Principal content
Iran puts British sailors on television
Iran broadcast pictures of 15 captured British naval personnel who they said had ’trespassed’ into Iranian waters. Tehran also released a letter from Leading Seaman Faye Turney, the only woman in the party, in which she apologised for apparently entering Iranian territory.
Bernanke plays down need for rate cuts
Fed chief emphasises inflation bias
Merck winds battle over drug patent
Fosamax patent reinstated in Europe
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Rearrest of MDC leader sparks criticism
President Mugabe attends regional meeting
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US housing
Markets
‘Random walk’ theory, markets and the Fed

The theory of ‘random walk’, whereby stocks and securities incorporate all relevant information, aptly describes how markets followed the Fed, writes John Authers.
Comment
The historian shielding Bush from reality

A great popular historian can spin a yarn while revealing complexities. Andrew Roberts does one but not the other, says Jacob Weisberg.
A ringside view of history in the making

In his final column for the FT, Guy de Jonquières explodes some myths and makes predictions after 39 years covering Asia.