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This is Money
Rivals rallied around Lehman Brothers as rumours of a "fire sale" swirled around the market, forcing the bank's shares to eight-year lows. In the face of continued speculation that Lehman chairman Dick Fuld is negotiating a below-asset sale to any number of potential suitors, leading analysts at rival banks, including Morgan Stanley, supported Lehman's shares by arguing that such a sale was unlikely.
Lehman's rivals come out against fire sale rumours
Three-quarters of pension schemes are now in deficit after 36bn was wiped off the value of the top 200 largest UK privately sponsored pension final salary schemes in June.
Shares gloom leaves pension funds with 30bn deficit
A supply crunch and mounting fears of an Israeli air strike on Iran propelled oil to $143 a barrel at one stage yesterday, prompting warnings from the International Monetary Fund (IMF) of a severe economic crisis in poorer regions. "Some countries are at a tipping point," said Dominique Strauss-Kahn, the IMF's managing-director. "If food prices rise further and oil prices stay the same, some governments will no longer be able to feed their people."
Surge in oil price sparks fears of food crisis
A former IT technician at Body Shop, the ethical retailer, has been fined for market abuse in a rare victory for the Financial Services Authority in its battle against insider dealing. The City regulator said yesterday that it had fined John Shevlin 85,000 after he was found to have gained inside knowlege by snooping on confidential e-mails between executives.
Body Shop 'snoop' John Shevlin fined for insider dealing