He's back

Mandelson back in Gordon Brown’s big gamble says the Times

Gordon Brown staked his premiership on the shock return of Peter Mandelson and the defeat of the economic crisis yesterday, in the most daring reshuffle of modern times.
He gambled by bringing back the twice-resigned Mr Mandelson from Brussels, elevating him to the Lords and making him his Business Secretary, as he promised to reinvent his Government to tackle the slump

Return of the Prince of Darkness says the Independent

Peter Mandelson was sensationally appointed to the Cabinet for a third time yesterday as Gordon Brown launched an attempt to tackle the political and economic crisis that threatens to engulf his premiership. In an astonishing comeback, which marks the end of his 14-year feud with Mr Brown, the former EU trade commissioner will take up the role of Business Secretary – the job he held 10 years ago before his first resignation

Arise, Lord Sleaze says the Mail

It capped an extraordinary day in which Mr Brown appeared to have put his future in the hands of his biggest enemy in politics with a striking reordering of his team that marked a victory for Tony Blair and his allies.
He gambled on Mr Mandelson's strong business credentials and keen political instincts to bring some firepower to his weakened government.

The Guardian reporting that

Brown made his dramatic act of reconciliation to the arch-Blairite as a Guardian/ICM poll showed that the Conservatives had secured a post-conference fillip, boosting their lead over Labour by three points to 12 points.
However, 55% of voters think the prime minister has handled the economic situation well, against only 39% who say he has performed badly.

I'm behind you says the Sun

Beaming as he sauntered up Downing Street to become Business Secretary, comeback king Mandy said: “It is a great opportunity and a great challenge.” After twice being forced to quit previous Cabinets amid scandal, he joked: “Third time lucky!”

The reshuffle knocks yesterday's other impotant news off the front pages,which the Telegraph tells us

The United States Congress approved a $700 billion plan to salvage the American economy hours after the publication of the worst employment figures for five years.Both Republicans and Democrats decided to support the emergency stabilisation act, which passed by 263 votes to 171, after making substantial changes to make it more attractive to voters

The Times though says that

Yet even as the Bill was being signed by President Bush after the 263-171 vote - 58 of Monday’s rebels reversed course – further worrying signs of the grave state of the US economy emerged. Arnold Schwarzenegger, Governor of California, wrote to Henry Paulson, the US Treasury Secretary, warning him that his state might need an emergency government loan of as much as $7 billion to stave off bankruptcy

The Express says that

THE world’s economy was saved from total disintegration last night when the United States Congress finally agreed the biggest banking bail-out of all time

and that

In separate good news, supermarkets embarked on another petrol price war led by Asda and Morrisons, who will today cut pump prices by up to 2p a litre. At the same time, analysts forecast that the price of a barrel of oil could fall to as low as $30 by next year, which would see petrol plummet to around 74p a litre.

The Guardian meanwhile reports that Bank of England lifts guarantee on savings to £50,000

The government last night announced dramatic action to ease the credit crunch when it raised the guarantee on savings to £50,000 and took steps to thaw the freeze on business financing.
Amid fresh signs that the economy is on the brink of recession, the Financial Services Authority said it would increase the security on deposits from £35,000 with effect from Tuesday and would consider a further rise if it proved necessary.

Unprecedented debt and no jobs for the class of 2008 reports the Times

The class of 2008 faces unprecedented levels of debt and is struggling to find jobs as the credit crunch takes hold.
Students who graduated from university this summer have apparently never have had it so bad. Many borrowed tens of thousands of pounds in student loans on the assumption that they would walk into well-paid employment.
But graduate recruitment has been suspended or reduced by some companies as they struggle to stay afloat. Rather than taking their first step on to the career ladder, graduates are instead moving back in with their parents and accruing interest on debts as they look for work.

The Independent reporting more bad news as

More retailers released dire trading figures yesterday, reinforcing fears that the sector is heading for its worst Christmas in 30 years.
Weekly sales at the department store John Lewis plummeted and figures at its stablemate, Waitrose, sunk into negative territory, while the outdoor clothing retailer Blacks Leisure said it expects to post widening losses for its half-year.

To the US elections and the Telegraph reports that Palin says interviews were 'unfair'

The Republican vice-presidential candidate Sarah Palin has complained about the questions she was asked in television interviews for which she was later criticised.Mrs Palin gave several interviews to the CBS News anchorwoman Katie Couric - known for her unaggressive interviewing technique - in which she struggled to answer questions about foreign and economic policy.
The interviews caused alarm among some conservative pundits, who believed the Alaska governor looked out of her depth.

