Britain loses 'investment capital' status - today's papers

Britain has lost its status as the investment capital of Europe with flows of capital into and out of the country plunging since the crash of 2007, it was revealed.

Data published by the United Nations showed that foreign direct investment into the UK has fallen by more than three quarters since the financial crisis began.

At its peak in 2007, the boom in the City meant foreign direct investment into Britain stood at just over £196bn, but this halved in 2008 when the global banking teetered on the brink of collapse and has since halved again to stand at £46bn in 2010. MORE...

US debt crisis

The White House has warned that President Obama could veto a debt limit plan proposed by top House Republicans. MORE...

Meanwhile, the Telegraph reports the switchboard at Congress almost crashed as Americans voiced their anger at the stalemate in Washington over raising the country's $14.3trn (£8trn) debt ceiling. MORE...

Olympics - one year today

The development of London's Olympic Park after the 2012 Games will pay well in excess of £1.3bn to the public purse, according to the body charged with converting the sports venues into a vibrant community. MORE...

Bank profits

The European debt crisis dragged down investment banking profits at UBS and Deutsche Bank in the second quarter, forcing the Swiss bank to announce drastic cost cuts that will include significant job losses over the next three years and to scale back its longer-term profit expectations. MORE...