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A buzz saw of Republican opposition in the House is threatening to kill the $95 billion aid package for Ukraine and Israel that the Senate overwhelmingly passed early Tuesday, leaving proponents of the emergency aid legislation scrounging for unorthodox ways to push the bill over the finish line. Hours before the Senate approved the bill in a lopsided 70-to-29 vote, Speaker Mike Johnson suggested he would not allow the aid package to receive a vote on the House floor. The measure would provide an additional $60.1 billion for Kyiv — which would bring the total U.S. investment in the war effort to more than $170 billion — as well as $14.1 billion for Israel’s war against Hamas and almost $10 billion for humanitarian aid for civilians in conflict zones, including Palestinians in Gaza. “House Republicans were crystal clear from the very beginning of discussions that any so-called national security supplemental legislation must recognize that national security begins at our own border,” Mr. Johnson said in a statement on Monday night, adding: “In the absence of having received any single border policy change from the Senate, the House will have to continue to work its own will on these important matters.”Earlier this month, Mr. Johnson rejected a bipartisan border bill crafted in the Senate, saying the crackdown at the U.S.-Mexico border needed to be more severe.
Persons: Mike Johnson, Mr, Johnson Organizations: Kyiv, Hamas, Republicans, Senate Locations: Ukraine, Israel, Gaza, , U.S, Mexico
Their Corporate Credit Fund, which trades under the ticker BCAAX for retail investors, largely focuses on high-yield bonds. The fund currently holds a little over 70% in high-yield bonds, 10% in cash and about 18% in investment-grade bonds. Another inefficiency the managers exploit is the area between low investment-grade bonds and the higher-rated high-yield market, Zox said. Investment-grade portfolio managers are shying away from the lower rated end of the investment-grade market, and high-yield managers are sticking with the higher rated end of the high-yield market, he explained. "We find better values in the lower rated part of the investment-grade market than the higher rated part of the high-yield market," Zox said.
Persons: John McClain, Bill Zox, aren't, Morningstar, McClain, BCAAX, Franklin Templeton, Zox, We're, they're, Wells, it's Organizations: Brandywine Global, Credit Fund, ICE, U.S, SEC, Morningstar, Brandywine, JPMorgan, Citi, Banco Popular, Investment, — Vector, Vector Group Locations: Brandywine, Diamond, Columbus , Ohio, Puerto Rican, Wells Fargo
They expose decades of American corporate philosophy gone awry. A good American company isn’t just a vehicle for financial returns; it is first and foremost an employer, a contributor to economic and/or technological innovation, and a source of US power. But it’s clear that what Boeing — and the entire American corporate body politic — needs is nothing short of a philosophical counterrevolution. Over these three decades of plenty for Boeing’s shareholders, the company’s staff was asked to penny-pinch. Boeing’s stock cratered, and France’s Airbus , a rival once colloquially known as “Scare Bus,” started to eat the American company’s lunch .
Persons: it’s, could’ve, William Lazonick, , It’s, won’t, William McGee, T.A, Wilson, Frank Shrontz, Max, Peter Robison, , , Dave Calhoun, we’ve, Scott Kirby, hasn’t, “ We’re, Lazonick, wasn’t, Milton Friedman, Michael Jensen, Jensen, nary, Jack Welch, Welch, Wall, ” Lazonick, We’ve, Mary Barra, ” McGee Organizations: Alaska Airlines, Boeing, Investments, University of Massachusetts, , NASA, Airbus, Alaska Airlines Max, Wall, United Airlines, Federal Aviation Administration, CNBC, Washington, University of Chicago, Electric, Wall Street, GE, Dow Jones, Securities and Exchange Commission, Reality Labs, Deutsche Bank, Business, General Motors, United Auto Workers, Companies, GM, & $ Locations: Washington, America
Rep. Mike Gallagher, center, chair of the House Select Committee on the Chinese Communist Party, speaks at a news conference following a GOP caucus meeting at the Republican National Committee offices in Washington, D.C., on Feb. 28, 2023. He is joined by fellow Republicans Rep. Elise Stefanik, left, and Majority Whip Steve Scalise. Sequoia Capital China, Qualcomm Ventures and three other venture capital firms plowed at least $3 billion into Chinese tech companies that support Beijing's military and its repression of minorities in Xinjiang, a U.S. congressional report alleged on Thursday. Reuters could not reach the venture capital firms for comment. The White House did not respond to requests for comment.
