The bank said it "assumed" there would be economic red lines, like oil at $100 a barrel, that the US would be unwilling the cross.

O'Leary described his choice of language as "careless" and said "it won't happen again".

Since taking control in 1965, Buffett grew a struggling textile mill into a global conglomerate.

A committee report says the government has not set out how British Steel will become profitable.

The failure led to more than 2,000 flights being cancelled and hundreds of thousands of passengers affected.

Administrators say about £489,000 was owed for staff wages and holiday pay and £2.4m was owed to HMRC for unpaid VAT.

A report on the future of Thames Water, urging the government to take action, has been published.

Central banks around the world have hiked rates as high energy prices are pushing up inflation.