Thames Water, the largest water company in the UK serving 16 million customers, says it has enough money to operate until the end of the year while it works on a plan to raise more funds. The company faces high debt and criticism for pollution but reports improved profits and some progress on reducing pollution and meeting performance goals.
Key Facts
Thames Water serves 16 million people in London and southern England.
The company’s net debt increased to £18.5 billion as of March 31, up from £16.8 billion the previous year.
Thames Water reported a profit after tax of £204 million, much higher than £13 million the year before.
Pollution from sewage leaks dropped by 18% in the year to March 31.
Thames Water met 55% of the regulatory performance targets, an improvement from 38% the year before.
The UK government plans legally binding debt limits for water companies in England.
The environment secretary opposed a £10 billion rescue plan for Thames Water, citing consumer cost concerns.
The company could face nationalisation or “special administration” as a temporary state takeover.
Thames Water’s CEO says the company is upgrading its infrastructure, aiming for long-term improvements in service and the environment.
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India has quickly moved to require petrol with 20 percent ethanol (E20) at fuel stations to reduce oil imports and support cleaner energy. Many vehicle owners report lower fuel efficiency and changes in car performance since using E20, sparking debate about the fast pace of this fuel change and its effects on older cars.
Key Facts
India made E20 petrol mandatory nationwide starting last year.
The government aims to increase ethanol blending from 10% to 20% by 2025, earlier than the original 2030 goal.
Ethanol blend is intended to cut crude oil imports, reduce greenhouse gases, and help farmers by increasing demand for crops like sugarcane and maize.
Many car owners report lower fuel mileage and weaker car performance after using E20 fuel.
The government’s attorney general called the rollout an “experiment,” causing public concern and controversy.
Some officials acknowledge the drop in fuel efficiency but continue to support the policy.
Questions remain about how E20 affects older vehicles not built for high ethanol blends.
Opposition parties have raised concerns about conflicts of interest involving government ministers with ties to ethanol companies.
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Thames Water made a profit of £113 million for the year ending March 2026, after increasing customers' bills by 40%. The company’s debt rose to £18.5 billion, and it said it has enough funding to operate until late 2026.
Key Facts
Thames Water returned to profit after a previous loss of £1.51 billion.
Customer bills were raised by 40% last year.
The company’s net debt increased from £16.8 billion to £18.5 billion.
Thames Water funds its business using debt and its own cash.
A government rescue plan was rejected in June.
The rejected plan involved forgiving £9.4 billion of debt in exchange for leniency on pollution fines.
Thames Water says it has enough money to continue operating until the fourth quarter of 2026.
Chris Weston is the CEO of Thames Water.
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Some electric vehicle (EV) drivers have been fined for parking while charging their cars at public chargers. The fines occur because some car parks treat charging as parking and require payment or have restrictions during store opening hours, which is not always clearly communicated.
Key Facts
EV drivers received fines, often between £70 and £100, for parking while charging their vehicles.
Some car parks, like those at supermarkets, consider charging as parking and restrict it outside store hours.
Apps from charging companies sometimes direct drivers to chargers without showing parking restrictions.
Signage at charging points or car parks often does not clearly explain parking rules or fees.
One driver had a charge canceled after complaining about unclear information.
Charging companies say landowners decide parking rules and are responsible for displaying them.
Another driver was fined for paying only the charging fee, not the parking fee, which he was not clearly told about.
Car park operators say drivers must understand and follow the parking terms and pay accordingly.
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Heating oil customers in the UK who had their orders cancelled and then faced higher prices during the Middle East war will receive up to £350 in compensation. The UK’s Competition and Markets Authority (CMA) found that around 1,700 customers were affected and some suppliers have agreed to repay the difference, while others may face legal action.
Key Facts
About 1,700 heating oil customers had their orders cancelled and had to pay more later or go without fuel.
Heating oil prices in the UK rose sharply (up 92% at the peak in April) due to the Middle East conflict.
Some customers paid between £150 and £350 more for heating oil after cancellations.
The CMA investigated and contacted suppliers, leading some to agree to compensate customers.
Customers who did not buy more oil will have their original orders honored at the agreed price.
The CMA is prepared to take legal action against suppliers who refuse to compensate customers.
Around 1.5 million UK households, mostly in rural areas without access to mains gas, rely on heating oil.
