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Jumat, 30 Juni 2023

A63 Myton Bridge closures: Highways bosses' advice to drivers ahead of second weekend - Hull Live

Drivers are being warned to "plan ahead" as the second of six full weekend closures of the A63 at Myton Bridge begins.

There was traffic chaos around Hull city centre last Saturday as motorists were caught out by the first daytime closure of the stretch, which had been announced earlier in the month.

National Highways is currently repairing the bridge, including replacement of bridge joints, bearings, waterproofing, barriers, and lighting improvements. To finish this next phase of work, the bridge is due to close this weekend from Friday, June 30 until Monday, July 3.

A further four weekends of closures throughout July will also take place. To make the closures as easy as possible, National Highways has given advice to road users ...

When will Myton Bridge be closed?

As well as this weekend, the work on the bearings will also require National Highways to close the bridge, from Friday evening at 7pm until Monday morning at 5am, on the following weekends:

Friday 7 July – Monday 10 July

Friday 14 July – Monday 17 July

Friday 21 July – Monday 24 July

Friday 28 July – Monday 31 July

The bridge will also close overnight from 8pm to 6am on Monday to Thursday, on these dates:

Monday 3 July – Thursday 6 July – reopening on Friday 7 July at 6am.

Monday 10 July to Thursday 13 July – reopening on Friday 14 July at 6 am.

Monday 17 July to Thursday 20 July – reopening on Friday 21 July at 6 am.

How did traffic cope last weekend and what went wrong?

National Highways project manager Elvis Agbodo said: "Our first weekend closure resulted in some congestion hotspots in the city; meanwhile, traffic numbers were lower than expected on the agreed diversion route. This is not unusual during the first week of any closure as it can take time to become familiar with the new arrangements but we want to remind people to plan ahead, allowing more time for journeys.

"We’re also listening to your feedback and, to help keep traffic flowing as smoothly as possible, we’re making some changes as soon as we can to traffic signals in the area, at Great Union Street Roundabout.

"There’s never a perfect time to complete essential roadworks, and we are doing all we can, including working with our team at the Castle Street major project, and with Yorkshire Water and Hull City Council to help inform our plans. We apologise for any inconvenience this work may cause and really appreciate everyone’s patience while this work is complete."

National Highways’ advice

Follow the fully signed outer diversion rather than your Sat-Nav and stay out of box junctions; this will help to keep traffic flowing.

Please consider taking the bus or train if you need to travel into the city centre this weekend and can use public transport.

For drivers travelling from North Lincolnshire, the closure is signed before Humber Bridge; please check the diversion for onward journeys, before you travel.

Diversions

Local traffic, eastbound – not suitable for HGVs - at Daltry Street roundabout, turn left onto Rawling Way, onto Anlaby Road, A1079 Ferensway, A165 Freetown Way, onto Holderness Road, onto Mount Pleasant and Mount Pleasant roundabout to re-join the A63/A1033.

Motorway traffic, eastbound – take the off slip for the A15 onto Wingfield Farm roundabout onto the A164, continue and join the A1079, onto A1033 Raich Carter Way, Thomas Clarkson Way, Sutton Road, Ings Road, Marfleet Lane, joining the A1033 at Marfleet roundabout.

For drivers located off A63 Clive Sullivan Way, first travel westbound and onto the A15 to join the diversion at Wingfield Farm roundabout.

Westbound traffic will follow the same diversion but in reverse.

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2023-06-30 17:06:59Z
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Eurozone inflation falls to 5.5% - Financial Times

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2023-06-30 14:54:04Z
2189989704

FTSE 100 Live: Stocks in the green, US seen higher ahead of PCE figures - Proactive Investors UK

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FTSE 100 Live: Stocks in the green, US seen higher ahead of PCE figures Proactive Investors UK
LIVE: FTSE rises ahead of quarter end as UK avoids recession Yahoo Finance UK
FTSE 100 up to end the week - Market Report Proactive Investors
FTSE 100 Live: 'Stories of house price crash way off the mark'; shares climb higher Evening Standard
FTSE 100 analysis and top UK stocks to watch on 29 06 2023 FOREX.com
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2023-06-30 12:30:00Z
2195505511

Live news: UK house prices tick up despite surging mortgage rates - Financial Times

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2023-06-30 09:11:30Z
2195505511

Super sewer contractors safe from Thames Water crisis - Construction Enquirer

The company told the Enquirer that the massive infrastructure project will not be hit by doubts over its financial future.

