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☆ Asking prices for UK homes pick up slightly despite summer slowdown: Rightmove
▼ + stars: | 2023-09-17 | by ( ) www.reuters.com time to read: +2 min

A rainbow is seen over apartments in Wandsworth on the River Thames as UK house prices continue to fall, in London, Britain, August 26, 2023. Rightmove said average asking prices for homes increased by 0.4% from the sharp 1.9% drop in the month before, but below the ten-year average of a 0.6% rise in September. A closely-watched Royal Institution of Chartered Surveyors report last week showed a sharp contraction in the market was underway. Rightmove said the number of home sales was down 7% compared with 2019, before the pandemic distorted the market. It said the rate of reduction in asking prices and the number of homes reduced in price hit the highest since January 2011.

Persons: Kevin Coombs, Rightmove, Tim Bannister, Bannister, Suban Abdulla Organizations: REUTERS, Bank of England, Royal Institution, Chartered Surveyors, Bank of England's, Nationwide, Thomson Locations: Wandsworth, London, Britain, Halifax

☆ UK government under pressure to take tougher line on China amid spying allegations
▼ + stars: | 2023-09-13 | by ( Luke Mcgee | ) edition.cnn.com time to read: +9 min

Sunak’s predecessor Liz Truss called for the government to formally designate China as a threat to the UK. Florence Lo/APUnder the radarBut back to the question at hand: should the events of the past few days affect the UK’s official policy? Despite the arrests, observers believe it is unlikely there will be a sea-change in the UK government’s policy on China. The allegations that China is spying on the UK, in the very heart of Britain’s democracy, is of course a very real concern. But it will not be a surprise to the government, which has baked it into British foreign policy.

Persons: Tom Tugendhat, Tugendhat, Rishi Sunak, Premier Li Qiang, ”, Sunak’s, Liz Truss, Iain Duncan Smith, UK’s, Oliver Dowden, James, Han Zheng, Florence Lo, —, Peter Ricketts, “, doesn’t, ” Ricketts, Christopher Furlong Organizations: London CNN, Sunday Times, Conservative, CNN, Premier, Embassy, Metropolitan Police, Conservative Party, of, People, parliament’s Intelligence, Security, British National Security, Getty, Russia, Diplomats Locations: China, Beijing, New Delhi, London, gossiping, Europe, Hong Kong, South China, Taiwan, Westminster

☆ UK man, accused of spying for China in parliament, says he's innocent
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +3 min

[1/2] An Uber riverboat sails on the River Thames, with the Houses of Parliament seen behind in London, Britain, May 17, 2023. Deputy Prime Minister Oliver Dowden and the parliamentary speaker were due to raise the case, after several lawmakers called for not only an explanation but also tighter vetting procedures for those working in the House of Commons. The Sunday Times reported one of those arrested was a researcher in the British parliament. His alleged spying in parliament was raised by British Prime Minister Rishi Sunak at a meeting with Chinese Premier Li Qiang at the G20 summit in India on Sunday. "I think that's the central question that needs to be answered by the prime minister today."

Persons: Toby Melville, Oliver Dowden, Rishi Sunak, Premier Li Qiang, Birnberg Peirce, James, Sunak, Keir Starmer, Elizabeth Piper, Alistair Smout, Kylie MacLellan, Sachin Ravikumar, Christina Fincher, Peter Graff Organizations: REUTERS, London's Metropolitan Police, Sunday Times, Times, British, Premier, Chinese Communist Party, Labour, Thomson Locations: London, Britain, China, London's, India, Beijing

☆ A 'ferry house' made famous by Charles Dickens was converted into a 4-bedroom home with a private mooring. Now it's on the market for $2.8 million.
▼ + stars: | 2023-09-11 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: 1 min

A former ferry house just outside of London is on the market for £2.25 million, or around $2.8 million. The ferry house. DextersThe former ferry house on the River Thames was converted into a four-bedroom house in 2016 and comes with its own private mooring and a boat house, a spokesperson for real-estate agency Dexters told Insider. It has an open-plan reception, kitchen, and dining area, and an outdoor patio and terrace with views of the river, according to Dexters' press release. The property is located in Sunbury village, which is around a 45-minute train journey to central London, the press release states.