The CMA recommends new rules for heating oil suppliers, including a supplier register and better customer protections.
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A T. Rex skeleton called ‘Gus’ sold for a record $50.1 million at a New York auction. The dinosaur is about 70 million years old and almost 80% complete.
Key Facts
The skeleton’s nickname is ‘Gus.’
It sold for $50.1 million including auction fees.
The final bid before fees was $43 million.
The skeleton is around 70 million years old.
It is nearly 80% complete.
The sale set a new record for dinosaur skeleton auctions.
The auction took place in New York.
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The Independent Commission Against Corruption (Icac) is investigating allegations that Catholic Schools NSW made undeclared political donations exceeding legal limits. Experts and politicians are calling for audits to ensure taxpayer funds used by Catholic schools are spent properly and not directed toward political purposes.
Key Facts
Catholic Schools NSW is under Icac investigation for alleged undisclosed and excessive donations to the Liberal party.
The donations are said to have been approved by the Catholic Schools NSW chief executive, Dallas McInerney, possibly to influence party membership.
Catholic Schools NSW oversees nearly 600 schools and receives about 80% of its funding from federal and state governments, totaling around $3.8 billion in 2024.
If found to serve a political purpose, Catholic Schools NSW risks losing its charity status and tax exemptions.
Education experts stress the need for joint audits by state and federal governments to check proper use of public funds.
The NSW government plans to wait for Icac’s initial findings before ordering any separate audit.
The NSW Greens have called for stopping all public funding to Catholic Schools NSW during the investigation.
Legal and political figures emphasize stricter rules and transparency for private schools receiving public money.
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The City of Yarra council in Melbourne has ended its agreement with Lime, the largest electric bike operator in Australia, after nearly six years. The decision followed concerns about users blocking footpaths, dumping bikes, and unsafe riding, with Lime given 30 days to stop its operations in the area.
Key Facts
The City of Yarra includes suburbs like Fitzroy, Richmond, and Carlton North.
Lime’s shared ebike scheme started as a one-year trial but lasted almost six years.
About 614 Lime ebike trips were made daily in the area since January 2025.
Lime earned around $2.5 million from operating in Yarra, but the council received no income.
The council voted not to renew Lime’s contract and will reopen the tender for a new operator.
Some councillors wanted to keep shared ebikes due to their affordability and environmental benefits.
Issues included users blocking footpaths, dumping ebikes, and riding under the influence.
Lime expressed disappointment with the decision, calling the disruption unnecessary.
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When a person dies, most of their debt does not automatically become the responsibility of their heirs. Some debts, like co-signed loans or mortgages on inherited property, may need to be paid by the heirs or co-borrowers, but many types of debt are usually paid off by the deceased person’s estate.
Key Facts
The total U.S. consumer debt reached $18.23 trillion in May 2026, with $1.1 trillion from credit cards.
Not all types of debt transfer to heirs after someone dies; usually, the deceased’s estate pays off debts.
If you co-signed a loan or are a joint account holder, you may have to repay the deceased person’s debt.
In some states like Texas, California, and Arizona, spouses may inherit a deceased partner’s debt due to community property laws.
Mortgages on inherited property must be paid if you want to keep the property; otherwise, the property usually must be sold.
If you co-signed or jointly hold debt, you can try negotiating better payment terms with the lender.
Selling the asset tied to the debt, like a car or house, is another way to handle inherited debt responsibility.
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China's economic growth slowed to its weakest level in over three years in the second quarter of 2026, expanding by 4.3% compared to the same time last year. While exports have grown strongly due to global demand for AI-related products, problems like a struggling property market and weak domestic spending have slowed overall growth.
Key Facts
China’s economy grew by 4.3% year-on-year from April to June 2026, the slowest pace since late 2022.
The growth missed economists’ forecast of 4.5% and fell short of Beijing’s 4.5% to 5.0% annual target.
Strong exports driven by global demand for AI chips and computing equipment helped offset other economic challenges.
Domestic problems include a long-lasting property market crisis and reduced spending by Chinese consumers.
Trade disruptions caused by the war in Iran, especially around the Strait of Hormuz, affect China’s energy imports.
Retail sales grew 1.0% in June year-on-year, better than expected, and industrial production rose 5.3%.
Fixed-asset investment declined by 5.7% in the first half of 2026, signaling less investment in infrastructure and businesses.