Persons: Mike Gallagher, Elise Stefanik, Steve Scalise, Biden Organizations: Chinese Communist Party, Republican National Committee, Washington , D.C, Sequoia Capital China, Qualcomm Ventures, Representatives, Republican, GGV, GSR Ventures, Walden International, U.S, Embassy Locations: Washington ,, Sequoia Capital, Xinjiang, U.S, China, People's Republic of China, Washington
BANGKOK (AP) — A Nasdaq-listed Chinese technology company that makes parts for self-driving vehicles is threatening to sue the U.S. government after it was included in a list of companies the Pentagon says have links to the Chinese military. It was among 17 companies the U.S. Department of Defense recently added to its list of companies it considers “Chinese military companies.”The revised list also includes Megvii, a Beijing-based artificial intelligence company and IDG Capital, a major private equity investment company with holdings in many Chinese technology companies, and major Chinese energy, telecoms and aviation companies. In a statement issued last week, the company said its LiDARs were not designed to conform to military specifications. Under Biden, the U.S. has further limited China’s access to advanced U.S. technology, limited U.S. investments in strategically sensitive Chinese industries and expanded sanctions on leading Chinese companies like Huawei Technologies. The Defense Department periodically updates its list of now nearly four dozen Chinese military companies to counter links between Chinese military and companies and other entities that it says appear to be civilian.
Persons: Yifan “ David ” Li, Li, Joe Biden’s, Donald Trump, Biden, China’s Organizations: Pentagon, U.S . Department of Defense, IDG Capital, U.S . Department of Commerce, Beijing, Huawei Technologies, The Defense Department, Xiaomi Corp, Apple Inc, U.S ., China’s People’s Liberation Army Locations: BANGKOK, Beijing, U.S
As China's property market and deflation woes continue to rattle investors, India's growth outlook appears all the more impressive. Last year's annual report attributed strong revenue growth partially to expansion in the Middle East, India, and Asia, Krishna wrote. "More than revenue, India is an important area for sourcing talent" as well, Krishna wrote. Growth potential For investors looking to gain exposure to the domestic stock market, Indian equities themselves aren't especially cheap though. "You're paying for the growth potential in India, certainly.
Persons: Morgan Stanley, Chetan Ahya, Ahya, Bernstein, , Narendra Modi, Bill Fitzpatrick, Fitzpatrick, Quincy Krosby, Venu Krishna, Aecom, Krishna, Tim Long, Long, Simon Coles, Krosby, Jeffrey Gundlach, Gundlach, CNBC's, — CNBC's Michael Bloom Organizations: Investment, Logan Capital Management, Modi, Infrastructure Pipeline, Aecom, Barclays, Cisco Systems, Juniper Networks, India —, Semiconductor, Micron Technology, Qualcomm, Logan Capital Locations: India, China, Asia, Philadelphia, South Carolina . U.S, Dallas, East, Asia Pacific, Japan, Coles , U.S, U.S, IShares
Family offices have boomed in the last few years, thanks in part to the growing number of wealthy individuals. Family offices typically cater to investors with $100 million or more in net worth. Themes for the coming years What type of assets are family offices looking to buy in the next few years? Other themes that family offices are bullish on include health care and longevity, the energy transition and generative artificial intelligence, said Citi's Hofmann. Alternative assets are also becoming more popular with family offices, such as private equity, private debt and infrastructure, according to the providers.
Persons: There's, Hannes Hofmann, Citi's, That's, Robin Harris, Harris, Citi's Hofmann, Ocorian's Harris Organizations: Oxfam, Economist Intelligence, KPMG, UBS, CNBC, CNBC Pro, Citi, Tech, Equity, U.S . Federal Reserve Locations: United States, Asia, India, Europe, America, U.S, Ocorian, Japan, Middle East, Africa, Pacific, North America,
A rocky transition to electric vehicles in the U.S. could be a blessing in disguise for one of the country's legacy automakers, according to Morgan Stanley. Analyst Adam Jonas named Ford the investment bank's top pick among U.S. automakers in a note to clients Thursday. Jonas said scaling back spending plans for EVs can help Ford impress Wall Street. Morgan Stanley has a price target of $15 per share on Ford, which is about 28% above where the stock closed Wednesday. F 1D mountain Shares of Ford rallied on Thursday afternoon after Morgan Stanley named the stock a top pick.
