MILLIONS OF PEOPLE ARE WORSE OFF THAN A YEAR AGO DUE TO THE GLOBAL CREDIT CRUNCH. The effects have not just been felt in people's pockets. For bank bosses, regulators and politicians, the damage inflicted has been to their reputation for competence rather than financial security. So who has lost most from the worst financial crisis in a generation?

THE BANKS - However you look at them, the figures remain startling. The losses incurred by Wall Street's biggest banks and a posse of Europe's leading financial institutions run into the many billions. Total bank exposure to the US sub-prime mortgage market, whose collapse infected wider credit markets and triggered an almost overnight liquidity drought, is still far from clear.

THE FEDERAL RESERVE has put the cost to the bottom line of banks and other lenders of their sub-prime misadventures at $100bn. GOLDMAN SACHS has said the figure could be as high as $400bn while the OECD has put an upper limit on the damage of $420bn. Taking into account other failed mortgage loans, devalued mortgage-backed securities and general bad debts, the International Monetary Fund said potential losses could top $945bn.

Looking back in 50 years time, the names of NORTHERN ROCK AND BEAR STEARNS are likely to remain indelibly linked with the crisis when other details have faded. The respective rescues of the two firms, although very different in cause and execution, highlighted the extent of the threat to the entire banking systems in the UK and US. Both companies were irretrievably damaged by their financial difficulties while other firms suffered grievous, if not terminal, injuries. Switzerland's UBS admitted it would take up to three years to recover its reputation for financial prudence after chalking up losses of $38bn.

US homeowners, arguably, have had to endure the most misery over the past year. As the value of their homes plummeted further, thousands found themselves in negative equity and, worse, unable to meet their mortgage payments. Despite government assistance to help people stay in their homes, the wave of foreclosures which triggered the wider credit crunch showed no sign of slowing a year on.

According to online foreclosure marketplace RealtyTrac, the number of foreclosure notices in June topped 250,000 for the second month running and was 53% above June 2007. Worse still, bank repossessions hit 71,000 in June - up an alarming 171% on a year earlier. Those living in California and Florida - scene of a building boom in the early part of the decade - have been worst hit, accounting for 40% of total foreclosure notices in June.

In the UK, homeowners had little to celebrate as they watched house prices suffer their steepest month-on-month falls since the early 1990s. At the same time, the 1.3 million people having to renegotiating their mortgages saw the choice of deals shrink dramatically and average borrowing costs rise as banks grappled with high wholesale lending rates and falling profits. This property malaise was not just confined to the US and UK. The recent housing boom in Spain imploded spectacularly while a collapse in prices in Ireland dented confidence about its future economic prospects.

But US Treasury Secretary Henry Paulson and UK Chancellor Alistair Darling struggled to counter the impression that they were no longer in control of events as the political fortunes of their governments took a sharp dip. Speaking last month, the two men heralded Anglo-American co-operation TO REBUILD TRUST IN THE BANKING SYSTEM but admitted that mistakes had been made before and during the crisis

Europe's largest bank saw profits drop by $3.9bn to $10.2bn (£5.2bn) in the first six months of the year, as its North American arm made a $2.8bn loss. The firm announced $3.7bn in fresh credit writedowns. HSBC has been among the banks worst hit by the credit crunch, whose financial toll has run into the many billions. It has already announced writedowns in the value of its assets - linked to the slump in the US housing market - of more than $15bn. HSBC shares fell by more than 1% in initial trading after it announced its results.

Stephen Green, HSBC chairman said, "It is also that complexity in financial services and the recent consequences of failed risk management need to be addressed. ULTIMATELY THE REAL ECONOMY WILL RECOVER FROM THE CRISIS ALTHOUGH IT MAY GET WORSE BEFORE IT GETS BETTER."

HSBC saw profits rise in Europe, Asia-Pacific and Latin America in the first six months, but problems in the US weighed heavily on its balance sheet. Of Europe's top banks, HSBC has among the heaviest exposure to the troubled US housing and credit markets. Its credit writedowns so far this year have now risen to $10bn, compared with $6.3bn in the same period last year.

They say immunising children would particularly protect the elderly. Children are prolific spreaders of infection because they have lower immunity and come into close contact with their families and each other. The findings prompted calls for a reassessment of government policy. In the US, flu vaccination is already offered to children aged from six months to five years.

