Thames Water creditors propose new rescue plan; Tesco ups profit outlook despite pressure on household budgets – business live

Outstanding fines for sewage spills will be paid under rescue plan Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.Thames Water’s creditors have put forward a new rescue plan with £5.4bn funding for the beleaguered water company, under which outstanding fines for sewage spills will be paid and no dividends will be paid to shareholders.There is a huge amount of work to be done to turn around Thames Water and deliver the improved service and environmental outcomes that customers and local communities deserve.From day one, we will inject billions in new investment, strengthen Thames Water’s balance sheet, transform the company for thousands of hard-working frontline staff and begin the delivery of an operational turnaround that puts 16 million customers and the environment first.Competitive intensity remains elevated. However, in the first half, a better-than-expected customer response to our actions and the benefit of an extended period of good weather have helped offset the cost of our investments.10am BST: Eurozone unemployment rate for August Continue reading...

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