Iranian rial-ity, or when Gresham's law goes awry: Almost everywhere, the fall of the Iranian rial is being interpreted as a huge problem for the incumbent Iranian regime. But Izzy's post pick up on a note by Ehad Mostaque of Religare Capital Markets who says that the dollar shortage in the "parallel" street market is actually leading to more dollar inventory being soaked up by the "official" market, improving the sector's hold over the economy. We hope you got your applications in: The window to apply for Mervyn's seat at the Bank of England closed on Monday morning. Gus O'Donnell, former cabinet secretary, has decided not to apply, leaving only Paul Tucker and Lord Turner in the running, unless someone else has snuk in under the radar. David's post picks up on some of the speculation. FT Alphaville, refreshed - the video: We rolled out our new look on Saturday. There are also some new bits of functionality. To help familarise you, we prepared this video. Plug in some earphones or turn on the speakers if you'd like to hear the background music. Izzy thinks the first track is "Victorian techno." And then there's a banjo at the end... Economic recovery "on the ropes": The US is the brightest spot in the world economy, as another global recession threatens, according to the latest Brookings Institution-Financial Times tracking index, the FT reports. Chávez wins new term in Venezuela: Venezuela's socialist president won another six-year term on Sunday, frustrating the opposition's best chance of beating him after 14 years in power and reconfirming him as one of Latin America's most commanding political figures, reports the FT. Hugo Chávez, who recently underwent three cancer surgeries, won with 54.4 per cent of the vote, or a 1.3m vote lead, leaving his rival Henrique Capriles trailing at 44.9 per cent with 90 per cent of the votes counted, the national electoral council said. Invesco voices concern over BAE tie-up: BAE Systems" largest shareholder on Monday signalled its "significant reservations" about the UK defence group's proposed tie-up with EADS, the FT reports. Meanwhile, Bloomberg reports that the merger will hinge of German approval as the French and the British governments have agreed on terms. Foxconn disputes lead to iPhone disruptions: The assembler of Apple's mobile phones was forced to stop production for the second time in two weeks due to labour unrest. It is thought that the problems started after "workers became frustrated trying to prevent scratching on the casings of the iPhone 5″, reports Bloomberg. Some 3,000 to 4,000 people walked off the job, but have since returned, according to China Labor Watch. Regulator warns on auditors" alumni: The vast alumni networks cultivated by the four leading accountancy firms could be helping to stifle competition in the audit market, according to a UK regulator probing the dominance of PwC, Deloitte, KPMG and Ernst & Young, the FT reports. Athens prepares for Merkel visit: The German Chancellor is expected to tell Greeks that she wants to keep the country in the euro, but large protests are expected to greet her when she lands in Athens on Tuesday. Some 6,000 policemen will be deployed in the capital for her 6-hour visit, reports Reuters. Markets: Growth-sensitive assets are starting the week on the back foot as investors remain concerned about the global economy in spite of Friday's upbeat US jobs data. The euro is weaker as uncertainty over whether Spain might ask for a bailout, in the wake of continuing anti-austerity protests, highlights the lingering, sentiment -sapping effect of the eurozone fiscal crisis, reports the FT's global markets overview.