Tuesday newspaper roundup: Gazprom, JCB, tax, HSBC

Russian company Gazprom’s daily gas production fell in July to its lowest level since 2008, figures show, amid lingering fears that Moscow could cause an energy crisis in Europe by cutting off supplies. The state-owned energy company pumped 774 million cubic meters a day last month – 14% less than in June – according to Bloomberg’s analysis of data released on Monday. – Guardian

The heir to digging company JCB has failed in his bid to take control of a company run by his former best friend after a fierce US court battle that included lurid allegations about personal conduct – and even revealed an apparent attempt to buy Michael Jackson’s Neverland Ranch. . Jo Bamford, a grandson of JCB founder, sued Joseph Manheim last year in Delaware, claiming his former friend had ‘surreptitiously’ taken over a company they set up to help wealthy investors , mainly Chinese, to settle in the United States. Bamford, 44, a self-proclaimed ‘green entrepreneur’, claimed Manheim secretly embezzled millions of dollars from the business and Bamford sought damages of $13.8m (£11.3m ). – Guardian

The tax burden will remain at its highest level in 70 years if Rishi Sunak becomes prime minister despite promising to cut the basic rate of income tax by 4p, Britain’s leading budget think tank has said. The tax would still represent the largest proportion of national income since the early 1950s if the ex-chancellor succeeds in his promise of tax cuts in the next Parliament, the Institute for Fiscal Studies has said. – Telegraph

Energy companies are trying to overcome planning restrictions on onshore wind farms with an upgrade program that could increase the height of hundreds of existing turbines. Octopus Energy has set its sights on up to 1,000 turbines which it hopes to reconfigure or replace, providing electricity to up to half a million more homes than they currently supply. In many cases, retrofitting would involve installing larger blades or adding 20 meters to the height of existing turbines. – Telegraph

The HSBC boss has warned that breaking up the bank will destroy value for investors as the lender sets out its defense against an attempt by its biggest shareholder to split the group in two. Noel Quinn used the company’s half-year results yesterday to rebut a proposal by Ping An for the bank to turn its Asian operations into a separate Hong Kong-listed company. He said the FTSE 100 group had considered a number of options for its structure, but believed that “international connectivity is at the heart of our whole value proposition”. – The temperature