Watch: National business news headlines - June 3 - video Dailymotion

Watch Watch: National business news headlines - June 3 - Insider Media on Dailymotion

Transcript

00:00Hello and welcome to the latest Business Bulletin on Tuesday 3rd June.

00:04Today's Bulletin focuses partly on the water sector because there are several big stories.

00:10Firstly, England and Wales water industry needs a fundamental reset according to a new report.

00:15The Independent Water Commission says failures across the industry are deep-rooted and systemic.

00:20It's calling for a tougher, more hands-on approach from regulator Ofwatt.

00:24Meanwhile, Thames Water says talks with investor KKR have collapsed,

00:28dealing a blow to its rescue plans.

00:31KKR had been the preferred partner in efforts to recapitalise the troubled utility,

00:35but it's now pulled out, meaning Thames Water will shift focus to a plan backed by senior creditors.

00:41Chairman Sir Adrian Montague says the company remains committed to finding a sustainable solution.

00:46The owner of South West Water has also said today rising bills will help fund £3.2bn in upgrades.

00:53Panang Group posted a £72.7 million loss this year, much deeper than last year's £9.1 million.

01:00It blames record investment and efforts to cut customer water use.

01:04Average bills jumped 28% in April, helping to cover a third of its long-term plans.

01:10In other business news, Irish hotel group Dilata has received a potential €1.3bn cash offer.

01:16The early stage proposal comes from hotel property company Pandox and real estate specialist Eindom Spar.

01:23They're offering €6.05 a share, a 27% premium on Dilata's March price.

01:29Talks are underway, but there's no guarantee a formal bid will follow.

01:33Former UK Trade Minister Greg Hans has joined Royal Mail's new owner as a strategic advisor.

01:39The ex-Conservative MP will work full-time for Czech billionaire Daniel Kratinsky's EP Group.

01:44He'll focus on the UK and Germany as the company takes full control of Royal Mail.

01:50And finally, Marks & Spencer boss Stuart Mackin has seen his pay rise to £7.1 million.

01:55The jump comes as he steers the retailer through a major cyber attack.

01:59His package includes £4.6 million in long-term bonuses he can't touch for two years.

02:04A strong year also earned him a £1.6 million performance bonus.

02:09That's all for today. Thank you for listening.