A round-up of the other business news of the day in brief...

Prudential bosses fend off demands for their resignation

Tidjane Thiam and Harvey McGrath began to fight back yesterday against calls for their resignations as chief executive and chairman of Prudential yesterday as they canvassed major investors over the failure to land a deal for AIA.

Mr Thiam and the Pru board will face a public grilling on the audacious $35.5 billion (€29 billion) tilt by the UK life assurer at the Asian businesses of AIG and on their strategy for the future at the annual shareholders meeting on Monday.

Mr Thiam and other senior executives were left bruised and shell-shocked by the events of recent days and some vociferous demands for resignations, according to people close to the group.

However, the chief executive said in a statement that the deal had been an excellent opportunity that was undone by the fall in markets. – Copyright The Financial Times Limited 2010

Greece to sell stakes in state-owned firms

Greece has outlined plans to sell stakes in state-owned railway, water and real estate companies as part of a drive to raise billions of euro to help restore its ailing public finances.

However, it will maintain its 34 per cent stake in betting monopoly OPAP, its 20 per cent stake in the Balkans’ largest telecoms company OTE, and its 51 per cent stake in profitable power utilities PPC.

The EU/IMF bailout for the heavily indebted country projects revenue of €1 billion per year from privatisations for the 2011-2013 period.

“Our estimates are definitely higher than this,” finance minister George Papaconstantinou told reporters after a cabinet meeting. “Our objective is to have a state which guarantees public services but at the same time taps the dynamism of Greece’s economy,” he added.  - (Reuters)

Retailer New Look's profits rise 17.7%

Fashion retailer New Look posted a 17.7 per cent rise in annual profit yesterday, but remained silent about its ambitions for a stock market return after postponing its flotation in February.

The chain, which blamed volatile financial markets for derailing an expected £1.7 billion (€2 billion) to £2 billion listing, said higher taxes and unemployment, and a weaker pound, would make for tough trading in the year ahead. However, it was confident of coping, thanks to a trend towards budget fashions. – (Reuters)

Estate agents and surveyors merge

Estate agents and surveyors yesterday agreed to merge their professional organisations in Ireland.

A ballot of members of the Irish Auctioneers and Valuers’ Institute and the Society of Chartered Surveyors was passed at separate egms. Eighty-eight per cent of IAVI members and 54 per cent of surveyors voted for the deal.