Britannia Radio

These are the headlines as midnight approaches. After the ineptitude
of Darling’s ‘say-nothing. do-nothing’ speech today which turned
a worsening situation into a rout, someone amongst the Treasury
‘spinners; had the nerve to criticise Cameron for suggesting
something that would help and is desperately needed - capital
restructuring of the banks. .

Now the Desperate Duo who are running us into the ground are off to
yet more talks where everyone preaches cooperation and solidarity and
does just the opposite looking after their own voters. To date
unlimited guarantees on savings have been promised in Denmark,
Sweden, Germany, Austria, Greece, and Ireland and hints of the same
treatment have been dropped in the Low Countries and Italy too.

Why do Brown-Darling leave Britons out on a limb? Stop dithering -
DO something. For a start deal with the ‘Mark to Market’ rule as
the US has done and many in Europe want. Secondly make provisions
for rebuilding the banks’ capital either by state intervention or
preferably by Debt for Equity swaps. Until this is done things can
only get worse.

Darling will be in Luxembourg on Tuesday, and Washington this
weekend, but further meetings with Britain’s banks are expected next
week NEXT WEEK? Doesn't he know it's urgent? STOP TALKING AND
ACT NOW !

xxxxxxxxxxxxxxx cs
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BBC ONLINE Late 6.10.08
FTSE 100 INDEX: 6th October 2008

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THE TIMES BUSINESS Late 6.10.08
HEADLINES:Motor Show as UK car sales slump 21%
Banking crisis - the world takes fright
Panic swept through the world's financial markets wiping $2,500bn
from share values amid a worsening crisis of confidence
• Panic as Iceland faces economic disaster

Treasury readies £50bn plan to shore up banks
[This is the one that Darling has been supposed to produce for days
but somehow didn’t even mention it yesterday and thus caused a
massive run of both shares and the pound -cs]
The Government could end up with sizeable holdings in high-street
banks by injecting capital into them in return for shares
• Act of faith needed to stop flight of cash
• COMMENTARY: confidence can make all the differenc

Panic as Iceland faces economic disaster
The Icelandic Government seize control of the country’s biggest
banks in an attempt to fend off wholesale economic collapse
• Icelandic Prime Minister addresses the nation
• Iceland agrees emergency legislation

CBI and BCC urge rate cut for Britain
As central banks struggled to rebuild confidence the leading British
business lobby groups called for a sharp rate reduction
• Central banks fight as abyss beckons
• Central banks pump in $620bn as shares plummet

TELEGRAPH BUSINESS Late 6.10.08
HEADLINES:
LATEST BUSINESS NEWS
FTSE 100 suffers its worst fall in history
The index of leading UK shares is hammered and the Dow Jones falls
below 10,000 as fears for banks intensify.
Sudden shift in commodity sentiment
The entire complex of commodities and emerging market stocks, bonds,
and currencies is now in free-fall as the economic crisis spreads
like brushfire.
• Japan's PM focuses on economy over election
• EU leaders move to reassure banking system
• Iceland prepares to rescue its banks

==eBay to cut 10pc of workforce as crunch bites
==Italy's UniCredit to raise £5.1bn
==Vehicle traders call for action as slump goes on
==Car parts supplier put in administration, 600 jobs could go

FINANCIAL TIMES Late 6.10.08
HEADLINES:

Markets routed in global sell-off
Stock prices collapsed around the world amid growing fears that the
credit crisis would trigger a global recession, leading to
speculation about co-ordinated emergency rate cuts by the Federal
Reserve and other central banks - 21:23
• Full coverage: Global financial crisis
• The Short View: Market crash?
• Editorial Comment: How to save Europe’s banks

Darling weighs boost for banks
Tories accused of fuelling uncertainty - 23:43
• Philip Stephens: It is time to abandon imprudent caution

Iceland takes emergency action
Krona falls 30% against euro - 20:44
• Falling krona exposes consumer debt
Yen jumps on hopes for Japan
Analysts upbeat on outlook - 19:11
• Pound’s decline proves a boon for business
AIG’s complexity blamed for fall
Executives face questions over AIG unit - 23:31
• AIG’s asset sell-off sets the pulses racing
BNP takes control of Fortis in €14.5bn deal
French bank set to become eurozone’s biggest - 20:16
Fuld says Lehman victim of short sellers
Former CEO testifies to Congress - 20:48
• Fuld breaks cover to defend his actions
Berlin shrugs off attacks on savings pledge
Germany rejected foreign criticism of its decision to guarantee all
private bank deposits and denied comparisons with Ireland’s earlier
move to underwrite all liabilities of six domestic banks - Oct-06
Danish deposits backed in bank bail-out deal
The Danish government has guaranteed all bank deposits and some inter-
bank lending in return for a pledge from the country’s banks to
establish a rescue fund -