LONDON (ShareCast) - Shell and ExxonMobil have pulled the proposed $3bn (£1.5bn) sale of Infineum, one of the world's largest manufacturers and marketers of lubricant additives that are used in automotive, heavy-duty diesel and marine engines, says the Telegraph.

Stan Polovets, the oligarch who is chief executive of AAR, released a letter he has written to TNK-BP, the Russian unit it co-owns with BP, warning that the decision of its chief executive Robert Dudley to base himself overseas could cause it substantial tax liabilities, reports the Independent.

BP is expected to announce record profits over £3.5 billion, but is haunted by doubts over control of TNK-BP, its Russian venture, adds the Times.

Merrill Lynch, the investment banking giant that has lost more than $40bn (£20.1bn) on its mortgage investments since the start of the credit crisis, shocked Wall Street last night with plans to raise $8.5bn in new shares, says the Independent.

Abbey, owned by Spanish bank Santander, says it took almost two out of five UK mortgages written in the second quarter, beating bigger rivals such as HBOS, says the FT.

Cains, the Liverpool brewery rescued from collapse six years ago by two brothers, is fighting for survival again after a sharp drop-off in trading, reports the Times.

Kohlberg Kravis Roberts (KKR), the buyout firm that has resurrected its plan to float, swung to a loss in the first quarter as America's stock market woes dragged down the value of its investment portfolio, says the Times.

Yesterday, mobile phone operators were told that Britain’s failure to embrace the internet via mobile phones was their fault. The industry’s lack of transparency over the cost of accessing the web on handsets was, the Mobile Data Association said, restricting the growth of mobile internet, reports the Times.

The Bank of England will today begin fighting a rearguard action to prevent the Treasury from extending its bail-out scheme for mortgage lenders to new home loans, says the Independent.

Global financial markets "continue to be fragile, and indicators of systemic risk remain elevated", according to the IMF's latest Global Financial Stability Report, says the Independent.

London extended its lead as the dominant global centre for foreign exchange dealing in the opening months of this year, stealing a march on New York to take a still larger share of world currency trading, writes the Times.

The west’s biggest oil companies raised their research and development spending by an average of 16 per cent last year but still lag behind many other industries, a survey by the Financial Times has found.

The Financial Services Authority (FSA) is continuing its crackdown on insider trading by instigating its third criminal prosecution this year, reports the Times.

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