Papers

A century after John Pierpont Morgan rescued the New York stockmarket from a 50% sell off in share prices, his blue-blooded Wall Street bank was yesterday once again at the heart of attempts to contain the deepening global financial crisis, The Guardian...

The dollar has plummeted against all major currencies on dire US retail sales and fears that the Federal Reserve may need to slash interest rates further to stop the downward spiral in the credit markets, The Telegraph reports.

Friends Provident is coming under mounting pressure to start talks with would-be acquirer JC Flowers, The Telegraph reports.

Thornburg, the American mortgage lender, was teetering on the brink of bankruptcy last night as a key creditor demanded that it liquidate assets after failing to put up $28m (£13.9m) in extra collateral, The Times reports.

The biggest investor in Northern Rock, SRM Global, is preparing to launch legal action against the government and regulators this week over their role in the collapse of the nationalised bank, according to The Guardian .

Fund manager Artemis could be about to change hands for €1bn (£760m), The Telegraph reveals.

The Financial Services Authority's internal report into Northern Rock will be presented to its board this week and concedes that the regulator made mistakes in its handling of the Newcastle-based lender, The Guardian reveals.

Barclays Capital has called time on the "Great Moderation", warning that the world faces a future of inflation, higher interest rates, lower house and share prices and economic volatility, The Telegraph reports.

Alistair Darling appeared last night to be bowing to growing pressure to rethink his plan to increase taxation on non-domiciled foreigners living in Britain, The Times reports.

A string of profit warnings from safe-haven British companies sparked fears yesterday that the deadly tentacles of the sub-prime crisis were starting to spread, The Times reports.