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Live: One year after Lehman Live: One year after Lehman
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TEXT AND VIDEO (all times GMT+1)TEXT AND VIDEO (all times GMT+1)
As the Aftershock season marks one year since the collapse of Lehman Brothers, we bring you news, insights from BBC correspondents, your e-mails and Twitter. This will update automatically, so there is no need to refresh.As the Aftershock season marks one year since the collapse of Lehman Brothers, we bring you news, insights from BBC correspondents, your e-mails and Twitter. This will update automatically, so there is no need to refresh.
1125 Bank of England governor Mervyn King tells the UK Parliament's Treasury Select Committee: "The consequences of the financial crisis sparked by the failure of Lehman Brothers exactly a year ago today will be pervasive and long lasting."
1122In other gloomy jobs news the UK defence giant BAE Systems is to cut 1,100 jobs and is to close its site in Woodford, Cheshire. The firm said it had to be the "right size and shape to remain competitive". The Confederation of Shipbuilding and Engineering Unions said the news was "bitterly disappointing". BAE to cut 1,100 jobs
1120The Beijing Global Times says that a year after the Lehman collapse "lessonsÂ… are still being learned all over the world, as the collapse's impact continues to be felt". And it said that "China has too many casualties to count and too many short-and long-term questions to answer".1120The Beijing Global Times says that a year after the Lehman collapse "lessonsÂ… are still being learned all over the world, as the collapse's impact continues to be felt". And it said that "China has too many casualties to count and too many short-and long-term questions to answer".
1117Prime Minister Gordon Brown tells the BBC's business editor Robert Peston: "I am appalled institutions are still wanting to revert to their old ways"1117Prime Minister Gordon Brown tells the BBC's business editor Robert Peston: "I am appalled institutions are still wanting to revert to their old ways"
James Peterson from London writes: The moral of the story is that if you want to be bailed out, make sure you're involved in looking after voters' money. That was the mistake that Lehmans made - it only interacted with other institutions. More of your comments James Peterson from London writes: The moral of the story is that if you want to be bailed out, make sure you're involved in looking after voters' money. That was the mistake that Lehmans made - it only interacted with other institutions. More of your comments
SKYISBLUESOAMI writes: The UK policy of basically printing money from thin air cannot be sustained. I think the payback will be very harsh with massive public sector job losses which will have big negative effect on other jobs. We need a specific national intervention plan for new wealth creation industries, NOT just cuts. More of your comments SKYISBLUESOAMI writes: The UK policy of basically printing money from thin air cannot be sustained. I think the payback will be very harsh with massive public sector job losses which will have big negative effect on other jobs. We need a specific national intervention plan for new wealth creation industries, NOT just cuts. More of your comments
1048Japan Airlines (JAL) plans to cut 6,800 jobs and pursue a tie-up with an international carrier."The personnel reduction cannot wait," said JAL president Haruka Nishimatsu.1048Japan Airlines (JAL) plans to cut 6,800 jobs and pursue a tie-up with an international carrier."The personnel reduction cannot wait," said JAL president Haruka Nishimatsu.
1046 South African finance minister at the time of the Lehman collapse, Trevor Manuel, tells the BBC's Network Africa that the collapse of Lehman had halted Africa's development plans: "The undergirding of the African economy was strong. Now, I think the situation looks very different as demand patterns in the north have fallen for much of what we produce.''1046 South African finance minister at the time of the Lehman collapse, Trevor Manuel, tells the BBC's Network Africa that the collapse of Lehman had halted Africa's development plans: "The undergirding of the African economy was strong. Now, I think the situation looks very different as demand patterns in the north have fallen for much of what we produce.''
1041 Gillian Tett, Global Markets editor at the Financial Times, told the BBC that "when Lehman Brothers collapsed people suddenly had no idea what they could trust."1041 Gillian Tett, Global Markets editor at the Financial Times, told the BBC that "when Lehman Brothers collapsed people suddenly had no idea what they could trust."
1036 From Singapore Mishal Husain writes: "A huge lesson has been learned in Asia about the dangers of over-dependence on exports to the West. The emphasis is now on domestic consumption - a realisation that Asians need to be buyers as well as sellers in the global economy."1036 From Singapore Mishal Husain writes: "A huge lesson has been learned in Asia about the dangers of over-dependence on exports to the West. The emphasis is now on domestic consumption - a realisation that Asians need to be buyers as well as sellers in the global economy."
