Connect with us

Business

Thames Water lenders submit rescue plan to stave off collapse

Published

on

Thames Water lenders submit rescue plan to stave off collapse


Michael RaceBusiness reporter

Getty Images Thames Water worker wearing a bright organe hi-vis jacket and a hard hatGetty Images

Thames Water’s lenders have submitted a new rescue plan to prevent the UK’s largest water company from collapsing.

London & Valley Water, a consortium of large financial institutions and investors, has submitted proposals which include writing off about a third of the company’s near £20bn debt pile and investing an initial £5.4bn to stabilise its finances.

Fears that Thames could collapse first emerged more than two years ago, and the government has been on standby to supervise a form of temporary nationalisation.

But the firm’s investors said its plan would rebuild the company without the need for any taxpayer funding or government support.

The company serves about a quarter of the UK’s population, mostly across London and parts of southern England, and employs 8,000 people.

But it has faced heavy criticism over its performance in recent years over a series of sewage discharges and pipe leaks. In May, it was handed a £122.7m fine, the biggest ever issued by the water industry regulator, for breaching rules on sewage spills and shareholder payouts.

London & Valley Water said on Thursday that its plan was the “fastest and most reliable route” to turn around Thames, clean up waterways and rebuild public trust.

Investors said they would inject an initial £5.4bn into the company to shore up its finances and support future investment, but they suggested the cash injection needed to be set against “stretching but achievable and realistic performance targets”.

All water companies are subject to performance targets over leaks, pollution incidents and customer satisfaction levels.

London & Valley has argued the current targets in place for the company are unachievable and its current business plan needs to be adjusted in order for Thames to attract future investment, rebuild the company and improve its performance for customers.

It said under its proposals no dividends would be paid out to shareholders over the duration of the turnaround plan and that new shareholders would commit not to sell the business prior to March 2030.

Outstanding fines would also be paid, they added.

London & Valley Water said it aimed to reach an agreement with Thames and water industry regulator Ofwat “as quickly as possible this autumn given the urgent need to stabilise Thames Water”.

Mike McTighe, the proposed future chair of Thames Water under the terms of plan, said “from day one, we will inject billions in new investment”.

He added that under a new company board, there would be a focus on “reducing pollution and rebuilding public trust so that by the end of this decade Thames Water can once again be a reliable, resilient, and responsible company”.

Ofwat said it would review the latest plans.

In response to the proposals, Chris Weston, chief executive of Thames Water, said the announcement marked an “important milestone” in the company’s work to resolve its debt problems and secure its finances to “support the investment and performance improvements our customers expect”.

The revised turnaround proposals come after Thames suffered a major blow in its attempt to secure its future this summer when US private equity firm KKR pulled out of a £4bn deal.

In July, the boss of Thames Water, Chris Weston, said the company was “extremely stressed” and that it would take “at least a decade to turn around”.

Water bills for households in England and Wales have risen by £10 per month on average this year, although costs vary depending on suppliers. The bills for Thames Water’s customer have gone up from £488 to £639 a year on average.



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Bank holiday on Swami Vivekananda’s birth anniversary: Will banks remain shut on January 12? Check state-wise list – The Times of India

Published

on

Bank holiday on Swami Vivekananda’s birth anniversary: Will banks remain shut on January 12? Check state-wise list – The Times of India


Bank holiday on Swami Vivekananda’s birth anniversary: Banks will be observing multiple holidays in January 2026, ranging from regional festivals to nationwide observances. On January 12, some banks will remain closed to mark the birth anniversary of Swami Vivekananda. Keeping track of bank holidays is essential for planning financial activities, as physical banking services will be unavailable on these days and customers are advised to schedule branch visits accordingly.

Where are banks closed on January 12?

On January 12, the birth anniversary of Swami Vivekananda, banks will remain closed in West Bengal.

Upcoming holidays in January:

January 14: Banks in Gujarat, Odisha, Assam and Arunachal Pradesh will remain closed on account of Makar Sankranti and Magh Bihu. January 15: Banks in Karnataka, Tamil Nadu, Sikkim, Telangana and Andhra Pradesh will shut for Uttarayana Punyakala, Pongal, Maghe Sankranti and Makara Sankranti. January 16 and January 17: Tamil Nadu will see additional banking holidays, in observance of Thiruvalluvar Day and Uzhavar Thirunal.January 23: Banks in Tripura, Odisha and West Bengal will shut to mark the birthday of Netaji Subhas Chandra Bose, Saraswati Puja (Shree Panchami), Vir Surendrasai Jayanti and Basanta Panchami. January 26: Banks across the country will remain closed for Republic Day. In addition to these holidays, banks will also be closed on the second and fourth Saturdays of the month, as per the standard banking schedule. While physical branches will not be operational on these days, customers will still be able to access online banking services, ATMs, mobile banking applications and UPI for routine transactions such as fund transfers and bill payments. However, services requiring an in-person visit, including large cash deposits, cheque clearances and the issuance of demand drafts, will not be available during closures. Customers are advised to plan essential banking activities in advance to avoid inconvenience and make use of digital banking options during holiday periods.



