It looks as if USS simply overpaid and underestimated the effort and catch-up investment requiredWe continue to view Thames Water as a long-term investment," said the Universities Superannuation Scheme (USS), the 75bn pension fund for UK academics, as it wrote down the value of its stake in the Thames' parent by nearly two-thirds, or almost 600m. Top marks for cheerfulness, but it's a line that recalls the old joke about the definition of a long-term investment: a short-term investment gone wrong.USS and Canadian pension fund Omers, the other late arrival on Thames' register in 2017 (they replaced the departing Macquarie and its co-travellers), surely cannot have imagined that the long term would stretch quite so far over the horizon. As USS says, it's taken no dividends so far, and the current business plan imagines no income for shareholders until 2030 at the earliest. That's a near-eternity in investment terms for utility assets, which are supposedly prized for their ability to generate steady cash. Continue reading...
Both sides release more than 200 troops in first exchange since August after UAE-mediated negotiationsUkraine and Russia have announced the largest exchange of prisoners since the start of the war, involving the return of more than 200 soldiers from each side in a deal mediated by the United Arab Emirates.The Ukrainian president, Volodymyr Zelenskiy, said on Wednesday in a message on social media, along with images of some of the freed PoWs: 230 of our people. Today, 213 soldiers and sergeants, 11 officers, and six civilians returned home." Continue reading...
Clayton and Carrie Law withdrew $4,000 in cash and placed it on their counter when seven-year-old Cecil decided to eat itA Pennsylvania dog shocked his owners and veterinarian after eating $4,000 in cash.Cecil, a seven-year old goldendoodle from Pittsburgh, Pennsylvania, is usually well behaved, according to his owners, Clayton and Carrie Law. Continue reading...
by Sally Weale Education correspondent on (#6HJET)
Some UK applicants had to quit Turing scheme as places were not confirmed or they failed to receive fundsStudents taking part in the government's post-Brexit replacement for the EU's Erasmus+ student exchange scheme were forced to drop out because places were confirmed too late, while others failed to receive any funding until after their return, according to research.The first official analysis of the Turing scheme, which launched in 2021 after being announced by the then prime minister Boris Johnson, found that four out of five universities (79%) had difficulties with the application process which was overly complex, repetitive and tedious". Continue reading...
Nigel Farage does not appear at Reform UK press conference as Richard Tice says a good poker player does not show his hand early'Vaughan Gething, economy minister in the Welsh Labour government and favourite in the contest to succeed Mark Drakeford as first minister, has criticised the council tax system as broadly regressive".He made the comment in an interview with the Financial Times in which he defended the Welsh government's plan to reform how the tax operates in the UK. It is consulting on three options, one of which would just involve a property revaluation, but two of which would involve getting the owners of valuable homes to pay more, and cheaper homes to pay less, possibly with the creation of new bands.The council tax consultation is not about trying to raise the average council tax or hit people in the middle or lower scale, it's about how can you rebalance how that works.You could have people at the top end paying more and people at the bottom paying less.In the future local authorities would decide what to do, it wouldn't be a Wales-wide measure, the tourism levy would be a choice for different authorities to make.If I am elected Welsh Labour leader and First Minister in 2024, here are 5 things I will do in my first week as FM:
Jungle between Colombia and Panama marks the start of the dangerous trek north from South America to the United StatesA record 520,000 people crossed the treacherous jungle between Colombia and Panama known as the Darien Gap in 2023, more than double the number reported the year before, according to new figures from the government of Panama.The people who made the journey that marks the start of the dangerous trek north from South America to the United States last year were mostly from Venezuela, Ecuador, Haiti and China, according to the numbers from Panama's migration agency. Continue reading...
