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Thames Water says it has £515m cash in the bank as its debts swell to £18.5bnGood morning, and welcome to our rolling coverage of business, the financial markets and the world economy.China grew 4.3% in the quarter to 30 June, one of the slowest rates on record, as sluggish domestic demand outweighed a surge in exports.While operationally the business is improving, we are also working with our creditors, regulators and government to complete our recapitalisation.10am BST: Eurozone indu

Paid-for political access and threadbare regulations have helped to embed the US tech firm in the NHS – and beyond. But there is a way to free ourselvesAndy Burnham faces a lot of big decisions. But one of the incoming prime minister’s biggest early tests is what he does about the world’s “scariest company” – Palantir. The US defence and surveillance tech behemoth has a swathe of British public contracts, including, most controversially, a £330m deal with the NHS. It’s pretty clear wha

Brent crude rises over $85 a barrel after US carries out third night of strikes against IranGood morning, and welcome to our rolling coverage of business, the financial markets and the world economy.Oil prices rose more than 2% after the conflict in the Middle East worsened, with the US carrying out a third consecutive night of strikes against Iran. Two tankers came under fire in the strait of Hormuz.Stasis has taken over markets as investors wait for the latest twist in the Iran confl

The pilot, who had taken up the Piper Tomahawk to test a replacement part, wrote the message at around 1,100 feetA mischievous airline pilot spelled out his tedium by skywriting “I’m bored” over an estuary in north-west England.The message was captured on the airline tracking website Flight Radar 24. Continue reading...

Asian shares tumble with South Korea’s Kospi down nearly 10%Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.It’s a gloomy start to the week as attacks between the US and Iran in the Gulf continue. Tehran said it had closed the strait of Hormuz, while Donald Trump insisted the key shipping passage remained open and US officials said 20 ships were escorted through the waterway in the past 24 hours.For now, we remain hopeful that

Chancellor says PM-in-waiting needs ‘worked through plan’, in what could be one of her final interviews in No 11Rachel Reeves has urged Andy Burnham to arrive in Downing Street with a “worked through plan”, saying the incoming prime minister will be tested quickly by a range of incoming “shocks and challenges”.In what could be one of the first female chancellor’s final major interviews while in No 11, Reeves said Burnham should remain focused on the priorities that first brought him in

Carmakers welcome ruling against suit claiming manufacturers including Nissan, Ford and Peugeot fitted devices to defeat emission testsCar manufacturers have welcomed a high court verdict that rejected most of the allegations in a “dieselgate” claim brought on behalf of 1.6 million UK owners of polluting cars.In her judgment, Lady Justice Cockerill said that “in the majority of instances, the court found that the relevant strategy did not constitute a prohibited defeat device” – softwa

Demonstrations at 18 sites set up as radical transformation plan put to board of Europe’s biggest carmakerVolkswagen’s proposal to slash up to 100,000 jobs and close factories faces a major test on Thursday as formal proposals are put to the supervisory board at Europe’s biggest carmaker, with protests planned at all plants in Germany.IG Metall, the influential staff union, has organised demonstrations involving shop stewards and union council members at 18 sites, including the company

The company’s target to hit £1bn profitability is intact. Why isn’t the board putting up a proper fight?Some foreign takeover swoops on UK listed companies are easier to swallow than others. Sometimes it is hard to mount an argument that shareholders should stick to the virtuous path of independence and say no to an offer of hard cash at a fat premium. The current £10bn bid for Intertek, the FTSE 100 product testing and quality inspection firm that had been going sideways for a while,