Prudential has assembled a shortlist of a dozen names to replace chairman Sir David Clementi who could be ousted before the end of the year, The Times reports.
The paper says the insurer aims to find a new chairman within the next three to four months.
A headhunter is currently considering candidates who are all believed to be outside the firm.
Clementi has been chairman since December 2002. The Times says although he is popular internally he is seen as lacking the international experience the insurer needs as it expands its global presence.
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, The Times reports.
The Prime Minister is expected to urge banks to help to shore up the housing market by easing loan costs, passing on cuts in base rates by the Bank of England to borrowers and being less tough on buyers in distress.
The talks will be given fresh urgency by today’s housing market data from the Royal Institution of Chartered Surveyors, which suggests that a vicious downturn in the property market is gathering pace.
FACTORY GATE INFLATION hit a 17-year high in March, the Office for National Statistics said yesterday, posing a serious threat to the Bank of England's inflation targets and its ability to cut interest rates further in the coming months, The Independent reports.
The cost of goods produced by manufacturers rose by 6.2% on an annual basis in March, significantly ahead of economists' forecasts and well above February's figure of 5.9%.
The ONS said the rise followed soaring increases in the cost of materials and fuels bought by the manufacturing sector, with input prices up 20.6% over the year to March, the highest figure since records began in 1986.
A 62.5% hike in the cost of oil contributed just over half of this rise, with rising food prices making a significant contribution.
Rising producer prices also reflect the impact of last month's Budget, which imposed higher excise duties on tobacco and alcohol.
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