Compensation from QBE is said to be key step towards many more businesses getting paymentsOne of the world's largest insurance companies has been forced to pay thousands of pounds in interest to small businesses who suffered delayed payouts on Covid insurance claims.The QBE Group's initial payout just before Christmas of over 386,000 to 86 companies raises the potential for a total outlay by insurers of up to 1.6bn in interest to customers, it is claimed. Continue reading...
by Libby Brooks Scotland correspondent on (#6HJBV)
Murals, colourful chairs and fairy lights help create a mood that is more soft play than pre-theatre at Royal Hospital for ChildrenWhen I was last here, there was nothing much to cheer you up," says 10-year-old Joseph Hay, perusing the intricate mural that now dominates one wall of the operating theatres unit at the Royal Hospital for Children in Glasgow. Joseph, who has undergone numerous procedures here after being diagnosed with bone marrow failure, remembers most of all the apprehension of the general anaesthetic. You're just waiting for the moment. This wasn't a place you'd really want to be at all."But now, the largest paediatric theatre unit in Scotland doesn't even feel like a hospital", as Joseph joins other former patients and their families to inspect the million-pound transformation they have helped to bring about in a unique collaboration between children and creatives, the first of its kind in the country. Continue reading...
by Geneva Abdul (now) and Lili Bayer (earlier) on (#6HJ5G)
Radosaw Sikorski says allies must deliver long-range missiles to Ukraine following barrage of strikes by RussiaThe Russian military has said it shot down 12 Ukrainian missiles over the southern Belgorod region bordering Ukraine, as Kyiv's forces seek to embarrass President Vladimir Putin and puncture his argument that life in Russia is going on as normal despite the 22-month war.The Belgorod governor, Vyacheslav Gladkov, said the situation in the regional capital, also called Belgorod, remained tense. The city came under two rounds of shelling on Wednesday morning, Gladkov wrote on Telegram. Continue reading...
Officials confirm two explosions at ceremony marking fourth anniversary of killing of Qassem SuleimaniTwo explosions have killed at least 73 people and injured scores more at a memorial ceremony in Iran marking the fourth anniversary of the US killing of Qassem Suleimani, the head of Iran's Quds Force and one of the most powerful men in the Middle East.A senior official called the blasts a terroristic" attack, without elaborating on who could be behind them. Continue reading...
Ever more of the continent's 400 million voters feel the bloc is important enough to warrant casting their ballotThey are elections whose purpose many do not see, for an institution whose role few fully understand; an international ballot still viewed primarily in national terms, by voters who see it chiefly as a low-risk way to vent national frustrations.They're not really about the EU and they don't really matter" was long the popular take on elections to the European parliament, whose latest edition, from 6 to 9 June, will once more fill the 705 seats of the only directly elected EU body. Continue reading...
Five- and 10-year fixed-rate remortgages announced as lenders big and small reduce ratesHSBC has become the latest big UK lender to announce across-the-board mortgage interest rate cuts, with leading names announcing reductions of up to one percentage point.The bank's new deals announced on Wednesday include a headline-grabbing five-year fixed remortgage deal of 3.94% for those borrowing up to 60% of the property value. Continue reading...
Zomato rider resorts to horsepower in Hyderabad after truckers' strike causes fuel shortage and traffic jamsAn Indian food delivery driver frustrated by long queues for petrol has resorted to horsepower to make his deliveries.A video clip shows the man trotting through the busy streets of Hyderabad in southern India on a bay horse with the distinctive red bag of the food delivery app Zomato (the Indian equivalent of Deliveroo) dangling behind his back. Continue reading...
There was outrage when the vice-president was mocked last month by an opposition MP, but social commentators say India is increasingly a country that cannot take a jokeIt is rare for India's politicians to laugh at themselves, but a row over an act of mimicry has exposed the extent of the lack of humour and intolerance of satire in the country's political and public life.Over the past two weeks, politicians have traded insults over an impersonation of India's vice-president, Jagdeep Dhankhar, by the opposition MP Kalyan Banerjee. Continue reading...
