Sunday Papers: Stiglitz fears European 'austerity wave' - other news

The Sunday Telegraph

* Joseph Stiglitz, one of the world's leading economists, has warned that the future of the euro is "looking bleak" and the fragile European economic recovery could be irreparably damaged by a "wave of austerity" sweeping the continent.

* Prudential should sell its American business before hiving off its Asian assets, a confidential strategic review undertaken by bankers at Goldman Sachs at the behest of the company's besieged management has found.

* Crown Currency Exchange last night left hundreds of holidaymakers without any travel money after its bank accounts were frozen.

* Tesco will embark on a major UK store opening programme in the next six months as it looks to extend its lead in the cut-throat supermarket wars.

* Ahsan Ali Syed, the Indian entrepreneur planning a £300 million bid for Blackburn Rovers, was ordered to close his financial advisory company in August after regulators discovered it had grown from a $53,000 business to $1.2 billion in little more than 18 months.

* Airbus will carry out a greater proportion of engineering work in India in the future as a direct result of a dearth of qualified engineers in the UK, Germany and France.

* Centrica chief Roger Carr in frame to tackle cuts in 'chaotic' defence budget.

* Network Rail emerges from the ashes of Railtrack.

The Observer

* Business secretary Vince Cable told that rigid lending targets on banks could crowd out new entrants.

* Barclays chairman Marcus Agius to tell financiers that they need to 'fix' the public's view of them.