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Water boss blames 15 years of keeping bills low for industry woes | Money News

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The boss of under fire Southern Water has told MPs that 15 years of “flat bills” is the reason for the industry’s struggles with sewage spills and supply outages.

Lawrence Gosden said while giving evidence to the environment, food and rural affairs committee’s inquiry into the water industry that a historic regulatory priority on keeping bills low meant there was a “lost opportunity” for investment.

He was speaking following a backlash against inflation-busting hikes to bills due to come into force from April, with the industry accused of laying the foundations by putting shareholders above customers in the past.

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The company is being allowed, by Ofwat, to impose a 53% rise in customer charges over the next five years as part of the recent business plan settlements granted by the industry regulator.

Ofwat’s determinations, which remain subject to possible appeal, will see bills across England and Wales go up by an average 36% over that time.

Southern was granted the highest percentage increase as it grapples to recover public trust following anger over repeated service outages and sewage spills.

Mr Gosden told the MPs that Southern’s performance had been “unacceptable” but insisted that previous bill settlements with the watchdog meant that money for urgent repairs and new infrastructure had not been in place.

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Southern Water boss Lawrence Gosden is seen giving evidence to MPs. Pic: Parliament TV
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Southern Water boss Lawrence Gosden is seen giving evidence to MPs. Pic: Parliament TV

“We should have fought harder for the money that we needed”, he told the committee, insisting that Southern had paid no dividends to its shareholders since 2017.

He did not rule out an appeal to the Competition and Markets Authority relating to the 2025-30 settlement offered by Ofwat.

“I would say this is a very serious moment and, as water companies, we do need to stand up to the investment that the country needs, albeit at the same time being sensitive to how we could support those who will struggle to pay for those bill increases through between a 45% to a 90% discount, which is our support scheme for customers,” he added.

The committee earlier heard from the boss of the body that represents firms.

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Water bills ‘an absolute disgrace’

Chief executive of Water UK, David Henderson, accused Ofwat of failing to allow the sector to keep pace with the demands made of it.

That was despite, he said, a 20% rise in population growth since the 1990s when the last new reservoir was built and intensifying pressure from climate change.

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“For too long, we’ve had not enough investment in our system and that is the principle reason, in our view, why performance is not what it should be.

“We’ve had investment cut, in real terms, by Ofwat the regulator since 2010 and last December we have had, finally, the recognition that we need to now play catch up by increasing tremendously the amount of investment that we see to drive further improvements in environmental performance and greater resilience in our network.”

On the subject of storm outflow pollution, he added: “We’re going to see the halving of the activation of combined sewer overflows, which is one of the things that most people are rightly very keen to see addressed.”

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He also complained that the business plan review process was too slow and costly, estimating that firms collectively spent £250m over the 14 months.

Ofwat has previously argued that it has never blocked justified spending and backed all companies’ statutory environmental projects at previous price reviews.

Sky News has approached the regulator for a statement.

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G.Skill DDR5 RAM is overclocked to a blazing 12,054MT/s with no liquid nitrogen needed – just air cooling

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G.Skilll Trident Z5 DDR5 RAM sticks on a black background

  • G.Skill Trident Z5 DDR5 was overclocked to 6027MHz or 12,054MT/s
  • That was achieved using just air cooling, with no need for liquid nitrogen
  • There is, however, a catch (of sorts) in how the CPU was configured

G.Skill has again been setting records with its DDR5 RAM, this time with a seriously impressive overclock that doesn’t use any exotic cooling.

This feat was achieved using G.Skill Trident Z5 DDR5 by an expert overclocker from Indonesia, a certain ‘speed.fastest,’ who managed to crank the RAM up to 6027MHz (or 12,054MT/s).

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El Salvador Purchases 12 BTC Despite IMF Agreement

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El Salvador Purchases 12 BTC Despite IMF Agreement

El Salvador added 12 BTC to its reserves in the past day, ramping up its Bitcoin purchase as the leading crypto asset hovers near its all-time high.

This development comes despite a recent agreement with the International Monetary Fund (IMF) to scale back some of its crypto policies.