Source link

Continue Reading

Business

Autistic Barbie doll launch welcomed as ‘milestone’ in representation

Published

on

Autistic Barbie doll launch welcomed as ‘milestone’ in representation



The launch of the first autistic Barbie doll has been welcomed by campaigners and charities as a step towards more “authentic, joyful” representation for neurodivergent children.

The doll features specific design choices intended to reflect some experiences to which autistic people might relate.

These include loose clothing to ensure less fabric-to-skin contact and an eye gaze slightly to the side, to represent the way some autistic people might avoid direct eye contact.

Each doll also comes with a pink fidget spinner to reduce stress and improve focus, and noise-cancelling headphones to block out background sounds and therefore limit sensory overload.

Creators Mattel said the doll “invites more children to see themselves represented in Barbie”.

The finished product was created with input from the Autistic Self Advocacy Network (ASAN) in an effort to hear first-hand from the autistic community on the kinds of features the doll should have.

The network described the doll as a “milestone” in representation and said it was “thrilled” to help with the design, adding: “It is so important for young autistic people to see authentic, joyful representations of themselves, and that’s exactly what this doll is.”

Other features include moveable elbows and wrists to allow gestures which creators said might be used by some autistic people to process sensory information or express excitement, and a pink tablet symbolising the way some people might use digital tools to help with their everyday communication.

Ellie Middleton, an autistic writer who regularly shares her experiences online, described the doll as a “powerful symbol” for young girls in feeling accepted.

She said: “To now have an autistic Barbie doll makes me so emotional.

Statistics show that young girls are often undiagnosed or misdiagnosed, so to have a powerful symbol like this autistic Barbie doll helps bring the conversation around neurodivergence in women to the forefront, so that autistic girls can feel accepted and seen.”

The National Autistic Society (NAS) cautioned that, given autism is a spectrum, it is “important to remember autistic people can be very different to each other, with different sets of strengths and challenges”.

The society describes autism as a “lifelong neurodivergence and disability” which influences how people experience and interact with the world.

It estimates more than one in 100 people are autistic and that there are at least 700,000 autistic adults and children in the UK.

NAS managing director of national programmes, Peter Watt, said: “Seeing more depictions of autism is key to understanding and autism acceptance.

“It’s really important that these representations are authentic and based on extensive consultation with autistic people, and we’re pleased Mattel involved the autistic community in the development of this doll.

“It is positive to see authentic autistic representation on TV and films, the arts and in play, as better public understanding of autism across society could transform hundreds of thousands of autistic people’s lives.”

Mattel has, in what it described as efforts to create a brand with a more inclusive reflection of the children who play with its products, previously created diabetic and blind Barbies and a doll with Down’s syndrome.



Source link

Continue Reading

Business

Has Govt Proposed Measure To Force Smartphone Manufacturers To Share Their Source Code? Check Truth Behind The Claim

Published

on

Has Govt Proposed Measure To Force Smartphone Manufacturers To Share Their Source Code? Check Truth Behind The Claim


New Delhi: The government has refuted media report that said the center is proposing to force smartphone makers to share source code with the government. 

A Reuters report has said that India has proposed to force smartphone manufacturers to share their source code as part of a security overhaul. 

Fact-checking agency PIB has refuted the media claim. PIB has stated that the claim being made in this post is misleading.

Add Zee News as a Preferred Source


“This claim is FAKE. The Government of India has NOT proposed any measure to force smartphone manufacturers to share their source code,” PIB has tweeted.

The Ministry of Electronics and Information Technology has started the process of stakeholders’ consultations to devise the most appropriate regulatory framework for mobile security. This is a part of regular and routine consultations with the industry for any safety or security standards. Once a stakeholder consultation is done, then various aspects of security standards are discussed with the industry.

No final regulations have been framed, and any future framework will be formulated only after due consultations, it added.

How to get messages fact-checked by PIB

If you get any such suspicious message, you can always know its authenticity and check if the news is for real or it is a fake news. For that, you need to send the message to https://factcheck.pib.gov.in. Alternatively you can send a WhatsApp message to +918799711259 for fact check. You can also send your message to pibfactcheck@gmail.com. The fact check information is also available on https://pib.gov.in.





Source link

Continue Reading

Trending