Northern Rock bank has swung back into profit, six years after its failure and nationalisation, The Times reported. The bank, which came to symbolise the start of the banking crisis and was bought by Virgin Money last year, is on target to achieve a full-year profit this year.

HMV’S flagship music store on London’s Oxford Street will be turned into a Sports Direct after the sportswear retailer agreed a deal to move to the site, according to The Telegraph. Sports Direct is understood to have paid up to £5m to take on the lease of the space where HMV has been since it opened in 1984.

Members of Repsol‘s board have rejected a settlement with Argentina over last year’s expropriation of its YPF unit which was proposed by one of the Spanish oil group’s largest shareholders Pemex, the Financial Times reported. Pemex proposed abandoning a €10.5bn compensation claim against Argentina in return for forming a new joint venture in the country.

The Bank of England has called for an assessment of interest rate rises on borrowers, warning that many may struggle to keep up repayments on loans, The Guardian reported.

Chancellor George Osborne was accused of sending the jobless into the arms of foodbanks and payday lenders last night after announcing that the unemployed would have to wait seven days before claiming benefits, The Independent said.