Apela Colorado from Lahaina, Hawaii says: My income has reduced by 90% but on the positive side people are helping each other more and the Hawaiian Islands have a chance to breathe after the devastatingly intense tourism. More of your commentsApela Colorado from Lahaina, Hawaii says: My income has reduced by 90% but on the positive side people are helping each other more and the Hawaiian Islands have a chance to breathe after the devastatingly intense tourism. More of your comments
1032 Margie Lindsay, Editor of Hedge Funds Review tells the BBC World Service the impact on Wall Street and the City of London has been cataclysmic. "The entire banking structure, the investment bank, the modelling of it has changed fundamentally...The entire pecking order of the banks has changed, and I think you've shaken them to their very foundations."1032 Margie Lindsay, Editor of Hedge Funds Review tells the BBC World Service the impact on Wall Street and the City of London has been cataclysmic. "The entire banking structure, the investment bank, the modelling of it has changed fundamentally...The entire pecking order of the banks has changed, and I think you've shaken them to their very foundations."
1029 "In Berlin, a poll this week showed investor and analyst confidence rising to its highest level in two years," writes European Affairs Correspondent Oana Lungescu. "But with Magna preparing to cut 4,500 jobs at iconic carmaker Opel and 1.4 million Germans either unemployed or in short-time labour schemes, the election in less than two weeks' time will be dominated by the economy."1029 "In Berlin, a poll this week showed investor and analyst confidence rising to its highest level in two years," writes European Affairs Correspondent Oana Lungescu. "But with Magna preparing to cut 4,500 jobs at iconic carmaker Opel and 1.4 million Germans either unemployed or in short-time labour schemes, the election in less than two weeks' time will be dominated by the economy."
1024 In the UK a key measure of inflation falls to its lowest level since February 2005 , official statistics show. Lower food costs contributed to the fall in consumer price inflation during August, with the price of fruit, vegetables, bread and meat all decreasing, said the Office for National Statistics.1024 In the UK a key measure of inflation falls to its lowest level since February 2005 , official statistics show. Lower food costs contributed to the fall in consumer price inflation during August, with the price of fruit, vegetables, bread and meat all decreasing, said the Office for National Statistics.
Srikant from Bengaluru in India writes: I am an engineering 4th year student. Earlier, by the end of 6th semester many companies used to visit our campus to recruit students. This year only a few have visited and none of the premier companies have come. The scenario is the same in almost all colleges in India. More of your commentsSrikant from Bengaluru in India writes: I am an engineering 4th year student. Earlier, by the end of 6th semester many companies used to visit our campus to recruit students. This year only a few have visited and none of the premier companies have come. The scenario is the same in almost all colleges in India. More of your comments
1016 Singapore-based Jim Rogers, co-founder of the Quantum Fund investment group, says that in the wake of the shock to the financial system "Asia is trying to adapt in the same way that the West is adapting".1016 Singapore-based Jim Rogers, co-founder of the Quantum Fund investment group, says that in the wake of the shock to the financial system "Asia is trying to adapt in the same way that the West is adapting".
1015 A year on from the Lehman collapse, one wonders what all the financial crisis fuss was about, muses Jeremy Warner in the Daily Telegraph: "For the first time in a year, banks are credibly able to think about replacing Government support with private capital."1015 A year on from the Lehman collapse, one wonders what all the financial crisis fuss was about, muses Jeremy Warner in the Daily Telegraph: "For the first time in a year, banks are credibly able to think about replacing Government support with private capital."
New York artist Geoffrey Raymond is inviting members of the public to scrawl over portraits of Hank Paulson and Richard Fuld - the paintings are selling for $35,000 each. The BBC's Matt Frei went to meet him.New York artist Geoffrey Raymond is inviting members of the public to scrawl over portraits of Hank Paulson and Richard Fuld - the paintings are selling for $35,000 each. The BBC's Matt Frei went to meet him.
1010 Rupert Cornwell in the Independent is pessimistic about the chances of the US administration changing the banking rules to prevent another credit crunch: "For the time being nothing, legally, has changed since the collapse of Lehman Brothers a year ago. And there's no guarantee it will."1010 Rupert Cornwell in the Independent is pessimistic about the chances of the US administration changing the banking rules to prevent another credit crunch: "For the time being nothing, legally, has changed since the collapse of Lehman Brothers a year ago. And there's no guarantee it will."
