Wednesday, October 01, 2008

The Times leads with Brown in struggle to shore up bank rescue as the papers switch back to the UK economy

Gordon Brown was personally fighting to save the proposed £12 billion rescue of Britain’s biggest savings bank last night amid growing doubts over the deal.
HBOS, which owns Halifax and Bank of Scotland, lost more than £1 billion of its value yesterday as shares slumped by up to 20 per cent. Traders took the view that shareholders of Lloyds TSB would block the rescue deal on its current term


says the paper.

The Guardian also has the same lead

HBOS rescue in jeopardy

Yesterday HBOS, owner of the country's biggest mortgage lender Halifax, was again the biggest faller in the FTSE 100 index of leading shares, dropping 13%. HBOS is now worth just £6.4bn but Lloyds TSB has agreed to pay £9.8bn. The differential in the price has heightened fears that the deal may not go through on the original terms which were agreed after the Prime Minister intervened to ensure the takeover could proceed.


The Express says that city spivs try to wreck the deal

SPIV traders were accused last night of betting millions of pounds in a gamble which puts the rescue of Britain’s biggest mortgage lender at risk.
The £12.2billion takeover of Halifax Bank of Scotland was thrown into fresh doubt after its shares took a hammering in a day of high drama in the City.

The other papers lead with the news that the governemnt is going to increase the amount of money that is secure in your bank account

Savers will be guaranteed that at least £50,000 of their money will be repaid if their bank collapses, under plans to be unveiled by the Government.
says the Telegraph adding that

Alistair Darling, the Chancellor, is now under growing pressure to offer a cast-iron Government guarantee to repay all customers' savings in the case of a bank collapsing.
The Irish Government has introduced a similar offer and the scheme is being studied closely by the Treasury.


Brown's bail-out gamble says the Mail

Gordon Brown is drawing up a drastic emergency plan to rescue the City as he vowed to do 'whatever it takes' to restore financial stability.
The Prime Minister has taken the unusual step of hiring bankers UBS and N M Rothschilds to advise him on a possible bailout deal, independent of Chancellor Alistair Darling.
Whitehall sources confirmed that the Government is considering a scheme that would match a guarantee announced yesterday by the Irish government to protect all bank bonds, debts and deposits.


The Sun says that

GORDON Brown last night sensationally blamed America for the world banking crisis — and said it had a duty to fix it.
The Prime Minister said the financial turmoil engulfing Britain started in the US and must be resolved there.
He left American politicians in no doubt they must come to their senses tomorrow and back a rescue deal for their banks
.

The Independent is the only paper to leave the financial crisis to its inside pages.It leads with

Drug firms bankroll attacks on NHS

The rising tide of protest over the refusal by the NHS to provide expensive drugs for cancer and other conditions is being funded by the pharmaceutical industry, an investigation by The Independent has revealed.
Patient groups that have been among the most vocal in spearheading attacks on the National Institute for Clinical Excellence (Nice) over decisions to restrict access to drugs on the NHS depend for up to half of their income on drug companies, but details are often undisclosed.


The Guardian looks forward to David Cameron's speech later today

judgment better than experience in a crisis,reporting that

David Cameron will today confront Gordon Brown's jibe that he is a novice unfit to become prime minister, when he declares that "character and judgment" are more important than experience.
In his keynote speech to the Conservative conference, Cameron will attempt to demonstrate his mettle when he serves notice on his party that it should brace itself for a bruising start to government, which could even lead to tax rises.


The Telegraph reports that

Conservatives gathering at the party's conference in Birmingham will today be told to get ready to win a general election and start running Britain.Oliver Letwin, the Tory policy chief, and Francis Maude, the shadow Cabinet Office minister, will lead a discussion about the work the party is doing to prepare for Government
.

I'm no novice - I'm the man who can repair Britain adding

He will insist he is prepared to put aside party differences 'in the short-term' to work with the Government to help protect people's jobs, savings and mortgages.
But he will say it is his 'political duty' to criticise Mr Brown's decisions over the last decade that have helped bring Britain to the brink of catastrophe.


The Times reports on the decision that means Gurkhas finally win their own battle of Britain

With their battle cry of Ayo Gorkhali (Forward Gurkhas), former soldiers from Nepal celebrated on the steps of the High Court yesterday after winning their battle to stay in the country they risked their lives to serve.
The Government had decided that 2,000 Gurkha soldiers who retired before July 1997 did not have the necessary “strong ties to the UK” to allow entry. Yesterday a High Court judge ruled that the Gurkhas had been treated unlawfully, and found that the immigration policy denying them visas was irrational and misleading.


