Business news in brief: Friday April 22

North Sea tax receipts slump; HSBC overhauls pay policies; Peugeot office raided

Peugeot offices were raided on Thursday as part of an ongoing emissions investigation

House prices rise in UK's big cities, says Hometrack

House prices in cities such as Liverpool, Cardiff and Southampton increased sharply in the first three months of the year as a wave of buy-to-let investors sought out properties in places offering decent value. This is according to a survey by Hometrack which monitors property prices across 20 UK cities. Overall house prices growth was at its strongest for 12 years in the first three month of the year, the survey found.

North Sea tax receipts slump

Tax receipts from offshore oil and gas slumped to £35 million in the last financial year, according to figures from HM Revenue and Customs. This compares with a £2 billion tax revenue in the 2014 to 2015 financial year. The figure is the lowest recorded since the early days of North Sea production.

Shell eyes $700mn exit from Gabon

Royal Dutch Shell is trying to sell out its onshore assets in Gabon, sources familiar with the matter said. The company seeks to refocus its African presence. Bids are due in June for the fields, which one source estimated could be worth around $700 million.

HSBC overhauls pay policies

HSBC has proposed to reform its policies over executive pay in response to shareholder concerns about how much they earn following a sharp drop in the bank's share price. Pension contributions will be reduced from 50 per cent to 30 per cent of their base salary, the lender has announced at the company’s shareholder meetings on Friday.

Peugeot office raided

Peugeot offices were raided on Thursday as part of an ongoing emissions investigation. On Friday, shares in Peugeot fell almost 4 per cent, Renault was down 2.8 per cent, Volkswagen lost almost 3 per cent, and BMW fell by 2.3 per cent. Daimler was the biggest loser, falling 5.6 per cent, after it began an internal investigation into the way it certifies diesel exhaust emissions in the US.

Eurozone economy slowed in April

The growth in the Eurozone slowed in April financial, Markit said Friday. The index of thousands of businesses dipped to 53.0 from March's 53.1, matching a 13-month low in February. Chief economist Chris Williamson said its sluggish performance would be a “major disappointment” for policymakers.