Principal content
Markets slide as subprime woes escalate
A steep sell-off swept through global stock markets as investor confidence was hit by the escalating woes of the US subprime mortgage market and weak US retail sales data.
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‘Massive intentional copyright infringement’
Japan companies face EU shut-out
Difficulties over accounting standards
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Goldman’s record quarter
Analysts tasked with estimating Goldman Sachs’ earnings may not quite be at the stage of “think of a number, then double it”, but they can’t be far off.
Markets
Mortgage woes

Retail sales data, which disappointed traders, showed that the US consumer cannot be taken for granted. The fear is that problems in the mortgage market will damage consumption as a whole, writes John Authers.
Comment
Why liberalism is the right future for a declining Europe

Nothing short of a catastrophe will stop China, India and the rest from developing. Europeans must adapt to enjoy exciting opportunities in a bigger world, writes Martin Wolf.