total-news-1024x279-1__1_-removebg-preview.png

LANGUAGE

Thames Water customers shouldn’t pay for its mistakes, says Jeremy Hunt; Iran oil exports hit six-year high – business live | Business

Introduction: Mr Hunt says Thames Water customers should not be blamed for its mistakes

good morning. Welcome to our regular coverage of business, financial markets and the global economy.

Prime Minister Jeremy Hunt has declared Thames Water must resolve its own financial problems as the future of the troubled water company is at stake.

Mr Hunt told reporters in Washington last night that the government would not insure investors against bad decisions.

Speaking during a visit to Washington for the IMF and World Bank Spring Meetings, the prime minister said:

“It is completely wrong for Thames Water customers to blame Thames Water owners and managers for bad decisions.”

Mr Hunt’s comments come as Thames Water prepares to tap the bond market to fund its rescue plan and repair its finances.

The board is expected to meet today to rubber-stamp a revised five-year spending plan, which could be announced tomorrow. It will then approach lenders to fund the proposal in the coming days.

The Guardian reported over the weekend that Thames Water, which has debts of £14bn, has just six weeks to convince regulators it has a viable survival plan for the business.

The company could have enough cash to survive for about 15 months, but insiders and investors need to move quickly to reach an agreement with watchdogs to avoid bankruptcy. I am concerned.

Parent company Kemble Water Finance defaulted on interest payments earlier this month after investors abandoned plans to provide the water regulator with a consecutive £500m emergency fund. Thames River is asking Ofwat to increase its bill by 40%.

Mr Hunt said the government was prepared for “all possible outcomes”, but denied that Britain’s reputation as an international investment destination would be damaged if the River Thames was taken into administration.

The Prime Minister insisted that markets need to function properly, saying:

“Of course we want to attract investment to the UK, but we do so in accordance with the law, ensuring transparent regulation and ensuring people get very high returns.”

agenda

  • 7am BST: March EU car sales.

  • 10am BST: Eurozone construction output for February

  • 1:30pm BST: US weekly unemployment data

share

In the energy sector, Iran is exporting more oil than at any time for the past six years, new data shows.

“,”elementId”:”521286e7-9fd7-4ebc-8a74-21fb901e4cc9″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Data company Vortexa has reported that Tehran sold an average of 1.56mn barrels a day during the first three months of the year, almost all of it to China. That’s its highest level since the third quarter of 2018.

“,”elementId”:”b0c4fef8-254c-425b-9b74-cb36bfe16b85″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

This is giving Iran’s economy a $35bn-a-year boost, the Financial Times reports this morning, at a time when Western governments are drawing up fresh sanctions following Iran’s drone and missile attack against Israel last weekend.

“,”elementId”:”5c8955bc-4b9f-4699-aa94-931e4a0127bf”},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”prefix”:”Related: “,”text”:”US to impose new sanctions against Iran after its air attack on Israel”,”elementId”:”51a90f8d-0de3-40f2-b904-389d6d8aa05d”,”role”:”thumbnail”,”url”:”https://www.theguardian.com/world/2024/apr/16/us-and-eu-consider-new-sanctions-against-iran-after-air-attack-on-israel”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Iran’s oil sector is already under sanctions, but it was still the world’s second largest source of supply growth in 2023.

“,”elementId”:”f29173e1-d28b-4723-b4b0-816507795011″},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”prefix”:”Related: “,”text”:”What next for oil prices after Iran’s attack on Israel?”,”elementId”:”40582210-3e97-4274-9633-b30c91319251″,”role”:”thumbnail”,”url”:”https://www.theguardian.com/business/2024/apr/15/what-next-oil-prices-iran-israel-middle-east”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Earlier this week US treasury secretary Janet Yellen said the Biden administration was poised to take “additional sanctions action against Iran in the coming days”, adding that there may be “more to do” on Tehran’s oil trade.

“,”elementId”:”fba684b1-79ee-44bf-9e9d-33901cdaa3bc”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Vortexa’s data shows how this could be a challenge.

“,”elementId”:”4f63230f-2f38-4c6e-a76b-12f2f6c5bed0″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

As Fernando Ferreira, head of geopolitical risk service at the Rapidan Energy Group in the US, put it to the FT:

“,”elementId”:”9711fdd0-9b20-4492-9d51-dd338deaed6a”},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

\n

“The Iranians have mastered the art of sanctions circumvention.

\n

“If the Biden administration is really going to have an impact, it has to shift the focus to China.”

\n

“,”elementId”:”b11765f9-aee7-4ca9-b905-cf792c83fb91″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

More here….