Many of the papers report on the good news story from Cumbria,the Sun leads with the story that

JACKPOT girl Ianthe Fullagar vowed to bank nearly all her £7million EuroMillions win yesterday – and live on baked beans on toast.
The 18-year-old, who revealed how she hid her winning ticket in her BRA, will also shun Ferraris and Rollers by buying a humble Ford Ka motor.
The only luxury she will allow herself is a family holiday in Egypt. And she “might” invest in an unknown electro pop band who she reckons could make it big
.

The Independent says

She will share the remainder with family and friends. Eventually, she hopes to run her own law practice.
Whether her wealth will bring happiness is an age-old question, to which a previous Lotto winner has not yet found the answer. Callie Rogers, from Workington, Cumbria, won £1.9m five years ago, when she was 16. "The thing about money is you worry if you don't have it, and if you do have it, you wonder if it is going to last," she said. But yesterday she added: "I am now settled, much more confident in myself and happy


The Telegraph reports that

Three men are being questioned in connection with the murder of a banker set upon after confronting a gang attacking a homeless man.Father-of-two Frank McGarahan, 45, of Much Hadham, Herts, died in hospital on Monday after being injured in central Norwich in the early hours of Sunday.
Police said last night that three men - all in their early 20s and from the Norwich area - had been arrested. They are being held at police stations across Norfolk. They were interviewed by police yesterday evening and questioning will continue today.


The Guardian reports the news that

One of the UK's most successful fertility doctors failed to investigate when a patient arrived at his Harley Street clinic in tears and complaining of vomiting, telling her husband she had a "mental block" about treatment, a disciplinary hearing heard yesterday. Hours later, the woman had seizures and was admitted to an intensive care unit.
Mohamed Taranissi, one of Britain's best-known and most controversial IVF doctors, appeared before the General Medical Council to answer allegations relating to two separate patients which could, if proven, lose him his licence to practise medicine
.

According to the Times,ITV plots future in which there is no escape from ads

Television viewers who like to fast-forward through advertising breaks may want to look away now. ITV is developing a new form of unavoidable advertisement that can be embedded in television programmes.
The new technology, which is known as “automatically placed overlay advertising”, uses complex computer algorithms to find clear space, such as blue sky or blank walls, in video footage in which to display logos or messages


The Independent reports how Warring tigers leave London Zoo with a £5m bill

When a tiger called Sarah arrived at London Zoo one day last summer, her keepers hoped she would stir something in the loins of Lumpur. The 14-year-old tigress had successfully found romance in the West Midlands, supplementing the shrinking population of diminutive Sumatran tigers with new cubs at Dudley Zoo.
London Zoo desperately wanted Sarah to repeat the trick with 11-year-old Lumpur, who had been unable to breed despite sharing a pound with a younger female, Raika, for eight years. The two zoos agreed to swap tigresses. Unfortunately, the only sparks that flew between Sarah and Lumpur were angry ones, with hissing, snarling and even physical violence. Instead of celebrating the birth of cubs, the world's oldest scientific zoo has had to separate the warring pair – and was forced to come up with a multimillion-pound plan for a new enclosure. Next year, the zoo will launch a public appeal for a big cat enclosure which is expected to cost as much as the £5.3m spent on its Gorilla Kingdom exhibit last year.

Back to the financial crisis and the Mail reports that

Family budgets are more squeezed than at any time in five decades, according to official figures out yesterday.
The amount households have saved up fell in the first three months of the year - the first time it has done so since 1958.
The blame was put on the rising costs of mortgages, energy, food and other basics.

The Guardian says that

The British economy was facing a mild recession even before the financial maelstrom of the last three weeks. But some pundits think the economy could be facing a slump comparable with anything the country has seen in the postwar period.

Finally the Independent reports that

Nostalgia trumps grit in French cinema battle

At a time of unrelieved gloom in world affairs, many predicted that the nostalgic glow of Faubourg 36 would triumph over the sweat and slang of the classroom drama, Entre les Murs. After five days each movie has already attracted around 350,000 cinema-goers but it is the low-budget Entre les Murs which tops the French box-office

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