MPs accuse South East Water leaders of incompetence over repeated outages

MPs have accused the leadership of South East Water of incompetence over repeated water outages for tens of thousands of customers, and expressed no confidence in their ability to reform the company.MPs from across the political spectrum said David Hinton, SEW’s chief executive, and the board of directors operated a culture of unaccountability at the company, which provides drinking water for 2.3 million customers in Berkshire, Hampshire, Kent, Surrey and Sussex.SEW describes its leadership in official communications as having a “family feel”, but the environment, food and rural affairs committee of MPs said they were better described as “an unaccountable clique”.The company, which faces a £22m fine from the industry’s regulator, Ofwat, over serious disruptions to the water supply over many years, comprehensively failed to deliver for the consumers it served, the MPs said

If you’re not Thames, the water looks lovely for investors | Nils Pratley

Thames Water, with occasional cameos by ugly little siblings Southern Water and South East Water, grabs most of the attention in the sector for obvious reasons. So it’s easy to overlook what’s happening further north. Short answer: the new era of higher bills and higher spending on water infrastructure will feel splendid if you’re United Utilities, licence-holder in north-west England, or Severn Trent, operating in the Midlands.The former’s share price surged 11% on Thursday, the sort of thing that shouldn’t happen at a utility where success is meant to be defined in terms of dull predictability. And it’s definitely unusual to see a one-day valuation jump of that size when the company is issuing £800m-worth of new shares

Tim Cook takes victory lap as Apple’s financial results soar past Wall Street expectations

Apple blew past Wall Street expectations in its first earnings report since it announced CEO Tim Cook would be stepping down.Cook shared his thoughts about the leadership transition on Thursday, saying: “There’s no one on this planet I trust more to lead Apple into the future” than incoming CEO John Ternus. Asked by an investor what advice he has given Ternus, Cook said: “Never forget the north star for the company. You know, we’re about making the best products in the world that really enrich other people’s lives.”Ternus spoke briefly, too, praising Cook’s thoughtfulness in financial decision-making and saying: “This is the most exciting time in my 25-year career at Apple to be building products and services

Meta threatens to shut down social networks in New Mexico over child safety court case

Meta has threatened to block access to Instagram, Facebook and WhatsApp in New Mexico, which would be an unprecedented move in its home country. The ultimatum, made in a court filing this week, comes after the company was found liable and fined $375m for child safety failures in a landmark lawsuit brought by the state’s attorney general. The second phase of the suit, known as the remedies phase, is scheduled to begin on Monday and will determine what actions the tech giant is obligated to take in response.Should Meta lose the second phase of trial, which will begin on 4 May, it would be compelled to introduce a series of reforms to its products. The New Mexico department of justice argues these changes would make Meta’s social networks safer for underage users in the state

‘Come and speak to us’: Hamilton calls for more driver involvement in F1 rules

Lewis Hamilton believes Formula One drivers should have a “seat at the table” in discussion on directions the sport should take in future, to have an input alongside key stakeholders such as the teams and the FIA. Hamilton’s view was largely echoed across the paddock including by the current world champion, Lando Norris.Hamilton was speaking before this weekend’s Miami Grand Prix where the rule changes implemented after driver dissatisfaction with this year’s new regulations are taking effect for the first time.“All the drivers we do work together, we all meet but the fact is we don’t have a seat at the table,” Hamilton said. “We do engage with the FIA and F1; F1’s more often a little bit more responsive

Is this the end for LIV? Where does Saudi withdrawal leave golf and the players?

Can LIV find new backers and what are the options for Bryson DeChambeau, Jon Rahm, Lee Westwood and others?Confirmation that Saudi Arabia’s Public Investment Fund will cease funding the LIV Golf tour will have huge ramifications, for the future of the tour itself, the players and across golf’s traditional heartlands. Where does PIF’s withdrawal leave them all?Certainly in its present form, as a 14-event entity worth $30m per tournament. LIV was entirely reliant on Saudi Arabian money, to the tune of more than $5bn since 2021. The cash burn rate, albeit slowed down recently, has always been unsustainable.It is feasible that Scott O’Neil, LIV’s chief executive, will find backers for the business at a level which means it can be prolonged in some way