A debt mountain of £14bn has left Thames Water on the brink of possible administration as it scrambles for cash from investors.

Some of the industry’s biggest names including Ferrovial, Laing O’Rourke, BAM Nuttall,Morgan Sindall, Balfour Beatty,Costain, Vinci and Bachy Soletanche are working on the super sewer project.

Thames Water former chief executive Sarah Bentley left suddenly this week as the firm fights for its future amid restructuring plans.

One source close to the talks said: “Obviously it’s a major crisis but whatever happens the firms working on major infrastructure projects will be looked after otherwise no-one will work for whoever owns Thames Water in the future again.”

Peter Kubik, Partner in the Turnaround and Recovery team at UHY Hacker Young, the national accountancy group said: “The uncertainty over Thames Water is a real concern to its contractors and other suppliers. In any insolvency procedure they risk taking a very substantial haircut. If it was a normal insolvency process, as opposed to a Government backed rescue, then a trade creditor would normally get just pennies in the pound on what they are owed.

“Contractors to Thames Water will down tools unless they can get guarantees that they will be paid for the new work they do. If that happens then there is a risk that essential work on Thames Water’s infrastructure, such as repairs, doesn’t get done.

“Suppliers to other heavily indebted water companies like Southern Water, SES Water and Yorkshire Water are going to have similar concerns.

“It is hoped that trade creditors and employees will be paid in full if Thames Water goes into special a special administration but that is by no means guaranteed. We would be extremely surprised if the Government were not to protect the credit balances that customers have with Thames Water.”

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2023-06-30 07:40:46Z
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Kamis, 29 Juni 2023

French miner Imerys to help develop UK's largest lithium deposit - Financial Times

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2023-06-29 09:30:57Z
2185976538

Government prepares to take over water firms amid Thames Water '£10bn blackhole' in finances - LBC

29 June 2023, 00:46

Thames Water boss Sarah Bentley quit on Wednesday as the company struggles with massive debts. Picture: Alamy/Thames Water/Getty

Ministers fear contingency plans may be needed for other water firms as the government considers renationalising debt-laden Thames Water.

Ministers are discussing the potential of temporarily renationalising Thames Water under a special administration regime (SAR).

It follows reports that the government may also be drawing up contingency plans for other water firms amid fears that they could face similar financial troubles.

Thames Water is responsible for some 15 million customers but is now in talks with water regulator Ofwat over concerns of its potential collapse.

Nationalisation is being considered in the hope it could help secure a refinancing package for the company - but this could result in a rise in bill costs for customers.

It comes after reports that the company could need a potential £10bn more than already budgeted just to make the infrastructural improvements needed to meet regulation standards, according to the Guardian.

They also added this figure does not include the interest payments on its £14bn worth of debt.

A spokesman for Thames Water said the company still holds “a strong liquidity position” but refused to comment on the size of cash needed to remedy its potential collapse.

Returning the company to public hands is just one option being discussed among ministers and regulators, as the water firm could also be sold on.

The government insisted on Wednesday work is going on "behind the scenes" to ensure that customers of debt-laden Thames Water "will not be impacted" following reports that the company is on the verge of going bust.

Business minister Kemi Badenoch has said she is "very concerned" about the water firm. Picture: Alamy

Business Secretary Kemi Badenoch said she was "very concerned" about the disclosures but that efforts must be made to make sure the company "survives".

She also added, speaking to Sky News, that the government was doing what it could to make sure “Thames Water as an entity” survived.

Environment minister Rebecca Pow moved to reassure Thames Water's 15 million customers that their water supplies will be protected.

She told the Commons: "Overall the water companies are considered resilient, but there is a lot of work going on behind the scenes with Thames Water to ensure that customers will not be impacted.

"And there is a process in place if necessary to move us to the next stage."

She added: "Customers should rest assured that their supplies will be protected, both water and waste water."

It comes as customers face huge hikes in bills next year of over £200 or around forty per cent. Utility firms have said price rises are needed to meet strict pollution targets. It could result in annual bills increasing from an average of about £450 to £680, plus inflation, in parts of the country.

Ministers and Ofwat, the industry regulator are looking into putting Thames Water into a special administration regime that would temporarily put the company into public ownership, according to Sky News.

The discussions are understood to be taking place between water regulator Ofwat, the Department for Environment, Food and Rural Affairs (Defra) and the Treasury, but the plans are at a very early stage and may not need to be put in place.