1004 Mervyn King, governer of the Bank of England, tells the UK Parliament's Treasury committee that, looking ahead, "the strength and sustainability of the recovery is highly uncertain".1004 Mervyn King, governer of the Bank of England, tells the UK Parliament's Treasury committee that, looking ahead, "the strength and sustainability of the recovery is highly uncertain".
India's consumers have continued to spend throughout the global economic downturn, despite the country's exports being badly hit. The BBC's Nik Gowing explains India's strategy for surviving the global recession.India's consumers have continued to spend throughout the global economic downturn, despite the country's exports being badly hit. The BBC's Nik Gowing explains India's strategy for surviving the global recession.
0952 Professor Noriko Hama of the Doshisha Business school in Japan says: "The people in the financial sector would much rather, so it seems, forget about the whole thing and go on, carry on as if nothing had happened, which I think really is very much the crux of the problem at this very moment. We sort of seem to be going up the same very dangerous mountain once again."0952 Professor Noriko Hama of the Doshisha Business school in Japan says: "The people in the financial sector would much rather, so it seems, forget about the whole thing and go on, carry on as if nothing had happened, which I think really is very much the crux of the problem at this very moment. We sort of seem to be going up the same very dangerous mountain once again."
GerryVincent tweets: Listening to the reports on the Lehman Bank collapse 12 months ago, I have no sense of confidence that this sector will now regulate itself. Read GerryVincent's tweetsGerryVincent tweets: Listening to the reports on the Lehman Bank collapse 12 months ago, I have no sense of confidence that this sector will now regulate itself. Read GerryVincent's tweets
0947 Nobel prize-winner and former President Clinton adviser Joseph Stiglitz, writing in the Guardian: "The reality is that a year on from Lehmans' collapse, [the US administration] has failed to take adequate steps to restrict institutions' size, their risk-taking, and their interconnectedness." He adds: "There remain many institutions willing and able to engage in gambling, trading and speculation. There is no justification for this to be done by institutions underwritten by the public."0947 Nobel prize-winner and former President Clinton adviser Joseph Stiglitz, writing in the Guardian: "The reality is that a year on from Lehmans' collapse, [the US administration] has failed to take adequate steps to restrict institutions' size, their risk-taking, and their interconnectedness." He adds: "There remain many institutions willing and able to engage in gambling, trading and speculation. There is no justification for this to be done by institutions underwritten by the public."
benald tweets: Lehman's Collapse Day should be remembered in perpetuity as the day Masters of the Universe expected state bail-out. Read benald's tweetsbenald tweets: Lehman's Collapse Day should be remembered in perpetuity as the day Masters of the Universe expected state bail-out. Read benald's tweets
0943 From Dubai, the BBC's Ben Thompson writes: A prominent local businessman tells me that the financial crisis was "the best thing to have happened to the Middle East - a chance for the region to get its financial affairs in order".0943 From Dubai, the BBC's Ben Thompson writes: A prominent local businessman tells me that the financial crisis was "the best thing to have happened to the Middle East - a chance for the region to get its financial affairs in order".
0942 Think-tank the Institute for Public Policy Research warns that the lessons of a year ago have not been learned and says the rapid return to the City's bonus culture shows real reform has been "very limited". Bank crisis lessons 'not learned'0942 Think-tank the Institute for Public Policy Research warns that the lessons of a year ago have not been learned and says the rapid return to the City's bonus culture shows real reform has been "very limited". Bank crisis lessons 'not learned'
0940 Writing in the Guardian columnist Nils Pratley says it is troubling "that the banking crisis has spawned new, and bigger, financial conglomerates... Don't we want fewer financial monsters, not more?"0940 Writing in the Guardian columnist Nils Pratley says it is troubling "that the banking crisis has spawned new, and bigger, financial conglomerates... Don't we want fewer financial monsters, not more?"
JohnWillman tweets: Why do people say banks are too big to fail and then complain when one - Lehman - was allowed to do just that? Read JohnWillman's tweetsJohnWillman tweets: Why do people say banks are too big to fail and then complain when one - Lehman - was allowed to do just that? Read JohnWillman's tweets
0932 Finance professors John Cochrane and Luigi Zingales, writing in the Wall St Journal , say the lesson of the Lehman collapse is that institutions which take trading risks must be allowed to fail: "Many people say that letting Lehman fail was the mistake that caused the financial crisis... The story is false."0932 Finance professors John Cochrane and Luigi Zingales, writing in the Wall St Journal , say the lesson of the Lehman collapse is that institutions which take trading risks must be allowed to fail: "Many people say that letting Lehman fail was the mistake that caused the financial crisis... The story is false."
