The Telegraph says the Dream comes True,Change has come says the Mail,An American Dream says the Independent,Obama's new America says the Guardian and the Earth moves says the Sun as all the papers have one story only on their front pages

The most striking thing about Barack Obama is not his youth, his oratory, or even the colour of his skin. It's simply that he knows what he's about. The vast crowd spread out before him in Chicago late on Tuesday night was transported with joy. America and most of the rest of the world hailed the moment as if it were the Second Coming.
But there in the midst of the frenzy, at this moment of supreme accomplishment, stood Mr Obama – cool, collected and already focused not on the historic victory he had just won in defeating the Republican John McCain and becoming America's first black president, but on the monumental problems he will confront, and that will not await his inauguration on 20 January 2009

. says Rupert Cornwell in the Independent

Barack Obama will pay homage to Abraham Lincoln when he takes the oath of office as America's next president in January, urging his fellow citizens to unite in "a new birth of freedom".
Obama, who chose to launch his election campaign last year at the spot in Illinois where Lincoln began his, will express a hope that as the 44th president he too will usher in a new American era

reports the Guardian

The Mail says

His historic victory was widely welcomed as a promise of a better future. It bridged the chasm of racism that has stained U.S. history and offered the prospect of restoring the country's reputation around the world, tarnished by a Bush presidency that brought two wars

The Sun reports that

BARACK Obama showed he will be fit for office yesterday — by celebrating his presidential election triumph with a workout at the gym.
An aide said he was “letting off steam” after his marathon campaign to win the keys to the White House.

The Times reports that

he was assembling key components of his administration. Rahm Emanuel, a congressman and former adviser to President Clinton, was offered the post of White House Chief of Staff. Mr Obama also set up a 15-member advisory board for the 76-day transition, headed by John Podesta, who served as chief of staff under Mr Clinton, and his long-standing aides Pete Rouse and Valerie Jarrett.

Meanwhile the Express has the headline Target Obama reporting that

A MILITARY-style operation to keep Barack Obama alive was under way yesterday within hours of his victory.
Even as the US President-elect celebrated with more than 160,000 supporters in Grant Park, Chicago, he did so from behind bullet-proof glass 12ft high and 3ins thick.

The Telegraph reports that

The Kremlin gave Barack Obama a glacial welcome to the world stage when Dmitry Medvedev, the Russian president, ordered the deployment of nuclear-capable missiles on Nato's borders for the first time since the Cold War.

and staying on the same theme,the Guardian reports that

President Dmitry Medvedev moved yesterday to entrench the current Russian leadership's grip on power by proposing a presidential term that would extend the stint in office from four to six years.
Medvedev said the extension was necessary to guarantee stability and help Russia deal with massive global challenges. But critics said the proposal was further evidence of Russia's alarming and rapid drift towards authoritarianism.

There is an election going on in Britain today and the Times reports that

Alex Salmond underlined his confidence that the SNP would pull off another “by-election earthquake” today with a bullish prediction of victory on the eve of the Glenrothes poll.
Scotland’s First Minister staked his reputation on an SNP victory in the seat, despite predictions of a tight result from all parties as they entered the final hours of the campaign.

Gordon Brown braces himself for defeat says the Telegraph

Despite a last-minute campaign stop by John Prescott, the former Deputy Prime Minister, Labour is increasingly gloomy about its chances of holding the another former safe seat.
Defeat to the Scottish National Party would represent a personal rejection for Mr Brown, who has broken with prime ministerial convention by twice campaigning and whose own constituency of Kirkcaldy and Cowden Beath is next door.

Economic gloom piles pressure on Bank for 1% rate cut reports the Guardian

The Bank of England's monetary policy committee (MPC) looks likely to make the biggest rate cut in its 11-year history today after a mass of poor economic data yesterday indicated that Britain was in for a long and deep recession.
City analysts believe the MPC could cut as much as 100 basis points off rates today - a full 1% - taking them to a five-year low of 3.5%, the lowest since the 1950s. Speculation about a big rate cut has been mounting all week but reached a new pitch yesterday after the Chartered Institute of Purchasing and Supply (Cips) said activity in services sector last month shrank - at its fastest pace in at least 12 years - while other figures showed manufacturing in its longest slump for 28 years

The Mail meanwhile reports that

'It's awful - Why did nobody see it coming?': The Queen gives her verdict on global credit crunch

The Queen spoke for the nation yesterday when she asked how the credit crunch could have taken so many economics experts by surprise.
She described the financial crisis as 'awful' and inquired that, since the meltdown was so massive, 'Why did nobody notice it?'
The royal concern was revealed at the London School of Economics, where she opened its £71 million New Academic Building

.

