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Papers focus on BP's capitulation

They called it the "perp walk" - the moment BP executives marched up to the White House for what the Independent calls a "presidential spanking".

"Perp walk", the Guardian tells us, is American slang for a police parade of suspects - short for "perpetrator".

The paper says BP's $20bn compensation fund and suspension of dividends is President Obama's "pound of flesh".

The Daily Mail says it was a day of BP-bashing by a president who, it claims, "bullied" the firm into capitulation.

'Most powerful banker'

Chancellor George Osborne's Mansion House speech made the front pages - in it he gave details of sweeping changes to regulation of the City.

The chancellor is to break up the Financial Services Authority and charge the Bank of England with preventing risk building up in the finance system.

The Financial Times says the Bank's governor, Mervyn King, will become one of the world's most powerful bankers.

The Daily Telegraph says the reforms appear logical and sensible.

'Slightly immoral'

The Daily Mail reports that the head of one of Britain's most highly regarded girls' schools has complained of constantly having to defend independent education.

Vicky Tuck says she has been made to feel as if she is involved in something "slightly immoral".

Higher education cuts have prompted business leaders to write to the Daily Telegraph urging caution about cuts in science, innovation and knowledge.

The bosses of Shell and GlaxoSmithKline are among those to warn Britain cannot be allowed to be left behind.

Life-changing tip

And finally, a taxi driver has found out how unexpectedly profitable it can be if you are polite to your customers.

Don Pratt retired after regular fare Mary Watson, 86, left him a £250,000 tip in her will, the Daily Mail says.

Mr Pratt, 65, said: "We would always have a good chat while I ferried her around. One day she said to me 'when I pass on I'll look after you'.

"I took it with a pinch of salt at the time, I had no idea she was going to leave me a fortune."

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