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[1/2] Chairman Anthony Thomson (L) and Vice Chairman Vernon Hill pose with a dog outside the first branch of Metro Bank in Holborn in central London July 29, 2010. Metro declined to comment on Tuesday. A Starling spokesperson said the lender was making inroads into the big banks' market dominance. Metro is not the only smaller bank to have faced problems. One option is for smaller banks to gain scale through mergers and acquisitions.

Persons: Anthony Thomson, Vernon Hill, Toby Melville, John Cronin, Caius Capital, Monzo, Starling, We've, Morgan Stanley, Gary Greenwood, Rupak Ghose, Shore Capital's Greenwood, Ghose, Shawbrook, Jaime Gilinski, Dorita, Iain Withers, Pablo Mayo Cerqueiro, Anousha Sakoui, Huw Jones, Amy, Jo Crowley, Sinead Cruise, Chiara Elisei, Alexander Smith Organizations: Metro Bank, REUTERS, Yorkshire, Lloyds, NatWest, HSBC, Barclays, Metro, Caius, Varde Partners, Finance, Bank of England, London Stock Exchange, The Bank of England, Prudential, Authority, Shore Capital, Reuters Graphics Reuters, Shore, Financial, Bank, Reuters, Thomson Locations: Holborn, London, Starling, Metro, Colombian

Persons: Anthony Thomson, Vernon Hill, Toby Melville, John Cronin, Caius Capital, Jaime Gilinski, Dorita, Gilinski, Monzo, Starling, We've, Morgan Stanley, Gary Greenwood, Rupak Ghose, Shore Capital's Greenwood, Ghose, Shawbrook, Iain Withers, Pablo Mayo Cerqueiro, Anousha Sakoui, Huw Jones, Amy, Jo Crowley, Sinead Cruise, Chiara Elisei, Nelson Bocanegra, Alexander Smith, Jonathan Oatis Organizations: Metro Bank, REUTERS, Yorkshire, Lloyds, NatWest, HSBC, Barclays, Metro, Caius, Varde Partners, Harvard, Forbes, Finance, Bank of England, London Stock Exchange, The Bank of England, Prudential, Authority, Shore Capital, Reuters Graphics Reuters, Shore, Financial, Bank, Reuters, Thomson Locations: Holborn, London, BOGOTA, Starling, Colombian, Latin America, Metro, Bogota

☆ HS2: Britain's high-speed rail fiasco reflects grim economic reality
▼ + stars: | 2023-10-05 | by ( Mark Thompson | ) edition.cnn.com time to read: +6 min

“Our plan will drive far more growth and opportunity here in the north than a faster train to London ever would,” he said Wednesday. Some of the alternatives Sunak highlighted were predicated on the delivery of HS2, said Henrietta Bailey, CEO of Greater Birmingham Chambers of Commerce. “This is the biggest and most damaging U-turn in the history of UK infrastructure,” the High Speed Rail Group, which represents companies such as Siemens, Hitachi and Bombardier, said in a statement. “The decision … sends a hugely disappointing message about our commitment to completing major infrastructure projects in the UK,” said Stephen Phipson, chief executive of Make UK, which represents manufacturing firms. The country must hope that his latest policy reversal doesn’t deter investors and further undermine a struggling UK economy, perpetuating a doom-loop of weak growth and underinvestment.

Persons: Rishi Sunak, Sunak, ”, Henrietta Bailey, Stephen Phipson, Mark Allen, ” Sunak, —, Liz Truss, he’s, Sunak blinked, James Mason, ” — Hanna Ziady Organizations: London CNN —, Leeds, Birmingham Chambers of Commerce, HS2 —, Conservative, Speed Rail Group, Siemens, Hitachi, Bombardier, Make, Investors, Treasury, Business Locations: England, United Kingdom, London, Germany, France, Italy, China, Japan, Edinburgh, Birmingham, Manchester, Britain, West, North Yorkshire

☆ 10 things I wish I knew before I moved from New York to London
▼ + stars: | 2023-09-29 | by ( Kim Davis | ) edition.cnn.com time to read: +13 min

CNN —It’s been nearly 20 years since I moved from New York to London. I don’t drink alcohol, so, when I first moved to the UK, I avoided the pubs for about a year. To my great surprise, I discovered that British pubs were nothing like I had imagined! “Yeah?” “Yeah!!!!! According to the UK Tea and Infusions Association, Brits drink over 100 million cups daily and 36 billion cups per year!

