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 in a damning report, and expressed no confidence in their ability to reform the company.After publication of the report, SEW announced the resignation of its independent non-executive chair, Chris Train, saying new leadership was needed to “oversee a critical period of positive, transformative change”.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”

Claire’s expected to return to UK high streets with about 50 stores from June

The jewellery and accessories chain Claire’s is expected to return to UK high streets with about 50 stores to be reopened from June onwards by the operator of its shops in France, Austria, Portugal and Spain.Julien Jarjoura, the French entrepreneur behind jewellery company Une Ligne, which sells online and via museum stores including the Louvre and the Palace of Versailles, said he had the blessing of the US owner of the Claire’s brand, Ames Watson, to open stores in the UK and was signing new leases with UK landlords.The plans emerged just days after the chain closed its final UK stores with the loss of more than 1,000 jobs and ending three decades on British high streets.“I feel so sad when I see such a nice business going down,” Jarjoura told the Guardian. “The brand was basically dead and we’re bringing it back to life

Iran war may cause food shortages in Africa, world’s largest fertiliser firm says

The Iran war could have “dramatic consequences”, causing food shortages and price rises in some of Africa’s poorest and most vulnerable communities, the head of the world’s largest fertiliser company has said.Svein Tore Holsether, the chief executive of Yara International, said world leaders needed to guard against soaring prices and shortages of fertiliser causing a de facto global auction that would leave the poorest countries, particularly in Africa, scrambling for supplies they could ill afford.“The most important thing we can do now is raise the alarm on what we are seeing right now – that there is a risk of a global auction on fertiliser that means it becomes unaffordable for those most vulnerable,” he said.“Africa is actually quite well positioned to be a major food producer, not only for self-sufficiency, but even for exports to the rest of the world, but the reality is that they are massive food importers.“But we need to be aware in this part of the world of the potential consequences that if we get to a global auction on food, there will not be a famine in Europe – but we need to be aware of who we are taking the food away from

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

Bank of England warns ‘higher inflation unavoidable’ after holding interest rates

The Bank of England has left interest rates unchanged at 3.75% but said the UK may need to brace for increases later this year, as “higher inflation is unavoidable” as a result of the war in the Middle East.The Bank’s rate-setting monetary policy committee (MPC) voted to leave borrowing costs on hold, but said that if energy costs stayed persistently high it might have to take a more “forceful” response to keep inflation under control.The nine-member MPC was split 8-1 in its decision to keep borrowing costs on hold for the third consecutive meeting.Andrew Bailey, the governor of the Bank of England, said: “Where we go from here will depend on the size and duration of the shock to energy prices” as the conflict in the Middle East evolves

The chips are down: pizza, fried chicken and doughnut shares plunge on ASX as living costs bite budgets

Once a symbol of cheap eating, fast food is transforming into a luxury many can no longer afford due to resurgent living costs.This shift is reflected on the ASX, where major pizza, fried chicken and doughnut outlets are seeing significant price drops, raising the question: are consumers so downbeat that they are even giving up on fast food?Shares in Domino’s Pizza, KFC operator Collins Foods and multi-brand food franchise owner Retail Food Group have all suffered double-digit falls over the past two months, coinciding with surging oil prices tied to the US-Israel war on Iran.The Guzman y Gomez share price is also down, even as the broader ASX has proven robust.Lochlan Halloway, an equity market strategist at Morningstar, says the stocks are under pressure because concerns over consumer spending are coinciding with fast-rising operational costs.“Fast food is a discretionary purchase, something that’s probably fairly easy to cut if your budget’s pinched, and so they might be a casualty of consumers just trading out of the category entirely,” Halloway said