Is 2008 becoming another 1938?

Anyone trying to make sense out of the day-to-day swings in US stocks this year has to look back seven decades for a precedent. The earlier performance ought to hearten those anticipating a rally later this year.

IN BRIEF (Page 17)

Business International

Big loss forces Ospel off UBS throne

UBS AG, battered by the biggest writedowns from the collapse of the US subprime mortgage market, reported a 12 billion-franc ($11.9 billion) first-quarter loss and said Chairman Marcel Ospel will step down.

Can top lawyer revive Swiss lender?

UBS AG, which reported a second consecutive quarterly loss after $19 billion more in writedowns, is calling on its chief lawyer to replace Chairman Marcel Ospel and revive the fortunes of Europe's biggest bank by assets.

Deutsche Bank to write down 2.5b euros

Deutsche Bank AG, Germany's biggest bank, will write down 2.5 billion euros of loans and asset-backed securities and said markets are deteriorating.

Finance sector faces 'major crisis'

Credit market turmoil poses the most severe crisis for banks in 30 years, surpassing Black Monday in 1987, the Asia currency crisis and the burst of the dot-com bubble, Morgan Stanley and Oliver Wyman said in a joint report.

IN BRIEF (Page 17)

Business International

Pernod to swallow up Absolut vodka

Pernod Ricard SA agreed to buy Vin & Sprit AB of Sweden for 5.63 billion euros to gain the Absolut vodka brand and bolster its position as the world's second-largest liquor company.

Lilly's new top man prefers thinking on his feet

John Lechleiter could pick any mode of transportation he wants for his commute to the executive suite at Eli Lilly and Co. Most days, he chooses his feet.

Clothing giant sees slow Q4 growth

Inditex SA's fourth-quarter profit increased 16 percent, the slowest rate in four years, and Europe's largest clothing retailer said sales probably won't reach the high end of its forecast in coming years.