Thames Water Speaking to Creditors Daily in Race to Fix Finances
A rescue hinges on negotiations with the creditors — including the likes of Apollo Global Management, Elliott Management and Silver Point Capital — and regulator Ofwat, and both sides will have to make concessions. Britain's largest water and sewage utility needs to restructure almost £20 billion ($27.2 billion) of debt and raise fresh equity, and it's running out of time to do so.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Circle-8 Powers Reju's Circular Textile Network in UK
With an estimated 700,000 metric tons of non-reusable textile waste generated in the United Kingdom each year, the region is overdue for real solutions. Paris-based textile-to-textile recycler Reju and London's Circle-8 Textile Ecosystems are betting that infrastructure—not intention—is what will make circularity possible. The two partnered to launch a new automated textile sorting and preprocessing (ATSP) facility aimed at supplying high-quality feedstock to Reju's regeneration network and, ultimately, further facilitate the UK's circular textiles ecosystem. More from Sourcing Journal Kearney: Circularity Enters the Moderate Mainstream UK Loosens Trade Restrictions for Developing Apparel-Producing Nations What Textile-to-Textile Recyclers Want From EU Legislation That means Circle-8 will supply Reju's future European 'regeneration hubs' with post-consumer textile waste feedstock, processed at its inaugural digitized ATSP facility. The resulting material powers the production of Reju Polyester, an infinitely regenerable fiber with half the carbon footprint of virgin polyester. 'Working with Circle-8's growing ecosystem and ATSP enables us to elevate the efficiency of the textile recycling process—making it easier and more precise—resulting in a premium product meeting Reju's high standard for polyester,' said Patrik Frisk, CEO of Reju. 'As more consumers and clothing producers become aware of the importance of keeping textiles out of landfills, it's critical to have automated, streamlined processes and facilities in the places where the textile waste is.' The new plant builds on momentum from Reju's first demonstration site—Regeneration Hub Zero—which opened in Frankfurt last October with the capacity to produce up to 1,000 metric tons of recycled polyester annually. Also announced were the larger ambitions already underway: the Technip Energies-owned company is targeting both additional European regeneration hubs and a U.S. plant by 2027. Ideally, this partnership can build the critically-needed infrastructure for fiber-to-fiber recycling, the partners said, 'laying the groundwork for a scalable, transparent circular textile ecosystem.' 'Reju and Circle-8 share an unwavering commitment to unlocking true, indefinite textile-to-textile recycling here in the UK and around the globe,' said Cyndi Rhoades, co-founder and CEO at Circle-8, noting the partnership highlights the importance of cooperation and innovation in turning textile waste into a resource. 'With global regulatory bodies enacting coordinated efforts addressing the issue, Reju and Circle-8 are dedicated to scalable solutions meeting regulatory demands and achieving a more sustainable future.' In May, Circle-8 acquired a single-line sorter from Denmark waste management solution provider, NewRetex. This launched the circular network developer's first 25,000-ton-per-year ATSP plant. The sorter is partially funded by the Autosort for Circular Textiles Demonstrator (ACT UK) project, supported by Innovate UK. The same month, Circle-8 also shared plans to scale a system of ATSPs, intending to convert non-reusable textiles into feedstock for high-volume recyclers, while also forging the partnerships needed to accelerate fiber-to-fiber recycling. Both announcements were made around the same time that Reju tapped Chemelot Industrial Park in the Netherlands as the site of its first industrial-scale regeneration center. Once operational, the Sittard plant should regenerate the equivalent of 300 million garments annually. It will also produce 50,000 metric tons of recycled PET (rPET) each year, which will be repolymerized into Reju's proprietary PET and spun into Reju's proprietary polyester. The Chemelot facility is the Netherlands' first large-scale textile-to-raw-material recycling plant, according to Deputy Prime Minister and Climate Policy Minister Sophie Hermans. In June 2023, the UK Fashion and Textile Association (UKFT) led a 4-million-pound (roughly $5 million) project to develop and pilot an ATSP through the Autosort for Circular Textiles Demonstrator (ACT UK) two-year plan. As a major partner, Circle-8 received a good chunk of change from Innovate UK's multi-million-dollar grant (alongside a consortium of 21 industry partners) to design and develop a blueprint for the UK's first ATSP. As a key member of ACT UK, Circle-8 works with value chain stakeholders to validate the circular textile systems economy. Through its independent collaboration with Tomra, Circle-8 pulls from the tech firm's existing experience (Tomra was the main technology provider for the world's first ATSP in Sweden) to develop solutions designed for this future ATSP in the UK. ACT UK is building on sorting approaches that are coming to market in countries including the Netherlands—where regulations state that textile producers are responsible for what happens to their products after use—as well Sweden, home of Renewcell, and Spain, which recently saw apparel leaders like Inditex, H&M and Mango partner to form the Association for Textile Trash Management. The UK's approach aims to innovate by combining and advancing existing technologies, while supporting emerging ones, to overcome the current barriers to material circularity. Sign in to access your portfolio
New York Times
an hour ago
- New York Times
Why Does Anyone Think Trump Will Uphold His End of a Bargain With Columbia?