Bitcoin Push Continues

The National Bitcoin Office announced via X on January 19th that it had purchased 11 BTC for its Strategic Bitcoin Reserve, which is currently worth more than $1 million. An additional Bitcoin was acquired on the following day for $106,000.

The office’s portfolio tracker further revealed that the country’s total holdings now stand at 6,044 BTC, valued at roughly $620 million, with Bitcoin trading above $103,000.

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Last month, President Nayib Bukele’s administration secured a $1.4 billion financing deal with the IMF, agreeing to reduce certain Bitcoin initiatives, including making BTC acceptance optional for businesses and reducing government involvement in the Chivo wallet.

However, the day after this agreement, the Central American country purchased $1 million worth of Bitcoin. National Bitcoin Office Director Stacy Herbert stated on X that the country’s Bitcoin strategy remains unchanged. El Salvador became the world’s first nation to recognize Bitcoin as an official currency following its adoption by the Legislative Assembly in 2021.

Bitfinex and Tether’s Offerings in El Salvador

Last year, Bitfinex Securities launched tokenized US Treasury bills in El Salvador under the country’s new securities regime. The main objective behind the offering was to raise $30 million and provide investors exposure to short-term Treasury bonds through blockchain technology.

More recently, USDT stablecoin issuer Tether announced relocating its business and headquarters to El Salvador after acquiring a Digital Asset Service Provider (DASP) license. The move aligns with El Salvador’s Bitcoin-friendly policies, aiming to foster global Bitcoin adoption and innovation in emerging markets. Tether’s CEO highlighted the country’s supportive environment for digital assets and its vision for financial freedom and decentralized technologies.

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20% Float With All Proceeds Going To The US Treasury

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20% Float With All Proceeds Going To The US Treasury

Este artículo también está disponible en español.

The recent launch of the TRUMP and MELANIA tokens, catalyzed by President Donald Trump and First Lady Melania Trump, has ignited a mix of excitement and caution within the memecoin and broader cryptocurrency community. 

This frenzy has caught the attention of billionaire investor Mark Cuban, who is now contemplating the creation of his own memecoin, inspired by the recent memecoin movements.

Cuban’s Memecoin Vision: Combining Fun And Financial Responsibility? 

In a recent social media post, the renowned billionaire opened the door to the possibility of launching a new memecoin, stating, “If memecoins are the way, maybe I’ll issue one.” 

His announcement has stirred curiosity among crypto enthusiasts, particularly as he hinted that his memecoin would mirror the parameters of Trump’s TRUMP memecoin. 

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Cuban plans to implement a 20% float and adhere to a similar release schedule, with one significant distinction: all potential revenue generated from the sale would be directed to the US Treasury. To enhance transparency, Cuban also indicated that the wallet address would be publicly accessible, allowing anyone to track the funds.

Cuban framed his initiative as a way to combine entertainment with a social purpose, noting, “If you want to gamble, gamble. But at least use it to make a dent in the US debt.” 

This statement reflects a growing sentiment among some investors that memecoins can serve a dual purpose—providing both amusement and potential benefits to broader societal issues. However, Cuban’s proposal has not been without its critics. 

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Cuban Cites Dogecoin Success

In response to Cuban’s announcement, a user on X (formerly Twitter) cautioned him about the potential pitfalls of launching a memecoin, suggesting that he might be accused of exploiting information asymmetry at the coin’s launch. 

The user stressed that the supposed memecoin’s price would be dictated by supply and demand dynamics, starting from nearly zero, and warned Cuban not to proceed without careful consideration.

Cuban, undeterred by the criticism, defended his understanding of the memecoin landscape, stating, “It’s not hard to put it together. I never have thought about doing a meme coin. Wouldn’t be hard at all.” 

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The back-and-forth dialogue continued, with the user asserting that creating a sustainable memecoin that benefits long-term holders is a challenging endeavor. 

He further argued that successful memecoins often emerge from community-driven initiatives rather than top-down launches, warning that hype surrounding a celebrity-backed launch could lead to short-term trading rather than fostering an organic community.

Cuban concluded the exchange by acknowledging the importance of community in the longevity of memecoins. He cited examples like Dogecoin  (DOGE) and Shiba Inu (SHIB), which have thrived due to their strong communities. 

