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Tuesday newspaper round-up: BP, Shell, Prudential

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Date: Tuesday 15 Apr 2008

LONDON (ShareCast) - House prices are experiencing their most widespread decline since records began because of the fallout from the credit crisis, a report released by the Royal Institution of Chartered Surveyors today shows, says the Telegraph.

Gordon Brown will hold talks today with mortgage lenders amid growing evidence that the downturn in the housing market could be worse than that of the early 1990s, according to the Times.

The commercial property sector managed to slow the decline in asset values for the third month running in March, although returns were still negative as capital values continued to fall, reports the FT.

Beijing's share-buying in Britain's largest company, BP, which has so far reached nearly 1pc, is being closely watched by Downing Street, according to the Telegraph.

Jeroen van der Veer, the chief executive of Royal Dutch Shell, has given warning that a proposed European Union scheme to force companies to pay for carbon emissions permits previously handed out free threatens to destroy Europe’s petrochemicals and refining industry, writes the Times.

Foreign oil companies are poised to enter Iraq later this month after Baghdad signalled it was prepared to sign five oil field services agreements covering its biggest fields, reports the Telegraph.

Prudential, the insurer, has a shortlist of about half a dozen candidates to replace Sir David Clementi, its chairman, who looks set to be eased out before the end of the year, says the Times.

Sir Richard Branson has held talks with Dubai International Capital (DIC), the $12 billion sovereign wealth fund, about financing a possible takeover bid for bmi, The Times has learnt.

Grosvenor, the property company owned by the Duke of Westminster, has been forced to make a second provision in two years for its huge retail development in Liverpool city centre, writes the FT.