In 1672, Charles II unilaterally suspended repayment of 1.2 million pounds to London's private bankers. Having run up this debt, and unable to finance a flotilla of ships to fight the Dutch, Charles became neither the first nor the last absolute monarch to break his word. James II, his sibling successor, went further, claiming royal prerogative to bypass laws and purge Protestant judges, generals and functionaries. The solemn oaths he made at his coronation, to respect Parliament and the Church of England, wound up being worth not very much. James ruled for less than four years, deserting after the Glorious Revolution began the era of parliamentary supremacy. Parliament would approve only those loans it would be willing to pay back with taxes, enabling deals with creditors now willing to lend. By restraining the monarch's power, it enabled the crown to make deals it couldn't otherwise get. In economic history, we teach the 1688 creation of parliamentary supremacy as a solution to what economists call 'commitment problems.' In the absence of a third party sufficiently strong to make sure all sides stick to their promises, the powerful can renege on the powerless. The powerless, seeing this, wisely choose to not contract with the powerful. Absolutist rulers are victims of their own lack of restraints; a sovereign who is too powerful cannot get inexpensive credit, because nothing stops the ruler from defaulting on any bond. President Trump, by smashing checks on his authority, has wound up undermining his own ability to make credible deals, including the one just reached with Columbia University, where I teach. The entities that have been striking deals with Mr. Trump, my own employer included, have not learned the lessons of the Glorious Revolution. Trade negotiators from longtime partner countries, government contractors, law firms, federal employees, permanent residents, the Federal Reserve chair Jerome Powell, even the Transportation Security Administration labor union are all experiencing contractual vertigo, finding out that the administration will not honor previous agreements. The first Trump administration renegotiated the North American Free Trade Agreement to get the United States-Mexico-Canada Agreement, but Mr. Trump has imposed tariffs on Mexico and Canada in violation of even that agreement. Parties thinking they can wheedle their way into a bargain with a capricious administration are bringing intuitions from the world of private deals, backstopped by the rule of law, into the very different realm of political bargains with absolutism-adjacent executive branches. I understand the desire for a deal. My colleagues and I have eagerly clicked on every news story hinting that Columbia's leaders might have secured the hundreds of millions of dollars the Trump administration has frozen or cut. Our community has borne devastating cuts, with researchers and administrative staff members laid off and participants in medical research losing access to treatment midcourse. On top of that, Immigration and Customs Enforcement has detained a number of our students, and there have been endless leaks, doxxing attacks, campus lockdowns and computer hacks. All of this manifests as a never-ending stream of anxiety — financial, physical, moral — that narrows whatever intellectual horizons the research university is supposed to foster. Want all of The Times? Subscribe.
Yahoo
3 hours ago
- Yahoo
Treasuries fall as haven appeal wanes on US-Japan trade deal
The yield on US 10-year debt was two basis points higher at 4.36% Wednesday morning in New York, halting a week-long slide. Treasuries were poised to snap five days of gains Wednesday as demand for havens waned after the US inked a trade deal with Japan. The yield on US 10-year debt was two basis points higher at 4.36% Wednesday morning in New York, halting a week-long slide. Germany's benchmark borrowing costs rose one basis point to 2.60% while UK equivalents were up four basis points at 4.61%. Hopes that the US will reach other trade deals ahead of its self-imposed Aug 1 deadline are mounting. Secretary of the Treasury Scott Bessent sounded positive on the prospect in an interview on Bloomberg TV, saying talks with the EU are going better and negotiations are back on track with China. Secretary of Commerce Howard Lutnick said that Japan's pledge of hundreds of billions in US investments 'could be' a model for the EU. Traders will also be mindful of a US$13 billion ($16.6 billion) offering of US 20-year securities later amid the sensitivity of long-maturity debt globally to growing fiscal concerns. A sale of 40-year Japanese bonds earlier saw the lowest bid-to-cover ratio since 2011 and the 10-year yield rose to the highest since 2008. On Tuesday, Bessent shored up support for US Federal Reserve (US Fed) Chair Jerome Powell, who has come under fire from President Donald Trump for keeping interest rates steady. Money markets are betting the US Fed will hold interest rates in a 4.25% to 4.5% range next week, according to swaps tied to policy-meeting dates. However, traders expect at least on quarter-point reduction by October with an 80% chance of a second by year-end. See Also: Click here to stay updated with the Latest Business & Investment News in Singapore US stocks 'astronomically complacent' about trade war, CLSA says Standard Chartered's take on trade, tariffs, and tactics UBS's top strategist sees consumer slowdown hitting S&P 500 Read more stories about where the money flows, and analysis of the biggest market stories from Singapore and around the World Get in-depth insights from our expert contributors, and dive into financial and economic trends Follow the market issue situation with our daily updates Or want more Lifestyle and Passion stories? Click hereError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