More than 600 flood warnings and alerts in England and Wales, with train cancellations and road closuresA man was killed after a tree fell on his car in Gloucestershire as Storm Henk brought winds of more than 90mph, causing havoc in parts of southern Britain.The man, who was in his 50s and from the Bath area, was fatally injured in the accident on Tetbury Road, between Tetbury and Cirencester, at about 3.15pm on Tuesday. Continue reading...
Alfredo Aliaga Burdio says achievement shows it's never too late as he only started living healthily in his mid-70sA 92-year-old who recently became the oldest person to cross the Grand Canyon rim-to-rim on foot says he is proof that it is never too late to try something - because he waited until his mid-70s to start leading what he considers a healthy life.I began living a healthy lifestyle really at age 76," Alfredo Aliaga Burdio - a Spanish-born resident of Berlin - told the Guinness World Records site in an interview. Continue reading...
Impresario says ghost would pile up theatre scripts in obscure room but finally left after priest's visitAs poltergeists generally go, it seems the award-winning composer Andrew Lloyd Webber may have got off lightly.The musical theatre impresario, whose West End hits include Phantom of the Opera, has claimed he once shared his home with a poltergeist in Eaton Square. Continue reading...
Francoise Bornet's embrace with then boyfriend in 1950 became one of the most famous images of the cityIt was one of the most famous kisses of the 20th century - a postwar clinch that became a 1980s poster phenomenon, bringing fame and court battles.Francoise Bornet, the young lover immortalised in the French photographer Robert Doisneau's The Kiss by the Hotel de Ville, has died aged 93. Continue reading...
by Kiran Stacey Political correspondent on (#6HJ6K)
Chief strategist uses examples from around world to urge against complacency, warning polls do not predict the future'Labour's poll lead could collapse in the weeks before the general election, the party's chief campaign strategist has told shadow ministers, as he warned them not to be complacent going into the election year.Morgan McSweeney, Labour's director of campaigns, recently gave a presentation to the shadow cabinet in which he showed MPs what happened in the months before eight different elections from around the world. In each case, the clear favourite lost after their poll lead disappeared in the weeks leading up to the vote. Continue reading...
Pair taken by ambulance to Katoomba hospital after emergency at Echo Point amid storm chaosTwo people have been taken to hospital after being struck by lightning while visiting a popular scenic site in the New South Wales Blue Mountains.Other visitors were forced to seek shelter from a major storm while rescue crews searched several walking tracks in the area looking for stranded bushwalkers. Continue reading...
Consumers buy more items - including plenty of parsnips and sprouts - to beat last year's spend by 7%UK shoppers spent 13.7bn on groceries in the run-up to Christmas - 7% more than a year before - as they sought out bargains and switched to discounters to try to offset price inflation.The number of items bought rose by 2% in December as prices climbed by 6.7%, according to analysts at Kantar. Prices for sweets, eggs and frozen potato products rose fastest but prices fell for dairy items, including butter, milk and cream. Continue reading...
Festival will be free of fossil fuel sponsorship for the first time in decades after the departure of Chevron as a sponsor last yearFossil fuel company Woodside has now severed all ties with the arts company behind one of the largest fringe festivals in the world, after sustained complaints and protests over several years from performers, producers and audiences.A Woodside spokesperson confirmed on Wednesday a philanthropic agreement with Artrage, one of Western Australia's largest arts companies which produces the annual Fringe World festival, had been discontinued. Continue reading...
