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Thames Water is navigating a financial crisis with two competing rescue packages from creditors. The UK’s largest water supplier, burdened by £15 billion in debt, is at risk of insolvency as it seeks to restructure its finances amid rising public discontent over pollution and high dividends.
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The UK faces a baby formula crisis as prices soar, prompting calls for government intervention. An interim report by the Competition and Markets Authority (CMA) highlights the need for regulatory changes to alleviate financial pressure on parents. The final report is expected in February 2025, with potential measures including a government-branded formula.
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Thames Water has gained crucial backing from 75% of its Class A bondholders for a £3 billion emergency funding package, aimed at preventing its collapse. The company, burdened with £15 billion in debt, is seeking court approval for the deal, which could stabilize operations until late 2025.
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The UK government is implementing reforms to address excessive profits in children's social care. Education Secretary Bridget Phillipson announced measures for financial transparency and new regulatory powers for Ofsted, aiming to improve care for vulnerable children amid rising costs and inadequate placements. The reforms follow alarming reports of children in unsafe accommodations.
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The UK's Competition and Markets Authority (CMA) has concluded that Google's investment in AI startup Anthropic does not warrant a full investigation under merger rules. The CMA found no evidence of Google gaining material influence over Anthropic, which develops AI models and chatbots.
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Despite falling global oil prices, UK motorists are facing higher fuel costs due to persistent overcharging by retailers. The Competition and Markets Authority (CMA) has urged the government to address weak competition in the fuel market, which has led to increased profit margins for retailers.
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The Competition and Markets Authority has approved the £15 billion merger between Vodafone and Three, creating the UK's largest mobile network. The decision follows a thorough investigation and includes conditions to protect competition and consumer prices. The merger aims to enhance investment in the UK's telecom infrastructure.