Persons: Morgan Stanley, Adam Jonas, Ford, Jonas, Tesla Organizations: U.S, Wall, Ford, General Motors, GM, Investments, EV Locations: U.S
So what is "quiet luxury"? Quiet Luxury's outperformance over Loud Luxury in 2023. "Hence, in 2023, quiet luxury companies notably outperformed their loud peers by 23% points. According to DBS, a company fall under its categorization of "quiet luxury" if it's understated and focused on high quality, while maintaining exclusivity and scarcity. Loud luxury not in vogue
Persons: Karin Teigl, Kelly, Baum, Jeremy Moeller, Miu Miu, Brunello, Hou Wey Fook, Hermes, LVMH Moët Hennessy Louis Vuitton, Markus Hansen, Hansen, Goldman Sachs, Organizations: Getty, DBS Bank, Financière Richemont, Swatch Group, DBS, Richemont, Swatch, CNBC, U.S Locations: VIENNA, AUSTRIA, Asia, South Korea, Japan, India
Arkhouse has the financing in place to take Macy's private at a bid of $5.8 billion, managing partner Gavriel Kahane told CNBC Thursday, but the activist investor has run into roadblocks without the department store retailer's cooperation on due diligence. Arkhouse has previously said it would take "all necessary steps" to acquire Macy's, including going directly to shareholders. Kahane's Arkhouse and Brigade Capital submitted an unsolicited bid to Macy's management in December to take the company private at $21 a share, a premium of more than 32%. Arkhouse also said it could raise its bid above the original $21-per-share offer, but only if the Macy's management was willing to sign a mutual non-disclosure agreement and permit diligence to begin. Macy's board rejected that offer on Sunday, saying in part that it believes it is "highly unlikely" Arkhouse and Brigade's proposed financing "could be successfully executed."
Persons: Arkhouse, Gavriel Kahane, Kahane, Kahane's Arkhouse, Macy's, Jeff Gennette Organizations: CNBC, Brigade Capital, Investment, Jefferies, Brigade
In a sea of income-generating exchange-traded funds, BlackRock 's actively managed Flexible Income ETF (BINC) seeks to stand out with a multisector approach that balances high quality and high yield. "The way we built this portfolio is marrying high yield, investment-grade credit, agency mortgages and securitized [products]," Rieder said in an interview. Rieder said he's investing more in European high yield these days because of the strong U.S. dollar. "That is really attractive — and European high yield is cheaper than U.S.," he said. In U.S. high yield, single-B-rated debt is the most attractive, the investor said.
Persons: Rick Rieder, Rieder, BINC, it's, they're, We're, Indonesia — Organizations: BlackRock, SEC, Morningstar, Federal, Agency Locations: U.S, European, Mexico, Brazil, Indonesia
Here's how our financial names, Morgan Stanley and Wells Fargo, stacked up against their peers. Morgan Stanley reported a fourth-quarter exceeded estimate on adjusted earnings-per-share (EPS) of $1.13, excluding a few one-time charges. MS YTD mountain Morgan Stanley (MS) performance year-to-date On earnings day last week, Morgan Stanley shares came under pressure on CEO Ted Pick's conservative macro outlook and the firm's Wealth Management number. Money center banks Then, there are money centers and traditional lenders like Wells Fargo and JPMorgan Chase . Overall, the quarter didn't discourage our long-term bull case on Wells Fargo as a multiyear recovery play.
Persons: Morgan Stanley, Wells, Morgan, Goldman Sachs, Ted Pick's, Jim Cramer, Jim, Morgan Stanley's, David Solomon, Jim mulled, we're, Wells Fargo's, We're, Jamie Dimon, Jim Cramer's, Brendan Mcdermid Organizations: Valley Bank, Management, Investment, Federal Deposit Insurance Corporation, Institutional Securities, Wealth Management, Investment Management, firm's Wealth, Investment Banking, Goldman's Investment, JPMorgan Chase, JPMorgan, CNBC, Traders, New York Stock Exchange Locations: Valley, Wells Fargo, Wells, Republic, New York City, U.S
In today's big story, we're looking at how there's no more loyalty in corporate America between employers and their workers. Business Insider's Aki Ito, who has covered workplace trends better than anyone, dove into the deterioration of loyalty in corporate America. The best example of the deterioration of loyalty in corporate America these days is in Big Tech. AdvertisementOne year later, Big Tech's layoffs are back and could become the new normal, Business Insider's Peter Kafka writes. However, the best representation of the growing employee-employer chasm in Big Tech is at Google.