“I’m not saying buyers won’t get rekt. I said it was gambling. It’s a game of musical chairs. No promises. No pumps by me. Just complete transparency,” he emphasized.

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Memecoin
The 1H chart shows TRUMP’s price attempting to recover previously lost levels. Source: TRUMPUSDT on TradingView.com

At the time of writing, the TRUMP memecoin is trading at $44,778, recording a 14% recovery in the past 24 hours after plunging over 50% from its $79 peak reached over the weekend. 

Featured image from CNBC, chart from TradingView.com 

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Netflix is raising prices again

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Netflix is raising prices again

Netflix is raising prices yet again. In its latest earnings report released Tuesday, the streaming service announced that “we are adjusting prices today across most plans” in the US, Canada, Portugal, and Argentina.

Netflix spokesperson MoMo Zhou tells The Verge that the ad-supported tier is increasing from $6.99 to $7.99 per month, while the standard ad-free tier will go from $15.49 to $17.99 per month. Its highest-priced premium tier is also increasing from $22.99 to $24.99 per month. The price hikes will go into effect during subscribers’ next billing cycle, according to Zhou.

“As we continue to invest in programming and deliver more value for our members, we will occasionally ask our members to pay a little more so that we can re-invest to further improve Netflix,” the company’s letter to investors says. Netflix last raised the price of its subscription in October 2023. This is also the first time it’s raising the price of this ad-supported plan, which it rolled out in 2022.

Netflix added 19 million new subscribers over the past few months — the most in its history during a single quarter — bringing its global total to 300 million. This is the last time Netflix will reveal how many subscribers it added during the quarter, as the company said last year that it would only announce “major subscriber milestones as we cross them” starting in the first quarter of 2025.

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Even with a subscriber count reaching new highs, and operating income ballooning past $10 billion for the first time, Netflix executives believe the company still has room for growth. The company’s letter to investors says it accounts for less than 10 percent of TV viewing in the countries it’s available in, “which suggests a long runway for growth as streaming continues to expand around the world.”

Along with the price hike, Netflix announced that it’s rolling out a new Extra Member with Ads plan, which will allow those on the ad-supported plan to add someone outside their household to their subscription. It currently costs an extra $7.99 per month to add someone outside your household to an ad-free plan.

Update, January 21st: Added information from Netflix.

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Here's Why Shiba Inu and Dogecoin Prices Dropped Over The Weekend But Remittix Soared To New Highs

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Here's Why Shiba Inu and Dogecoin Prices Dropped Over The Weekend But Remittix Soared To New Highs

There are always surprises in the crypto market and this past weekend was no exception. Remittix, even while still in the presale phase, defied expectations by reaching remarkable new heights, while meme currencies like Dogecoin and Shiba Inu saw unanticipated declines. The meme coins community’s favorites, Shiba Inu and Dogecoin, witnessed price drops as a result ofa reduction in investor enthusiasm and heightened market rivalry. 

At the same moment, Remittix, a rising star, continues to steal the show with its cutting edge crypto-to-fiat payment method. Experts estimate that it might become one of the largest breakout tokens of 2024 with growth forecasts as high as 100x, after raising over $4 million in its presale so far. Many crypto fans are perplexed by this contrast and wonder what’s happening.

Shiba Inu Price Analysis: Why It Dropped Over the Weekend

Despite its popularity, Shiba Inu price trends have been increasingly volatile. Whale activity dwindled over the weekend, which resulted in fewer trading volumes and a fall in the currency. There are two primary causes of the decreased momentum:

● Over-reliance on Hype: Although Shiba Inu became popular as a meme coin, its limited usefulness has raised doubts about its long-term worth.
● Increasing Competition: Investors are turning their focus away from meme-based initiatives to newer tokens with practical uses, such as Remittix.

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The price hasn’t stabilized yet despite continuous improvements made by Shiba Inu’s creators, including enhancements to its Shibarium Layer-2 blockchain.

Dogecoin Market Trends: Understanding the Weekend Decline

A similar outcome occurred with Dogecoin, which saw a drop in value over the weekend. A 10% drop in transaction volume suggested that investor sentiment had changed. Among the contributing elements are:

● Reduced Social Media Influence: At the beginning of Dogecoin’s run, Elon Musk’s tweets influenced Dogecoin to surge, the excitement has subsided, which has resulted in less interest from speculators.
● Lack of Utility: Like Shiba Inu, Dogecoin struggles to compete with tokens offering practical applications, such as Remittix.

