Keith Fitz-Gerald says the recession that is now inevitable in the US and Eurozone will not necessarily evolve into a worldwide contraction. US influence in the global economy is waning, while China’s is growing rapidly. Keith says countries with high cash reserves and low external debt should bounce back strongest in the long term. And that gives investors a reason to remain “selectively bullish”.

Swiss banks are being targeted by EU officials desperate to blame someone for this financial crisis. But Bob Bauman says the country is strong enough to resist external calls to reform its bank secrecy and tax laws.

Anyone, like us, who has suffered the interminable “wait in the hall” hiatus for which Heathrow is so notorious, should just regard it as training for sitting out mining’s major bid.