Paper Round (17 June) - BP's woes and bank regulation occupy national press

BP has cancelled its dividend payments to pay $20bn (£13bn) into a compensation fund for the Deepwater Horizon oil disaster and could file for US bankruptcy protection, write today's press.

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The Times headlines "BP bows to Obama" and quotes a legal expert as saying the company will be "quietly looking at bankruptcy as a way out".

The Guardian writes about "Obama's pound of flesh", The Daily Mail reports the company has been "bullied into a £13bn cave-in" and The Daily Telegraph reveals "Cameron confronts Obama in battle to protect BP".

The Guardian also reports on the government's decision to hand more power to the Bank of England. The Independent covers a "new financial crisis" as it looks at Spain's economy.

The Sun accuses social workers of failing to remove schoolgirl Shannon Matthews from her mother's care. An inquiry was launched after the family of the girl faked her abduction in an attempt to claim reward money.

The Guardian again promotes its free website on its cover, after The Times this week closed down its registration-free website as part of its transition to charging for online content.

The Sun's £1 Ladbrokes Ascot bet continues alongside the Daily Star's £5 offer with Blue Square.

The Daily Mail includes its ‘Femail' magazine and Breitling advertises with The Daily Telegraph.

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