An Ecofin meeting has kicked off in Brussels after Greece was told it must do better on plans for reforms 9.10am GMT Finance ministers from across the European Union have arrived for the Ecofin meeting in Brussels. #Grèce, #investEU : déclaration à mon arrivée à l'#ECOFIN ce matin / My #ECOFIN Council doorstep http://t.co/es0l8RriZk @EU_CommissionDear #chickengeorge your excuse you have to go to Ecofin meeting doesnt work - you usually send a junior Minister 1/2 http://t.co/vbb8oQFldKDear @George_Osborne seems you are running chicken you normally give notice well in advance not the night before 2/2 http://t.co/vbb8oQFldKI have written to Treasury press office to ask how many ECOFIN meetings @george_osborne has attended vs how many he sent a junior minister.. 8.48am GMT Figures published earlier showed a surprise rise in French industrial production.Production increased 0.4% in January, beating expectations of 0.3% fall. It followed a 1.4% increase in December. 8.31am GMT Elsewhere in Europe, investors appear a little underwhelmed this morning as they consider the inconclusive outcome from yesterday’s eurogroup meeting on Greece and What It All Means. 8.17am GMT The Pru has yet to announce a replacement for Thiam, but chairman Paul Manduca said a successor has been identified and will be announced “once the regulatory approval process has been completed”.Lots of speculation that Mike Wells, the head of the Pru’s US business, is the chosen one.Rumour has it that Mike Wells might replace Tidjane Thiam as CEO of PRUDENTIALEXCLUSIVE: Prudential lines up boss of US arm Jackson, Mike Wells, to replace Tidjane Thiam as next chief executive. http://t.co/tqktw5qJQz 8.11am GMT The FTSE 100 has opened slightly lower, down 0.2% at 6,863.41.Pru shares are down more than 3% at £16.09 on the news that its respected chief executive, Tidjane Thiam, is leaving to lead Credit Suisse. 8.05am GMT More on the Pru’s announcement this morning.Paul Manduca, the insurer’s chairman, piled on the praise for Thiam:Tidjane has been one of the most exceptional leaders in Prudential’s long and illustrious history. From leading the group through the financial crisis at the end of the last decade, first as CFO and then as CEO, to shaping an Asia-focused strategy that has seen Prudential grow into an ever more successful UK-based financial services business, he has been a great servant to the company and all its stakeholders in his seven years on our board. Prudential's Thiam: "I'm really pleased to be able to step down at a time when everything is going well. It's a rare privilege for a CEO."Prudential's Thiam says "highly confident that the company is going to continue to do well". 8.05am GMT Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.Prudential has issued a statement this morning confirming the departure of its chief executive Tidjane Thiam. The statement follows press reports overnight (read our story here). Continue reading...
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