0929 The Lehman collapse made headlines around the world. Here is a reminder of what people saw in their newspapers and on the web. Laid-off staff paraded out of offices, their belongings in boxes. It was, unfortunately, a scene repeated at firms around the globe over the next year.0929 The Lehman collapse made headlines around the world. Here is a reminder of what people saw in their newspapers and on the web. Laid-off staff paraded out of offices, their belongings in boxes. It was, unfortunately, a scene repeated at firms around the globe over the next year.
ChukaUmunna tweets: One year has passed since Lehman went under - u can't overestimate the impact on the City; akin to Arsenal disappearing from the Premiership! Read ChukaUmunna's tweets >ChukaUmunna tweets: One year has passed since Lehman went under - u can't overestimate the impact on the City; akin to Arsenal disappearing from the Premiership! Read ChukaUmunna's tweets >
0922 It is now exactly a year since Lehman's European unit was put into bankruptcy. The company later said it could not pay people's salaries for the month. 'It's like a massive earthquake'0922 It is now exactly a year since Lehman's European unit was put into bankruptcy. The company later said it could not pay people's salaries for the month. 'It's like a massive earthquake'
0920: Nik Gowing in Mumbai writes: In India, some economic scars remain, but there is a self-confident bounceback creating solid cash flow, a return of old jobs and also a tremendous sense of new wealth, generating opportunities at all levels.0920: Nik Gowing in Mumbai writes: In India, some economic scars remain, but there is a self-confident bounceback creating solid cash flow, a return of old jobs and also a tremendous sense of new wealth, generating opportunities at all levels.
0913 An editorial in the Wall Street Journal suggests American support for free trade may be one of the casualties of the global recession. "This 80-year history of free-trade progress is now under threat from the global recession and Mr Obama's abdication of US leadership."0913 An editorial in the Wall Street Journal suggests American support for free trade may be one of the casualties of the global recession. "This 80-year history of free-trade progress is now under threat from the global recession and Mr Obama's abdication of US leadership."
Barclays Capital bought the US operations of Lehman out of bankruptcy. The BBC's North America Business Correspondent Greg Wood talked to the chief executive, Bob Diamond, and asked him how many of the old Lehman employees were still working for him.Barclays Capital bought the US operations of Lehman out of bankruptcy. The BBC's North America Business Correspondent Greg Wood talked to the chief executive, Bob Diamond, and asked him how many of the old Lehman employees were still working for him.
0911: David DeMuro, former head of compliance at Lehman Brothers, tells the BBC: "When you are in the midst of a bubble it is difficult to to be the one who walks away first."0911: David DeMuro, former head of compliance at Lehman Brothers, tells the BBC: "When you are in the midst of a bubble it is difficult to to be the one who walks away first."
Sanjay from London agrees with an earlier comment from Ochieng Rapuro, editor the Business Daily newspaper in Kenya at 0727: I come form Kenya and I know what happens when the tourism dies. The knock-on effect will carry on for a long time to come More of your comments.Sanjay from London agrees with an earlier comment from Ochieng Rapuro, editor the Business Daily newspaper in Kenya at 0727: I come form Kenya and I know what happens when the tourism dies. The knock-on effect will carry on for a long time to come More of your comments.
0908 The BBC's Ben Thompson in Dubai writes: This time last year, Gulf residents were watching the US financial crisis unfold from a distance. There was a real feeling that the fallout would bypass the Middle East. But that optimism was misplaced. The impact was felt here - markets tanked as foreign investors fled and real estate prices have almost halved.0908 The BBC's Ben Thompson in Dubai writes: This time last year, Gulf residents were watching the US financial crisis unfold from a distance. There was a real feeling that the fallout would bypass the Middle East. But that optimism was misplaced. The impact was felt here - markets tanked as foreign investors fled and real estate prices have almost halved.
0903 International Herald Tribune columnist Bob Herbert says, one year after the Lehman collapse in the US: "Poverty rates are increasing. Tax revenues are plunging. State and local governments are in a terrible fiscal bind. Unemployment benefits for many are running out. Families are doubling up, and the number of homeless children is rising."0903 International Herald Tribune columnist Bob Herbert says, one year after the Lehman collapse in the US: "Poverty rates are increasing. Tax revenues are plunging. State and local governments are in a terrible fiscal bind. Unemployment benefits for many are running out. Families are doubling up, and the number of homeless children is rising."