Persons: CNN — It’s, Leicester, Kim Davis, breathlessly, I’m, “, ”, I’ve, mickey ”, Sheldon Cooper, don’t, Hershey, et Walker, Eliza Doolittle, Little, it’s, Ariel, ” Don’t, There’s, Parinya, Abbott, Costello “ Who’s, Tummy, Mason, You’ll Organizations: CNN, Brit, British, Harrods, LIPTON Locations: New York, London, United States, United Kingdom, Yorkshire, Britain, Europe, “, America, York, Darjeeling, Assam, Ceylon

☆ I'm a virtual assistant who left my legal career because I needed more flexibility at work. Here's how I got started and outsource to other VAs.
▼ + stars: | 2023-09-18 | by ( Ella Hopkins | ) www.businessinsider.com time to read: +5 min

I quit my job and started a VA courseI took the plunge and left my job. In my legal job, I'd worked with a VA. I found clients through VA networksI joined lots of different Facebook groups, freelancer groups, and networking groups to build my network. If there were aspects of client work that I didn't like doing, or it wasn't my forte, then I would delegate. I time block my whole week and I use Asana, a project-management tool, to keep a record of my client work.

Persons: Laura Leach, I'd, We'd, I'm, That's, I've Organizations: HR Locations: Yorkshire, England, VAs, Harrogate

☆ Birmingham City Council: How an equal pay claim took down Britain's second-biggest city
▼ + stars: | 2023-09-06 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

London CNN —Birmingham — the biggest British city after London — is in dire financial straits. “Local government is facing a perfect storm,” Sharon Thompson, Birmingham City Council’s deputy leader, said in remarks broadcast Tuesday. How Birmingham went bustThompson blamed Birmingham’s financial troubles partly on an outstanding £760 million ($950 million) legal bill pertaining to the equal pay claims, which resulted from a Supreme Court ruling in 2012. The original case was brought by 174 former council employees, all except four of whom were women. They argued that this breached the equality clauses of their employment contracts under the Equal Pay Act of 1970 — and the court agreed.

Persons: London —, ” Sharon Thompson, Thompson, —, Shaun Davies, Rishi Sunak, England —, ” Organizations: London CNN — Birmingham, Birmingham City Council’s, Birmingham City, National Audit Office, Local Government Association, UK, Special, Municipal Authorities Locations: London, United Kingdom, “, Birmingham, England, —, West Midlands, Yorkshire, Croydon, Woking

Flight crew smelled smoke coming from the bathroom on a flight from Turkey to Leeds, UK, in 2021. On the flight from Turkey to Leeds, England, on October 12, 2021, the flight crew smelled smoke coming from the bathroom and suspected the passenger, Arshad Khan, of smoking a cigarette. When they confronted Khan, he denied it and became "more and more aggressive," prosecutor Harry Crowson told Leeds Crown Court. The outlet said Khan initially told officials he had no comment and then later claimed someone had planted the weapons. In May of this year, another passenger was also hauled off a flight in the UK after being caught smoking in the bathroom.

Persons: Arshad Khan, Khan, Harry Crowson, Robin Mairs Organizations: Border Force, Yorkshire Evening, Leeds Crown Court, Leeds Bradford Airport, UK Border Force, Ryanair, Manchester Evening News Locations: Turkey, Leeds, Yorkshire, England, Spain, Manchester

☆ A Summer Rite in Spain: Coping With the British Tourist Invasion
▼ + stars: | 2023-08-20 | by ( David Segal | More About David Segal | ) www.nytimes.com time to read: +1 min

