Vodafone speaks out

Vodafone insisted yesterday that it had done nothing wrong in investigating the leaking of price-sensitive information two years ago. A report claims that the mobile phone operator spied on its directors, including Lord MacLaurin of Knebworth, its then chairman, to try to nip in the bud a whispering campaign against Arun Sarin, the chief executive. However, Vodafone said that it had “never knowingly or deliberately” conducted an illegal investigation. An insider claimed that the investigation was “standard procedure” in such situations and had been approved by the board, of which some of the alleged spying victims were members.(Dominic Walsh)

Defence contract

The Ministry of Defence is expected to confirm today that a £6 billion, 20-year Private Finance Initiative contract to train all pilots and air crews for the military, including fast-jet pilots, has been awarded to a joint venture between Lockheed Martin and VT. The Military Flying Training System replaces the existing regime for RAF, Army and Royal Navy pilots and air crews. (Angela Jameson)

Severn Trent penalty

Severn Trent, the water company, will be sentenced today in the High Court after admitting that it had provided false data on water leaks to regulator, Ofwat. The company could be fined up to £70 million after a case bought by the Serious Fraud Office. It has already been fined £36 million by Ofwat. Severn Trent used the false data so it could charge higher prices. (Dan Sabbagh)

Ladbrokes bets spree

Ladbrokes, the bookmaker, is predicting a record £350 million betting spree on the Euro 2008 football championship, despite England's absence. The figure is a 40 per cent increase on Euro 2004, largely because of the boom in internet gambling. Separately, Ladbrokes announced the £6 million launch of OddsOn, the first loyalty scheme from a high-street bookmaker. (Dominic Walsh)

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