Spanish utilities lobby says power plants complied with grid operator during blackout
Earlier this month, a government report found that REE's (REDE.MC), opens new tab failure to calculate the correct mix of energy was one of the factors hindering the grid's ability to cope with the power outage.
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Daily Mail
a day ago
- Daily Mail
Veteran 'Superman' Li Ka-Shing could save Thames Water
The fate of crisis-torn Thames Water is set to be decided within weeks as Ministers prepare to effectively nationalise the troubled utilities firm before getting it ready for a sale. And the front-runner in any bidding war for the debt-laden supplier to 16 million customers in London and the Thames Valley is likely to be a business conglomerate controlled by one of Asia's richest men. Last week, reports emerged that CK Infrastructure (CKI), which also owns Northumbrian Water, had told the Government it was prepared to take over Thames imminently if it were to fall into special administration, buckling under the weight of £17 billion of debt. A successful takeover of Britain's largest water group would add another asset to the burgeoning portfolio of CKI's parent firm, CK Hutchison (CKH), which controls a globe-spanning empire encompassing pub chains, container ports and High Street stores. Behind it all is Li Ka-Shing, CKH's founder, considered the most successful tycoon in Hong Kong's history after amassing a fortune worth nearly £30 billion. The 97-year-old, who arrived in the British colony in 1940 aged 12 as a refugee from the Sino-Japanese war, is called 'Superman' by locals for his business acumen. Li is the firm's 'senior advisor' after stepping down as chairman in 2018 after 46 years at the helm. Despite his advanced years, the tycoon remains involved in the business and still goes into the office twice a week. He can also be spotted at the Tsz Shan Monastery, a ten-year-old Buddhist temple that Li financed to the tune of £142 million. CKH remains a family concern, with Li's son Victor serving as chairman. His UK empire includes the 226-year-old Greene King pub chain, bought for £4.6 billion in 2019 through one of the family's other businesses, CK Asset Holdings. Other assets include retailer Superdrug and UK Power Networks, the electricity grid operator for London and the South-East. CKH also owned mobile network Three before its merger with rival Vodafone earlier this year. It now controls just under half of the new business, which leapfrogged BT's EE to become Britain's biggest mobile phone provider. CKH's eyeing up of Thames Water comes as the conglomerate's British operations become increasingly profitable. Last week, CKH's half-year results saw underlying profits rise 11 per cent to £1.1 billion as sales rose to £22.6 billion from £21.8 billion in 2024. But overall profits fell 92 per cent to £80.3 million due to a one-off £983 million loss from the Vodafone-Three merger. Included in the figures were results from CKI, which is listed on the Hong Kong Stock Exchange but is controlled by CKH. CKI reported that its profits from the UK had jumped 19 per cent since last year thanks to 'higher contributions' from Northumbrian Water as well as its electricity grid arm and three British gas networks it also controls. Despite the firm's success in Britain, a swoop on Thames Water has sparked fear among those who are wary of handing over control of vital infrastructure to a Chinese company. On Thursday, former Tory leader Iain Duncan Smith said a takeover by Li's firm risked handing 'a country that is a threat, greater power over national infrastructure'. It has also caused consternation in the US Congress. But Li's history is not all kowtowing to Beijing, with the tycoon having butted heads with China's communist authorities in the past. When Hong Kong saw a wave of pro-democracy protests in 2019, the government of the People's Republic accused Li of 'harbouring criminality' and allowing the city to 'slip into the abyss' when he called for police to show 'humanity' dealing with demonstrators. More recently, CKH has found itself caught in Donald Trump's trade war with China. Earlier this year, the company was forced to delay the sale of 43 ports, including two in the crucial Panama Canal, to a consortium backed by US asset manager BlackRock after Beijing criticised the deal. In its results, Victor Li said the firm expected global trade to 'remain volatile' as Trump's tariffs reverberated through the market. But despite the headwinds, CKH raised its half-year dividend by 3.2 per cent, landing the elder Li, who controls just over 28 per cent of the business, a £72 million payday. With Thames Water sinking under its own debt, Ministers may overlook CKH's Chinese ties in the absence of a better offer. Lower-ranking holders of Thames Water's debt are also understood to be keen on a long-term infrastructure owner such as CKH. The firm has reportedly said it would agree to new rules imposing tougher fines for breaking environmental regulations, which the water group's senior hedge fund creditors have said is financially unviable. Ministers will be hoping Hong Kong's 'Superman' can save the day.
Daily Mail
2 days ago
- Daily Mail
Our wine expert's pick of the best Portuguese red wines, from £8
Daily Mail journalists select and curate the products that feature on our site. If you make a purchase via links on this page we will earn commission - learn more I've tasted some excellent supermarket Portuguese offerings this summer – none of that overly extracted, rustic, hot-alcohol feel. One of my choices is just 11%: fresh and vibrant, showing the diversity of reds from this country. My selections also highlight the good wines still found at under £10. With this price category shrinking due to yet more duty and tax rises, it's a pleasure to share quality bottles that are wallet-friendly, too. Ramos Family Reserva Tinto 2023 (13.5%), £11, Morrisons . £11.00 Shop Sedoso Douro 2022 (11%), £8.95, Co-op. This one is lower in alcohol, silky in texture (with cranberry notes) and surprisingly versatile: it even works with salmon and other fish. Pop in the fridge for 20 minutes to enhance its freshness. £8.95 Shop
BBC News
3 days ago
- BBC News
Bournemouth in talks to sign Liverpool winger Doak
Bournemouth have opened talks to sign Scotland winger Ben Doak from Reds want £25m for the 19-year-old, who is expected to be left out of their squad for Friday's Premier League season opener against has been a target for other Premier League clubs and Portuguese side Porto, but the Cherries are considered the frontrunners to sign him, according to multiple sources involved in the forward, who has six caps for Scotland, spent last season on loan at Middlesbrough, scoring three times and recording seven assists in 24 has played just 10 times for Liverpool since joining from Celtic in who have agreed to sell Dango Ouattara to Brentford for £42.5m, are keen to reduce the price for Doak in has been a busy summer for the Cherries after losing defenders Illia Zabarnyi, Dean Huijsen and Milos Kerkez for a total of about £ Andoni Iraola admitted his side are "not where they want to be" before the trip to Anfield but added "important movements" will be made before the transfer window closes on 1 September. Goalkeeper Djordje Petrovic, left-back Adrien Truffert and centre-back Bafode Diakite have joined Bournemouth this summer, with January signing Eli Junior Kroupi also coming into the squad after finishing last season on loan at Lorient.
