListener.java:321)
at org.hibernate.event.internal.AbstractSaveEventListener.performSaveOrReplicate(AbstractSaveEventListener.java:286)
at org.hibernate.event.internal.AbstractSaveEventListener.performSave(AbstractSaveEventListener.java:192)
at org.hibernate.event.internal.AbstractSaveEventListener.saveWithGeneratedId(AbstractSaveEventListener.java:125)
at org.hibernate.ejb.event.EJB3PersistEventListener.saveWithGeneratedId(EJB3PersistEventListener.java:78)
at org.hibernate.event.internal.DefaultPersistEventListener.entityIsTransient(DefaultPersistEventListener.java:208)
at org.hibernate.event.internal.DefaultPersistEventListener.onPersist(DefaultPersistEventListener.java:151)
at org.hibernate.event.internal.DefaultPersistEventListener.onPersist(DefaultPersistEventListener.java:78)
at org.hibernate.internal.SessionImpl.firePersist(SessionImpl.java:852)
at org.hibernate.internal.SessionImpl.persist(SessionImpl.java:826)
at org.hibernate.internal.SessionImpl.persist(SessionImpl.java:830)
at org.hibernate.ejb.AbstractEntityManagerImpl.persist(AbstractEntityManagerImpl.java:875)
… 1 more
Caused by: java.sql.SQLException: Could not retrieve transation read-only status server
at com.mysql.jdbc.SQLError.createSQLException(SQLError.java:1078)
at com.mysql.jdbc.SQLError.createSQLException(SQLError.java:989)
at com.mysql.jdbc.SQLError.createSQLException(SQLError.java:975)
at com.mysql.jdbc.SQLError.createSQLException(SQLError.java:920)
at com.mysql.jdbc.SQLError.createSQLException(SQLError.java:951)
at com.mysql.jdbc.SQLError.createSQLException(SQLError.java:941)
at com.mysql.jdbc.ConnectionImpl.isReadOnly(ConnectionImpl.java:3936)
at com.mysql.jdbc.ConnectionImpl.isReadOnly(ConnectionImpl.java:3907)
at com.mysql.jdbc.PreparedStatement.executeUpdate(PreparedStatement.java:2408)
at com.mysql.jdbc.PreparedStatement.executeUpdate(PreparedStatement.java:2375)
at com.mysql.jdbc.PreparedStatement.executeUpdate(PreparedStatement.java:2359)
at org.hibernate.engine.jdbc.internal.ResultSetReturnImpl.executeUpdate(ResultSetReturnImpl.java:133)
… 22 more
Caused by: java.sql.SQLException: Unknown system variable 'tx_read_only’
at com.mysql.jdbc.SQLError.createSQLException(SQLError.java:1078)
at com.mysql.jdbc.MysqlIO.checkErrorPacket(MysqlIO.java:4120)
at com.mysql.jdbc.MysqlIO.checkErrorPacket(MysqlIO.java:4052)
at com.mysql.jdbc.MysqlIO.sendCommand(MysqlIO.java:2503)
at com.mysql.jdbc.MysqlIO.sqlQueryDirect(MysqlIO.java:2664)
at com.mysql.jdbc.ConnectionImpl.execSQL(ConnectionImpl.java:2809)
at com.mysql.jdbc.ConnectionImpl.execSQL(ConnectionImpl.java:2758)
at com.mysql.jdbc.StatementImpl.executeQuery(StatementImpl.java:1612)
at com.mysql.jdbc.ConnectionImpl.isReadOnly(ConnectionImpl.java:3930)
… 27 more

Nunca vi esse erro, mas você tá tomando isso aqui: Unknown system variable ‘tx_read_only’

Talvez foi algo que você criou ou deixou de criar.