Thursday newspaper round-up: Prudential, BP, Europe

6th May 2010 06:11

Tidjane Thiam's days running the Prudential could be numbered if he fails to pull off the takeover of AIA, analysts warned. The chief executive is facing criticism after the company was hit with its second major embarrassment since he took over from Mark Tucker last September in a blaze of largely favourable publicity, says the Independent.The Telegraph adds that institutions have threatened to derail Prudential's $35.5bn (£23.4bn) takeover of AIG's Asian business in protest at the insurer's "inept" handling of the bid after a key document was delayed on regulatory concerns.The outlook for BP's credit has been revised to negative by Moody's to reflect the possible impact of its oil spill in the Gulf of Mexico. The move raises the possibility that the ratings agency could change its view of the company for the first time in a more than a decade, writes the FT.The President of the European Commission lashed out at speculators and threatened more regulation yesterday after the euro plunged to its lowest level for 14 months and stock markets suffered another battering, reports the Times.Jimmy Cayne, the former Bear Stearns chief executive, on Wednesday blamed market rumours and short sellers for precipitating the bank's demise in 2008, saying that his company was like a "big fat goose" waiting to be eaten by its enemies, according to the FT.The technology giant Google has confirmed plans to launch its digital bookstore over the summer, which will bring the group into direct conflict with Amazon and Apple, says the Independent.Macmillan, the British publisher behind Hilary Mantel's Man Booker prizewinner, Wolf Hall, has admitted it made "corrupt payments" in an attempt to win a World Bank aid contract in Africa, writes the Telegraph.Strong performances by the British computer chip makers CSR and Wolfson Microelectronics at the start of the year, as well as solid updates from several domestic software companies, have raised hopes that the UK technology industry will shake off the worst of the downturn this year, reports the Independent.Shareholders have staged a revolt over executive pay at Xstrata for the second year running. Only 68.3 per cent of votes cast at the miner's annual meeting yesterday backed its remuneration report ? the equivalent of only 51 per cent of the total voting rights. Such votes are usually passed with the near-unanimous support of shareholders, according to the Times.Steep rises in taxation for the better off, lower than expected unemployment and a gradually recovering economy are helping to boost income tax revenues. Analysis of HM Revenue and Customs data shows the Government is likely to receive about £10bn extra in income tax during this financial year than was previously thought, says the Independent.