Never before perhaps has such a tiny gesture assumed such electoral importance as Sarah Palin's wink.
Because while, as the cliche has it, the eyes are the window of the soul, Palin's use of her eyes was a window to the views of women in one of the most hotly contested places in this election.
Palin's eyelash batting got under way from the opening moments of Thursday's contest against Joe Biden - and so did the parsing of its significance at a debate-watching party in Florida

says the Guardian

PayPal to refund shoppers defrauded on eBay reports the Times

PayPal, the payment service used by 20 million online shoppers in Britain, has given in to consumer demands to offer full refunds to buyers defrauded on eBay.
Previously, anyone using PayPal to buy items such as a laptop or furniture risked losing hundreds of pounds on something that might not work or even arrive.
Consumers who buy an item worth more than £150 using PayPal on eBay will now have protection

The Telegraph reports that

A fragile ceasefire in the Caucasus seemed close to collapse after seven Russian soldiers were killed when a car bomb exploded near their base in Georgia's breakaway region of South Ossetia

The Independent asks Is Berlin finally a fitting place for Jews to visit?

Germany is one of our most important allies, one of our biggest trading partners, but for an awful lot of British Jews, it remains the last taboo. For Gentiles, Berlin has become the capital of cool, but for British Jews it's still the historical headquarters of the Holocaust. And that's why these British visitors were making a little history of their own. This was the first time the German National Tourist Office had ever taken a Jewish group to Berlin, on a tour tailor-made for Jews.

Tata scraps world's cheapest car factory reports the Times

Tata has abandoned the partially completed factory that was to build the world's cheapest car, the £1,250 Nano, following months of violent demonstrations from local landowners.
The move will cost the Indian conglomerate as much as $350 million in investment that will now be written off plus an additional $100 million in relocation charges, analysts estimated. Indian business leader fear it also deals a severe blow to India's standing as an emerging industrial power

UN report criticises Britain's 'demonising' and jailing of children says the Guardian

Too many children are being imprisoned in Britain and demonised as criminals, said a report published yesterday by an influential UN body. In a document presenting more than 150 recommendations, and described by some campaign groups as "devastating", the body set out a detailed critique of Britain's legal and social shortcomings

The Telegraph returns to yesterday's top story

A police chief tipped to become the next Scotland Yard Commissioner has ruled himself out of contention and attacked Boris Johnson, the London Mayor.Sir Norman Bettison, the Chief Constable of West Yorkshire Police who was expected to be on a shortlist of replacements for Sir Ian Blair, ruled himself out of the running and accused Mr Johnson of ousting Sir Ian for "short-term political expediency".

Most of the papers report

A father who murdered his disabled daughter and young son in their bedrooms was jailed for life today

.The Mail adding

Robert Thomson, 50, knifed Michelle, 25, and seven-year-old Ryan a total of 26 times in separate attacks on May 3.
He must serve a minimum of 17 years.
The digger driver then made a botched attempt to kill himself, attempting to cut his wrists and stab himself in the chest

The Sun has an exclusive

POLICE in Italy have called in 500 crack troops after declaring war on Mafia mobsters behind a bloody killing spree.
The brutal Camorra crime organisation is said to have carried out 16 murders in six months — the latest on Thursday.
Two gunmen burst into a funeral parlour and sprayed accountant Lorenzo Riccio, 47, with bullets from a Kalashnikov automatic rifle.

The Guardian reports that

Four men were convicted yesterday of being part of a robbery gang that stole £500,000 in an 18-month crime spree targeting security vans. It ended when the mastermind and an accomplice were shot dead by police.
Terence Wallace, Adrian Johnson, Leroy Wilkinson and Victor Iniodu, all from south London, are facing lengthy jail terms for their involvement in the gang, which carried out raids in Oxford, Swindon, Bristol, Bath, Cambridgeshire, Hampshire, Reading, Ipswich and Gloucestershire between April 2006 and September last year.

Finally a dampner on the weekend as many of the papers report that

Torrential downpours and gales are forecast to sweep in from the Atlantic and drench large parts of Britain this weekend.
Two wide bands of rain are expected to hit the South West of England and Wales particularly hard, with winds rising to gale-force in the Bristol Channel and English Channel.
Such meteorological turbulence is not unknown in mid-autumn, but what makes the weather patterns particularly interesting is that they carry the remains of a tropical storm that has boomeranged across the Atlantic.