Thursday newspaper round-up: BoE, China, North Sea

The Serious Fraud Office has opened a criminal investigation into the Bank of England over the potential rigging of money market auctions. Confirmation of the inquiry came last night with the central bank already under scrutiny over an earlier investigation into the foreign exchange-rigging scandal. – The Times

China lowered its economic growth forecast to about 7% this year at the opening of the country’s biggest political event of the year, ushering in what leaders have dubbed a “new normal” of slower growth. The move signalled Beijing won’t take dramatic action to raise the growth rate above last year’s level, which at 7.4% was its lowest level in nearly a quarter-century. – The Wall Street Journal Europe

The prime minister is refusing to back down in the row over whether the Russian oligarchs who have bought 13 North Sea oil and gasfields should be allowed to keep them. LetterOne Group, which is backed by Mikhail Fridman and German Khan, paid €5.1bn for RWE’s exploration and production business, including a North Sea presence worth about €1bn. – The Times

The lower oil price could help create thousands of jobs in Scotland by giving a boost to the wider economy, according to the latest Fraser of Allander Institute report. Economic research from the University of Strathclyde’s institute forecasts that, even in Scotland, the positive effects of lower fuel prices on firms and consumers will outweigh the loss of jobs and investment in the North Sea. – Scotsman

Thousands of City workers could see their pay curbed by a new European crackdown on bonuses, it emerged on Wednesday. The European Banking Authority said controversial rules that limit bonuses should apply to more firms, and proposed new restrictions on “allowances”, the payments that many banks have introduced in response to the bonus cap. – The Daily Telegraph

GlaxoSmithKline has sold off the world’s largest legal poppy field as part of a deal to offload its opiates business to an Indian rival. Britain's biggest drug company confirmed it has sold its opiates division, which includes its Tasmanian Poppy Industry subsidiary, to Sun Pharmaceuticals for an undisclosed amount. – The Daily Telegraph