GAZPROM TO LAUNCH RUSSIA’S BIGGEST BOND ISSUE
Gazprom will seek to raise Rbs300bn ($10.2bn) in Russia’s biggest bond issue programme to date, as the gas export monopoly tries to take advantage of a booming domestic bond market to restructure its debts and raise funds for upcoming investments. Gazprom said it had mandated Gazprombank, and Renaissance Capital to run the rouble bond programme, with 13 issues planned over five years.
TOTAL FACES RENEWED OIL-FOR-FOOD PROBE
French judicial investigators have revived their eight-year inquiry into corruption linked to the United Nations oil-for-food programme in Iraq by placing Total under formal investigation for bribery in the affair. The French oil major has disclosed in its annual report that a formal investigation was launched in spite of the recommendations last year from the French prosecutor to dismiss the case against Christophe de Margerie, Total’s chief executive.
RYANAIR TO RAISE CHECKED BAGGAGE CHARGE
Ryanair is increasing its checked luggage fees from £15 to £20 for the busiest summer months of July and August, in a move analysts estimated could raise up to £20m. The airline said it was bringing in the increase, because it was “determined to incentivise passengers to travel light this summer”.
PRINTING.COM ISSUES WARNING AS TRADING FALLS
Printing.com has warned of a double-dip recession hitting small businesses after a sudden deterioration in trading. The franchise operator produces business cards, leaflets and websites for thousands of small businesses.
PRUDENTIAL OFFERS TIDJANE THIAM £3M IN SHARES
The Prudential has allocated its chief executive bonus shares worth just under £3m at today’s prices. The shares form part of a rolling three-year incentive scheme that could leave Tidjane Thiam with shares worth more than £9m by 2013. The award, revealed yesterday, is on top of a £1m annual bonus and a base salary of £875,000.
TESCO SPURNS NATIONAL INSURANCE CAMPAIGN
Britain’s largest private employer has snubbed the business campaign against the Government’s rise in national insurance. A leading Tesco executive said yesterday that the supermarket chain would not oppose “whatever measures are considered right” to put the public finances back in good order.
The Daily Telegraph
ESPN WINS EXCLUSIVE RIGHTS TO SHOW PREMIER LEAGUE ON MOBILE PHONES
BSkyB has lost the exclusive rights to show Premier League football highlights on mobile phones to rival ESPN. The Disney-owned channel will be able to send instant clips of every Wayne Rooney header, John Terry tackle and contentious refereeing decision to smartphone phone owners.
ALAN GREENSPAN TO APPEAR BEFORE FINANCIAL CRISIS INQUIRY
Alan Greenspan, the former chairman of the Federal Reserve, is today expected to admit that the American central bank did little to address the dramatic growth in financial institutions which in part fuelled the global financial crisis. It is believed Greenspan will stop short of taking responsibility for the crisis.
WALL STREET JOURNAL
SMALLER ENERGY COMPANIES FOCUS ON NORTH SEA
Midsize independent energy companies are looking to boost their investments in the North Sea by taking advantage of areas put up for sale by international oil companies, even as overall oil and gas output in the region is expected to keep falling.
GERMANY'S GSW MAY REIGNITE EUROPEAN PROPERTY IPOS
In one of the first likely IPOs out of the chute, Goldman Sachs Group and private equity group Cerberus Capital Management are preparing a public listing of GSW Immobilien, a Berlin real-estate company. Goldman’s Whitehall Funds and Cerberus bought GSW for Ř405m ($546m) in 2004. Analysts and people close to the preparations for the listing expect the IPO could bring in more than Ř800m.