Thursday Papers: ICBC plans to raise $6.6bn in rights issue - other news

* UK steps up offshore rig inspections as US probe begins.

* Bank of England Governor Mervyn King has warned that high inflation will continue to erode earnings power through next year as the economy faces the threat of 'stagflation'.

* The International Monetary Fund has warned China to be vigilant over bad loans as its economy begins to slow.

* BP has admitted that trading in its shares is under investigation in the US, as it sought to draw a line under the oil spill by unveiling a $17bn second-quarter net loss and a new chief executive.

* There was no urgent need for the austerity measures announced in the Government's "emergency Budget" in June, a respected research institute said.

The Guardian

* US bailouts prevented 1930s-style Great Depression say economists; new study by economists Mark Zandi and Alan Blinder says US economic stimulus averted a worse downturn.

* Vedanta comes under fire for plans to build mine on 'sacred' land in India.

* UK house insurance premiums to rise dramatically as climate change increases flood risk; Association of British Insurers warns some areas of Britain will become uninsurable.

* Metro Bank opens in London.