Forecasts the papers - about time! (8)
I believe the answer is:
presages
'forecasts' is the definition.
('presage' can be a synonym of 'forecast')
'papers about time' is the wordplay.
'papers' becomes 'press' (the newspaper industry).
'about' is an insertion indicator.
'time' becomes 'age' (an age is a period of time).
'press' going around 'age' is 'PRESAGES'.
'the' acts as a link.
(Other definitions for presages that I've seen before include "Forecasts" , "Foreshadows, is advance sign of" , "Augurs, bodes" , "Foreshadows in press age" .)