A fit and ruddy 19-year-old with blond hair and a sheepish smile, James Henderson is tanning on a beach in Magaluf, a town on the Spanish island Mallorca that has long been the destination of choice for young Britons in search of a boozy holiday in the sun. Asked to recount the revelry of the day before, he grins like a man who has just completed a decathlon and is pretty psyched about his performance. There was a few hours of “pre-drinking,” as he put it, at his hotel, then on to Punta Ballena, a crammed and gritty strip of pubs, tattoo parlors and lap dance emporiums that bursts with action until dawn every summer day. By the time he and his vacation buddy headed to bed, at 3 a.m., they had each knocked back roughly 20 drinks over the course of 15 hours. There are also G-rated home comforts, like kebab shops, Yorkshire pudding and pubs, all at strikingly affordable prices.

Persons: ruddy, James Henderson, “, ” Mr, Henderson, Magaluf Locations: Magaluf, Mallorca, Punta Ballena, United Kingdom, London, Yorkshire

☆ Michael Parkinson, UK's 'king of the chat show', dies aged 88
▼ + stars: | 2023-08-17 | by ( Kylie Maclellan | ) www.reuters.com time to read: +3 min

LONDON, Aug 17 (Reuters) - British broadcaster Michael Parkinson, best known for interviewing some of the world's biggest celebrities on his long-running eponymous chat show, has died aged 88. After moving into current affairs television in the late 1960s, he was given his own prime-time chat show 'Parkinson' by the BBC in 1971. "After a brief illness Sir Michael Parkinson passed away peacefully at home last night in the company of his family," a family statement said. Parkinson later said he regretted getting angry with the actress. While he listed U.S. film director Orson Welles as one of his favourite guests, Parkinson also acknowledged many would simply recall the show where he was attacked by comedian Rod Hull's puppet Emu.

Persons: Michael Parkinson, Parkinson, Muhammad Ali, Elton John, John Lennon, Michael Caine, Madonna, Michael, Tim Davie, Ali, Parkinson sparred, Nick Robinson, Mary, Sir Michael Parkinson, Helen Mirren, Meg Ryan, Mirren, Ryan, Orson Welles, Rod Hull's, Kylie MacLellan, Suban Abdulla, Kate Holton, William James, Michael Holden, Christina Fincher Organizations: BBC, National Service, ITV, U.S, Twitter, Thomson Locations: British, Yorkshire, England

☆ A multitrillion-dollar carbon bubble? Climate chief warns world leaders over fossil fuel plans
▼ + stars: | 2023-08-16 | by ( Sam Meredith | ) www.cnbc.com time to read: +7 min

The message from the world's leading climate scientists in April last year was that a substantial reduction in fossil fuel use will be necessary to curb global heating. The burning of fossil fuels such as coal, oil and gas is the chief driver of the crisis. Indeed, the IPCC said that current fossil fuel use was already more than the planet could handle and additional projects were destined to lock in even greater emissions with devastating consequences. The U.N. climate panel also estimated that fossil fuel investors could be at risk of losing between $1 trillion and $4 trillion if governments act to limit global temperature rise. Despite this, some of the world's richest nations, such as the U.S. and China, have cited energy security as a reason for investing in additional fossil fuel projects.

Persons: Jim Skea, Fabrice Coffrini, Skea, We've, Fethi Belaid, Hoesung Lee, Rishi Sunak's, Danny Lawson, Biden, Mario Tama Organizations: Afp, Getty, CNBC, South, Imperial College London, Greenpeace, United Arab, Social, Trans, Trans Alaska Pipeline System, National Petroleum Reserve Locations: Algeria, Europe, North Africa, East, Asia, staving, China, Ukraine, Paris, Richmond , North Yorkshire, United Arab Emirates, Trans Alaska, Alaska, Delta Junction

☆ Winger Harrison moves to Everton on loan from Leeds
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

Aug 14 (Reuters) - Winger Jack Harrison has joined Everton on a season-long loan from Leeds United, both clubs said on Monday. Harrison joined Leeds on loan from Manchester City in 2018 before the deal was made permanent in July 2021, making 206 appearances for the Yorkshire club and netting 34 goals. He will now continue his rehabilitation from a minor hip injury before being available for Sean Dyche's squad," Everton said in a statement. The left winger becomes Everton's fourth signing of the close season following the arrival of forward Arnaut Danjuma, defender Ashley Young and striker Youssef Chermiti. Everton, who just avoided relegation last season, kicked off their Premier League campaign with a loss to Fulham on Saturday.

