LONDON (ShareCast) - Xstrata, the Swiss-based mining group, was preparing an unsolicited takeover bid for Lonmin, a FTSE 100-listed platinum producer, in a deal likely to be worth about $9bn, says the FT.

Apax Partners, the private equity group, has held talks with GfK, the German market research group, about funding a cash bid for Taylor Nelson Sofres (TNS), reports the Times.

Debenhams and Liberty are considering a proposed rescue plan for nearly 3,000 newlyweds left without presents after the collapse of Wrapit, the online wedding gift service, according to the Times.

Terry Smith, the chief executive of Tullett Prebon, is confident he will seal a merger agreement with New York's GFI by September in a deal that will give him the momentum to compete with his main interdealer-broker rival ICAP, reports the Telegraph.

Housebuilders enjoyed a rare day among the market’s biggest risers on Tuesday amid hints that the government was considering suspending stamp duty on property transactions, says the FT.

BAA, the airports operator, has started legal action against Ryanair after the budget carrier refused to pay higher landing fees, according to the Times.

British Airways customers are 80 per cent more likely to lose their luggage, finds confidential report seen by The Times.

Land of Leather, the troubled furniture retailer, is facing a £250,000 lawsuit from an investment group that wanted to inject £5 million of emergency funding into the business only two months ago, says the Times.

The head of Freddie Mac, the mortgage finance giant which is having to be propped up by the US government, ignored warnings as early as 2004 that the company's bets on the housing market were putting the financial system at risk, reports the Independent.

The Treasury has "grossly underestimated" the cost of imposing VAT on the wages of temporary social care and charity workers, locum doctors and financial services staff and if it pushes ahead it will lead to significant job losses, the recruitment industry has warned, writes the Telegraph.

The Government faced fresh accusations of financial incompetence from the Opposition yesterday as it prepared to write off up to £3 billion of taxpayer-funded loans to Northern Rock to strengthen the stricken bank’s balance sheet, reports the Times.

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