Persons: , hustleharder, Insider's Aki Ito, they're, Insider's Peter Kafka, Kali Hays, BI's Eugene Kim, Ashley Stewart, Long, Sundar Pichai, BI's Hasan Chowdhury, Brian Moynihan, Moynihan, Laura Labovich, Asher, Emerson, Bill O'Leary, there's, Frederic J . Brown, haven't, Christian Dior, Dan DeFrancesco, Diamond Naga Siu, Hallam Bullock, Jordan Parker Erb Organizations: Service, Big, Workers, Amazon MGM Studios, Big Tech, Google, OsakaWayne, Investment, New, Bank of America's, Fed, Washington, Getty, Meta, OpenAI Mafia, Shoppers, Spotify, Couture, United Airlines, The, Business Locations: America, Big Tech, Big, Bethesda, That's, Paris, New York, San Diego, London
BEIJING — China missed fourth-quarter GDP estimates on Wednesday, while it resumed reporting the unemployment rate for young people. GDP for the last three months of 2023 rose by 5.2%, according to China's National Bureau of Statistics. Excluding people still in school, the unemployment rate for young people aged 16 to 24 was 14.9%, while the rate in cities in December was 5.1%. Online retail sales of physical goods rose by 8.4%, accounting for nearly 28% of overall retail sales. Retail sales for December saw a 29% surge in jewelry and 26% increase in purchases of clothes and shoes.
Persons: Zhiwei Zhang Organizations: China Vanke Co, National Bureau of Statistics, Investment Locations: China, Hefei, BEIJING
Morgan Stanley on Tuesday morning reported an adjusted earnings-per-share beat. MS 1Y mountain Morgan Stanley 1 year Shares of Morgan Stanley were on a five-session losing streak with Tuesday's post-earnings 5% decline. However, Morgan Stanley — and for that matter, Wells Fargo — saw their stocks surge into the end of 2023. Asset management revenue increased 6% from last year, reflecting higher asset levels and the impact of positive fee-based asset flows. Ted Pick, co-president of Morgan Stanley, speaks during a Bloomberg Television interview in New York, US, on Thursday, Oct. 26, 2023.
Persons: Morgan Stanley, Wells Fargo, Morgan Stanley's, Morgan Stanley —, Ted Pick, Morgan Staley, ROTCE, it's, Morgan, Morgan Stanley repurchased, Jim Cramer's, Jim Cramer, Jim Organizations: Revenue, Bloomberg, Federal Deposit Insurance Corporation, Silicon Valley Bank, Morgan, Wealth Management, Investment Banking, FDIC, Institutional Securities, Investment, Equity, Morgan Stanley's Wealth Management, Investment Management, Asset, Capital, CNBC, Bloomberg Television, Getty Locations: Silicon, Wells Fargo —, U.S, New York
CNBC Daily Open: Down to Davos
  + stars: | 2024-01-16 | by ( Shreyashi Sanyal | ) www.cnbc.com   time to read: +2 min
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Asia markets fell, led lower by declines in Hong Kong stocks, as Japan shares cooled off from their record-breaking rally. Georgieva told CNBC on the sidelines of Davos that the world's second-largest economy is facing both short-term and long-term challenges. [PRO] Morgan Stanley picks 'alpha' stocksAlpha stocks are those that can beat the benchmark index, and Morgan Stanley picked its favorite plays in Asia.
Persons: Martin Luther King Day, Goldman Sachs, Morgan Stanley, Robert Holzmann, it's, Mario Centeno, Georgieva Organizations: CNBC, ECB, European Central Bank, Economic, International Monetary Fund, Alpha Locations: Asia, Hong Kong, Japan, Davos, Switzerland, China, Pacific
Goldman posted a profit of $2 billion in the last three months of the year, up from $1.33 billion in the same period a year earlier. The New York bank saw modest improvements in its trading and investment management divisions, but saw declines in its important investment banking and advising revenues. Morgan Stanley, which also reported its fourth-quarter results on Tuesday, also posted sluggish performance in its investment bank due to the dealmaking slowdown. Investment banking fees were down 16% from 2022, and trading in commodities, currencies and fixed income was down 18%. The bank's return on common equity — a measure used by investment banks to show well they perform with their underlying assets — was 7.5% last year.