0900 In a sign of how stocks were hit, the FTSE Eurofirst 300 index of top European shares is down 14.5% from its level a year ago, just prior to the Lehman collapse.0900 In a sign of how stocks were hit, the FTSE Eurofirst 300 index of top European shares is down 14.5% from its level a year ago, just prior to the Lehman collapse.
David Ambinder worked for Lehman Brothers for eight years. He lost his job and a lot of money when the firm filed for bankruptcy. He tells the BBC about his new career - as a handyman. David Ambinder worked for Lehman Brothers for eight years. He lost his job and a lot of money when the firm filed for bankruptcy. He tells the BBC about his new career - as a handyman.
Alex from Brentwood responds to the comment left by a UBS executive at 0832: No, you didn't lose your family's money; you lost everyone else's. Click here for more of your commentsAlex from Brentwood responds to the comment left by a UBS executive at 0832: No, you didn't lose your family's money; you lost everyone else's. Click here for more of your comments
jrg1990 tweets: Before the recession students could get part-time jobs to see them through uni. Now there are just no jobs. We're going to end up in such debt. Read jrg1990's tweets.jrg1990 tweets: Before the recession students could get part-time jobs to see them through uni. Now there are just no jobs. We're going to end up in such debt. Read jrg1990's tweets.
0842 The BBC's Steve Schifferes writes: A few days after the collapse of Lehman I arrived in New York. The atmosphere was almost like a funeral on Wall Street. People were dazed and confused and very unsure what the future would hold. And it appeared that the policy makers and politicians shared their confusion.0842 The BBC's Steve Schifferes writes: A few days after the collapse of Lehman I arrived in New York. The atmosphere was almost like a funeral on Wall Street. People were dazed and confused and very unsure what the future would hold. And it appeared that the policy makers and politicians shared their confusion.
0838 Writing in today's FT , Francesco Guerrara and Michael Mackenzie argue the failure of Lehman brothers, though losing "trillions" of dollars, opened the door to its competitors. "The banks still standing after the crisis have had a field day."0838 Writing in today's FT , Francesco Guerrara and Michael Mackenzie argue the failure of Lehman brothers, though losing "trillions" of dollars, opened the door to its competitors. "The banks still standing after the crisis have had a field day."
0835 The fallout from the Lehman collapse is still affecting investors. The UK's Financial Services Authority watchdog has said it is to investigate some complex financial products that were backed by the firm. FSA acts on Lehman-backed product0835 The fallout from the Lehman collapse is still affecting investors. The UK's Financial Services Authority watchdog has said it is to investigate some complex financial products that were backed by the firm. FSA acts on Lehman-backed product
0832 In New York an executive with Swiss banking giant UBS tells the BBC: "I nearly had a heart attack a year ago. I thought I had lost my family's money."0832 In New York an executive with Swiss banking giant UBS tells the BBC: "I nearly had a heart attack a year ago. I thought I had lost my family's money."
