In the papers: Land Registry sale on hold; North Sea taxes set to be reviewed

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Times                     

The government has said it needs more time to decide whether to sell the 150-year-old Land Registry because of infighting in the coalition after the privatisation of Royal Mail.

The Treasury has bowed to demands from the oil industry for a formal review of the North Sea tax regime which companies say is hastening the demise of production.

Britons are closing their wallets and choosing to save cash instead of shopping as they gird themselves for the prospect of an early interest rate rise, the paper says.

Independent

Police are investigating allegations City bankers plied  Gaddafi-era Libyan officials with luxurious parties in Morocco and invitations to a London lingerie modelling party in the hope of persuading them to invest billions of dollars of their country’s oil money.

Citigroup agreed a $7bn settlement to resolve civil claims that it misled investors about the quality of its toxic mortgage-backed bonds sold before the 2008 financial crisis. The deal brings to an end months of horse-trading and political posturing between the bank and the US Department of Justice.

UK drug maker Shire finally succumbed to US suitor AbbVie at the fifth time of asking as the drug group’s board said it was ready to recommend an improved $53bn takeover.

Daily Telegraph

Scottish independence could see the value of sterling drop by up to 10%, leave the rest of the UK more exposed to financial risks and delay a decision on increasing interest rates beyond the general election.

The world economy is just as vulnerable to a financial crisis as it was in 2007, with the added danger that debt ratios are now far higher and emerging markets have been drawn into the fire as well, the Bank for International Settlements has warned. 

Supermarket group Morrisons has sold its childrenswear business, Kiddicare, for £2mln to private equity firm Endless after a brief, but disastrous Ownership.

Swiss chocolatier Lindt Sprüngli Group has confirmed a deal to buy American sweet business Russell Stover in a move to bolster its presence in the world’s biggest chocolate market.

Guardian

The Eurozone recovery is weak, its financial markets too fragmented, and the region risks falling into deflation, the International Monetary Fund has warned.

The number of customers complaining to the independent ombudsman about their energy bills has soared with more people making official complaints in the first six months of this year than the whole of last year put together.

Shoppers put the brakes on spending last month amid concerns over the potential for higher interest rates, a retail industry report suggests.

Daily Mail

Wine Rack and Bargain Booze Owner Conviviality Retail saw profits fall to £4.8mln from £6.5mln in maiden annual results hit by one-off costs from its float and shutting stores.

Quindell hit back at critics with an upbeat trading update that showed sales had more than doubled in six months.

Sports Direct expands into Australia and New Zealand as it launches joint venture with online retailer MySale.

Daily Express

Shares in power producer Drax Group jumped 30p to 710p after it won a legal challenge against a UK Government decision not to support the conversion of one of its coal-burning units to biomass under a new subsidy scheme.

Easyjet has chosen US-French joint venture CFM International to provide the engines to power its renewed fleet of Airbus aircraft.

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