Lessons from across the pond are not always relevant but here’s one that might turn out to be a timely early warning. Severe food price falls in the United States are likely to have a major impact on supermarket earnings in the States and a similar flood of cheaper food here could be the signal to get out of the UK supermarket sector ... more
Quelle Surprise. Gordon Brown was unable to bring himself to tell to Barack Obama to his face that the global recession was the fault of America. Strange, as this was something he has been only too happy to trumpet up until now.... more
New York Fashion Week is here - and, as Lela Rose, the Texan designer, says as she threads her needle and fits her models, "the show must go on"... more
Is Merrill Lynch the worst company in history? Competition for the title is tough, but any study would have to give weight to the claims of the self-styled “world’s biggest stockbroker”
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Banking: Bank of America has made John Thain - who as Merrill Lynch chief engineered the firm's sale - head of investment banking, securities and wealth management at the new company... more
Shares in giant American insurer AIG were suspended on Wall Street after a 74 per cent crash in its stock indicated the business is spiralling toward collapse... more
Credit crunch: Bank of America’s $50 billion (£28 billion) early-morning takeover of Wall Street investment bank Merrill Lynch creates the world’s biggest financial services group... more
Afternoon:
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