Persons: Dexters Locations: London, Sunbury

☆ UK watchdog to 'ramp up' checks on how banks assess risks
▼ + stars: | 2023-09-08 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

REUTERS/Henry Nicholls/File Photo Acquire Licensing RightsLONDON, Sept 8 (Reuters) - Britain's financial watchdog told banks on Friday it would "ramp up" checks on whether they were properly assessing and managing risks from large customers to avoid any liquidity crunch in stressed markets. "We are ramping up our testing programme to look at how banks are controlling these risks, including more in person supervisory assessments." Under pressure from the European Central Bank, bankers have moved from London to staff these hubs, raising questions about sufficient staff in UK units. "While there are various booking and organisational arrangements underpinning these activities, there should be appropriate oversight for any business booked into the UK," Walls said. The FCA said it may also check how banks deal with non-financial misconduct, such as sexual harrasment.

Persons: Henry Nicholls, Liz Truss, Simon Walls, Huw Jones, Emelia Sithole Organizations: REUTERS, Financial, Authority, Bank of England, European Union, Brexit, European Central Bank, Thomson Locations: London, Britain

☆ After big GDP revision, UK statisticians seek faster data access
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +1 min

A rainbow is seen over apartments in Wandsworth on the River Thames as UK house prices continue to fall, in London, Britain, August 26, 2023. A senior official at the Office for National Statistics asked Britain's statistics regulator to review the outcome of its upcoming work on how it revised its estimates of the swings in the economy around the coronavirus pandemic period. The ONS collects a lot of data itself through surveys of businesses and households, but relies on government departments and other agencies for certain numbers. On Friday, revised data from the ONS showed that Britain's economy performed more strongly than previously thought in its recovery from the pandemic and was ahead of other big European countries at the end of 2021 rather than lagging behind them. Reporting by William Schomberg; editing by David MillikenOur Standards: The Thomson Reuters Trust Principles.

Persons: Kevin Coombs, Michael Keoghan, William Schomberg, David Milliken Organizations: REUTERS, Office, National Statistics, Statistics, Thomson Locations: Wandsworth, London, Britain

A pedestrian carrying an umbrella walks along the River Thames in view of City of London skyline in London, Britain, July 31, 2023. REUTERS/Hollie Adams/File Photo Acquire Licensing RightsSYDNEY, Aug 25 (Reuters) - Australia's second-largest pension fund plans to open its first overseas office by mid-2024, its chief investment officer said on Friday, the latest retirement manager to look overseas as the country's pension sector outgrows the home market. The team will "almost certainly" be based in London and only be small because ART relies mostly on external managers, Patrick said, adding the office would likely open between now and mid-2024. A decision on a second overseas office would be made 12 to 24 months after the first opens. ART invests roughly two-thirds of all new money funds overseas.

Persons: Hollie Adams, Ian Patrick, Patrick, HarbourVest, Neuberger Berman, Lewis Jackson, Praveen Menon, Jacqueline Wong Organizations: REUTERS, Rights, Reuters, Stepstone, AustralianSuper, Nikkei, Thomson Locations: City, London, Britain, New York, China

☆ 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

☆ Britain's banks told to justify low savings rates by end of August
▼ + stars: | 2023-07-31 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

REUTERS/Henry Nicholls/File PhotoLONDON, July 31 (Reuters) - Britain's banks and building societies have until the end of August to justify to regulators why some of their savings rates are low or face sanctions, the markets watchdog said on Monday, as Bank of England rates look set to rise to their highest since 2008. Smaller lenders offer higher savings rates than their bigger rivals, the FCA added. "Firms offering the lowest savings rates will be required to justify by the end of August how those rates offer fair value, according to the consumer duty that enters into force today," the FCA said in a statement. Banks and building societies offering the lowest rates have to complete a "fair value" assessment for the regulator by the end of August. The FCA will also review the timing of changes to savings rates each time BoE rates move, publish an analysis every six months of easy-access rates, analyse how savings products contribute to profitability and, by the end of March 2024, review how firms engage with customers.

Persons: Henry Nicholls, Banks, BoE, Huw Jones, Kevin Liffey Organizations: REUTERS, Bank of, Financial Conduct Authority, Lloyds, HSBC, NatWest, Santander UK, Barclays, Nationwide Building Society, TSB Bank, Virgin Money, Bank, FCA, Thomson Locations: London, Britain

☆ King Charles Doesn’t Have as Many Swans as He Used to
▼ + stars: | 2023-07-27 | by ( Claire Moses | More About Claire Moses | ) www.nytimes.com time to read: 1 min

The counters on the River Thames recorded 94 cygnets, as young swans are called, compared to 155 last year. Mr. Barber said he didn’t expect this year’s count to be quite as low as it was, and that the numbers were the most disappointing in years, Mr. Barber said. He added that 2009 was a worse year, when the uppers counted 84 young swans. The count was 166 cygnets in 2021 and 147 cygnets in 2019, he added. But there was also good news: Even though the number of cygnets was low, they were all in excellent health, Mr. Barber said.