The latest study estimated the effects of vaccination in the under-twos, under-fives and under-16s on two types of flu. It showed that the more children who received vaccination, the greater was the protection to the population in general. If an annual vaccination programme included everyone under the age of 16, the incidence of both influenza A and influenza B could drop by more than 90%, the researchers found. Just immunising those aged between six months and two years would reduce flu in the population by between 11% and 35%, depending on the strain.

Professor John Oxford, an expert in virology at Barts and The London, Queen Mary's School of Medicine and Dentistry said the evidence all seemed to be pointing towards a benefit. But he added: "THIS IS MATHEMATICAL MODELLING WHICH IS NOT QUITE THE SAME AS GETTING REAL DATA." He added: "I would say parents in the UK would probably turn around and give it a thumbs down, so the JCVI will want to be 100% sure of the evidence."

The Dallas County Medical Examiner's Office confirmed three heat-related deaths — two people last month in their 80s, and a 49-year-old man in June — as the Dallas area braced for an expected 107-degree scorcher Sunday that would rank as the hottest day of the year. Saturday's high of 104 around Dallas was the ninth straight day of triple-digit heat, a stretch that began at the end of the fourth-hottest July on record in North Texas. There's no relief in sight, either.

Meanwhile, those hoping to cool off with a swim now face an outbreak of a waterborne illness in pools, lakes and water parks that has sickened at least 100 North Texas swimmers. Experts say they don't know exactly why there's been a spike in the outbreaks of cryptosporidiosis, a diarrhea disease. Officials have temporarily closed swimming holes, public pools, spray grounds and water parks in the Dallas-Fort Worth area where crypto has been contracted and those areas have been super-chlorinated in an attempt to wipe out the nasty parasite.

Sixteen wildfires across the state, the largest more than 1,000 acres, continued burning Saturday, Texas Forest Service spokesman Bruce Miller said. He said the dryness, hot temperatures and low humidity has the north-central part of the state in the 90th percentile of fire indicies. "To be this critical and have the fire conditions we have now is unusual for this time of year," Miller said.

While the profits of unparalleled size have brought withering criticism from Washington and disgust from consumers across the country, very few were surprised.

Crude prices during the second quarter were nearly double what they were a year ago. Chevron said Friday its second-quarter profit rose 11 percent to a record $5.98 billion. Revenue rose significantly to $82.9 billion from $56.1 billion a year ago.

While local Communist leaders want the August 8-24 Games to showcase Chinese modernity and economic progress to the world, critics have used the build-up to put pressure on Beijing over its treatment of dissent, most notably in Tibet.

A youth orchestra of 2,008 international musicians became the first foreign group to play in Tiananmen Square, performing a medley of classical and modern pieces at the Beijing landmark best known to the world for student protests in 1989. "This is a significant message from the Chinese to say that China is now open to the world," one of the participants Max Ronquillo, leader of the Guam Territorial Band, told Reuters. "We are making history today."

With just five days to go before Friday's opening ceremony, Beijing has designated three parks for officially sanctioned demonstrations. But locals or foreigners wanting to use them must apply five days in advance. And "citizens must not harm national, social and collective interests," Liu Shaowu, security chief of the Beijing Games Organizing Committee, added in a statement. The Olympics has galvanized global critics of China on an array of issues from treatment of internal dissidents and censorship of the Internet to policies over the Darfur conflict.

The seal impression, or bulla, with the name Gedalyahu ben Pashur, who served as minister to King Zedekiah (597-586 BCE) according to the Book of Jeremiah, was found just meters away from a separate seal impression of another of Zedekia's ministers, Yehukual ben Shelemyahu, which was uncovered three years ago, said Prof. Eilat Mazar who is leading the dig at the site.

The excavation at the history-rich City of David, which is located just outside the walls of the Old City near Dung Gate, has proven, in recent years, to be a treasure trove for archeologists. "On the one hand it is so unexpected to find such a fragile bulla in such harsh conditions of excavation, while on the other hand it was logical to find precisely here the bulla of Gedalyahu ben Pashur - only meters away from the place where we found the bulla of Yehukhal ben Shelemyahu - since these two ministers are mentioned side by side in the Bible as having served together in the kingdom of King Zedekiah," Mazar said.

The first bulla was uncovered inside an impressive stone structure, which Mazar believes is the Palace of David, while the second bulla was found at the foot of the external wall of the same structure, under a tower that was built in the days of Nehemiah. Both of the bullae with the names of the two ministers, measuring 1 cm. in diameter each, were found among the debris of the destruction of the First Temple period. The letters are in ancient Hebrew and are very clearly preserved, Mazar said.