Persons: Winger Jack Harrison, Harrison, Sean Dyche's, Everton, Arnaut Danjuma, Ashley Young, Youssef Chermiti, Angelica Medina, Ken Ferris Organizations: Everton, Leeds United, Leeds, Manchester City, Yorkshire, Premier League, Fulham, Thomson Locations: Mexico City

☆ Witches, Robots and Martial Artists, Ready for Battle
▼ + stars: | 2023-08-09 | by ( Amal El-Mohtar | ) www.nytimes.com time to read: +1 min

“The Shadow Cabinet” explores the consequences. Unfortunately, “The Shadow Cabinet” suffers by comparison. Whereas “Her Majesty’s Royal Coven” balances four points of view in a story that is more than the sum of its parts, its sequel is mostly consumed by Ciara’s. Whereas the first book sets up conventions and rules for magic, the second breaks them, but haphazardly, messily, in the service of chaotic plot engineering. The Britishness of “Her Majesty’s Royal Coven” was rooted in West Yorkshire and was part of the novel’s confident charm; “The Shadow Cabinet” has the more imperial cast of shallow tourism.

Persons: ”, Ciara, she’s, —, It’s Organizations: Ciara’s Locations: West Yorkshire

☆ British water companies face $1 bln lawsuits over pollution - law firm
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +2 min

Environmental and water consultant Carolyn Roberts, who plans to bring the claims, says water companies would have faced penalties if they had properly reported pollution incidents. The firm said it will also be filing cases against five other companies – Thames Water, United Utilities, Anglian Water, Yorkshire Water and Northumbrian Water – in the coming months. Water companies have pushed back against the proposed claims, describing them as "highly speculative". A Thames Water spokesperson said the company was aware of the potential claim, which they said was without merit. Water companies have avoided being penalised by regulator Ofwat for "serial and serious under-reporting" of pollution incidents, she said in a statement.

Persons: Trent, Darren Staples, Carolyn Roberts, Roberts, Leigh Day, Severn, Sam Tobin, Bernadette Baum Organizations: REUTERS, Severn Trent, United Utilities, Yorkshire Water, Environment Agency, Water, Thomson Locations: Cropston, England, British, United, Water, Yorkshire, United States

☆ Against the odds, Dygert back in old routine
▼ + stars: | 2023-08-04 | by ( Martyn Herman | ) www.reuters.com time to read: +4 min

But nearly three years after suffering an horrific career-threatening leg injury at the world road championships time trial in Italy, the 26-year-old proved on Thursday she is back. Dygert, the golden girl of American cycling, reduced the individual time trial field to also-rans on the opening day of the UCI World Championships in Glasgow. Dygert, whose marriage to cyclist Logan Owen ended in divorce in 2020, has had three surgeries on her leg. Dygert has further opportunities to grow her medal collection in Glasgow, in the track team pursuit and then in the women's road time race and time trial. Next up for me is the team pursuit where the girls and I are focused on bringing home another medal for the U.S.

Persons: Chloe Dygert, Germany's Franziska Brausse, Maja Smiejkowska GLASGOW, Chris Hoy, It's, Dygert, Logan Owen, Epstein, Barr, Martyn Herman, Cynthia Osterman Organizations: Cycling, UCI, Emirates, USA, Tokyo, Games, U.S, Thomson Locations: Glasgow, Scotland, Britain, treacle, Italy, Tokyo, Harrogate, Yorkshire, Dygert

That has drawn fury from climate protesters who have stepped up their campaigns, disrupting high-profile sporting events, classical music concerts and political speeches. loadingPictures posted online by Greenpeace UK on Thursday showed four protesters atop the property in Yorkshire, northern England, covering it in swathes of black fabric, while a banner read "RISHI SUNAK - OIL PROFITS OR OUR FUTURE?" Around two hours later at 11:00 BST (1000 GMT), four protesters were still on the roof with a sign saying "NO NEW OIL." Greenpeace said they were protesting the government's backing for new North Sea oil and gas licences and a proposed development of Equinor's (EQNR.OL) Rosebank oilfield, which is subject to a final investment decision. "We desperately need our prime minister to be a climate leader, not a climate arsonist," Greenpeace UK said.

