{"id":8743,"date":"2024-07-11T09:26:07","date_gmt":"2024-07-11T08:26:07","guid":{"rendered":"https:\/\/hamiltoncourtfx.com\/?p=8743"},"modified":"2024-07-11T09:26:07","modified_gmt":"2024-07-11T08:26:07","slug":"troubled-water","status":"publish","type":"post","link":"https:\/\/hamiltoncourtfx.com\/es\/troubled-water\/","title":{"rendered":"Troubled Water"},"content":{"rendered":"
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Thought for Thursday<\/strong><\/h5>\n
“If you keep always doing what you’ve always done, you get the same results.” – Gareth Southgate<\/span><\/h5>\n<\/div>\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n\n\n
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Troubled Water<\/h2>\n <\/div>\n
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Thames Water is back in the firing line following Ofwat\u2019s decision to put the monopoly into a \u201cturnaround oversight regime\u201d.<\/p>\n

Earlier this year, Thames Water were looking to increase bills by 45% as it attempted to shore up its finances. While Ofwat rejected these proposals, the regulator signalled that water bills would rise 21%, but insisted that the company make improvements to \u201ccustomer service and the environment at a fair price for customers\u201d.<\/p>\n

Over the course of last year Thames Water was responsible for 16,990 sewage discharges \u2013 over double that of the previous year \u2013 as serious Pollution incidents rose by around 6%.<\/p>\n

Thames Water \u2013 which supplies around 16 million households \u2013 has said that it has \u00a31.8bn in liquidity, which it said is enough to cover its operations until May of next year. This comes as their net-debt position sits at around \u00a315.2bn, having risen by as much as \u00a314bn since their previous financial year because of greater levels of spending on infrastructure.<\/p>\n

As such the group is reportedly seeking to gain around \u00a33.5bn in extra liquidity from creditors and prospective investors. With many of its shareholders already rejected injecting fresh funds into the business, its position looks increasingly precarious.<\/p>\n

It\u2019s not lost on anyone that without additional funding, the Government may be required to bail out Thames Water.<\/p>\n

Ahead of the election however, the now Business Secretary, Jonathan Reynolds, telegraphed that a Labour government would not want to renationalise the group.<\/p>\n

While the Thames Water saga continues, the CEO of Thames Water Chris Weston defended the bonus of \u00a3195,000 that he received after his appointment in January. The monopoly\u2019s CFO also took home a \u00a3446,000 bonus last year, adding insult to injury given the company\u2019s track record.<\/p>\n

Following today\u2019s draft judgement, attention now turns to the final decision expected in December.<\/p>\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n\n

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Biden Hasn\u2019t Got a Clooney<\/h2>\n <\/div>\n
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George Clooney joined the ranks of high profile Democratic donors calling on President Joe Biden to step aside from the race for the Whitehouse.<\/p>\n

Writing in the New York Times, Clooney \u2013 whose fundraising events have helped raise tens of millions of dollars for the party \u2013 said that “Our party leaders need to stop telling us that 51 million people didn\u2019t see what we just saw.” While applauding Biden on many of his achievements over his long political career, Clooney said that \u201cthe one battle he cannot win is the fight against time”.<\/p>\n

Clooney\u2019s high-profile comments follow Texan Representative Lloyd Doggett becoming the first Democratic Congressperson to call for President Biden to step aside from the Election last week. Reflecting Clooney\u2019s sentiments, Doggett said that “I am hopeful that [Biden] will make the painful and difficult decision to withdraw”.<\/p>\n

Just across from Doggett\u2019s seat in the House, on Tuesday, the Democratic Senator from Colorado Michael Bennet became the first Senator from Biden\u2019s party to call on the President to resign.<\/p>\n

At present, Biden appears resolute in his desire to run for re-election despite polls suggesting that the incumbent President is coming under pressure in key swing states.<\/p>\n

With the Democratic National Convention being held between 19 to 22 August \u2013 the conference which formally declares the party\u2019s Presidential Candidate – the time left to replace Biden is quickly running out.<\/p>\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n\n

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UK GDP<\/h2>\n <\/div>\n
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This morning, UK GDP for May came in at 0.4% growth on a year-on-year basis, missing market expectations of 0.6% but rising considerably from April\u2019s print which showed growth fall 0.7%.<\/p>\n

On a monthly basis, Output was more positive with growth of 0.4% – exceeding expectations of 0.2%. Here, services output grew by 0.3%, production output grew by 0.2% and construction output grew by 1.9%. The rise in output was steered by growth in the retail sector in addition to professional, scientific and technical activities.<\/p>\n

Attention now turns to the ways in which the new Labour governments polices will influence growth following the Chancellor\u2019s promise to \u201ctake immediate action to fix the foundations of the economy, rebuild Britain and make every part of the country better off\u201d.<\/p>\n <\/div>\n <\/div>\n <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"

Thought for Thursday, Thames water back in the firing line, Clooney joins Democratic donors calling Biden to stand down, and 0.4% growth for UK GDP.<\/p>","protected":false},"author":15,"featured_media":1789,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"rp-language":[16],"class_list":["post-8743","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-morning-updates","rp-language-en_gb"],"_links":{"self":[{"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/posts\/8743","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/comments?post=8743"}],"version-history":[{"count":0,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/posts\/8743\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/media\/1789"}],"wp:attachment":[{"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/media?parent=8743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/categories?post=8743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/tags?post=8743"},{"taxonomy":"rp-language","embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/rp-language?post=8743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}