Britain’s biggest water company is this weekend corralling its shareholders to support a major capital injection as it prepares to publish delayed annual accounts. Sky News has learnt that Thames Water has secured backing from investors including Omers, the Canadian pension fund, and the Universities Superannuation Scheme (USS) for a commitment to provide new equity. Further
Business
BT Group has kicked off a formal search for a successor to Philip Jansen, its chief executive, as he weighs a number of job opportunities in the US. Sky News has learnt that BT is working with the search firm Spencer Stuart on a process to identify a successor to Mr Jansen, who took on
Heads of the UK’s biggest banks have been summoned by the UK’s financial watchdog over concerns interest rates on savings are too low. Higher Bank of England interest rates have led banks to put up mortgage costs, but savings rates are not rising as fast – a situation Chancellor Jeremy Hunt has said “needs resolving”.
The Empire Cinemas chain has entered administration, leading to the loss of 150 jobs and the closure of six cinemas. Eight of the 14 cinemas in the group – under the Empire Cinemas and Tivoli brands – will remain open. But the locations that have been closed with immediate effect are: • Bishop’s Stortford• Catterick
House prices have fallen at the greatest annual rate in more than 10 years, according to the Halifax house price index. The mortgage lender said prices fell 2.6% in the year up to June – the largest year-on-year decrease since June 2011 – equivalent to a £7,500 cut in the average house price. A typical
Money markets have begun to price in a Bank of England interest rate of 6.5%. The interest rate on ten year government bonds (the gilt yield as it’s sometimes called) exceeded the peak it hit after the mini-budget of September last year – that one which provoked a crisis in many parts of the bond
Electronics retail giant Currys has warned of reduced consumer spending as inflation and interest rates hit shoppers – as it revealed a dip in sales and profits. “Looking ahead, we’re wary of optimism about consumer spending power,” its chief executive said in the company’s end of year results. Consumer sentiment has been high despite high
Higher wages are the “biggest driver of price rises” for two-thirds of businesses, according to the findings of a report which will do nothing to ease worries at the Bank of England that inflation is coming under control. The British Chambers of Commerce’s (BCC) economic survey of its members, covering April to June, showed that
The government should subsidise safe e-bikes to combat the risks posed from unregulated batteries, an industry figure has said. The call comes after the death of a family in a Cambridge flat fire which was most likely caused by an electric bike that was charging. Gemma Germeney, 31, died at the scene in the early
The water industry regulator has admitted investors in crisis-hit Thames Water have become “more concerned about the turnaround of the company”, as it seeks £1bn to help shore up its immediate financial future. Ofwat chief executive David Black told a Lords committee that while talks were continuing, new shareholders may have to be sought if
Food inflation is “starting to fall”, Sainsbury’s has said, as the retailer saw sales boosted by bank holidays and warmer weather. The UK’s second largest supermarket said on Tuesday it expects pre-tax profits of between £640m and £700m for 2023 as grocery sales grew due to lower prices, but fuel sales sharply fell. It said
The bosses of the country’s four main lenders are facing pressure to raise “measly” easy access savings rates. The Treasury Committee of MPs said it had written to the chief executives of NatWest, Lloyds, HSBC UK and Barclays to demand that savers are fairly rewarded. Lenders have been accused of being quick to reflect Bank
The former finance chief of Carillion is to be banned from holding company directorships for more than a decade. Sky News can reveal that Zafar Khan, who served as Carillion’s finance director for less than a year prior to its implosion in early 2018, has been hit with an 11-year boardroom ban. City sources said
A manufacturer of sustainable packaging backed by Diageo, the global spirits giant, will this week unveil a new round of funding to enable the delivery of a commercially scalable production line. Sky News has learnt that Pulpex, which produced the first Johnnie Walker whisky bottle made entirely from paper-based products in 2021, will announce on
A minister has ordered a local council to end its experiment with a four-day week “immediately” over concerns about the “value for money” for local taxpayers. South Cambridgeshire District Council, the first local authority in the UK to undertake such a trial, had announced plans to extend it until April. Local government minister Lee Rowley
One of Britain’s most senior boardroom figures is to replace John Allan at the helm of Tesco. Sky News can exclusively reveal that Gerry Murphy, the chairman of Burberry and Tate & Lyle, has been chosen to replace Mr Allan, whose recent departure was hastened by a series of personal misconduct allegations. Sources said Dr
Households will pay less for their gas and electricity from today but bills will still be almost double what they were before the energy crisis. The average household energy bill will fall by £426 a year from 1 July after Ofgem dropped its price cap following tumbling wholesale prices. People had been advised to submit
Apple has entered the history books as the first public company to be valued at $3trn. The 47-year-old technology juggernaut, co-founded by Silicon Valley legend, the late Steve Jobs in 1966, officially closed up 2.3% at $193.97 per share at the end of trading on Friday. This brought its market value to $3.04trn – equivalent
Rising mortgage rates have yet to hit the housing market but threaten to be a “significant drag” in the short-term, Nationwide has said. However, the high street lender said “a relatively soft landing is still possible” against a backdrop of income growth and modest falls in property prices. The building society also said while typical
The energy price cap is set to fall again, according to a closely-watched forecast, as the energy regulator has said the average home is using less energy. The average household will be paying roughly £200 less from autumn than they are from next month, but still “well above” historical levels, energy research specialist Cornwall Insight
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