Persons: Rishi Sunak, Rishi, Read, Sunak, YouGov, Vladimir, Putin, William James, Farouq Suleiman, Kate Holton, Giles Elgood Organizations: Greenpeace, British, Greenpeace UK, Wednesday . Police, Sunak's Conservative, Thomson Locations: Yorkshire, England, Britain, California, Ukraine, Sunak's

☆ Greenpeace Protesters Scale U.K. Prime Minister’s Roof With Ease
▼ + stars: | 2023-08-03 | by ( Isabella Kwai | More About Isabella Kwai | ) www.nytimes.com time to read: +1 min

Greenpeace activists, angered by Britain’s decision to issue new licenses for oil and gas exploration in the North Sea, took their opposition to Prime Minister Rishi Sunak on Thursday — or at least to the rooftop of one of his homes. With apparent ease and unhindered by security guards, the four protesters walked onto the grounds of the manor house Mr. Sunak owns in the village of Kirby Sigston in North Yorkshire, climbed onto the roof and draped the facade with panels of black fabric. “It really was about this image of pouring oil all over the prime minister's house,” said Ami McCarthy, a political campaigner for Greenpeace, who said Mr. Sunak was choosing profits over addressing climate change. “We need our prime minister to stop being so hellbent on fossil fuels.”Mr. Sunak and his family, who live in London, were not at the residence at the time, the North Yorkshire police said, and the four protesters were eventually arrested after spending several hours on the roof. They were taken into custody on suspicion of causing criminal damage and public nuisance.

Persons: Rishi Sunak, Sunak, Kirby Sigston, ”, Ami McCarthy, Mr Organizations: Greenpeace, North Yorkshire police Locations: North, Kirby, North Yorkshire, London

☆ Activists cover Rishi Sunak’s mansion in black cloth after climbing onto the roof with ropes and ladders
▼ + stars: | 2023-08-03 | by ( Martin Goillandeau Chris Liakos Laura Paddison | Martin Goillandeau | Chris Liakos | ) edition.cnn.com time to read: +3 min

CNN —Climate activists draped black cloth over British Prime Minister Rishi Sunak’s private mansion in northern England on Thursday, in a protest against his policy to “max out” the UK’s oil and gas resources in the North Sea. Four demonstrators from the environmental group Greenpeace managed to climb onto the Conservative party leader’s manor house in his North Yorkshire constituency of Richmond early Thursday. They used ladders and climbing ropes to access the roof, where they unraveled 200 square meters of “oil-black fabric” to cover part of the mansion, Greenpeace said in a statement. Greenpeace said Sunak’s announcement is a blow to the UK’s environmental goals. “We desperately need our prime minister to be a climate leader, not a climate arsonist,” said Philip Evans, Greenpeace UK’s climate campaigner.

Persons: Rishi, Sunak, greenlighting Rosebank, “, ”, Philip Evans, ” Evans, Downing, Putin, Kirby Sigston Organizations: CNN —, British, ., Greenpeace, Conservative, Richmond, International Energy Agency, Downing Street, CNN, Downing, North Yorkshire Police Locations: England, North, North Yorkshire, Europe, Southeast Asia, greenlighting, Kirby

☆ This 25-year-old would 'crash and burn' every six months—turns out she has autism and ADHD
▼ + stars: | 2023-07-31 | by ( Gili Malinsky | ) www.cnbc.com time to read: +3 min

Middleton was diagnosed with generalized anxiety disorder and depression early on but felt there had to be some other underlying issue. A few years after dropping out of high school at 17, she got diagnosed with both attention-deficit/hyperactivity disorder and autism. Soon after getting diagnosed, Middleton began sharing her experiences online. 'I did a post about what it means to be professional'Middleton officially got diagnosed with ADHD in October 2021 and autism in April 2022. "And it just kind of grew and grew and grew from there," she says.