Persons: That’s, Barber Locations: United Kingdom, England

☆ Clashes in Kenya over tax hikes
▼ + stars: | 2023-07-19 | by ( Dave Lucas | ) www.reuters.com time to read: 1 min

Young cygnets and swans are counted and have their health assessed during the 'swan upping' census on Britain's River Thames, in a tradition that dates back to the 12th century when swans were an important food source.

Persons: Young cygnets

☆ Raging wildfires spread in Greece
▼ + stars: | 2023-07-19 | by ( Dave Lucas | ) www.reuters.com time to read: 1 min

Persons: Young cygnets

LONDON, July 18 (Reuters) - The spectre of rising corporate debt defaults exacerbating a global economic slowdown has for months been largely brushed aside by resilient credit markets. Now, long-feared corporate debt woes are starting to hit home, while more companies are being downgraded to a junk credit rating - facing higher borrowing costs as a result. Retailer Casino, with 6.4 billion euros ($7.19 billion) of net debt, is in court-backed talks with creditors; Britain's Thames Water is in the headlines with its 14 billion pound ($18.32 billion) debt pile. For FACTBOX: Corporate debt woes are on the rise, click here. Nonetheless, not all firms may be able to survive the challenges of vast debt, higher interest and business costs and declining profits.

Persons: Julius Baer's, Markus Allenspach, Guy Miller, Miller, it's, Aymen Mahmoud, McDermott Will, Emery, Elena Lieskovska, Chiara Elisei, Dhara, Christina Fincher Organizations: SBB, P Global, U.S, Reuters, ICE, Zurich Insurance, ABN AMRO, European Central Bank, London Finance, Bain Capital, Thomson Locations: Swedish, Spain, Europe

☆ Factbox: Corporate debt woes are on the rise
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +4 min

Size of debt: 14 billion pounds ($18.33 billion). The firm said earlier in July shareholders would provide 750 million pounds, but warned it would need an extra 2.5 billion pounds between 2025-2030. Size of debt: 6.4 billion euros ($7.19 billion) in net debt. What's at stake: Casino faces 3 billion euros of debt repayments in the next two years, with rating agencies Moody's and Standard & Poor's warning a default is likely. Deadlines to watch: Casino aims to secure an agreement with creditors by July 27.

Persons: Toby Melville, What's, Jean, Charles Naouri, Casino, Daniel Kretinsky, Kretinsky, Chiara Elisei, Dhara, Christina Fincher Organizations: Thames, REUTERS, Water, Casino, SBB, Thomson Locations: London, Britain, LONDON, Sweden, France, England, Czech, Brookfield, Spain, Barcelona

☆ Simon Cowell says the sexual assault of a former 'X Factor' contestant was 'horrific and heart-breaking'
▼ + stars: | 2023-07-15 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +4 min

Simon Cowell said the sexual assault of an "X Factor" contestant was "horrific" and "heartbreaking." Simon Cowell described the sexual assault of a former "X Factor" contestant as "horrific and heart-breaking" after she criticized the support provided by the show's producers. Spraggan, who performed her own songs in her audition for "The X Factor," pulled out of the show during production, citing illness. "The X Factor" has faced criticism from other former UK contestants over their treatment. The X Factor was produced by Thames [part of Freemantle] and Syco, who were primarily responsible for duty of care towards all of its programme contributors."

Persons: Simon Cowell, Lucy Spraggan, Spraggan, she'd, Rylan Clark, they'd, I'd, Tim Whitby, Spraggan wasn't, Cowell, Lucy, Katie Waissel, Simon Cowell's Organizations: Guardian, Morning, Fremantle, BBC News, ITV, Thames Locations: London, Fremantle

☆ Thames Water’s leaky financials are far from fixed: podcast
▼ + stars: | 2023-07-13 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

LONDON, July 13 (Reuters Breakingviews) - The privately owned UK water company managed to cobble together a rescue from existing shareholders. But in this Viewsroom podcast, Breakingviews columnists discuss why the fresh funds may not be enough, and the threat of nationalisation hangs over the sector as a whole. Listen to the podcastFollow @aimeedonnellan on TwitterSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. Editing by Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Oliver Taslic Organizations: Reuters, Twitter, Thomson

☆ Bayer crop spinoff would be tricky but bountiful
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 10 (Reuters Breakingviews) - Bayer’s (BAYGn.DE) new CEO may be considering some valuable crop rotation. The 49 billion euro seed-to-drug maker’s shares rallied 3% on Monday after a Friday report by German news service Platow Brief said the company may spin off its troubled crop science division. The crop science division was born of Bayer’s disastrous takeover of Monsanto in 2018, and the German conglomerate is still grappling with lawsuits alleging that its weedkiller caused cancer. If it offloads the crop science division, Bayer could indemnify the new owners against the cost of future litigation up to a certain point. Currently, the crop science division throws off a lot of the combined company’s cash.