British interpreter Daniel James found guilty of spying for Iran reports the Times

An Iranian-born British Army interpreter who had a reputation for being a fantasist with ideas above his station was found guilty yesterday of spying for Iran while serving with the senior military commander in Afghanistan.
Corporal Daniel James, 45, who had been in the Territorial Army for 18 years, was convicted at the Old Bailey of one offence under Section 1 of the 1911 Official Secrets Act, of communicating with a military attache at the Iranian Embassy in Kabul in 2006. The maximum sentence is seven years in prison.

The Telegraph reports that

A Kosovan man shot in the jaw by a British soldier has been awarded £2.4 million compensation after suing the Ministry of Defence.The sum is more than eight times the maximum damages available to UK troops seriously injured abroad, and has been criticised by the relatives of disabled veterans

Many of the papers report that

The US author, Michael Crichton, best known for the novel Jurassic Park has died of cancer it was reported today.
The 66-year-old died in Los Angeles, according to a statement on his website.
Crichton's books, including Jurassic Park and its sequel The Lost World, which were adapted into successful films, have sold more than 150 million copies.

I'll find a minister for healthy eating, says Jamie Oliver reports the Independent

Britain needs a dedicated minister for food to prevent an obesity "horror show" from enveloping the country, Jamie Oliver has warned MPs reports the Independent
.

While he would be "touched" to be offered the job, the celebrity chef said, he would not take it but would act as a headhunter for the Government.
The star of the hit television shows Jamie's School Dinners and Ministry of Food shared a bleak view of Britain's eating habits during his 90-minute grilling by the Commons Health Select Committee, describing the rise in obesity as a "bloody emergency".

According to the Times

Thousands of tonnes of rubbish collected from household recycling bins may have to be stored in warehouses and former military bases to save them from being dumped after a collapse in prices.

the paper adds that

Collection companies and councils are running out of space to store paper, plastic bottles and steel cans because prices are so low that the materials cannot be shifted. Collections of mixed plastics, mixed paper and steel reached record levels in the summer but the “bottom fell out of the market” and they are now worthless. The plunge in prices was caused by a sudden fall in demand for recycled materials, especially from China, as manufacturers reduced their output in line with the global economc downturn.

Outrage over the computer game which glorifies suicide bombing reports the Mail

A computer game in which players assume the role of a suicide bomber and try to kill as many men, women and children as possible has provoked outrage.
A senior Labour MP said Kaboom: The Suicide Bombing Game, which is freely available to all age groups on the internet, ‘devalues human life’ and should be banned.
Players move a terrorist of Arab appearance along a busy street to get as close as possible to the most civilians.

The Express reports that

HARD-pressed families were handed some welcome relief from the credit crunch last night as food inflation fell sharply.
The price of a basket of everyday products has risen at its lowest rate since May, according to figures from the British Retail Consortium.
It is a strong signal that food price inflation, which has rocketed over the past 12 months, has finally peaked.

Five pound notes to be given to drivers by campaigners

reports the Telegraph

Wearing Geoff Hoon masks and holding a briefcase full of money, environmentalists will entice drivers at a central London petrol station with five pound notes.
Drivers will then be asked to sign postcards to Transport Secretary Geoff Hoon, asking him to remain committed to reducing emissions targets.
Organised by Futureproof, green campaigners who helped found the Alliance Against Urban 4x4s, they want to highlight how the Government could save drivers money on fuel bills, in addition to cutting CO2 emissions

Finally the Sun reports that

AMY WINEHOUSE’s husband tasted freedom for the first time in a year yesterday and declared: “I’m gonna see my wife and take her knickers down.” Junkie BLAKE FIELDER-CIVIL made his boast in an exclusive interview at a service station near the prison.
But his saucy hopes were soon dashed as he was then driven to a rehab clinic for treatment for drug addiction