Tuesday newspaper round-up: Tax credits, Equiniti, Equity release

(ShareCast News) - George Osborne vowed last night to rein in the power of the Lords after he suffered a humiliating defeat over his plan to cut tax credits by £4bn. The chancellor said that the unprecedented vote, which left his budget policy in limbo, raised constitutional issues about unelected peers that would be "dealt with" by himself and the prime minister. - The TimesEquiniti, the share registrar company that handles dividend payments for most FTSE 100 companies, has attracted enough interest to support its imminent £500m-£600m flotation, despite growing investor indifference to all but the larger share issues. The company's advisers will price the new shares on Tuesday. Bankers expect thiem to be at the lower end of the 165p-200p price range. - The GuardianOlder homeowners withdrew a record total of £5m from their properties each day as an increasing number of retired people used their main asset as a source of income at a time of dismal savings rates. Equity release lending to homeowners over the age of 55, which allows people to use money drawn on their property without having to make monthly repayments or downsize, jumped by £68.3m to £452.6m in the three months between June and September, compared with the previous quarter. - The TimesBritish households are using higher wages to pay off their credit card debts, rather than relying on the plastic for their shopping, in the latest sign that the economy is performing well. At the same time businesses are reducing their reliance on the banks by borrowing directly from investors such as pension funds and insurance companies through the capital markets. - The Daily TelegraphThe US Navy early on Tuesday conducted freedom of navigation operations in the South China Sea, in a high-stakes effort to push back against Chinese territorial claims in the disputed resource-rich waters. The USS Lassen, a destroyer, sailed through the 12-nautical-mile zones of two artificial islands - Subi and Mischief reefs - that China has constructed in the Spratly chain. The warship began its mission at roughly 6.40am local time in the South China Sea, according to a senior US defence official. - Financial TimesAlmost two years after Gala Coral Group first explored a sale of its bingo business, it has agreed terms on a £241m deal with the investment firm backed by the Cayzer family. The sale to Caledonia Investments, an investment trust acquired by the Cayzers in 1951 as a holding company for their shipping interests, clears the decks at the bookmaker before its proposed merger with Ladbrokes. - The Times