Company close to technical default on some of its debt, underlining UK industry’s precarious state
Southern Water’s debt has been downgraded to junk status by the credit rating agency Moody’s in a decision that underlines the precarious state of the UK water industry.
Moody’s said Southern’s “history of material operational and financial under-performance” could imperil its plan, announced last month, to borrow £4bn from investors.
Continue reading...Regulator issues online safety ruling after finding weak processes leave networks ‘exposed to terrorist content’
Elon Musk’s X, TikTok and Meta’s Instagram have been ordered by Irish media regulators to take “necessary measures” to prevent terrorist content being platformed in order to comply with sweeping new online safety legislation.
The Irish media regulator, Coimisiún na Meán, said it issued the ruling after its investigations determined that the social media networks were “exposed to terrorist content” due to weak processes.
Continue reading...Analysts forecast bank will have to halve £2bn buyback plan, as ex-boss of City regulator blames watchdog for crisis
Lloyds Banking Group could give almost £1bn less to shareholders this year as a result of the car finance crisis, analysts have said, as the City regulator’s former boss blamed the watchdog for the chaos.
The estimated size of a multibillion-pound compensation bill for motor lenders has grown after a shock court of appeal ruling last Friday, which said customers could not consent to motor loans that involved “secret commission” payments to brokers and car dealerships.
Continue reading...CMA sets 18 December deadline for initial review as it considers whether deal could reduce competition
The UK’s competition watchdog has launched a formal investigation into the £3.3bn takeover of the UK soft drinks maker Britvic by the Danish brewer Carlsberg.
The Competition and Markets Authority (CMA) has set a deadline of 18 December for the first phase of its investigation into the deal.
Continue reading...HMRC and FCA asked to look into property deals with Saifuzzaman Chowdhury now under investigation for corruption in Dhaka
British regulators have been urged by MPs to examine the relationship between London estate agents, lawyers and lenders and a former Bangladeshi government minister under investigation for alleged corruption.
Saifuzzaman Chowdhury was the land minister in Bangladesh until earlier this year, when the government of Sheikh Hasina was spectacularly toppled, after her regime’s violent suppression of student protests.
Continue reading...Exclusive: Lack of formal oversight means anyone can set up in practice and continue to work after misconduct cases, campaigners say
Ministers face calls for the urgent regulation of psychotherapists and counsellors to protect vulnerable people, as lawyers report a rise in lawsuits by patients for alleged harm done during therapy.
Unlike most other healthcare roles, including doctors, midwives and osteopaths, “psychotherapist” and “counsellor” are not protected titles nor statutorily regulated professions in the UK.
Continue reading...Decision opposed by five countries including Germany, where car firms say it could be ‘fatal’ blow for industry
EU leaders have given the green light to extra tariffs on electric vehicles from China despite opposition from five countries including Germany, where car manufacturers condemned the decision as a potential “fatal” blow for the auto industry.
The European Commission – which provisionally approved the step in June after an inquiry found that Beijing’s state aid to auto manufacturers was unfair – now has free rein to impose steep tariffs for five years from the end of this month.
Continue reading...Move to use shared posts follows information commissioner concerns and sets collision course with EU over privacy
Mark Zuckberg’s Meta is to go ahead with controversial plans to use millions of UK Facebook and Instagram posts to train its artificial intelligence (AI) technology, in a practice that is effectively outlawed under EU privacy laws.
Meta said it had “engaged positively” with the Information Commissioner’s Office (ICO) over the plan, after it paused similar proposals in June in the UK and EU. The pause came after the ICO warned tech firms to respect the privacy of users when building generative AI.
Continue reading...Competition and Markets Authority to look at how ‘dynamic pricing’ may have been used to increase prices
The competition watchdog has launched an investigation into the Oasis ticket sales fiasco.
The Competition and Markets Authority (CMA) will investigate Ticketmaster’s handling of sales for the band’s forthcoming tour, including how “dynamic pricing” may have been used to adjust the price.
Continue reading...FCA gives detailed guidance to lenders after hearing lack of access could lead to ‘significant harm’ for individuals
The City regulator has warned UK banks over denying accounts for sex workers, after hearing that a lack of access to business banking could lead to “significant harm” for individuals.
The Financial Conduct Authority (FCA) said that while banks said they were able to provide accounts for the adult entertainment industry in theory, they were often denying or shutting down business accounts in practice.
Continue reading...Review follows UK competition watchdog’s announcement of ‘urgent review’ into Oasis concert tickets fiasco
Ticketmaster’s ability to raise the price of concert tickets based on demand is being scrutinised by the European Commission, the Guardian has learned, as the UK’s competition watchdog launches an “urgent review” into the Oasis concerts fiasco.
