On Thursday night Thames Water’s executives were facing the prospect of a parliamentary grilling despite ongoing talks with shareholders aimed at putting the business on a firmer footing. The safeguard was introduced in response to Corbyn’s threat to nationalise the UK’s water companies if he won power in the 2017 election. Separately, it emerged that a campaign by Jeremy Corbyn to bring water companies back into public ownership may have unwittingly left taxpayers on the hook for hundreds of millions of pounds of obscure debt issued by an entity linked to Thames.īosses at Thames inserted a clause for about £560m of loans that forces the company to repay the money, including accrued interest, immediately if it is taken over by the state.
Macquarie and Southern declined to comment.
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Southern, meanwhile, is thought to have warned that it needed an additional £500m after costs to upgrade the network have surged about 20pc.Ĭoupled with rising interest rates, it is believed that the alternative would have been to slow down Southern’s upgrade programme – a move that could have prompted a major backlash from campaigners demanding the water industry cleans up its act after years of underinvestment. On Thursday the business was finalising plans formally to unveil Sir Adrian Montague, former chairman of British Energy, Anglican Water and Aviva, as its new chairman. Sources close to Thames said that some of its nine investors had become disillusioned with its turnaround plan under Ms Bentley in recent weeks.Ī failure to secure the £1bn of new capital could force ministers to step in and put Thames into a special administration regime. The company’s shareholders have been in discussions for months over a £1bn injection needed to shore up the company’s finances. Meanwhile, Whitehall officials are understood to have approached a number of restructuring and insolvency experts to develop contingency plans amid concerns that the Government is ill-prepared to handle a major water company insolvency.Ĭrisis accountants from Teneo and FTI are among those put on alert by the Government, City sources said.įears over the future of Thames, which supplies one in four UK households, erupted on Tuesday following the shock exit of chief executive Sarah Bentley. Macquarie will also delay planned dividend payments until after 2025 under the agreement, according to City sources.Ī prospective decision to pour hundreds of millions of pounds into Southern, which provides services to 4.6 million people in Sussex, Kent and Hampshire, comes after it emerged that Yorkshire Water had raised £500m from shareholders to bolster its finances. Southern Water is closing in on a deal with Australian owner Macquarie to supply extra funds as it grapples with soaring costs and rising interest rates. Watch: U.S.One of Britain’s biggest water companies is preparing to unveil a £500m injection from shareholders as suppliers scramble to shore up their finances amid a crisis at Thames Water. user data and systems, with robust third-party monitoring, vetting, and verification, which we are already implementing." The statement argued, "The best way to address concerns about national security is with the transparent, U.S.-based protection of U.S. Senator Mark Warner, D-Va., recently saying that "This competition with China around who dominates technology domains, that really is where the nexus of national security lies going forward."īyteDance has pushed backed against those allegations, and said in a statement on Wednesday, "If protecting national security is the objective, divestment doesn't solve the problem: a change in ownership would not impose any new restrictions on data flows or access." lawmakers have expressed concern that TikTok, by virtue of its Chinese ownership, poses a potential national security threat, with U.S. Last week, the White House voiced support for a recent Senate bill that would grant the Biden Administration the ability to ban TikTok in the U.S. are predicted to spend an average of 55.8 minutes per day on TikTok, versus 30.8 minutes on Snapchat, 30.6 minutes on Meta-owned Instagram, and 30.2 minutes on Meta-owned Facebook, according to research from Insider Intelligence. Personal Loans for 670 Credit Score or Lowerīoth Snap and Meta face fierce competition for user attention from TikTok, and have introduced their own short-form video products to compete.
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