Persons: Ellie Middleton, She'd, Middleton Organizations: National Health Service Locations: Yorkshire

☆ Opinion | Jane Austen’s English Countryside Is Not Mine
▼ + stars: | 2023-07-29 | by ( Rebecca Smith | ) www.nytimes.com time to read: +1 min

My childhood was spent making dens in the hidden corners of the landscaped gardens of a grand country estate in the Lake District. I wandered woods full of baby pheasants being fattened up for the shoot. I had lakes to paddle in and a dinghy that we bumped down the path to a private beach. First in Yorkshire, then in Bedford, then on Graythwaite Estate, in Cumbria in the Lake District. For centuries, it was not uncommon for the offer of a job in the English countryside to include accommodation.

Persons: —, didn’t Locations: Lake, England, Yorkshire, Bedford, Cumbria, Graythwaite

Britain’s governing Conservative Party suffered crushing defeats in the race for what had been two safe seats in Parliament, but narrowly avoided losing a third contest, according to the results early Friday for by-elections viewed as a critical test of Prime Minister Rishi Sunak’s popularity. The main opposition Labour Party won in Selby and Ainsty, in Yorkshire in the north of England, in one of its biggest ever by-election victories, overturning a large Conservative majority and winning 16,456 votes to the Tories’ 12,295. The small, centrist, Liberal Democrats party also scored an emphatic victory in the electoral district of Somerton and Frome, in the southwest of England, another former stronghold for the Tories. The Liberal Democrats received 21,187 votes, and the Conservatives 10,790. There, the final count was 13,965 votes for Steve Tuckwell of the Conservative Party, and 13,470 for Labour’s Danny Beales.

Persons: Rishi, Sunak, Boris Johnson, Steve Tuckwell, Danny Beales Organizations: Conservative Party, Labour Party, Conservative, Tories, Liberal Democrats, Liberal, Conservatives, Labour Locations: Selby, Ainsty, Yorkshire, England, Somerton, Frome, Uxbridge, South Ruislip, London

LONDON, July 10 (Reuters) - Thames Water has become the poster child for a British water industry under fire for its poor environmental record and financial mismanagement. After a period as a listed company, Thames Water was acquired by German utility RWE (RWEG.DE) in 2001. Thames Water said on Monday they would provide 750 million pounds, and added it had strong liquidity of 4.4 billion pounds. FINANCESNearly 60% of Thames Water's debt is index-linked, according to ratings agency Standard & Poor's, saddling it with higher repayments as inflation soars. Thames Water was fined 3.3 million pounds last week, while Southern Water was fined 90 million pounds in 2021.

Persons: Margaret Thatcher's, Australia's Macquarie, Abu, Hermes, Ofwat, Sarah Young, Chiara Elisei, Emelia Sithole Organizations: Margaret Thatcher's Conservative, Water, Thames, Ontario, BT, China Investment Corp, Thames Water, Macquarie, Yorkshire Water, Severn Trent, United Utilities, The Times, Environment Agency, Southern Water, Thomson Locations: Britain, Here's, Abu Dhabi, Thames, Southern Water, United, England

☆ Thames Water: Why Britain's water industry is struggling with sewage spills, huge leaks and crushing debts
▼ + stars: | 2023-07-08 | by ( Hanna Ziady | ) edition.cnn.com time to read: +8 min

The UK water sector is “clearly in a state of multiple crises,” said Dieter Helm, a professor of economic policy at the University of Oxford. Thames Water in troubleThe industry’s long-running problems have been thrust into the spotlight by a looming cash crunch at Thames Water, which serves 15 million people in London and the southeast of England. An aerial view of a Thames Water sewage treatment works in west London. A screen displays real-time notifications of sewage leaks into waterways in the region controlled by Thames Water in January 2023. Will Thames Water be nationalized?