The US-owned ticketing giant has been told it may have breached laws in the UK and Europe for inflating the price of some Oasis tickets from £135 to £350, leaving many fans devastated.
Continue reading...Exclusive: Debt-ridden company also warned officials of ‘chilling effect’ of any renationalisation
Thames Water has lobbied the government to intervene with the regulator to allow it to charge far higher bills, the Guardian can reveal.
Advisers and board members of the beleaguered water company are understood to have met Whitehall officials in recent weeks to say that allowing it to be temporarily renationalised would have a “chilling effect” on the entire UK’s appeal to international investors, sources familiar with the discussions told the Guardian.
Continue reading...The penalties reflect the failings of the Environment Agency and Ofwat as much as the water companies
Behind the record fines announced by Ofwat for the routine dumping of sewage into rivers and seas by three water companies, there is a voiceless victim, one that does not sit in boardrooms, or get a chance to count dividends. It is our rivers and coastal waters, subjected to years of continuous pollution under the noses of the regulators, which are suffering.
In all likelihood the £168m penalties for the already struggling Thames Water, Yorkshire Water and Northumbrian Water will be followed by fines for the remaining eight water and sewerage companies, all of whom Ofwat is investigating over failure to treat sewage according to the law.
Continue reading...Health secretary’s comments follow finding that Care Quality Commission struggling to identify performance issues in hospitals and care homes
Wes Streeting has called England’s healthcare watchdog “not fit for purpose” after an interim report found significant failings were hampering its ability to identify poor performance at hospitals, care homes and GP practices.
The health and social care secretary promised to “grip the crisis” at the Care Quality Commission (CQC) by taking immediate action to increase oversight of the body and giving patients more confidence in their care.
Continue reading...Award for Lawrence Gosden comes despite criticism over business plan and attempts to increase bills by 73%
The chief executive of Southern Water has received a £183,000 bonus despite submitting a business plan that has been criticised by the industry regulator and attempting to raise bills more than any other English water company.
Lawrence Gosden received the bonus as part of a £764,000 pay package, up from £428,000 a year earlier, according to the company’s annual report.
Continue reading...CQC ‘got things wrong’ implementing inspection regime and new computer system, interim chief admits
England’s healthcare regulator has issued a public apology over reforms to its monitoring of tens of thousands of hospitals, care homes, dentists and GPs.
The apology from the Care Quality Commission (CQC) came in the wake of care organisations complaining of a “hostile” inspection regime and a major new computer system failing to work properly.
Continue reading...Campaigners allege Uyghur people used as forced labour at some of fast-fashion retailer’s cotton suppliers in China
A human rights group has urged Britain’s financial regulator to block the Chinese fast-fashion retailer Shein’s planned blockbuster flotation on the London Stock Exchange.
Stop Uyghur Genocide, a UK-based human rights charity that alleges minority Uyghur people are being used as forced labour at some of Shein’s cotton suppliers in China’s north-western Xinjiang region, has begun a legal campaign against the planned stock market listing.
Continue reading...Allwyn parent company says deal to buy 3% stake in Czech gas facility will cut final link with Kremlin-controlled energy firm
The billionaire owner of Allwyn, the company that runs the national lottery, will sever his last remaining ties with Russia’s state-owned energy company Gazprom by the end of June, more than two years after winning the UK’s largest public sector contract.
The Czech tycoon Karel Komárek, who owns Allwyn via his Switzerland-based holding company KKCG, has faced scrutiny over his links to Russia since wresting control of the 10-year licence to operate the lottery from Camelot in 2022.
Continue reading...Watchdog says outstanding caseload has increased from 60,000 to 67,573 since MoJ set target of 53,000 in 2021
The Ministry of Justice’s ambition to reduce the backlog in crown courts in England and Wales to 53,000 by March next year is no longer achievable, a parliamentary watchdog has said.
The MoJ set the target in October 2021 when the outstanding caseload was 60,000, but by the end of last year it had reached 67,573 – its highest level ever – according to a National Audit Office (NAO) report.
Continue reading...Sources say Singapore-based online fashion retailer founded in China prefers a float in New York but faces tougher scrutiny than expected
The fast-fashion company Shein is stepping up preparations for a London listing after its attempt to float in New York faced regulatory hurdles and pushback from US lawmakers, sources have told Reuters.
The online clothing retailer plans to update China’s securities regulator on the change of the initial public offering (IPO) venue and file with the London Stock Exchange (LSE) as soon as this month, said one source.
Continue reading...