Brent crude hit an 11-year low of $36.20 this week, in part because Opec has ceased to function.

There is nothing like a strong tonic in the form of a collapsing oil price to help a stock market bull who is starting to sweat following a long run.

AS a public health catastrophe unfolded in New Orleans, hospitals in the Crescent City sank further into disaster, airlifting babies without their parents to other states and struggling with more sick people appearing at their doors.

PRESIDENT George W Bush is moving swiftly to revamp his economic team, with California financier Gerald Parsky among those under consideration for treasury secretary and former Goldman Sachs chief Stephen Friedman set to become White House economic adviser.