Sainsbury announces £1.2bn joint venture with British Land + full newspaper roundup

The Guardian reported that supermarket chain J Sainsbury has announced a £1.2bn joint venture to develop stores with British Land. Sainsbury will invest £253m in the 50-50 venture, which comprises 39 stores previously sold and leased back to the grocer.

Prime minister Gordon Brown was under fire from other politicians for "bandying around misleading statistics" on housing in an attempt to minimise the perception of a falling market, according to the Financial Times. Liberal Democrat leader Nick Clegg attacked the prime minister for denying that the UK was on "the cusp" of what could be a big housing crash.

The Financial Times reported that French investment company Wendel has raised its stake in Saint Gobain from 18% to 20.6% close to the limit allowed under its pact with the building materials firm. The paper said that Wendel has been building its stake in St Gobain since last autumn and has seen the value of its its investment fall by 30% since October.

The Guardian reported that couple may be prevented from moving back into their £1m farmhouse after they were flooded out last summer because of breeding newts. John and Margie Histed spent £250,000 repairing the 300-year-old Grade II listed house in Dauntsey, Wiltshire, after it was flooded last July. But they may not be allowed to clear an overgrown drainage ditch that caused the flooding because it may be a habitat for the great crested newt.