Nearly all the papers headline with the continuing meltdown in the financial markets

Panic stations says the Telegraph

World leaders pledged to take all action necessary to halt the panic gripping financial markets and prevent the crisis from descending into a global depression. Chancellor Alistair Darling admitted that the UK was facing "turbulence the like of which we have never seen" as markets ended their worst week in history, with shares having fallen by more than a fifth on all leading stock exchanges.

What next says the Independent as it reports that

London's blue chip shares today slumped almost 9 per cent to cap their worst week since 'Black Monday' in 1987.
The FTSE 100 index closed 8.85 per cent down on the day, down 381.7 at 3932.1, the index's lowest level since May 2003, meaning that more than £250bn has been wiped off the the market values of Britain's biggest firms

Race for the Global Rescue plan says the Guardian,its later additions reporting that

A crisis meeting of finance ministers and central bank governors from the west's seven leading economies last night agreed to take "urgent and exceptional action" to bail out banks amid fears that a fresh wave of panic had pushed the global financial system to the brink of collapse.
The G7 agreed to take "all necessary steps" including adopting Britain's plans to part-nationalise banks in order to kick- start lending in frozen credit markets after Wall Street suffered the worst week in its history. With shares, oil and sterling all plunging at the end of a dramatic week, the G7 pledged to take decisive action and use all tools available to prevent more big western banks going bust.

The Independent says that

The unparalleled turmoil in the world's financial markets has pushed America and the world's other leading economies to agree a programme of part nationalisation of their banks that would have been considered unthinkable a few months ago.

The Times describes the Scramble to sell describing how

A frenzied day of panic selling on stock markets across the world capped a week of extraordinary financial mayhem in which £2.7 trillion was wiped off the value of shares globally.

The Mail calls it the Worst week ever

A catastrophic £250billion has been wiped off the stock market in the worst week ever for the FTSE 100.
Political leaders were left looking powerless yesterday as appeals for calm were ignored and 'blind panic' set in on Freefall Friday.
The continuing carnage meant that the bluechip index had lost a staggering quarter of a trillion pounds, 21 per cent of its value, in five days.

Stop the Rot says the Express

LEADERS of the world’s most powerful countries were last night gathering for a summit to save the global economy.
After billions had been wiped of share values in a new financial bloodbath, their mission was clear: Stop the rot.

The Independent reports that

Leading charities have tens of millions of pounds frozen in collapsed Icelandic banks, it emerged yesterday. The Government was locked in talks with charity group leaders amid an estimate that British organisations may have £120m tied up with Iceland's trio of troubled lenders.

The Times says that

Hospitals and universities yesterday became the latest victims of the collapsed Icelandic banks as the huge scale of taxpayers’ investments began to emerge.
At least ten universities have together invested tens of millions of pounds, and the Christie Hospital, the specialist cancer hospital in Manchester, was one of two foundation trusts that have admitted making deposits of £2 million, The Times has learnt.
The other, the Central and North West London, is one of the largest mental-health trusts in the country, serving eight London boroughs.

The Telegraph describes how

The war of words between Britain and Iceland has intensified as Iceland’s prime minister accused Gordon Brown of undermining his country’s economy.Geir Haarde also confirmed that Icelandic creditors will get priority over British customers as the country’s fallen banks’ money is returned.

The Mail claims that Bank fat cats will STILL receive £3.5bn in bonuses - despite Brown's pledge to slash them

Hedge fund managers, investment bankers and commodity traders are expected to be awarded seven-figure payouts at the end of the year, according to a report by an economic consultancy.
The prediction came days after Gordon Brown called for an end to the days of 'irresponsible behaviour' and excessive bonuses as he unveiled his £500billion bank rescue plan.

Meanwhile the Guardian reports that,only Iraq thrives in world slump

The Baghdad bourse is booming, with the general index of Iraq's stock exchange up by nearly 40% last month. The floor was heaving with investors and brokers on Thursday, many glued to their phones and eager to snap up bargains on the second day of trading after a national holiday. Hotels and banks were the hottest picks among the exchange's 95 listed companies.

Away from the financial turmoil and the Guardian reports that

John McCain's election campaign last night suffered the body blow which Republicans had been bracing themselves for when his vice-presidential candidate, Sarah Palin, was found to have abused her powers in pursuit of a personal feud with her former brother-in-law.
At the end of the 10-week investigation into the so-called Troopergate affair, Palin was found to have breached the ethics rules which govern her conduct as governor of Alaska. The findings, delivered by an investigator who had been hired by the Alaskan state legislature before she was picked as McCain's running mate, are certain to lead to questions over his judgment, and to queries and challenges as to her suitability for national office.

The Times says that

The finding will be an unwelcome distraction for Mr McCain at a time when he is struggling to hold ground against his Democratic rival Barack Obama, who has been boosted by the economic crisis, an issue where significantly more voters trust him on.

There is much coverage of the second day of the Rhys Jones murder trial,the Mirror reports that

The teenager accused of murdering Rhys Jones admitted the killing minutes after the schoolboy was shot, a court heard yesterday.
Sean Mercer, 18, said he had shot someone and “a kid had gone down”, the jury was told.
Mercer then demanded help from a teenage pal to avoid being caught, it was claimed.
Prosecutor Neil Flewitt QC said a 16-year-old defendant known as Boy M “told police his grandmother answered the door to Sean Mercer, who said he had just shot someone and a kid had gone down”.

The Sun leads with the same story under the headline I've shot a kid it says that

PALS washed the teenager who shot schoolboy Rhys Jones with PETROL to get rid of gunshot residue, a jury heard yesterday.
One – too young to be named and referred to as Boy X – also stashed the murder weapon in his attic for up to six weeks, it was claimed

The Mail has some political scandal from this side of the water,it claims that

William Hague is facing awkward questions about his judgment after he joined a lavish Italian trip for Barclays executives on a black day for global markets.
He spent Friday on the sunny shores of Lake Como, on the final day of a luxury break organised by the hard-pressed bank's private wealth division.
While he enjoyed the balmy surroundings of one of Europe's most expensive hotels, where rooms can cost £1,000 a night, markets in London and America went into freefall.

Finally the Independent reports on an

unusual and controversial welcome to Britain

When the British artist Paul Day unveiled his nine metre-high bronze statue of two lovers locked in an embrace at London's brand new St Pancras International station last year it was lambasted as "kitsch", "overblown" and "truly horrific".
Now, a brief glimpse of a new frieze to wrap around a plinth for The Meeting Place statue has been revealed, depicting "dream-like" scenes inspired by the railways.
Passengers arriving from the continent will be greeted with a series of images, including a Tube train driven by a skeleton as a bearded drunk sways precariously close to the passing train. Another shows the attempted suicide of a jilted lover under a train reflected in the sunglasses of a fellow passenger. Another section reveals a woman in a short skirt with her legs wrapped round her lover while they wait for the next train.