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...Two Chinese state-owned banks hold a crucial role in the future of Thames Water, as part of a group of lenders involved in a stand-off over debt at the parent company of Britain’s largest water utility....
...Smith & Nephew had given a “compelling rationale” for paying more to its US-based leaders, Glass Lewis said....
...like Thames Water start to unravel,” said Ash Smith, of Windrush Against Sewage Pollution campaign....
...Pay has been a source of antagonism for Smith & Nephew. In October 2019, Namal Nawana quit after 18 months as chief executive because the company would not meet his pay demands....
...The group would use mutuality as a pitch to pension trustees, chief executive Barry O’Dwyer told me....
...He was unveiled last week as the next boss of Envista, a New York-listed dental products manufacturer, with a market capitalisation of $3.4bn — about half of Smiths’ valuation....
...Thames Water — which supplies 16mn people in London and the surrounding area, or about a quarter of the population of England and Wales — has suffered a sharp drop in its bond prices after its parent company...
...“It’s a big ask for a shareholder to write a £500mn cheque with no chance of getting it back,” said an investor in another UK water company. “They have Ofwat over a barrel....
...to a default on the holding company’s bonds....
...The company could be split into a “London Water” company serving the capital and a “Thames Valley” business serving the rest of its area, according to the plans that were leaked to The Guardian newspaper...
...One of the holding companies that owns Thames Water on Friday said interest payments due earlier this week on a £400mn bond “have not been paid” as it issued a “formal notice of default”....
...The family company of US billionaire Frank McCourt has obtained a court order to detain German financier Lars Windhorst for failing to comply with asset disclosure obligations in a dispute over a showjumping...
...On Friday, one of the holding companies that owns Thames Water said interest payments that were due this week on a £400mn bond “have not been paid”, and issued a “formal notice of default”....
...Macquarie, the former owner of Thames Water criticised for loading the utility with debt, is a lender to its stricken parent company....
...The investor resistance to Ofwat’s demands precipitated a default by Thames Water’s parent company last week....
...Its parent company Kemble is scheduled to repay a £190mn loan next month....
...This could trigger a messy debt restructuring or insolvency of this holding company. Bondholders and banks could theoretically push to take control of the company through a debt-for-equity swap....
...“We also need to see companies deliver the performance that customers expect and that they are run in a way that meets customers’ expectations.” Additional reporting by Robert Smith in London...
...Elon Musk’s pioneering electric car company faces slowing demand and a brutal price war. Shareholders also want to know about a plan to move company headquarters from Delaware to Texas....
...H2O’s Luxembourg holding company also filed a separate set of 2022 accounts that were not prepared on a consolidated basis, which Mazars deemed were impossible to certify due to a lack of “appropriate audit...
...This year’s staging of Balikatan, the allies’ largest annual military drill, will include a joint sail in the disputed South China Sea outside the Philippines’ territorial waters....
...Flow, Neumann’s new property company confirmed that “a coalition of half a dozen financing partners . . . submitted a potential bid” two weeks ago....
...Recent flooding claims exposed policies that covered flood damage “depending where the water came from”, Hielkema said, which was “completely not understandable” for consumers....
...In March, the boss of Admiral said the sector was in a “different situation” and that the FTSE 100 company had even put through a “small price decrease” recently to win business....
...(It’s particularly interesting in a season where the shirt pockets at Paul Smith, Ferragamo and elsewhere cover most of the front of the garment.)...
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