Europe

London is at risk of being swamped by burst pipes and sewage leaks if Thames Water is forced into an emergency nationalisation later this month, The Telegraph reported. Insiders have expressed growing concerns that maintenance and repair works could grind to a halt if a multibillion-pound private sector-led bailout is rejected by the Court of Appeal in the coming days. A reversal of a £3bn rescue deal, which was sanctioned by the High Court last month, would trigger an immediate cash crisis at Thames and potentially force ministers to step in.

Swedish truckmaker Scania, a shareholder and customer of struggling battery maker Northvolt, told Reuters on Monday it had secured an additional supplier of battery cells, Reuters reported. Scania in January stepped in to help Northvolt with the day-to-day running of its flagship plant in northern Sweden in an effort to boost quality and output at the electric vehicle battery maker.

The European Central Bank needs to have an open mind on its next steps as it confronts persisting inflation risks, according to Governing Council member Peter Kazimir, Bloomberg News reported.

Germany’s embattled manufacturing industry faces a fresh slump after new orders plunged by 7pc between December and January, The Telegraph reported. Machinery orders dropped more than 10pc on the month, while “other transport equipment” – the category including planes, ships, trains and military vehicles – plunged by almost 18pc. Consumer goods also slid 2pc.

It is only "a matter of time" until another Premiership club goes bust unless there is "radical change" according to the administrator who oversaw London Irish's insolvency, BBC.com reported. London Irish, Wasps and Worcester went out of business during the 2022-23 season leaving the top flight of English rugby with only 10 teams. A parliamentary report in January 2023 concluded that the financial situation of elite clubs was unsustainable.

The U.S. Secret Service, working with a coalition of international law enforcement agencies, has taken down and seized the website of Garantex, a Russian cryptocurrency exchange accused of being associated with darknet markets and ransomware hackers, TechCrunch.com reported. On Thursday, the official Garantex website was replaced with a notice saying the exchange’s domain has been seized by the Secret Service following a warrant by the U.S. Attorney’s Office for the Eastern District of Virginia. This is the latest action taken by Western governments against the Moscow-based exchange.