Ofwat raised concerns about the firm’s finances last year. Last June investors gave £500m in “support for an additional £1bn to follow subject to certain conditions.”

Thames Water has come under scrutiny amid the raw sewage scandal recently. Picture: Alamy

The revelation about public ownership came just hours after Thames Water suddenly announced the departure of chief executive Sarah Bentley.

She warned in December that rising costs were making it harder to tackle the company’s problems.

She was appointed in 2020 and is leaving the board with immediate effect but Thames Water said she would be continuing to support the firm until her replacement is found.

In a statement, Ms Bentley said it had been "an honour to take on such a significant challenge".

Weeks ago she announced she was giving up her bonus amid criticism of the firm’s environmental performance.

Giving up her bonus, she said: “it simply doesn’t feel right to take my bonus this year,” but the move was dismissed as a ‘PR stunt’ by trade unions.

Thames Water has a poor record on leaks and water waste and has been under scrutiny amid the raw sewage scandal.

The company plans to invest £1.6bn in its sewage treatment works over the next two years, and has a target of reducing the total duration of sewage discharges across London and the Thames Valley by 2030.

In a statement in May, Thames Water blamed "extraordinary energy costs" and "two severe weather events”, saying they had affected customer service and environmental performance in 2022-23.

Nearly one litre in every four flowing through Thames water’s mains pipes is lost to leaks and its leakage rate is at a five-year high.

Children's minister Claire Coutinho did not comment directly on reports that the Government has been drawing up contingency plans to prepare for the possible collapse of Thames Water.

Declining to be drawn on the reports, she told Sky News: "I certainly think there are water companies like Thames Water which are in difficult positions, but I think our position as Government is to make sure that we have the right policies in place to see consumers protected but also that we're dealing with things which are really important to the country, like dealing with the sewage leaks.

"So what we've been asking companies to do is to make sure they're putting forward investment plans and then what we've separately been doing is helping households with their family finances through cost-of-living support."

Thames Water is the country's largest water company with around 15 million customers.

Ofwat warned last December over the financial resilience of Thames Water, as well as Yorkshire Water, SES Water and Portsmouth Water.

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2023-06-28 23:46:43Z
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Rabu, 28 Juni 2023

One month to go for the Consumer Duty - FCA

The Duty is a significant shift in our expectations, and we’ve been pleased to see many firms working hard to meet these new, higher standards. Our recent firm survey found that the majority of firms in the sectors covered believe they are on course to fully implement the Duty on time. However some have more to do to meet the deadline.

It’s crucial that firms are asking themselves the right questions, to make sure they are on track and making the most of the remaining time.

We expect boards, or equivalent management bodies, to have clear oversight of Consumer Duty implementation plans. By this stage they should have identified any potential gaps or weaknesses in the firm’s compliance and developed a plan to remedy this.

Our finalised guidance (FG22/5) contains a range of suggested questions for firms to consider as they embed the Duty. With just 1 month to go until the Consumer Duty deadline, we’re highlighting 10 of these that firms could ask themselves.

10 key questions for firms to consider:

Are you satisfied your products and services are well designed to meet the needs of consumers in the target market, and perform as expected? What testing has been conducted?
Do your products or services have features that could risk harm for groups of customers with characteristics of vulnerability? If so, what changes to the design of your products and services are you making?
What action have you taken as a result of your fair value assessments, and how are you ensuring this action is effective in improving consumer outcomes?
What data, MI and other intelligence are you using to monitor the fair value of your products and services on an ongoing basis?
How are you testing the effectiveness of your communications? How are you acting on these results?
How do you adapt your communications to meet the needs of customers with characteristics of vulnerability, and how do you know these adaptions are effective?
What assessment have you made about whether your customer support is meeting the needs of customers with characteristics of vulnerability? What data, MI and customer feedback is being used to support this assessment?
How have you satisfied yourself that the quality and availability of any post-sale support you have is as good as your pre-sale support?
Do individuals throughout your firm – including those in control and support functions – understand their role and responsibility in delivering the Duty?
Have you identified the key risks to your ability to deliver good outcomes to customers and put appropriate mitigants in place?

These questions should help firms to reflect on their implementation of the Consumer Duty and identify gaps or areas for improvement. Firms can also expect to be asked questions like these in their interactions with us.