Tim Weber, business editor of the BBC News website, tweets: Missing from today's Lehman debate: Risk! Everything went wrong a year ago because bankers and investors did not understand how to price risk. Read Tim's TweetsTim Weber, business editor of the BBC News website, tweets: Missing from today's Lehman debate: Risk! Everything went wrong a year ago because bankers and investors did not understand how to price risk. Read Tim's Tweets
0825 The BBC's Mishal Husain writes: A former Singaporean MP's just told me he thinks it's time for much greater transparency in the decision-making of the two big sovereign wealth funds here - Temasek and GIC - which have lost money during the global crisis0825 The BBC's Mishal Husain writes: A former Singaporean MP's just told me he thinks it's time for much greater transparency in the decision-making of the two big sovereign wealth funds here - Temasek and GIC - which have lost money during the global crisis
Anonymous BBC Breakfast viewer says: Why is the financial industry still being paid big money when public sector workers are facing cuts? We own them - when are they going to feel the pinch? Text 61124Anonymous BBC Breakfast viewer says: Why is the financial industry still being paid big money when public sector workers are facing cuts? We own them - when are they going to feel the pinch? Text 61124
0805 The administrator of Lehman's European operations warns that it "may take a decade" to wind up the business. "This has been the most complex insolvency case I have ever dealt with and am ever likely to," says PricewaterhouseCoopers partner Tony Lomas. Winding-up 'to take decade'0805 The administrator of Lehman's European operations warns that it "may take a decade" to wind up the business. "This has been the most complex insolvency case I have ever dealt with and am ever likely to," says PricewaterhouseCoopers partner Tony Lomas. Winding-up 'to take decade'
0802 The BBC has learned that UK Prime Minister Gordon Brown will use the "C-word" in a speech to trade unions later. Opponents have complained that, so far, Mr Brown has refused to mention "cuts" when discussing government spending. It remains to be seen how the unions - who represent many thousands of public sector workers - will react. Brown 'to talk of cuts'0802 The BBC has learned that UK Prime Minister Gordon Brown will use the "C-word" in a speech to trade unions later. Opponents have complained that, so far, Mr Brown has refused to mention "cuts" when discussing government spending. It remains to be seen how the unions - who represent many thousands of public sector workers - will react. Brown 'to talk of cuts'
0751 At this stage it is perhaps worth reminding ourselves of what US President Barack Obama said on Monday night in a keynote speech on the eve of the anniversary of the Lehman collapse. He reminded bankers of what had brought about the crisis in their sector, warning: "We will not go back to the days of reckless behaviour and unchecked excess at the heart of this crisis." Obama warning to bankers0751 At this stage it is perhaps worth reminding ourselves of what US President Barack Obama said on Monday night in a keynote speech on the eve of the anniversary of the Lehman collapse. He reminded bankers of what had brought about the crisis in their sector, warning: "We will not go back to the days of reckless behaviour and unchecked excess at the heart of this crisis." Obama warning to bankers
0747 Former Lehman Brothers employee David Ambinder says: "In the last days - for everyone - it was utter shock. Everyone was surprised that a company with such history could go under."0747 Former Lehman Brothers employee David Ambinder says: "In the last days - for everyone - it was utter shock. Everyone was surprised that a company with such history could go under."
The BBC's Quentin Sommerville reports on how China is avoiding recession with public works projects, including a "drain" to move flood waters from the south to the drought-stricken north.The BBC's Quentin Sommerville reports on how China is avoiding recession with public works projects, including a "drain" to move flood waters from the south to the drought-stricken north.
0742 Karen Nye, BBC business reporter in New York, says that, despite the traumas of last year, many in the US financial world are still wary about what they fear could be too much government intervention in their industry.0742 Karen Nye, BBC business reporter in New York, says that, despite the traumas of last year, many in the US financial world are still wary about what they fear could be too much government intervention in their industry.
0735 The BBC's Mishal Husain writes: I'm in Singapore. Although it's emerging from recession and Asia as a whole is getting back on track, the crisis has taken a toll on small investors who bought Lehman-related products0735 The BBC's Mishal Husain writes: I'm in Singapore. Although it's emerging from recession and Asia as a whole is getting back on track, the crisis has taken a toll on small investors who bought Lehman-related products
The BBC's Greg Wood examines the impact of that day that Lehman Brothers collapsed and the future for the banking industry.The BBC's Greg Wood examines the impact of that day that Lehman Brothers collapsed and the future for the banking industry.
0727 Ochieng Rapuro, editor the Business Daily newspaper in Kenya, says the whole of the African tourist sector has been hit by the downturn of the last year. Ochieng Rapuro, the Managing Editor of the Nation Media Group, tells the BBC's Komla Dumor that tourism was the first casualty of the recession for countries like Kenya.0727 Ochieng Rapuro, editor the Business Daily newspaper in Kenya, says the whole of the African tourist sector has been hit by the downturn of the last year. Ochieng Rapuro, the Managing Editor of the Nation Media Group, tells the BBC's Komla Dumor that tourism was the first casualty of the recession for countries like Kenya.
Justin Urquhart Stewart of Seven Investment Management says the City of London is chastened, but the same issues are still there.Justin Urquhart Stewart of Seven Investment Management says the City of London is chastened, but the same issues are still there.
0720 The BBC's Mariko Oi, in Singapore, reminds us that - for some - there was an upside to Lehman's demise. Asian banks, she says, were able to buy up some cheap Western assets afterwards.0720 The BBC's Mariko Oi, in Singapore, reminds us that - for some - there was an upside to Lehman's demise. Asian banks, she says, were able to buy up some cheap Western assets afterwards.
