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Pro-Russian separatists in eastern Ukraine declared victory in a secession referendum Sunday, ratcheting up tensions between the West and Moscow, which by recognizing the results could push the country toward a breakup. Ukraine called the vote illegal and riddled with irregularities, and part of a wider campaign by Moscow to punish Kiev for pursuing closer relations with Europe. - The Wall Street Journal EuropeBritain's leading business lobby group has warned that policymakers must be ready to act on unsustainable house price rises in the UK. The CBI said it was on high alert after annual house price inflation reached more than 10% in some areas. It now expects interest rates to rise in the first three months of 2015, six months earlier than it previously predicted and, crucially, before the general election. - The GuardianOne of the biggest names in British construction is being prepared for a possible return to the stock market through a flotation that could value the business at as much as £1.5bn. The future of John Laing, an infrastructure investor best known for delivering a string of PFI projects for the last Labour government, is under consideration by its owner Henderson, the fund management and private equity group. - The TimesBritain's largest tobacco group has hired bankers to advise on multibillion-pound acquisition opportunities in America, including possible deals with Reynolds American and Lorillard. British American Tobacco has asked Deutsche Bank to work alongside UBS, the company's long-standing financial adviser on how it should pursue and finance deals in America, according to City sources. - The TimesInterest rates could rise early next year, the Bank of England is expected to say. The Bank is set to lift growth forecasts for 2014 from 3.4% to 3.5% when presenting the quarterly inflation report on Wednesday. And Governor Mark Carney is also likely to predict that rates will rise from their five-year record low of 0.5% some time in the first quarter of 2015. A first-quarter rise would be one quarter earlier than the Bank predicted in February. - The Daily MailCarphone Warehouse is poised to announce its £3.6bn tie-up with Dixons Retail in a deal that will change the face of British electronics retailing. The two retailers are on Thursday expected to confirm their "merger of equals" following two months of talks as to how the deal would be structured and the potential benefits to shareholders of both companies. The Telegraph has learnt that the all-share merger will be structured by Carphone effectively taking over Dixons, but with both companies' market values currently around the £1.8bn mark, it will essentially be a merger. - The Daily TelegraphAB