In today's newsletter: Health bosses raise alarm as junior doctors begin the longest strike in NHS history. But how will the action actually impact patients? Sign up here for our daily newsletter, First EditionGood morning. It is never a good time to be seriously ill, but this week is worse than most. The NHS is in the grip of its customary winter crisis, which typically peaks in early January. More than 125,000 posts are vacant, and about 6.5m people are on waiting lists for routine appointments, more than a million of them for more than one procedure.Today, junior doctors in England go out on strike again, for six days. (A pay deal has already been reached in Scotland, while doctors in Wales are due to strike later this month and those in Northern Ireland are currently being balloted.) Almost a year after the first strike over pay and conditions, the dispute still appears a distance from being resolved.Israel-Gaza war | One of Hamas's most senior officials, Saleh al-Arouri, was killed in an Israeli drone strike in Beirut that threatened a significant and dangerous escalation of Israel's war against Hamas and its related conflict with the Lebanese militant group Hezbollah. Read Jason Burke's analysis.Japan | A passenger jet that collided with a coast guard plane in a catastrophic accident at Tokyo's Haneda Airport had been given permission to land, Japan Airlines executives have said. Five crew members on the coast guard plane were killed while all 379 passengers evacuated from the burning Japan Airlines jet.UK news | Camila Batmanghelidjh, who created the Kids Company children's charity and became one of the UK's best known and most powerful campaigners for disadvantaged youngs people, has died aged 61.Climate Crisis | The UK had its second hottest year on record in 2023, according to provisional data from the Met Office, as the climate crisis continued to deliver elevated temperatures. Such a warm year would have occurred only once in 500 years without human-caused global heating, the scientists said.US news | The president of Harvard University has resigned amid pressure over her response to questions about antisemitism at US colleges and allegations that she has plagiarized some of her academic work. Claudine Gay's six-month tenure is the shortest in the university's history.Six days of strike action following bank holidays at a time of enormous pressure, there are real issues around patient safety"NHS Confederation chief executive, Matthew Taylor, 23 DecemberJunior doctors' pay has been cut by more than a quarter since 2008"BMA website Continue reading...
Two men, who have been denied bail, claim three boys were trespassing in Mareeba when they allegedly assaulted and handcuffed themA pair of alleged vigilantes have been charged with assaulting and handcuffing three boys they believed to be trespassing in an industrial area in Mareeba, near Cairns.A 36-year-old man and a 27-year-old man, both from Biboohra, have been denied police bail over the incident, involving three boys aged 12 to 14 on 23 December. Continue reading...
NSW Health issues warning after multiple people who visited CBD were hospitalised for pneumonia caused by legionella bacteriaSydneysiders have been urged to stay alert for symptoms of legionnaires' disease after seven people were hospitalised after contracting the respiratory illness over Christmas and the new year.New South Wales Health issued an alert on Wednesday afternoon, warning those who had been in the Sydney CBD area in the past 10 days to monitor for symptoms, which can include fever, chills, cough and shortness of breath. The disease can lead to severe chest infections. Continue reading...
Police have charged an alleged gunman arrested in Fairfield Heights with the shooting of a convicted drug kingpin at a busy Sydney shopping precinct in JuneAn alleged gunman has been charged with murder over the daylight shooting of convicted drug lord Alen Moradian in Sydney.Police have charged three additional men over the shooting in a Bondi Junction car park in 2023. Continue reading...
Supreme court grants woman's urgent application, but a new order will be required to use sperm for fertilisationA 62-year-old woman has been given permission by the Western Australian supreme court to remove sperm from her dead husband for possible use in posthumous fertilisation.The woman made an urgent court application after the death of her 61-year-old husband late last year. Continue reading...
by Kiran Stacey Political correspondent on (#6HHTS)
Exclusive: Party considering new offence of fraud against the public purse that would see jail terms of more than 10 yearsPeople who defraud the government will face going to jail for more than a decade under plans being considered by Keir Starmer as part of a wider cleanup of British politics.The Labour leader will pledge to restore standards in public life with a total crackdown on cronyism" in a speech on Thursday marking the beginning of the election year. Continue reading...
by Patrick Butler Social policy editor on (#6HHTT)
Family announces death of campaigner known for her charisma, colourful attire and outspoken pursuit of social justice for childrenCamila Batmanghelidjh, who created the legendary Kids Company children's charity and became one of the UK's best known and most powerful campaigners for disadvantaged youngsters, has died aged 61.Batmanghelidjh - known for her charisma, colourful attire and outspoken pursuit of social justice for children - had been ill for many months, though she rallied in recent weeks. She died peacefully on New Year's Day, having celebrated her birthday with family and friends. Continue reading...