0712 BBC economics reporter Steve Schifferes writes: One year ago I was in Washington visiting Congress to attend hearings at the House Financial Services Committee. I remember the atmosphere being very strange, with an air of unreality hanging over the proceedings. Congressmen kept disappearing from the hearings unexpectedly to go to secret meetings. Three days later, US Treasury Secretary Hank Paulson asked for a $700bn bail-out to save the banking system.0712 BBC economics reporter Steve Schifferes writes: One year ago I was in Washington visiting Congress to attend hearings at the House Financial Services Committee. I remember the atmosphere being very strange, with an air of unreality hanging over the proceedings. Congressmen kept disappearing from the hearings unexpectedly to go to secret meetings. Three days later, US Treasury Secretary Hank Paulson asked for a $700bn bail-out to save the banking system.
0709 Eric Berglof, chief economist at the European Bank of Reconstruction and Development, says the banking crisis isn't over. It is a "major concern" that the recovery could be "bouncy", with wide international variations, he adds.0709 Eric Berglof, chief economist at the European Bank of Reconstruction and Development, says the banking crisis isn't over. It is a "major concern" that the recovery could be "bouncy", with wide international variations, he adds.
0705 BBC business correspondent Greg Wood has been reminiscing about what it was like to be reporting on 15 September last year. It was becoming clear that Lehman Brothers was in its "death throes", he recalls.0705 BBC business correspondent Greg Wood has been reminiscing about what it was like to be reporting on 15 September last year. It was becoming clear that Lehman Brothers was in its "death throes", he recalls.
0702 It's a grey and windy day in the City of London as the world considers the magnitude of events over the last year. Several leading UK politicians are giving speeches later, including Prime Minister Gordon Brown.0702 It's a grey and windy day in the City of London as the world considers the magnitude of events over the last year. Several leading UK politicians are giving speeches later, including Prime Minister Gordon Brown.
0658 Bob Parker of Credit Suisse said: "Over the past year and a half we've seen a major restructuring of the banking industry."0658 Bob Parker of Credit Suisse said: "Over the past year and a half we've seen a major restructuring of the banking industry."
0650 A year on it's not all bad news. Mariko Oi, BBC business correspondent in Singapore, says the whole Far East had recovered more quickly than the West.0650 A year on it's not all bad news. Mariko Oi, BBC business correspondent in Singapore, says the whole Far East had recovered more quickly than the West.
0642 "I don't think you can ever say never," Bob Diamond, head of Barclays Capital, tells BBC News New York business correspondent Greg Wood. But he defends big bonuses.0642 "I don't think you can ever say never," Bob Diamond, head of Barclays Capital, tells BBC News New York business correspondent Greg Wood. But he defends big bonuses.
0600 By this time on 15 September last year, it was already clear that it was not going to be just any Monday. Following a weekend of rumours and reports, Lehman Brothers filed for Chapter 11 bankruptcy protection just after 0530 London time.0600 By this time on 15 September last year, it was already clear that it was not going to be just any Monday. Following a weekend of rumours and reports, Lehman Brothers filed for Chapter 11 bankruptcy protection just after 0530 London time.
Within a few minutes, the official announcement came from Bank of America that it was buying Merrill Lynch to prevent it going under too. BBC business editor Robert Peston described it as the most extraordinary 24 hours for Wall Street since the late 1920s. On this live text page, we'll be looking at what has changed since that momentous day and hearing your stories about a remarkable day that began an incredible year.Within a few minutes, the official announcement came from Bank of America that it was buying Merrill Lynch to prevent it going under too. BBC business editor Robert Peston described it as the most extraordinary 24 hours for Wall Street since the late 1920s. On this live text page, we'll be looking at what has changed since that momentous day and hearing your stories about a remarkable day that began an incredible year.
0545 Hello and welcome. Exactly one year ago, at 5:38AM London time, one of Wall Street's biggest firms announced it was going bankrupt, following a weekend of frantic negotiations at the New York offices of the Federal Reserve. The $646bn bankruptcy reverberated around the world, eventually leading to the collapse of world stock markets and the world economy.0545 Hello and welcome. Exactly one year ago, at 5:38AM London time, one of Wall Street's biggest firms announced it was going bankrupt, following a weekend of frantic negotiations at the New York offices of the Federal Reserve. The $646bn bankruptcy reverberated around the world, eventually leading to the collapse of world stock markets and the world economy.