“,”elementId”:”9762ddb8-51d6-466a-a19b-19c1891e5f49″},{“_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”source”:”Twitter”,”id”:”1780849087698374941″,”elementId”:”02efb622-7e8f-436f-8503-b10bba11e8bc”,”hasMedia”:false,”role”:”inline”,”url”:”https://twitter.com/afneil/status/1780849087698374941″,”isThirdPartyTracking”:false,”html”:”

UPDATE:
Iran exported 1.56m barrels a day during the first three months of the year, almost all of it to China and its highest level since the third quarter of 2018. Iran will make $35 billion from oil exports this year.
As US and EU look at renewing/tightening sanctions… https://t.co/LynqXfQIzq

— Andrew Neil (@afneil) April 18, 2024

\n\n”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1713422771000,”blockCreatedOnDisplay”:”02.46 EDT”,”blockLastUpdated”:1713422833000,”blockLastUpdatedDisplay”: “02.47 EDT”,”blockFirstPublished”:1713422834000,”blockFirstPublishedDisplay”:”02.47 EDT”,”blockFirstPublishedDisplayNoTimezone”:”02.47″,”title”:”Iranian oil exports slow for the first time in six years as Western countries prepare sanctions High-level”,”contributors”:[],”primaryDateLine”:”Thu 18 Apr 2024 02.47 EDT”,”SecondaryDateLine”:”First published date Thu 18 Apr 2024 02.46 EDT”},{“id”:”6620b2318f08b1abef0756fd”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

“,”elementId”:”87cbaf7d-dcc1-4f9d-a9b1-bd69d0c42ac5″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Thames Water must sort out its own financial problems, chancellor Jeremy Hunt has declared, as the future of the trouble water company hangs in the balance.

“,”elementId”:”010214a6-b5e4-46c2-a8bc-53cabc8fc975″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Speaking in Washington last night, Hunt told reporters that the government would never insure investors against poor decisions.

“,”elementId”:”7683b378-ddad-4480-85ae-537c727be346″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

During a visit to Washington for the spring meetings of the IMF and World Bank, the chancellor said:

“,”elementId”:”5c2d6eb4-37f6-4867-85dd-cc6e96d84614″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

\n

“It would be completely wrong for Thames Water customers to pick up the tab for bad decisions by Thames Water’s owners and managers.”

\n

“,”elementId”:”1251be51-59d4-4dbe-b299-fe369fc00e97″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Hunt’s comments come as Thames Water prepares to tap the debt markets in an attempt to fund a rescue plan and repair its finances.

“,”elementId”:”8580481e-902d-4c0d-acf6-4c812585637b”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Its board is expected to meet today to rubber-stamp a revised five-year spending plan, which could be released tomorrow; it would then approach lenders to fund the proposals in the coming days.

“,”elementId”:”28392bf1-3819-40b1-af2c-1af62123ef4f”},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”prefix”:”Related: “,”text”:”Thames Water to add to debt mountain in bid for survival”,”elementId”:”97db93b5-6409-45f4-88ab-565758759aa4″,”role”:”thumbnail”,”url”:”https://www.theguardian.com/business/2024/apr/16/thames-water-to-ask-debt-markets-for-survival-plan-funding”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The Guardian reported last weekend that Thames Water – which has debts of £14bn – has just six weeks to convince its regulator that it has a viable survival plan for its business.

“,”elementId”:”d4ca5074-4d55-432a-9e0b-bd31507cdf2d”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Although it could have enough cash to survive for about 15 months, insiders and investors fear that it must move quickly to strike a deal with its watchdog to stave off insolvency.

“,”elementId”:”d80b62fb-01df-430f-b83d-4ff7b66f29e6″},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”prefix”:”Related: “,”text”:”Thames Water has six weeks to agree survival plan with Ofwat”,”elementId”:”b14b3325-9c0b-4a7c-bae2-f3188dc52da0″,”role”:”thumbnail”,”url”:”https://www.theguardian.com/business/2024/apr/14/thames-water-six-weeks-to-agree-survival-plan-with-regulator”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Its parent company, Kemble Water Finance, missed an interest payment earlier this month, after its investors abandoned plans to provide £500m of emergency funding in a row with the water regulator. Thames has been pushing Ofwat to let it raise bills by 40%.

“,”elementId”:”e6fc67a2-dd85-4a67-909e-768cf80d4b3f”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Hunt said the government was prepared for “all possible outcomes”, but also denied that the UK’s reputation as a destination for international investment would suffer if Thames Water fell into administration.

“,”elementId”:”1f65f943-80e9-4d47-abc0-e13fe320e2c3″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The chancellor argues that markets need to work properly, saying:

“,”elementId”:”0f592dfa-2b6c-45bc-ab1b-531936d0a286″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

\n

“Of course we want to attract investment into the UK but we do that on the basis of laws and making sure we have transparent regulation and people are able to get very good returns.”