Both ministers are mentioned in the Book of Jeremiah (Jeremiah 38 1-4) along with two other ministers when they came to King Zedekiah demanding the death of the prophet Jeremiah for preaching to the besieged city to surrender. Mazar said it was "absolutely fantastic" to have uncovered the seals "complete and in perfect condition" after 2,600 years, affording scholars a clear read of the names that were impressed on them.

According to Euro barometer, fewer and fewer citizens think that EU membership is a good thing. According to the latest findings of Euro barometer, only a thin majority of 52 per cent of Europeans still think that EU membership is a good thing. This is down from 57 per cent in the Autumn of 2007. Only 48 per cent think the EU has a good image. (Oddly enough, one of the countries with the highest pro-EU opinion poll finding is Ireland. 73 per cent of those polled said they were in favour of EU membership.)

The countries where only a minority think that EU membership is a good thing include France (48 per cent), Greece (47 per cent), Finland (44 per cent), Italy (39 per cent), Austria (36 per cent), Britain (30 per cent), Hungary (32 per cent) and – last of all – Latvia with 29 per cent. Only 30 per cent of Croats think EU membership is a good thing although the Croatian government has talked about little but accession for years.

A poll on the web site of Die Welt offered readers four choices about the EU: "it is wonderful"; "it has advantages and disadvantages"; "it is pretty bad"; "I wish Germany would leave". The highest score was for "I wish Germany would leave" – 51 per cent. Nineteen per cent said the EU was pretty bad and only 27 per cent said it had advantages and disadvantages. (Three per cent said it was wonderful.)

Among the winners, it lists Nicolas Sarkozy, who has "killed two birds with one stone," in that "he can boast about having defended the interests of French and European farmers, and he can now encourage the Irish to organise a second referendum on the Lisbon Treaty - the first having been lost, he says, because of the threats to Irish meat and milk." A separate piece quotes the French Minister for External Trade Anne-Marie Idrac saying of the collapse in the world trade talks: "It's not the end of the world."

THE IRISH INDEPENDENT reports that Irish Farmers' Association President Padraig Walshe said farmers owed a debt of gratitude to Nicolas Sarkozy for helping to end the talks. Irish Junior Minister Martin Mansergh said the breakdown "will be a huge relief to Ireland's hard-pressed farm sector", and indicated that Trade Commissioner Peter Mandelson could not be trusted, and was trying to use the talks to press the "British objective" of undermining the CAP. He then argued that the result at Doha showed how important it was for Ireland to engage with other EU countries, before warning that "The 'No' decision of the Irish people on the treaty has left Ireland, for the time being, in a more exposed and vulnerable position" regarding trade.

Meanwhile, SWEDISH RADIO notes that Italy had threatened to block the EU's negotiation mandate if a new trade deal did not contain a special provision banning the production of parmesan cheese outside of Italy.

THE ECONOMIST argues that the breakdown of the WTO talks show that global trade relations are no longer divided between richer and poorer nations, but that "mercantilist interests drive trade policy".

Ireland has promised to find a solution by the end of the year after some 53 percent of Irish people voted No to the treaty in June. A July survey showed that 62 percent would reject Lisbon if the referendum was held today and that 71 percent don't want to vote on the subject again.

Dublin risks being isolated on the treaty, with 23 EU member states' parliaments having already given their assent and with the Italian lower chamber also set to approve the document in a vote on Wednesday afternoon. If elected, Declan Ganley, a wealthy businessman plans to write a reader-friendly, 20-page EU treaty based on the US constitution to replace the esoteric, 400-page long Lisbon text, he said in an interview with Polish newspaper Dziennik.

Mr Ganley told French President Nicolas Sarkozy in Dublin last week that French people would also have rejected the treaty if France had held a referendum. "You may be surprised to hear that he agreed with me," the Irishman said.

Half of youngsters aged nine to 11 were unable to identify a daddy-long-legs, oak tree, blue tit or bluebell, in the poll by BBC Wildlife Magazine. The study also found that playing in the countryside was children's least popular way of spending their spare time, and that they would rather see friends or play on their computer than go for a walk or play outdoors.

The survey asked 700 children to identify pictured flora and fauna. Just over half could name bluebells, 54 per cent knew what blue tits were and 45 per cent could identify an oak. Less than two-thirds (62 per cent) identified frogs and 12 per cent knew what a primrose was. Children performed better at identifying robins (95 per cent) and badgers, correctly labelled by nine out of 10.