Persons: maker’s, Bill Anderson, Bayer, Anderson, Aimee Donnellan, Liam Proud, Pranav Kiran Organizations: Reuters, Monsanto, Twitter, Thames, Thomson Locations: China

☆ Thames rescue looks far from watertight
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 10 (Reuters Breakingviews) - Thames Water is stepping back from the brink, a little bit. Shareholders, led by Canada’s Ontario Municipal Employees Retirement System, have now agreed to pony up 750 million pounds. They’ve also acknowledged even more will be allowed over the next regulatory review period between 2025 and 2030. Bonds issued by Thames’ holding company, Kemble, rose as much as 10 percentage points following the news. That depressed price suggests there’s a long way to go before Thames is on dry land.

Persons: They’ve, Bonds, Kemble, Neil Unmack, George Hay, Oliver Taslic Organizations: Reuters, Canada’s, Thames, Twitter, Thomson Locations: Canada’s Ontario, Thames, China

Thames Water, weighed down by 14 billion pounds of debt and under pressure over its environmental record, had told shareholders it needed 1 billion pounds to help fund its turnaround. British ministers have been monitoring Thames Water amid fears it could need a government rescue if shareholders refused to invest more. "Shareholders have also acknowledged that delivery of the turnaround plan is likely to require the provision of further equity support," Thames Water said. The 750 million pound investment is subject to Thames Water improving the business plan underpinning its turnaround, it said. Core earnings (EBITDA) fell 3% to 1.1 billion on revenue which grew 4% to 2.3 billion pounds.

Persons: Ian Marchant, Sarah Young, Kate Holton Organizations: Water, Thames, China Investment Corp, Thomson Locations: Ontario

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 secures $962 million from investors but says it will need more
▼ + stars: | 2023-07-10 | by ( Hanna Ziady | ) edition.cnn.com time to read: +1 min

London CNN —Investors in Thames Water have agreed to put an extra £750 million ($962 million) of equity funding into the troubled utility to hold off a temporary takeover by the government. The utility anticipates that an additional £2.5 billion ($3.2 billion) of equity funding will be needed in the five years to 2030. “The additional investment announced today is the largest equity support package ever seen in the UK water sector and underscores our shareholders’ commitment to delivering Thames’ turnaround,” the company’s chairman, Ian Marchant, said in a statement. Thames Water, which provides water and wastewater services to 15 million people in London and the southeast of England, has been at the center of a wider crisis in the sector. Heavily indebted UK water companies are under growing financial pressure as interest rates soar and they must also invest billions of pounds to upgrade aging infrastructure and tackle sewage spills and leakage.

Persons: Ian Marchant Organizations: London CNN — Locations: Thames, London, 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

LONDON, July 7 (Reuters) - As Thames Water's financial troubles raise questions about such investments, Britain will next week try to persuade pension schemes to plough billions of pounds into infrastructure and start-ups in its next leg of post-Brexit reforms. British Finance Minister Jeremy Hunt will on Monday set out the government's latest thinking on getting cash locked up in pension pots to work in the economy. The Conservative government's long-trailed policy focuses on persuading pension schemes to invest a portion of their money in infrastructure, start-ups and 'green' technology. But the problems at Thames Water, which is battling for survival under 14 billion pounds ($18 billion) of debt, would leave some pension schemes that had made large investments in it embarrassed, said independent pensions consultant John Ralfe. The finance ministry had no immediate comment on Hunt's speech, but the pensions industry has already said it opposes mandatory investment quotas.

Persons: Jeremy Hunt, Hunt, John Ralfe, Ralfe, Nobody, Huw Jones, Alexander Smith Organizations: Thames, British, Conservative, Amsterdam, London, EU, Thomson Locations: Britain, London's, New York, London

☆ Markets Ignore the Looming Debt Peril
▼ + stars: | 2023-07-05 | by ( James Mackintosh | ) www.wsj.com time to read: 1 min

An aerial view of a facility of the U.K.’s heavily indebted Thames Water, whose bonds trade at bankruptcy levels. Photo: ben stansall/Agence France-Presse/Getty ImagesThis was supposed to be the year that higher interest rates started to bite, taking down dodgy borrowers who had loaded up on too much debt. Some are now in trouble. But investors don’t expect problems to spread far. I think they are making a mistake, especially if rates march higher.

Persons: ben Organizations: Agence France

☆ 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

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