Kill the competition: High street hit ... BA joint venture ... Bush oil deal

Welcome to today's round-up of business news from The Times: what we're saying, what they're saying Top stories The Times: The credit crunch hit the high street with a vengeance as shock figures from Marks & Spencer wiped £4 billion off the value of Britain's leading retailers. Financial Times: British Airways is said to be close to seeking clearance from competition authorities for a three-way operational merger with American Airlines and Iberia. The New York Times: Bush administration officials knew that a Texas oil company with close ties to the President was planning to sign an oil deal counter to American policy. Comment Anatole Kaletsky in The Times: The last three global recessions were all triggered by an oil shock and it looks as if Opec is now determined to repeat this experience. Lex in Financial Times: JPMorgan... [read full story]