The 10 things you need to know about business this morning

Government sells off King's Cross development stake; warning over interest rates; latest on London house prices

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The Independent Online

1. Government kicks of multi million pound sale of 36.5% stake in King's Cross Central development. The area around the station is being redeveloped into a mix use site stretching across eight million square feet. Investment group Lazard and high end estate agent Savills are handling the deal on behalf of the taxpayer.

2. Bank of England members warns interest could be on the up. Bank of England's monetary policy committee member, Kristin Forbes has warned that the UK's economic recovery could be undermined if the central bank waits too long to raise interest rates.

3. London house prices have had their most buoyant August for eight years, new figures show. Homes in Greater London are nearly 10% more expensive than they were in August 2014, property website Rightmove said today.

4. Property investor Kennedy Wilson goes shopping in Spain, snapping up 16 supermarkets €85.5bn. The real estate property company said the acquisition is part of a joint venture with French institutional investors managed by AEW Europe. The 16 supermarkets comprise 593,600 square feet of rentable space across seven high street stores and nine big box stores in the Madrid and Barcelona regions.

5. Angela Merkel expects IMF to take part in Greek bailout. The German Chancellor tried to reassure sceptical lawmakers on Sunday that the International Monetary Fund would take part in a new bailout for Greece, before a parliamentary vote in which many of her conservatives may break ranks and reject the rescue.

6. Manufacturers Toyota and John Deere halt operations near China's Tianjin port after last week's explosion. Toyota's production lines will be closed until the end of Wednesday while John Deere suspended work indefinitely

7. Troubled insurance services group Quindell has appointed a new chief executive Indro Mukerjee. The decision comes two months after Robert Fielding’s departure. Indro Mukerjee will start on 7 September.

8. LafargeHolcim to sell India assets for 750 million Swiss Francs. Cement maker LafargeHolcim(LHN.VX) said it would sell two plants in eastern India to Birla Corporation(BRLC.NS) for about 750 million Swiss francs ($768 million), as a condition of its recent merger.

9. Japan hit by weaker economic growth.  Japan's economy shrank at an annualised pace of 1.6% in the quarter, following a revised expansion of 4.5% in the first quarter, official data showed.

10. China strengthens yuan rates against dollar by 0.01%.