Despite its loyal following, Dogecoin’s price trends seem to depend mostly on speculative trading rather than long-term usage. Because of this, it is vulnerable to sudden changes in the market, like the ones that occurred over the weekend.

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Remittix New Highs vs Meme Coin Dips

Unlike Shiba Inu and Dogecoin, Remittix had a great weekend. Intending to revolutionize cross-border payments, this coin is quickly gaining traction. Remittix, in contrast to meme coins, offers practical functionality by enabling users to change between cryptocurrencies and fiat money with ease and affordability.

Here’s why Remittix continues to rise while meme coins falter:

1. Massive Presale Success: The ongoing presale has already raised over $4 million. This shows that the investors are confident in the project.
2. Utility-Driven Growth: Remittix is establishing itself as a long-term participant in the cryptocurrency market by concentrating on finding solutions to real-world issues.
3. Market Forecasts: Because of Remittix’s creative environment and huge presale support, analysts are optimistic about the company and project 50x to 100x growth in 2024.

A few factors set Remittix apart:

● Real-World Applications: Unlike Shiba Inu and Dogecoin, Remittixs offers tangible solutions in the crypto-to-fiat space.
● Impressive Market Interest: Its presale success signals growing demand and confidence in its potential.
● Scalable Ecosystem: With features designed to cater to a global audience, Remittix is built for sustained growth.

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Why Remittix is the One to Watch

The different outcomes of meme coins such as Dogecoin and Shiba Inu in comparison to Remittix underscore the increasing significance of usefulness in the cryptocurrency realm. Tokens like Remittix are designed for long-term success but meme coins can still get attention in the near term.

With a presale that’s already a runaway success and experts projecting 100x growth in 2024, Remittix is a token you don’t want to overlook.

For the latest updates, check out thelinktree.

Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice. 

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Davos 2025: Vijay Shekhar Sharma on Paytm’s Recovery, Past Mistakes and Going Global

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Vijay Shekhar Sharma talks about Paytm’s recovery path and what he’s learnt since India’s regulators all but shut down the fintech’s banking affiliate last year. He speaks with Bloomberg’s Menaka Doshi at the World Economic Forum’s annual meeting in Davos, Switzerland. (Source: Bloomberg)

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Trump targets EV charging funding programs Tesla benefits from

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KETTLEMAN CITY, CA - JUNE 19: A deserted array of Tesla charging stations is viewed at 9 a.m. on June 19, 2024 in Kettleman City, California. Kettleman City offers fast food and an excess of Tesla electrical charging stations for travelers on Interstate 5 between Los Angeles and the San Francisco Bay Area. (Photo by George Rose/Getty Images)

President Donald Trump is trying to halt the flow of funding for EV charging infrastructure from two programs that have benefited Tesla — the latest example of how Elon Musk’s political interests seem to be at odds with his car company’s goal of advancing sustainable energy.

It’s not a given that Trump’s gambit will succeed. But if it does, Tesla could be cut off from two sources of funding that the automaker has tapped the past two years to build out its market-leading EV charging network.

In one of the myriad executive orders Trump signed on the first day of his second term, he declared that “[a]ll agencies shall immediately pause the disbursement of funds” from programs created by the Inflation Reduction Act and Bipartisan Infrastructure Law. He specifically calls out stopping funding for EV charging stations that’s been made available through the National Electric Vehicle Infrastructure (NEVI) Formula Program and the Charging and Fueling Infrastructure (CFI) grant program.

Those agencies are supposed to submit a review of “processes, policies, and programs for issuing grants, loans, contracts, or any other financial disbursements” within 90 days of the date of this order, and all agency heads shall submit a report to the Office of Management and Budget (OMB) and the National Economic Council (NEC). The order also states that agencies cannot disburse more funds unless the “Director of OMB and Assistant to the President for Economic Policy have determined that such disbursements are consistent with any review recommendations they have chosen to adopt.”