Persons: — Goldman Sachs, Goldman, Morgan Stanley, Morgan Organizations: Investment Locations: New York
Preference for environmental, social, and governance — or ESG investing plummeted in 2023 among millennials and Gen Z. The survey examined the support for environmental, social, and governance (ESG) issues and investing across different age groups. Investments receive an ESG rating, and ESG investors pick assets that align with their views on these subjects. AdvertisementIn the survey, preference for ESG investing among millennials and Gen Z — aged between 18 and 41 — plummeted significantly compared to the year before. Tim Paradis and Alex Nicoll of Business Insider explained in December just how controversial the topic of ESG investing has become.
Persons: Z, Gen Zers, Tom Grill, Amit Seru, Seru, David F, Tim Paradis, Alex Nicoll, ESG, Paradis, Nicoll, Sara Eisen, Eisen Organizations: Service, Stanford University, Hoover Institution, Rock Center, Corporate, Investments, Stanford Graduate School of, Stanford Graduate School of Business, United, Investment, Republican, Business, Europa Press Locations: United States
SEC approves bitcoin ETFs for some investment firms
  + stars: | 2024-01-10 | by ( Jeanne Sahadi | ) edition.cnn.com   time to read: +4 min
“While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin. The SEC had a deadline of January 10 to offer a decision for just one of the 11 firms that applied to offer bitcoin ETFs. Bitcoin ETFs, like bitcoin, carry risks for investorsFor those considering jumping on the bitcoin bandwagon, it’s important to note that the price of a bitcoin will be just as volatile whether you invest in it directly yourself or through an ETF. Those sentiments have been echoed by many financial advisers and the investor watchdog group Better Markets, which strongly opposed the SEC’s approval of bitcoin ETFs. The full list of companies that got SEC approval to launch bitcoin ETFs are: Ark Invest together with 21 Shares; Bitwise, BlackRock, Fidelity, Franklin Templeton, Grayscale, Hashdex, Invesco, WisdomTree, Valkyrie and VanEck.
Persons: Gary Gensler, bitcoin, , Gensler, Dennis Kelleher, , Sheila Warren, Franklin Templeton Organizations: New, New York CNN, Securities and Exchange Commission, SEC, FBI, Investments, Better, Street, Crypto, Innovation, Fidelity Locations: New York, BlackRock
After a year of uneven and disappointing post-pandemic recovery in 2023, China's consumer sentiment may finally start to improve this year. For an economy that's so heavily reliant on its manufacturing capabilities, market players are now looking toward the services and consumption sectors to propel China's growth in 2024. While a slowdown is somewhat inevitable given China's uneven economic recovery, Goldman Sachs expects services consumption to show more resilience than goods. The bounce in consumer activity, according to Goldman Sachs, will be led by leisure-related activities that include chain hotel operators, online travel agents and Macao casinos. Online gaming companies including FTG and NetEase , food delivery giant Meituan and tech giant Tencent , are also expected to get a boost.
Persons: Goldman Sachs, Goldman Organizations: Stocks, Galaxy, Spring Airlines Locations: Beijing, China, Macao, U.S
Wealthy people are moving to states including Florida, Texas, North Carolina, and Tennessee. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Florida, Texas, and North Carolina are popular destinations for more than just the wealthy. The reshuffling of wealth is making historically cheaper states more expensiveIn Miami, in particular, this reshuffling of wealth has ushered in an era of unaffordability. "Miami and most of Southeast Florida have rebranded into more luxury markets," housing expert Jonathan Miller told BI in September.