Our Consumer Duty page contains a wide range of resources to help firms understand our expectations and implement the Duty effectively. As well as the final rules and guidance, we have published materials including podcasts, webinars, speeches and information updates to address common queries. In our recent firm survey, 96% of respondents who had used our Consumer Duty publications said they found them helpful.

Once the Duty is in force we will prioritise the most serious breaches and act swiftly and assertively where we find evidence of harm or risk of harm to consumers.

Find out more about our approach to Supervision and Enforcement.

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2023-06-28 10:04:16Z
2171506324

FTSE 100 Live: Stocks extend gains, Thames Water could face administration - Proactive Investors UK

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FTSE 100 Live: Stocks extend gains, Thames Water could face administration Proactive Investors UK
FTSE 100 live: London index springs higher after Wall Street pops City A.M.
LIVE: FTSE and European stocks open higher after Wall Street rally Yahoo Finance UK
FTSE 100 gains strength at the close to finish in the green Proactive Investors UK
Must read: FTSE 100, UK shop prices, JD Sports, Kering Interactive Investor
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2023-06-28 09:07:00Z
2173690690

Government ‘preparing for collapse of Thames Water’ - Kent Online

The Government is reportedly preparing for the collapse of one of the country’s leading water companies.

Ministers are drawing up contingency plans to take Thames Water, which covers parts of Kent including Dartford, into temporary public ownership, reports Sky News.

The Government is reportedly preparing contingency plans for the collapse of Thames Water

Government officials and Ofwat, the industry regulator, are said to have started discussions about the possibility of placing Thames Water into a special administration regime (SAR) that would effectively take the company into public ownership.

This same process was used by the Government in 2021 when energy supplier Bulb collapsed.

The talks are at a preliminary stage, between Ofwat, the Treasury, and the Department for Environment, Food and Rural Affairs (DEFRA), and the contingency plans may not need to be activated.

This comes after the company’s chief executive stepped down with immediate effect yesterday, just weeks after being forced to give up her bonus over the company’s environmental and customer performance.

Thames Water said Sarah Bentley would leave the board yesterday but would continue to support her interim replacement until a new full-time boss was found.

Ministers and industry regulator Ofwat are in talks to prepare for Thames Water to go under, according to Sky News. Picture: Getty Images/iStock/John Shepherd

Chief finance officer Alastair Cochran will now take over as interim co-chief executive, along with Cathryn Ross, the former Ofwat chief executive who joined the business in 2021.

The company serves 15 million customers across London and the South East, and has recently faced pressure for its poor record on leaks and sewage contamination.

Last month, Thames Water launched a probe after raw sewage spewed onto a walkway near Holiday Inn Express in University Way, Dartford.

The water had come from the river under the tunnel and was spotted on the path next to a turnoff on the A282 leading to the Dartford Crossing on May 22.

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2023-06-28 07:50:00Z
2189954915

Selasa, 27 Juni 2023

Thames Water chief in sudden departure amid turnround plan - Financial Times

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2023-06-27 17:26:05Z
2189954915

Tesco, Sainsbury's and rivals say they are not making too much money - BBC

(left to right) Gordon Gafa, Commercial Director at Tesco, Kris Comerford, Chief Commercial Officer for Asda, Rhian Bartlett, Food Commercial Director at Sainsbury's, and David Potts, CEO of Morrisons,

By Michael Race & Lucy Hooker

Business reporters, BBC News

Supermarket executives have denied making too much money from soaring prices, telling MPs the industry is the "most competitive we have ever been".

Bosses from Tesco, Sainsbury's, Asda and Morrisons were grilled over high food and fuel prices.

The supermarkets rejected claims of making excess profits and said they were shielding customers from the full impact of rising costs.

The competition watchdog is looking into the level of food and fuel prices.

It is examining whether not enough competition has meant customers are overpaying.

Supermarket executives were quizzed by MPs on the Business and Trade Committee on Tuesday on why food prices were still rising, despite some wholesale costs falling.

Food prices rose by 14.6% in the year to June, according to the British Retail Consortium (BRC), which represents supermarkets. That was down from 15.4% in the year to May, but it does not mean prices are falling, just that they are rising at a slower pace.

Higher grocery prices remain a key reason why the overall rate of inflation in the UK remains stubbornly high.

Chairman Darren Jones said that all four supermarkets, with the exception of Morrisons, had made increased profits compared to before the Covid pandemic.

