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Page last updated at 06:14 GMT, Wednesday, 1 October 2008 07:14 UK
Today: Wednesday 1 October 2008

PLEASE NOTE: We are unable to offer transcripts for our programme interviews. Today is broadcast live and the running order is subject to change.

What marks this banking crisis out from others of recent experience? Pippa Malmgren, president of asset managers the Canonbury Group and former adviser to President Bush, discusses whether the global nature of the crisis makes the problems more severe.

Independent schools have a duty to lead society away from its obsession with greed and its 'X Factor' culture, the chairman of the Headmasters' and Headmistress' Conference (HMC) has told its annual gathering in London. Tim Hastie-Smith, who gave the speech, says there is more to life than material wealth and consumer consumption.

WPP, the world's second biggest advertising firm, has announced it is moving the group's parent company from the UK to the Republic of Ireland. Sir Martin Sorrel, chief executive of WPP, says tax conditions in the UK led "to a very difficult decision".

An attack by an unmanned US drone on an area in Pakistan has caused fatalities, reports say. Correspondent Barbara Plett reports on the details of the incident.

Sports news with ArloWhite.

'Awakening' groups in Iraq, former insurgency fighters who have turned against Al Qaeda and now fight them with US help, are to be funded by the Iraqi army rather than US forces. Correspondent Hugh Sykes reports what this means for efforts to stabilise the area.

How safe are UK banks? With the deal between HBOS and Lloyds TSB is in doubt, Angela Knight, chief executive of the British Bankers Association, says there is no panic and there is enough protection for individuals.

Today's papers.

Fifty-five years ago, Julius and Ethel Rosenberg wrote to their two young sons on the eve of their execution, saying "always remember, we were innocent". The New York couple had been found guilty of passing atomic secrets to the Soviet Union. Their sons have now had to concede their father was a spy after all. Correspondent Sanchia Berg interviews one of the Rosenberg's sons, Robert Meeropol.

Thought for the day with The Right Reverend James Jones, Bishop of Liverpool.

The Conservative Party Conference will end with speeches from leader David Cameron and Shadow Foreign Secretary William Hague, but in rather extraordinary economic circumstances. Mr Hague discusses whether the current turbulence has overshadowed the conference.

Despite concerns expressed in the papers about the Lloyds TSB takeover of HBOS, Sir Brian Pitman is confident it will go ahead. The former chairman of Lloyds TSB also says the current crisis is "clearing out the stables" and the UK will be left with five or six large, safe institutions.

A collection of cartoons from Punch magazine is being published, a reminder of what an extraordinary position the magazine sustained for more than a century and a half until it closed in 2002. Helen Walasek, editor of the collection, and Bill Tidy, former illustrator for the magazine, discuss the importance of the publication.

Sports news with ArloWhite.

The Royal Society is to announce it will invest 1m annually in 'blue skies' scientific discovery. The Theo Murphy Blue Skies Award will support research in the fields of science, technology and engineering. Professor Christofer Toumazou, of Imperial College London, will chair the panel for the award. He says that it should lead to some useful new discoveries.

Business news with Adam Shaw.

The unusual financial events have been referred to as a "black swan", something though of as highly unlikely, but which disrupts our world view. The phrase was popularised by a book called The Black Swan, The Impact of the Highly Improbable by Nassim Nicholas Taleb. He discusses how improbable recent events have been with Larry Elliot, economics editor at the Guardian.

When the Conservative conference ends, it will mark the end of the political conference season. Martin Kettle, of the Guardian, and Trevor Kavanagh, of the Sun, discuss how the parties fared with all the problems they faced.



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