Analysts expect the government to focus more on boosting domestic spending later in 2026 and early 2027.
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China's economy grew by 4.3% from April to June, which is below its target for the year. Although exports increased strongly, domestic problems like low demand and a weak property market slowed overall growth.
Key Facts
China’s GDP grew 4.3% in the second quarter of 2024.
This growth is below Beijing’s annual goal of 4.5%-5%, which is the lowest target since 1991.
Exports increased by 27% in June compared to the previous year.
Export growth was helped by strong demand for semiconductors and electric vehicles.
Domestic challenges include a slow property market and weak consumer spending.
New home prices fell by 0.1% in June, a smaller decline than in May.
Retail sales grew by 1% in June, improving from a drop of 0.6% in May.
This economic data covers the first full quarter after the Iran war began in late February.
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Utility companies asked to raise their rates by $9.2 billion in the second quarter of 2026. These increases could affect more than 56 million people across the United States.
Key Facts
Utility companies requested a total of $9.2 billion in rate increases in Q2 2026.
The potential impact of these increases reaches over 56 million American customers.
The information comes from a report by PowerLines.
Tremaine Phillips, a former Michigan utility commissioner, discussed the situation on CBS News.
The rate hikes are meant to cover expenses and investments by utility providers.
These requests are reviewed by state regulators before any increases take effect.
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Documents reveal that Jeffrey Epstein received a $25 million payment for assisting the Swiss bank Edmond de Rothschild in resolving an investigation by the U.S. Justice Department. The payment was part of a settlement between the bank and the government.
Key Facts
Jeffrey Epstein was a convicted sex offender.
Epstein earned $25 million for his role in helping a bank with a legal investigation.
The bank involved is Swiss-based Edmond de Rothschild.
The investigation was conducted by the U.S. Justice Department.
The payment was part of a settlement agreement between the bank and the government.
Epstein’s involvement helped the bank resolve the case more quickly.
This information was reported by CBS News using released documents.
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Meta employees have filed a lawsuit claiming the company used artificial intelligence (AI) to identify and lay off workers who took protected leave, such as maternity or disability leave. The lawsuit says Meta’s AI systems scored and ranked employees without considering their leave, resulting in unfair layoffs.
Key Facts
Meta laid off about 8,000 employees earlier this year.
The lawsuit was filed in federal court in northern California by 26 Meta workers.
AI tools used included performance ratings and monitoring of keystrokes and activity levels.
Employees on protected leave were allegedly penalized due to missing productivity data.
Plaintiffs seek to stop the layoffs and want possible reinstatement, back pay, and damages.
Meta denies these claims and says people, not AI, made workforce decisions.
Meta started using AI monitoring of employees’ computer activities earlier this year.
Employees were not clearly informed or asked for consent about the AI monitoring program.
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Brittany Harris-Nelson changed jobs 10 times in 10 years across six universities to gain skills and reach a desired career position. This practice of frequently changing jobs to improve skills and career prospects, called "lily padding," is common among Gen Z workers who tend to stay in each job for shorter periods than older generations.
Key Facts
Brittany Harris-Nelson worked 10 different jobs over 10 years at six universities before reaching her current role at Wake Forest University.
She held roles such as office manager, admissions counselor, and student advisor.
Her salary did not increase much at first, but she gained better benefits like more paid leave and pension contributions.
"Lily padding" is a trend where young workers change jobs frequently to gain skills and advance their careers.
Gen Z employees typically stay in a job an average of 1.1 years, compared to 1.8 years for millennials and almost 3 years for older generations.
Research shows people who changed jobs frequently earned higher salaries, with a 31% pay premium in the UK for those with four or more job changes in a decade.
Adam Smiley Poswolsky, a public speaker and author, also used multiple career changes to find meaningful work and develop skills.
His diverse jobs included roles in government, non-profits, teaching, film production, and political campaigns.
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New rules require Buy Now Pay Later (BNPL) lenders to get approval from a financial regulator, giving shoppers better rights like refunds and help with complaints. However, some people may be refused BNPL loans because of checks that see if they can afford to pay, which could push them to use more risky lenders.
Key Facts
BNPL lenders now need Financial Conduct Authority (FCA) approval to operate.
Customers can get refunds and compensation for items over £100 bought with BNPL, similar to credit cards.
Unresolved BNPL complaints can be taken to the Financial Ombudsman Service for a decision.
