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Comment and analysis from the FT:

Comment: De Rothschild on ethical finance standards
The events of the past 18 months should teach us that it has become too easy to make money in the financial sector, writes Sir Evelyn de Rothschild, former chairman of NM Rothschild & Sons and chairman of EL Rothschild. There is too much cash available and discipline has become slack. So where to from here? It is essential that we do not have more regulation without thinking it through clearly.

Editorial comment: Bomb-proof banks
The message to bank employees is clear: times are tough and corporate perks an unaffordable luxury. Yet investment banks that cut costs in this way are making a mistake. Managers who send out nit-picking memos merely sap morale. Banks that really want to make themselves recession-proof could do worse than follow a few basic “dos” and “don’ts” including the best advice: Take the pain but appoint someone to take the flak.

Gillian Tett: Give the financial system time
So is it all over? That is the $36bn - or $360bn - question perplexing investors right now. Six weeks ago, the financial system was beset by gloom. But now the sun is shining - equities are rallying, credit spreads have tightened and investors are gobbling up new bonds. So should everyone feel encouraged?

Samuel Brittan: The financial crises of capitalism
One striking feature of recent events is how slow they have been to hit the real economy. Although the credit crunch was first discerned last August no major area has yet recorded a downturn in activity, as distinct from a growth slowdown. This suggests not that the crisis is coming to an end but that it is slow-burning.

The Short View, video: Transport companies
Transport companies run on oil, and lots of it. High oil prices are bad for them. But the market does not appear to believe this, judging by MSCI’s rising world index of transportation companies.

Lex, Commodities special
Part I: Mining capex
The mining industry has experienced a demand shock, and prices, in nominal terms at least, are through the roof. But has there been a supply-side response? Miners stand accused of underinvesting. One defence is that the industry is now throwing its cash around, but the evidence is mixed.

Part II: Oil capex
As with mining, why has the energy bull market not prompted more supply? The bigger issue is inefficient allocation of capital. Political constraints, particularly in the lower-cost Opec countries, push investment towards higher-cost projects such as Canadian oil sands, or block it altogether.

Part III: Prices and the cycle
A fridge in every Chinese house and Indians swapping bicycles for cheap cars – the demand side arguments for higher commodity prices are now well rehearsed. But it is likely the demand shock from industrialisation of the developing world is, for the most part, discounted by markets. Less discussed has been the supply side response to higher commodity prices.