Persons: ”, Dieter Helm, “, ” Helm, Ofwat, Abu Dhabi, David Black, Ben Stansall, Iain Coucher, they’ve, ” Black, Margaret Thatcher’s, David Hall, Leon Neal, ” Hall, Sarah Bentley “, Maureen McLean, Helm Organizations: London CNN —, University of Oxford, CNN, Thames, Getty, Yorkshire Water, Margaret Thatcher’s Conservative, Public Services International Research Unit, University of Greenwich, Thames Water, Ontario, BBC Locations: England, Wales, London, China, Abu, AFP, Yorkshire, Windsor, UK

☆ UK’s leaky water model faces a growing storm
▼ + stars: | 2023-07-05 | by ( Neil Unmack | ) www.reuters.com time to read: +8 min

The fallout raises two big questions: whether the regulatory regime works, and whether Britain’s water companies should still be privately owned. Average UK water bills are 448 pounds in the current year, versus 409 pounds in Scotland. One option would be to squeeze water companies – cutting allowed prices, and imposing bigger penalties on those that allow leaks. For the sector as a whole, Ofwat assumes equity comprises 45% of water companies’ 94 billion pound RCV, or 42 billion pounds. Reuters Graphics Reuters GraphicsFollow @Unmack1 on TwitterCONTEXT NEWSThames Water investors have become more “concerned” about the company’s turnaround, the chief executive of UK water regulator Ofwat David Black told a UK parliament committee on July 4.

Persons: Macquarie’s, Severn, Ofwat, Jefferies, David Black, Iain Coucher, “, Black, George Hay, Oliver Taslic Organizations: Reuters, Conservative, Thames, Ofwat, Reuters Graphics Regulators, Yorkshire Water, United Utilities, Scottish, Dwr Cymru, Barclays, Reuters Graphics Reuters, Thames Water, Water, Sky News, Thomson Locations: Severn Trent, RCV, Water, Wales, Scotland, Germany, United States, Italy, Ireland, Britain

☆ UK water meltdown resurrects bank crisis dilemmas
▼ + stars: | 2023-06-29 | by ( Neil Unmack | ) www.reuters.com time to read: +7 min

The government may take over heavily indebted Thames Water, a hapless privately held utility unable to fund capital needs that may stretch to 10 billion pounds. Under Macquarie’s (MQG.AX) ownership, which lasted from 2006 to 2016, Thames’ debt rose to over 80% of RCV. They’re issued through a vehicle called Thames Water Utilities Finance. Thames Water CEO Sarah Bentley resigned abruptly on June 27. Thames shareholders, led by Ontario Municipal Employees Retirement System, committed in 2022 to provide 1.5 billion pounds of extra funds.

Persons: Ofwat, Rishi Sunak, Gordon Brown, Kemble, They’re, Sarah Bentley, “, George Hay, Oliver Taslic Organizations: Reuters, Royal Bank of Scotland, Thames, Ontario, Thames ’, Guardian, UK, RBS, Investors, Water Utilities Finance, Yorkshire Water, SES Water, Sky News, Thames Water, Thomson Locations: –, Thames, Yorkshire, Britain’s

☆ Thames Water woes could have bigger ripples
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 28 (Reuters Breakingviews) - The UK government is working on plans to nationalise Thames Water, Sky News reports. The indebted utility, which lost its chief executive on Tuesday, may be placed into a special administration regime, with ministers worrying about the company's ability to shoulder 14 billion pounds of debt. UK water companies, privatised by Margaret Thatcher in the 1980s, were supposed to be sleepy investments churning out inflation-proof dividends. Thames, owned by Macquarie (MQG.AX) until 2017, had debt equivalent to 80% of its 17.9 billion pounds regulator-defined asset value last September. Its current shareholders, which include Ontario Municipal Employees Retirement System and China Investment Corporation, last year pledged to invest 1.5 billion pounds to prop it up.

Persons: Margaret Thatcher, Neil Unmack, Eli Lilly, Aston Martin, George Hay, Streisand Neto Organizations: Reuters, Sky News, Macquarie, System, China Investment Corporation, Twitter, Thomson Locations: Thames, Yorkshire, Ontario, Canada

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