Sir David Attenborough warned that children who lack any understanding of the natural world would not grow into adults who cared about the environment. "The wild world is becoming so remote to children that they miss out," he said, "and an interest in the natural world doesn't grow as it should. NOBODY IS GOING PROTECT THE NATURAL WORLD UNLESS THEY UNDERSTAND IT."

U.N. watchdogs also cite homosexual-rights groups' historical alignment with organizations advocating pedophilia. The U.N.'s Economic and Social Council, the organ facilitating international cooperation on standards-making and problem-solving in economic and social issues, has accepted COC Netherlands and the State Federation of Lesbians, Gays, Transexuals and Bisexuals of Spain.

This "means we can join the efforts at the U.N. to address human rights violations against people with an alternative sexual orientation or gender identity," said Björn van Roozendaal, COC Netherlands international advocacy officer. But members of the Catholic Family and Human Rights Institute accuse homosexual groups of attempting to weaken sovereignty and impose "gay rights" through a "well-coordinated" international stealth campaign tainted by associations with pro-pedophilia groups.

The pro-homosexual lobby consistently has attempted to advance through the U.N. since 1993, when an umbrella homosexual advocacy group, the International Lesbian Gay Association, or ILGA, achieved U.N. consultative status.

Before leaving for her summer holiday last week, German Chancellor Angela Merkel appeared to give her last public address of the season. Her message to the people: EVERYTHING WILL BE OKAY, everything is under control. In terms of the economy, she conceded, "things haven't gotten any easier," but it has been "more independent and robust" than ever before.

Less than 24 hours later, Germany's most important economic indicator, the Ifo Business Climate Index, released its latest report, which "dropped like a rock," as one Frankfurt banker put it. Analysts had forecast a decline to 100 points, but it's fall to 97.5 suggested the "economic upswing is coming to an end," Ifo President Hans-Werner Sinn said.

THE RAFT OF BAD ECONOMIC NEWS FOR GERMANY CONTINUED INTO THIS WEEK. After the Ifo report's release, Germany's second-largest industrial concern, DAIMLER AG, announced profits had drastically collapsed - an announcement that caused its share price to take an 11.5 percent tumble. Finally, DEUTSCHE BANK, Germany's biggest financial institution, announced that profits had fallen by 63 percent during the second quarter.

Researchers found that giving the animals certain drugs could trigger an endurance gene, allowing them to run for longer. On average mice can normally run for only around 90 minutes and 900 metres before becoming exhausted. But scientists found that giving the mice one of two experimental drugs, neither commercially available, could significantly increase their endurance. Four years ago researchers bred genetically engineered mice that could run much further than normal, but this is the first test to prove that drugs can have the same effect.

One of the drugs lengthened the amount of time the mice could run by 44 per cent, allowing them to keep going for more than two hours. "It's tricking the muscle into 'believing' it's been exercised daily," Dr Ronald Evans of the Salk Institute in California, who carried out the study, said.

"It's basically the couch potato experiment, and it proves you can have a pharmacologic equivalent to exercise." The scientists added that they were aware of the potential for the drugs to be used to boost athletes' performance and have developed a test capable of detecting the presence of both in blood and urine.

This was affirmed by the prefect of the Congregation for the Doctrine of the Faith, Cardinal William Levada, in a July 5 letter to the primate of the Anglican group, Archbishop John Hepworth. The conflict within the Communion has arisen over debate about the possibility of ordaining homosexual bishops and blessing homosexual marriages. A synod decision this summer to pave the way for the episcopal ordination of women has further alienated some Anglican leaders, many of whom were in disagreement with the Communion's decision to ordain women as priests.

According to Cardinal Levada's letter, "over the course of the past year, the Congregation for the Doctrine of the Faith has studied the proposals which you presented on behalf of the House of Bishops of the Traditional Anglican Communion during your visit to the offices of this dicastery on Oct. 9, 2007. As the summer months approach, I wish to assure you the serious attention which the congregation gives to the prospect of corporate unity raised in that letter," the cardinal added.

The Traditional Anglican Communion states that its aim is "to recall Anglicanism to its heritage, to heal divisions caused by departures from the faith, and to build a vibrant church for the future based on powerful local leadership." By some counts, it has about 400,000 faithful. If the request for "corporate union" is deemed possible, IT WOULD IMPLY THE ENTRANCE OF ENTIRE PARISH COMMUNITIES INTO COMMUNION WITH ROME.