Shoppers must pass an automatic affordability check before using BNPL; if they fail, their purchase will be blocked.
Lenders must provide clear loan information and direct borrowers to free debt advice if needed.
Around 10% to 30% of BNPL users might fail these affordability checks.
Some people rejected by BNPL may turn to more expensive or unregulated loan options.
BNPL is very popular with 18 to 24-year-olds but is used by many age groups.
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The UK Competition Markets Authority (CMA) announced that heating oil customers who faced order cancellations and higher prices during the US-Israel-Iran conflict will receive compensation. Some suppliers have agreed to pay customers back, while the CMA plans legal action against those who refuse.
Key Facts
About 1,700 households had their heating oil orders cancelled or prices raised, costing up to £350 more.
Wholesale oil prices rose from $70 to nearly $120 per barrel between February and March due to the Iran war.
UK retail heating oil prices peaked at 92% higher during the conflict period.
The CMA found that price hikes mostly matched rising wholesale costs, with little extra profit for suppliers.
Heating oil users, often with tanks outside their homes, have fewer consumer protections than electricity and gas customers.
The CMA recommends new rules for pricing transparency, order cancellations, and better support for vulnerable customers.
Some suppliers agreed to compensate customers; the CMA will take court action against those who do not.
Around 1.5 million UK households use heating oil, especially in Northern Ireland where 60% rely on it.
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India and the UK have started a free trade agreement that lowers or removes taxes on most goods traded between the two countries. This deal aims to help Indian exporters, especially in textiles and garments, compete better in the UK market and also benefits British companies like Scotch whisky producers by reducing their taxes in India.
Key Facts
The India-UK free trade agreement (FTA) began on Wednesday.
The deal cuts or removes tariffs on 99% of Indian exports to the UK and 90% of UK imports into India.
Welspun Living, an Indian textile company, expects significant growth in exports to the UK after the deal.
Indian textile exports faced a 12% tariff in the UK before, while competitors like Bangladesh and Pakistan had duty-free access through special schemes.
The FTA lowers customs duties on Scotch whisky from 150% to 75% immediately and plans to reduce it to 40% over ten years.
Businesses are currently preparing logistics, certifications, and customs processes to take advantage of the deal.
Experts say the overall economic effect may be gradual rather than a big immediate change.
In 2025-2026, India exported $13.4 billion to the UK, with over half already duty-free under previous rules.
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Chief executives of Australia’s 100 biggest companies earned a median pay of $4.8 million in the 2025 financial year, which is a 16% increase from 2024. This pay includes base salary, bonuses, and other benefits, and shows that CEO pay remains much higher than the average Australian worker’s earnings.
Key Facts
The median total pay for top 100 CEOs in Australia was $4.8 million in 2025.
This represents a 16% pay rise compared to 2024.
Life360’s founder Chris Hulls was the highest-paid CEO with $47.7 million in realised pay.
Other top earners include Mick Farrell from ResMed ($35.1 million) and Robert Thomson from News Corp ($33.5 million).
The gap between CEO pay and the average worker’s weekly full-time earnings stayed the same, with CEOs earning 55 times more.
Fixed base pay rose by 4% to a median of $1.83 million, still below 2012 levels.
Bonuses made up a large part of CEO pay, with most CEOs receiving around 70% of their maximum bonus.
Some CEOs received termination payments averaging $2.2 million each.
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A woman named Danielle Turner discovered a large, untouched collection of vintage kitchenware in the basement of a jewelry store in Philadelphia. The store had stored unsold appliances and housewares for decades after focusing solely on jewelry, making the find valuable for collectors.
Key Facts
Danielle Turner owns a vintage business that specializes in estate buyouts and vintage jewelry.
Turner met the local jewelry store owners through a referral from a pizza delivery person.
The jewelry store, Modern Jewelry, also sold appliances from the 1970s to the 1990s.
In 1993, the store dropped appliances to focus only on jewelry, but kept leftover inventory in the basement.
The basement stored hundreds of pieces of Pyrex, CorningWare, cookware, and kitchenware, many still in original unopened boxes.
Vintage Pyrex and CorningWare items can be worth thousands of dollars, especially rare patterns and promotional pieces.
Turner found the discovery meaningful as she has been collecting Pyrex for 18 years.
She purchased the collection, which holds both common and rare pieces.
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