\n

“,”elementId”:”1ff0209c-48b5-4972-9526-4fce1ec5ccd2″},{“_type”:”model.dotcomrendering.pageElements.SubheadingBlockElement”,”html”:”

The agenda

“,”elementId”:”5d1d2669-2a20-4743-b4e1-16b441291088″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    \n

  • 7am BST: EU car sales for March

  • \n

  • 10am BST: Eurozone construction output for February

  • \n

  • 1.30pm BST: US weekly jobless data

  • \n

“,”elementId”:”063919db-ca43-4987-a311-cdae41891c36″}],”attributes”:{“pinned”:true,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1713422771000,”blockCreatedOnDisplay”:”02.46 EDT”,”blockLastUpdated”:1713422768000,”blockLastUpdatedDisplay”: “02.46 EDT”,”blockFirstPublished”:1713422771000,”blockFirstPublishedDisplay”:”02.46 EDT”,”blockFirstPublishedDisplayNoTimezone”:”02.46″,”title”:”Introduction: Mr Hunt says Thames Water customers have been banned from tabs due to the mistake. should not be featured”,”contributor”:[],”primaryDateLine”:”Thursday, April 18, 2024 02.47 EDT”,”SecondaryDateLine”:”Initial publication date Thursday, April 18, 2024, 02.46 EDT”}],”filterKeyEvents”:false,”id”:”key -events-carousel-mobile “}” config=”{“renderingTarget”:”Web”,”darkModeAvailable”:false}”>

important events

Iranian crude oil exports hit six-year high as Western countries prepare for sanctions

In the energy sector, Iran is exporting the most oil in the past six years, according to new data.

The Iranian government sold an average of 1.56 million barrels per day in the first three months of this year, almost all of which went to China, data firm Vortexa reported. This is the highest level since the third quarter of 2018.

This provides a $35 billion annual stimulus to Iran’s economy. This morning’s Financial Times reportWestern governments are in the midst of formulating new sanctions following Iran’s drone and missile attacks on Israel last weekend.

Although Iran’s oil sector is already under sanctions, it remained the world’s second-largest source of supply growth in 2023.

Earlier this week, US Treasury Secretary Janet Yellen said the Biden administration was prepared to take “additional sanctions against Iran in the coming days” and said “there may be more work to do” on Iran’s oil trade. added.

Vortexa’s data shows how difficult this is.

Fernando Ferreira, head of geopolitical risk services at US Rapidan Energy Group, told the FT:

“Iranians know how to circumvent sanctions.

“If the Biden administration really wants to have an impact, it needs to shift its focus to China.”

Click here for details….

update:
Iran exported 1.56 million barrels per day in the first three months of this year, almost all of which went to China, the highest level since the third quarter of 2018. Iran will earn $35 billion from oil exports this year.
US and EU considering renewing/strengthening sanctions… https://t.co/LynqXfQIzq

— Andrew Neil (@afneil) April 18, 2024

\n\n”}}” config=”{“renderingTarget”:”Web”,”darkModeAvailable”:false}”>

update:
Iran exported 1.56 million barrels per day in the first three months of this year, almost all of which went to China, the highest level since the third quarter of 2018. Iran will earn $35 billion from oil exports this year.
US and EU considering renewing/strengthening sanctions… https://t.co/LynqXfQIzq

— Andrew Neil (@afneil) April 18, 2024

share

Introduction: Mr Hunt says Thames Water customers should not be blamed for its mistakes

good morning. Welcome to our regular coverage of business, financial markets and the global economy.

Prime Minister Jeremy Hunt has declared Thames Water must resolve its own financial problems as the future of the troubled water company is at stake.

Mr Hunt told reporters in Washington last night that the government would not insure investors against bad decisions.

Speaking during a visit to Washington for the IMF and World Bank Spring Meetings, the prime minister said:

“It is completely wrong for Thames Water customers to blame Thames Water owners and managers for bad decisions.”

Mr Hunt’s comments come as Thames Water prepares to tap the bond market to fund its rescue plan and repair its finances.

The board is expected to meet today to rubber-stamp a revised five-year spending plan, which could be announced tomorrow. It will then approach lenders to fund the proposal in the coming days.

The Guardian newspaper reported over the weekend that Thames Water, which is £14bn in debt, has just six weeks to convince regulators it has a viable survival plan for the business.

The company could have enough cash to survive for about 15 months, but insiders and investors need to move quickly to reach an agreement with watchdogs to avoid bankruptcy. I am concerned.

Parent company Kemble Water Finance defaulted on interest payments earlier this month after investors abandoned plans to provide the water regulator with a consecutive £500m emergency fund. Thames River is asking Ofwat to increase its bill by 40%.

Mr Hunt said the government was prepared for “all possible outcomes”, but denied that Britain’s reputation as an international investment destination would be damaged if the River Thames was taken into administration.

The Prime Minister insisted that markets need to function properly, saying:

“Of course we want to attract investment to the UK, but we do so in accordance with the law, ensuring transparent regulation and ensuring people get very high returns.”

agenda

  • 7am BST: March EU car sales.

  • 10am BST: Eurozone construction output for February

  • 1:30pm BST: US weekly unemployment data

share

Facebook
Twitter
LinkedIn
Reddit
Telegram
WhatsApp