Papers ponder Conrad Black fate

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The Daily Telegraph leads with the six-year jail term given to the paper's former owner and disgraced peer, Conrad Black, by an American court.

The paper says he was "unrepentant to the end" and claimed he would overturn his sentence for criminal fraud and obstructing justice on appeal.

The Guardian also leads with the story. The paper quotes the judge who said "no-one is immune" from US law.

The Independent headline on Black reads: "The final humiliation".

Credit crunch

The Times predicts that millions of Britons are facing a big financial hangover in the new year because of the global credit squeeze affecting banks.

UK banks were reluctant to lend to each other during November, and the paper says customers seeking to borrow will face a steep rise in charges in 2008.

Meanwhile, the Guardian says the prices of goods leaving British factories reached a 16-year high last month.

This makes a further rapid cut in interest rates less likely, it adds.

Broken hearts

"Jose: the dream is over" is the Sun's lament, after former Chelsea manager Jose Mourinho ruled himself out of the running to be England football coach.

The paper says the decision by the man known as The Special One "broke the hearts of the nation".

The Italian, Fabio Capello, is now thought to be favourite for the job. The Daily Mirror says he will fly to the UK for talks with the Football Association.

The Daily Mail says the 61-year-old will accept an offer from the FA.

Rock return

They used to ride motorbikes through hotel rooms, throw television sets out of windows and do the whole sex, drugs and rock 'n' roll thing.

But on Monday night at the O2 arena in London it was different. As the Daily Telegraph puts it: "Led Zep are back - with tea and an ironing board".

The paper says front man Robert Plant ended rehearsals with a mug of tea and asked for a board to iron his clothes.

The Daily Star describes the reunion concert as a "triumphant" return.