Paper Tips

Thursday Papers: Financial markets braced for large rate cuts across Europe -- other news 7:06am GMT

* Dow regains a further 173 points and Nasdaq rises 36 points

* Financial markets are braced for large interest rate cuts across Europe today amid mounting evidence of a sharp slowdown in the leading global economies

* A fresh sign in the deterioration of credit market conditions emerges as the Markit/Traxx Crossover index rose above 1,000 basis points for the first time since it was created in 2004, implying a record number of companies are Full Article

Thursday Papers: Banks take control as New Star delists -- bid news and gossip 6:55am GMT

* New Star Asset Management in proposed restructuring that will result in £240 million of its £260 million gross debt being converted into equity; bank syndicate will own 75% of New Star's enlarged fully diluted ordinary share capital and £94 million out of £100 million of new convertible redeemable preference shares to be issued by New Star; intends to de-list; current capital structure is no longer appropriate; New Star staff could net £10 million in rescue (Telegraph)

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Thursday Papers: tips and comment 6:50am GMT

FT Lex Column:

* Detroit's misleading mantras -- Big Three executives have come back to Congress still repeating their claims that bankruptcy is impossible

* Shoot the messenger, again -- muzzling the financial media would make the job of regulators harder, not easier

* Renminbi stops crawling -- China need only look at its neighbours, and recall its own 1998 experiences, to see the trouble a move towards depreciation can caus Full Article