UK’s Southern Water in Talks to Avoid Thames-Like Debt

Britain’s Southern Water Ltd. is trying to fix its finances in an effort to preserve its investment grade status, safeguard its balance sheet — and avoid the same debt woes as Thames Water, Bloomberg News reported. The utility has entered into talks with its creditors to figure out how to reshape its capital structure, according to people familiar with the matter. The parties are discussing how to accommodate a £900 million ($1.2 billion) equity injection — led by majority shareholder Macquarie Asset Management — and what other tweaks may be necessary to stabilize the company’s finances.
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BOE’s Bailey Is a Top Candidate to Lead Global Finance Watchdog

The Bank of England’s Andrew Bailey is a leading candidate to become the next chair of the Financial Stability Board, a move that would upend how the watchdog traditionally rotates its leadership at a fraught time for global policy making, Bloomberg News reported. While Bailey is considered a frontrunner for the role, the group remains in discussions about who should take over for the Dutch National Bank’s Klaas Knot when his chair term expires in July, according to people familiar with the matter, who asked not to be identified discussing non-public deliberations.
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UK Sentences Individual in First Unregistered Cryptoasset Case

Britain's financial watchdog said on Friday a four-year prison sentence has been issued in the UK's first case involving unregistered cryptoasset activity, Reuters reported. London-based Olumide Osunkoya was found guilty of operating unregistered crypto ATMs for transactions worth 2.5 million pounds ($3.2 million) across several locations within the UK between December 2021 and March 2022, the Financial Conduct Authority (FCA) said in a statement. Osunkoya was also convicted and sentenced for forgery, using false identity documents, and possessing criminal property at the court hearing.
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Almost Half of England’s Councils ‘Could Face Bankruptcy over £4.6 Billion Deficit’

Almost half of councils in England risk falling into bankruptcy without action to address a £4.6bn deficit amassed under a Conservative-era policy, the government’s spending watchdog has warned, The Guardian reported. In a damning report, the National Audit Office said that rising pressure on public services and repeated delays to reform the funding of local government meant town halls were in an “unsustainable” financial position.
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