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Musk has long claimed that Tesla’s mission is “accelerating the transition to sustainable energy.” But he is now officially working with the second Trump administration, which took big swings at sustainable energy on its first day. Trump has already signed orders halting federal leases for offshore wind development, pulled the United States out of the Paris climate agreement, and is trying to reverse other Biden administration EV policies.

Tesla was recently part of a group that won a $100 million award from the CFI program to build out charging infrastructure for heavy-duty electric trucks across Illinois, as TechCrunch first reported last week. The company was hoping to secure around $40 million from the group’s original funding request of $126 million. Tesla has also repeatedly sought around $100 million in CFI funding to build a truck-charging corridor between Northern California and southern Texas, but that application has been passed over multiple times.

Tesla’s CFI award in Illinois is a small portion of the nearly $2 billion the Department of Transportation has allocated over the last two years. Tesla has won a much greater share of grants from the NEVI program — which doles out smaller amounts of money to states, which, in turn, use those funds to offer grants to build charging infrastructure. Tesla had won around 13% of all NEVI awards by the middle of 2024 and was using those millions to further build out its Supercharger network, which is now open to almost all competing EVs.

Trump could slow or stop the flow of future spending from these programs, according to Martin Lockman, a fellow at Columbia Law School’s Sabin Center for Climate Change Law. He might especially be able to do so if his administration is successful in its promised legal fight over the Impoundment Control Act, which limits the president’s ability to stop Congress from spending money that’s been appropriated.

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“There’s a lot of wiggle room here, and the Trump administration will certainly do everything that it can to delay spending under these bills,” Lockman said.

It is not clear that Trump can legally stop the funding of awards that are already under contract, though.

“People who have contracts today have rights under those contracts, and the President can’t take them away,” he said.

But, Lockman cautioned, if agencies feel enough pressure from Trump, they could violate the terms of those contracts — and potentially the laws that established the funding programs in the first place — and refuse to give out the money. In that situation, the companies, state and local agencies, or other entities that won awards from NEVI or CFI would have to fight to get them fulfilled.

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“If the new administration wants to make people fight for their contracts in court, that would certainly be a huge barrier to building EV infrastructure,” he said.

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US crypto stocks close down as industry still awaiting Trump action

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US crypto stocks closed Jan. 21 down across the board as President Donald Trump is yet to action his promised plans for the industry.

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Workers are becoming increasingly secretive at work—and Gen Z is the most likely to hide parts of themselves

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Global tension is sending staffers into hiding, and young workers grew up seeing consequences pan out on the internet. Read More

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Upgrade to Windows 11 Pro for Only $19.97

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Upgrade to Windows 11 Pro for Only $19.97

Microsoft is basically the biggest name in the business world, whether we’re talking about Microsoft Office apps or Windows running on our computers. One thing they have nailed down is recognizing that their products are well-loved for their simple and familiar interface, but still offering regular updates.

Windows 11 Pro was specifically designed for business professionals. You’ll find new tools for productivity and balancing hybrid or remote work with life. With this deal, you can upgrade three devices to Windows 11 Pro — rated 4.5/5 stars by verified purchasers — for just $19.97 at TechRepublic Academy.

New look, new features

The first thing you’ll notice is a redesigned user interface. Rounded app corners, a centered bottom taskbar, snap layouts and widgets all give your computer a refreshed, yet familiar, appearance while offering the latest tools.

Then, there’s layers of security features like Microsoft Information Protection that protects your personal data from leaks and BitLocker device encryption that encrypts your hard drive with a key. Both of these are excellent for shielding your personal and work information from harm.

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Designed for the workforce

If you’re a remote or hybrid worker, or a business owner or manager with employees around the globe, you’ll appreciate things like:

  • Windows Information Protection allows you to separate work and personal data on the same device.
  • Remote desktop access is included from anywhere. Connect to your Windows 11 Pro computer from another computer, a tablet or a smartphone.
  • Group Policy Management tools allow enforcement of policies and compliance. Administrators can create settings or access for different devices, users and groups.

Upgrade your operating system to Windows 11 Pro on three devices for only $19.97 (reg. $199), now at TechRepublic Academy, so be sure to take advantage of it before it’s gone.

Prices and availability are subject to change.

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