| RUSSIA: Magnit prepares London share listing
Magnit, the Russian grocer, is looking to list on the London Stock Exchange to raise money for expansion in its home market. Magnit plans to offer 11.3m shares in the company, Reuters said today (26 March). The company is Russia's third-largest food retailer and operates almost 2,200 stores throughout the country. Last week, Magnit booked a 47% rise in full-year sales to US$3.7bn. Russia's food retail sector is seen as one of the fastest-growing around the world as Western shopping habits begin to appeal to the country's ever-more affluent consumers. Yesterday, X5_Retail_Group, the country's largest food retailer by sales, said it had agreed to buy out a franchisee of its Pyaterochka discount stores. Reports have arisen in Russia that a minority shareholder in X5, Andrei Rogachev, had hired Morgan Stanley to advise on selling his 21% stake in the business.
BoE says 37.8 bln stg bid for in 13.6 bln OMO
LONDON (Thomson Financial) - The Bank of England revealed that its weekly open market operation was nearly three times oversubscribed for the second week running. It said it received bids worth 37.8 bln stg for the 13.6 bln OMO, meaning banks will receive 36.05 pct of what they bid for. There is no penalty rate on this operation, with the Bank Rate of 5.25 pct being applicable to the bids. Similarly last week's operation, when 10.93 bln stg was on offer, was nearly three-times over-subscribed, receiving bids totalling 30.3 bln stg. The weekly OMO is used to ensure banks have enough money to meet their Bank of England reserve targets. pan.pylas@thomson.com pp/ro COPYRIGHT Copyright Thomson Financial News Limited 2008.
Returning Kiwis avoid property
Kiwis coming home are refusing to put their hard-earned British pounds into the local housing market, says a leading international recruitment agency working with top executives coming back from the UK. "Returnees are no longer rushing into a house purchase, and are happy to wait for the market to find a new level and the kiwi to weaken," says Richard Manthel, local managing director of finance and management recruitment firm Robert Walters. With 5000 ex-pats on his database, Manthel is hearing this message loud and clear at information seminars in London run for returning Kiwis and potential migrants. The New Zealand dollar, at its current levels, is giving a lot of angst to Kiwis working in the UK and wanting to come back, he says. "Looking at returning Kiwis, a few years ago they'd charge back, buy a place and it would appreciate." Now they are sitting on their hands because of currency concerns - the British pound to kiwi conversion rate at the moment is just under 2.5, a marked contrast from its more usual three dollars to the pound.
Minooka Grade has great credit
MINOOKA -- Even though the market is volatile right now, it's the right time for Minooka Grade School District to issue bonds approved in February's referendum. Tammy Beckwith Schallmo, of PMA Financial Network, told the school board that the district's A1 credit rating has been confirmed and there's a lot of interest in the bonds from several trusts and companies, including Founder's Bank. The school system was analyzed by two Moody's analysts. Schallmo and associates took them on a tour of the district. "We thought it made a lot of sense for the analysts to come and see the district," she said. Analysts said the district showed strong leadership, long-term vision and a strong financial position during a time of rapid growth, Schallmo said. "You have done some really good things and your fiscal stewardship has paid off," she said.
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