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City news in brief: Eurofighter, SocGen

By This Is Money
Updated: 11:54 EDT, 18 April 2008

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A round-up of the shorter City news stories from the Evening Standard, including commercial property, Morgan Crucible, Eurofighter, Michelmersh and Societe Generale.

City of London: A round up of company news from the City

Demand for offices is declining faster

Demand for commercial property is falling at its fastest rate in six years, says a survey of leading chartered surveyors. The Royal Institution of Chartered Surveyors said the vast majority of its members are seeing a drop in demand with the picture significantly worsening in the first quarter of 2008 compared with the last three months of 2007. RICS said the fall in demand will put rental growth under pressure.

Morgan Crucible makes a flying start

Morgan Crucible, the advanced materials group, told shareholders at its annual meeting today it had started the year well across all its divisions. Chief executive Mark Robertshaw said: 'I am pleased with the progress we have made since the year-end and in particular with the strength of our order book. We remain confident that the business will make further progress in 2008.'

US may block Saudi-UK Eurofighter deal

A deal between the British and Saudi governments to supply Eurofighter Typhoon planes to the Arab nation could be blocked by the US. Before the UK can deliver the fighters, the US must sanction the transfer of its technology on the fighter. But the justice department is said to be opposing the move, believing it could hinder inquiries into alleged bribery by BAE Systems, the contractor for Britain on the deal.

Yet another auditor for Michelmersh

Confusion surrounds brickmaker Michelmersh's accounts after the company admitted it is on its third auditor this year. It has appointed Smith & Williamson to get its 2007 accounts signed off by the statutory deadline of the end of May. That follows the departure of last year's auditor PKF and the subsequent appointment of an unnamed firm which quit on Wednesday.

SocGen takeover buzz as boss moves

Societe Generale found itself at the centre of takeover speculation today after Daniel Bouton stepped down as chief executive, although he remains chairman. Bouton, who hands over to finance director Frederic Oudea, has been a staunch defender of the French bank's independence in the wake of the Jerome Kerviel rogue trader scandal.

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