Wednesday Papers: Wall Street plunges on mortgage woes - other news

Dow plunges 226 points and Nasdaq falls 51 points as US mortgage lender Countrywide Financial issues pessimistic outlook for the housing market.

* Oil price falls almost $2 on speculation over Opec production increases * UK government unveils plans to revamp rail network * UK grocery industry shows first signs of consumer slowdown, according to Taylor Nelson Sofres * US Richmond Fed July manufacturing index 4 vs June same * UK flooding could cost over £3 billion and premiums could rise between 15% and 20% * UK manufacturing sector demand and confidence take a hit, according to CBI * Deputy Bank of England governor Sir John Gieve promises action to curb inflation * Lockheed second-quarter earnings rise 34%; AT&T posts 61% earnings increase; DuPont reports flat second-quarter earnings; US Steel second-quarter profits fall 25%; Lexmark second-quarter profit declines 16%; Kimberley-Clark second-quarter profit beats outlook; Pepsico second-quarter profit rises 13%; McDonalds second-quarter net loss per share $0.60 after Latin American licencing transaction; Amazon.com second-quarter profit more than triples * Man Group's AHL fund net asset value down 0.15% vs last week * World Trade Systems first-half pre-tax loss £26,000 vs loss £59,000 * Fyffes faces EU Commission investigation into supply of bananas * Sour note for Apple as early iPhone sales fail to live up to the hype