Dale Vince on net zero, Gaza and why he's still backing Labour
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The Independent
7 minutes ago
- The Independent
Popular high street store to shutter over 30 locations - here's where
River Island is set to close 33 of its stores across the UK. The high street fashion chain received High Court approval for a major restructuring plan. This overhaul is deemed essential to prevent the company from falling into administration. The plan also involves securing reduced rents on an additional 71 outlets. Lawyers for River Island stated the company has been unable to reverse a trend of persistent financial difficulty.
Daily Mail
8 minutes ago
- Daily Mail
ALEX BRUMMER: Labour should put Thames Water into special administration regime
Those of us choosing to holiday in Britain this year will be extremely cautious about taking a dip in the nearest beach, river or lake. Many of our heavily indebted water firms neglect their responsibility for sewage-free wild swimming and nature. Fines for spills are regarded by financiers, with scant regard for consumers, as another cost of doing business. Nowhere is this more pronounced than at Thames Water, weighed down by £16.8billion of debt, where commercial sharpshooters are asking regulator Ofwat for an exemption from fines as a price for supporting an enterprise ruined by ruthless financial engineering. Despite the mess, befuddled ministers and regulators, with the apparent support of Thames chairman Adrian Montague, believe there is a deal to be done. The principal holders of the Thames debt – Elliott, Apollo, Silver Lake and Pimco, advised by investment bankers Jefferies – are remorseless. They have minimal interest in Thames' 16m trapped customers but are determined to make a killing on the company's debt. The recent, thorough report on the failing water industry by former Bank of England deputy governor John Cunliffe, with its 88 recommendations, plots a way forward. It seeks to end the regulatory fragmentation which has allowed owners and financiers to play havoc with the rules. What it failed to do is provide a roadmap for Government decision-makers as they struggle with Thames. The right thing for Labour is to put Thames into a special administration regime (SAR). It could then use legal powers to deploy an independent administrator to deliver a haircut to the debt and mitigate the high interest payments. The way would then be clear for genuine, long-term infrastructure investors to come in and begin the mammoth task of restoring Thames' credibility. There is no shortage of candidates. We are not talking about the 'vampire kangaroo' Macquarie, which despite its poor stewardship of Thames is being allowed to make a similar hash of Southern Water. The original great hope for saving Thames was a rescue by private equity barons at KKR through an infrastructure fund. It retreated at the last moment, after finishing due diligence, when the group's investment committee baulked at the potential reputational risk. If the Government decided to put the enterprise into special administration, several bidders likely would appear. The owners of Northumbria Water, part of London-listed CKI, controlled by Hong Kong tycoon Li Ka-Shing, would be keen on doing a deal and be in for the long term. There would be no demand for regulatory exemptions. CKI is already a big investor in Britain with interests in power and gas networks, and Britain's biggest container port at Felixstowe in Suffolk. Ofwat and regulators are thought to be broadly in favour of taking the SAR route. The blockages are at a higher level. A Government which is already taking control of the railways and rescuing British Steel doesn't want to be seen as prioritising public ownership and control, even if only temporarily, over market solutions. The ultimate opponents are the Treasury. It is understood to be fearful of taking new obligations on to the books. This might happen should the SAR regime fail to produce a buyer and a quick sale. There is a mistaken belief that blocking debt ghouls, such as Elliott, would be seen as unfriendly to overseas investment in Britain. It couldn't be more wrong.
The Sun
8 minutes ago
- The Sun
Hostage's mum blasts Sir Keir Starmer and urges him to explain why Labour is rewarding terrorists
A HOSTAGE'S mum has urged the PM to explain why Labour is rewarding terrorists. British-Israeli Ditza Or blasted Sir Keir Starmer for pushing ahead with plans to recognise Palestine, while her son Avinatan remains a Hamas captive. 2 Ms Or, whose grandfather moved from East London to Israel, said: 'Why are you incentivising terrorists to keep my son forever? "Can you look me in the eye and tell me that leaving my son trapped in a terror tunnel while rewarding Hamas is in line with British values?' Sir Keir has pledged to recognise Palestine as a state in September, unless Israel agrees to a ceasefire in Gaza. But the move has sparked fury from families of British hostages, who branded the PM's plan a prize for terror and war crimes. Avinatan, 32, was abducted from the Nova music festival on October 7 and has now been held for more than 670 days. Yesterday, US vice-president JD Vance said: 'We have no plans to recognise a Palestinian state. "I don't know what it would mean to really recognise a Palestinian state — given the lack of a functional government there.'