Persons: They've, , SmartAsset, Ken Griffin, Jeff Bezos, Alexander Tamargo, Indxx, AllianceBernstein, Charlotte, Goldman Sachs, Griffin, plunked, Jeffrey Greenberg, Jared Kushner, Ivanka Trump, Carl Icahn, Elon Musk, he's, Jonathan Miller, Bezos, Kushner, Trump, Dina Goldentayer, Dina Goldentayer Dina Goldentayer, Zillow Organizations: Service, Bloomberg, Austin, Citadel, Amazon, Allspring Global Investments, Oracle, Tesla, Dallas ., Company, Universal, Getty, Miami Locations: Florida , Texas, North Carolina, Tennessee, Miami, Florida, New York, California, Florida , Tennessee, New Jersey , Massachusetts, Dallas, Nashville, Charlotte, New York City, Texas, Miami Beach, Chicago, San Francisco, Austin, Coconut Grove, Southeast Florida
While corporate bond yields have moved down off their highs, investors will still be able to snap up some juicy income next year, experts believe. USIG YTD mountain The iShares Broad USD Investment Grade Corporate Bond ETF tracks the ICE BofA U.S. Corporate Index. However, for income investors not just focusing on the next 12 months, investment-grade corporate bonds look very attractive, he said. WINC YTD mountain Western Asset Short Duration Inc ETF In fact, he thinks 2024 will provide a unique opportunity for corporate bond investors. He also doesn't think corporate bonds are particularly attractive on a total return performance thanks to their recent run higher.
Persons: Goldman, Lindsay Rosner, Collin Martin, Charles Schwab, Martin, Martin doesn't, Fitch, Kurt Halvorson, Halvorson, you'll, Michael Kessler, Kessler, Schwab's Martin Organizations: Federal Reserve, ICE, Corporate, . Investment, Goldman, CNBC, Western Asset, Albion Financial, Investors Locations: Goldman Sachs
That's largely because IRA investors are "retail" investors while 401(k) savers often get access to more favorable "institutional" pricing. "Are you able to pay less by staying in your 401(k) plan?" The bottom line: Compare annual 401(k) fees — like investment "expense ratios" and administrative costs — to those of an IRA. And your current employer may not accept rollovers into your 401(k) from a previous employer's plan. Many 401(k) plans may not allow retirees as much flexibility.
Persons: Ellen Lander, Lander, Carolyn McClanahan, Ted Jenkin, Jenkin, you'd Organizations: Investment, IRA, Renaissance, Planning Partners, CNBC's FA, of America, Company, Workers Locations: IRAs, Jacksonville , Florida, CNBC's, Atlanta
In today's big story, we're looking at the rising similarities between Target and Walmart. Dominick Reuter/Business InsiderIf imitation is the sincerest form of flattery, Walmart and Target are embarking on some serious tributes to each other. AdvertisementTwo of the country's largest retailers are taking pages from each other's playbooks as they adjust to a changing economic landscape. And Walmart founder Sam Walton openly admitted he stole borrowed plenty of ideas from Sol Price, the originator of the wholesale club model. That's led Walmart to see an increase in higher-income clientele, a trend they're leaning into.
Persons: , Dominick Reuter, Insider's Dominick Reuter, Dominick, Christina Hennington, it's, Sam Walton, Sol Price, That's, Charlie Flanagan, Management's Bryan Kelly, Li Deng, Mike Schuster, Sam Altman Andrew Caballero, Reynolds, Daniel Ek, Slaven Vlasic, Rebecca Zisser, Elon, Zers, Xochitl Gomez, Alyson Hannigan, Jason Mraz, Charity Lawson, Ariana Madix, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Target, Walmart, AQR, Investments, AQR Capital Management, Vatic Investments, Sigma, Investment, Barclays, ING, MSCI Israel, Tel, Tel Aviv Stock Exchange, Israel Securities Authority, Reuters, Broadcom, VMware, The New York Times, Inc, Adobe, ABC, Major, Baseball, MLB Network Locations: Israel, Tel Aviv, New York City, San Diego, London, New York
Signage is seen for British utility company Thames Water at a repair site in London, Britain, June 28, 2023. REUTERS/Toby Melville/File Photo Acquire Licensing RightsLONDON, Dec 5 (Reuters) - Thames Water, Britain's biggest water utility, is proceeding with a three-year turnaround plan, it said on Tuesday, adding it had a high level of liquidity and the support of investors, as it seeks to ease concern over its financial stability. Thames Water's environment record has also come under scrutiny. "Our shareholders support this much needed investment, underscoring their commitment to delivering Thames' turnaround." Robert Goodwill, chairman of Britain's environment, food and rural affairs committee, said that he may need to ask Thames Water bosses further questions.
Persons: Toby Melville, Cathryn Ross, Alastair Cochran, Robert Goodwill, Sarah Young, Kate Holton, Barbara Lewis Organizations: Thames, REUTERS, Media, Thames Water, Ontario, China Investment Corp, Thomson Locations: London, Britain, Thames
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