Mr Jones said he had heard of Asda employees recently "having to go to the food bank to collect donations of food they had stacked in their own supermarket because they cannot make ends meet".

But the supermarkets said they all paid the National Living Wage or above and argued they were doing all they could to protect customers from higher costs resulting from increased energy, labour and commodity prices.

Jane Hunt, a Conservative MP, asked executives if they were "in fact a cartel" and were colluding to set prices.

In response, Kris Comerford, chief commercial officer for Asda, said UK retail was "the most competitive market", a sentiment echoed by executives from Sainsbury's and Tesco.

All four supermarket bosses said they did not support a price cap on essential foods, a plan which is being considered by the government.

Politicians, trades unionists and the governor of the Bank of England have all questioned why supermarket prices have not fallen as rapidly as the wholesale cost of ingredients such as wheat.

Some have suggested that retailers might be failing to pass on savings and are banking the profit instead.

Supermarkets have previously said they have cut prices when possible and added that falls in wholesale costs take time, typically three to nine months, to filter through to the shelves.

Helen Dickinson, head of the BRC, said the trade body expected food inflation to drop "to single digits later this year".

Most of the big chains have recently introduced price cuts to staples, with Sainsbury's on Monday the latest to announce it was investing £15m to reduce the cost of basics such as rice, pasta and chicken.

However, some items such as milk and eggs remain relatively expensive compared to pre-Covid prices.

Jamie Keeble, co-founder of sausage and burger maker Heck which supplies most of the major supermarkets, told the BBC's Today programme that the price of pork was expected to remain high for the next 18 months.

He said the only way supermarkets could lower their prices was by asking suppliers to cut costs, but he added: "We're certainly not in the position to start giving cost decreases on our products.

"At the end of the day, [the supermarkets] are going to have to take a cut in their margins if they really want to lower the prices on the shelf, that's the only way to do it."

Separately, all four supermarket executives backed calls for more transparency on fuel prices, after MPs highlighted that prices for petrol and diesel were lower in Northern Ireland as a result of data being shared widely with drivers.

A study by academics at the London School of Economics last month found nearly a third of food price inflation since 2019 was due to Brexit.

How is the price of food changing your diet? You can share your experiences by emailing haveyoursay@bbc.co.uk.

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Senin, 26 Juni 2023

Defence stocks fall after aborted uprising in Russia - Financial Times

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2023-06-26 16:22:06Z
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FTSE 100 Live: Stocks off lows, downgrade hurts Lloyds - Proactive Investors UK

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FTSE 100 Live: Stocks off lows, downgrade hurts Lloyds Proactive Investors UK
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View Full coverage on Google News

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2023-06-26 10:08:00Z
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Texas airport worker dies after being sucked into Delta plane engine - BBC

By Mattea Bubalo

BBC News

An airport employee has died after being sucked into a passenger plane engine in Texas.

The worker was "ingested" into the engine of a Delta plane that was taxiing towards its gate with one engine turned on, officials said.

The worker's employers say an initial investigation shows the incident was unrelated to safety procedures, but it is not yet clear how it happened.

An investigation is also being carried out by a government agency.

The National Transportation Safety Board said it had been in contact with Delta Air Lines and was "in the information gathering process at this point."

The plane, an Airbus A319, arrived at San Antonio on Friday night from Los Angeles International Airport.

Officials have not yet named the employee of Unifi Aviation, which Delta Air Lines contracts for ground crew operations,

"From our initial investigation, this incident was unrelated to Unifi's operational processes, safety procedures and policies," the company said.

A Delta spokesperson said the airline was "heartbroken" to grieve the loss of an "aviation family member's life".

"Our hearts and full support are with their family, friends and loved ones during this difficult time."

The airline also told local broadcaster Kens 5 that it was working with authorities "as they begin their investigation".

On Wednesday, regional airline Piedmont was fined $15,625 (£12,285) by the Occupational Safety and Health Administration (OSHA) for the death of a ground crew worker six-months earlier in a similar incident in Alabama.

"Proper training and enforcement of safety procedures could have prevented this tragedy," OSHA said.

Jumat, 30 Juni 2023

When will Myton Bridge be closed?

How did traffic cope last weekend and what went wrong?

National Highways’ advice

Diversions

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Kamis, 29 Juni 2023

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Rabu, 28 Juni 2023

10 key questions for firms to consider:

Selasa, 27 Juni 2023

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Senin, 26 Juni 2023

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