In the papers today - Monday 18 August 2008

Lord Smith of Finsbury said plans need to be drawn up to evacuate people from large stretches threatened by erosion – The Daily Telegraph

The European Union has waded into the debate over expanding Heathrow airport by warning that plans for a third runway will "significantly" breach air pollution guidelines. Stavros Dimas, the European commissioner for the environment, said he will contact the British government over the issue, putting further pressure on ministers - The Guardian

Londoners selling their homes have cut thousands of pounds off their asking prices as the downturn finally arrived in the capital. Asking prices in London fell 5.3% in August, according to the Rightmove house price survey - equivalent to a £21,000 drop in a single month - The Guardian

A lifeboat was used to help people to safety after Northern Ireland was hit by floods over the weekend. Rivers burst their banks, bridges were washed away and dozens of roads closed across the province - The Guardian

Rescuers used a lifeboat to help people to safety after torrential rain left water lapping at homeowners’ waists in Northern Ireland yesterday. Rivers burst their banks, bridges were washed away and dozens of roads closed across the Province - The Times

Property bargains are increasing daily as sellers cut their asking prices in an attempt to make wary buyers commit in a slow summer market – but the mortgage draught and a loss of confidence among buyers means that few are taking advantage - The Times

In his first interview since taking office, Lord Smith of Finsbury says Britain faces hard choices over which areas of our coast to defend and which to allow the sea to reclaim. He said detailed work was already far advanced on identifying areas of the east and south coasts which were most vulnerable to erosion, and called on ministers to give emergency help to families whose homes will be lost - The Independent

An earthen dam weakened by heavy rains broke near the Grand Canyon early yesterday, flooding a tribal town and forcing officials to pluck hundreds of residents and campers from the gorge by helicopter. No injuries were reported - The Independent

Emergency services fighting to contain flooding across Northern Ireland are preparing for further downpours in the next few days. Rivers burst their banks and roads were rendered impassable on Saturday as parts of the province saw up to three quarters of the normal August rainfall in a single day - The Independent

Providence Resources, the Irish oil and gas group headed by Tony O’Reilly is launching a project that could lead to the first carbon capture scheme in the British Isles. Mr O’Reilly, the son of Irish media magnate Sir Tony O’Reilly, is working with Star Energy Group, a UK gas storage company owned by Petronas of Malaysia, on the Ulysses project – The Daily Telegraph

Rival groups and infrastructure funds are preparing bid approaches for airports owned by BAA as it today completes a £13bn refinancing package. A preliminary report to be published by the competition commission this week is expected to recommend the break-up of BAA's monopoly ownership of the main London and Scottish newspapers – Financial Times

Older homeowners are stepping up their interest in unlocking equity built up in their homes as the credit crunch and falling property prices reduce their potential income in retirement. Hodge Equity Release - a provider of schemes that can unlock the value of a home while letting the owners continue to live there - has reported a 75% increase in inquiries to independent financial advisers in the past three months – Financial Times

Britain’s big energy companies should be forced to open their books to show separately how much profit they make from their supply and generation arms, John Hutton, business secretary, has argued. Mr Hutton has urged Ofgem, the energy regulator, to address the “lack of transparency” in the accounts of Britain’s big companies, which he claims damages the reputation of the industry and confuses the public – Financial Times

British businesses are preparing for an economic slowdown with three new surveys today showing widespread expectations that business prospects for the coming year are dimming. A survey by the Institute of Chartered Accountants in England and Wales says confidence is now at its weakest point in all but two of 11 UK regions since the survey began in 2003 - Financial Times

Even before it was flooded by torrential rainfall at the weekend, Northern Ireland was feeling put upon. It has suffered more from the UK’s recent economic slowdown than any other region as its house prices have fallen further than elsewhere. But local analysts believe if the country slips into recession, Northern Ireland could end up outperforming the rest – Financial Times

British companies looking to expand into China are neglecting opportunities in the country’s large regional cities by focusing on established centres such as Shanghai and Beijing, according to a government-funded study. Exports to China have soared 44% in the first five months of the year, according to figures from UK Trade & Investment, narrowing Britain’s trade deficit with its fastest growing export market – Financial Times

Egypt has agreed to supply Lebanon with electricity and natural gas to help alleviate the country's chronic energy shortage. The deal is seen as a sign of Egyptian support for the national unity government of Fouad Siniora, Lebanon's prime minister, who held talks with Hosni Mubarak, Egypt's president, in Alexandria at the weekend – Financial Times

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