Local residents join mother, brother and sister of Harry Pitman, 16, killed while out watching London fireworks displayThe mother, brother and sister of 16-year-old Harry Pitman, who was stabbed to death while out watching a new year's fireworks display, have been joined by mourners for a vigil in his memory.A crowd gathered at Downhills Park in Haringey, north London, bearing flowers and balloons. They were joined by residents of Primrose Hill, where Harry died late on Sunday evening. Continue reading...
Man taken to hospital with bullet wound after incident involving pistol owned by Emanuele PozzoloItalian opposition leaders are demanding clarity" from the prime minister, Giorgia Meloni, after a gun owned by an MP from her far-right Brothers of Italy party was accidentally fired at a New Year's Eve gathering.Emanuele Pozzolo confirmed that the pistol belonged to him but denied firing the bullet, which grazed the leg of a 31-year-old man who was among the security entourage of the Italian justice ministry undersecretary Andrea Delmastro. Continue reading...
Homes hit by power cuts and trees brought down, while Exeter sees highest wind speeds in 30 yearsRoads, bridges and rail lines were blocked as the first named storm of 2024 - Henk - swept across parts of southern Britain, with one area experiencing its strongest wind speeds for more than 30 years.Thousands of homes suffered power cuts and many trees were brought down. Continue reading...
Six coastguards were on plane, which was delivering earthquake relief supplies, which hit Japan Airlines plane at Haneda airport. This live blog is closed
Downing Street refuses to endorse home secretary as he says his aim is to reduce number of people crossing Channel on small boats to zero'. This live blog is closed
by Helen Davidson in Taipei, Amy Hawkins and Patrick on (#6HHA7)
Media tycoon and pro-democracy activist is accused of conspiring to commit foreign collusion and publish seditious materialJimmy Lai has pleaded not guilty to all charges at the resumption of his national security trial in Hong Kong.The media tycoon and pro-democracy activist is facing up to life in prison if found guilty on the charges against him, brought under the 2021 national security law and a colonial-era sedition law. Continue reading...
Man reportedly shot at the building and fired additional rounds while inside, but no one was injured by the gunfirePolice have arrested a Colorado man who they say broke into the state's supreme court building and held a security guard at gunpoint.Authorities have said the break-in is not connected to previous threats received by Colorado supreme court justices after their decision last month to remove Donald Trump from the state's 2024 Republican primary ballot. Rather, they said it resulted from a nearby car crash in which one motorist pulled a gun on another. Continue reading...
Two new studies show female film-makers still underrepresented despite recent successes such as BarbieGreta Gerwig's Barbie may have been the top-grossing film of 2023, but women are still dramatically underrepresented behind the camera in Hollywood, according to two major studies of the industry.At the same time, major studios that pledged to re-examine their diversity and inclusion practices in the wake of the Black Lives Matter protests in 2020 still fail to produce many films from people of color, according to USC's Annenberg Inclusion Initiative. The center's latest report, titled Inclusion in the Director's Chair, called the entertainment industry's pledges to promote inclusion performative acts" and not real steps towards fostering change". Continue reading...
Portraits and objects explore those who looked after the royals, from the keeper of ice and snow' to the groom of the stool'From pages to cooks, and wet nurses to seamstresses, little is known about the servants and courtiers who ran the royal palaces of Britain over the centuries.They came from all walks of life and all corners of the world, managing life at the royal court and attending to the needs of their royal masters and mistresses. Continue reading...
by Robyn Vinter North of England correspondent on (#6HHFY)
Judge tells Alice Wood she may never be released for killing Ryan Watson in May 2022A philosophy student has been found guilty of murdering her boyfriend when she lost her temper" and drunkenly ran over him with her car, dragging him underneath.Alice Wood, 23, used her Ford Fiesta as a weapon when she hit partner, Ryan Watson, 24, near the home they shared in Rode Heath, Cheshire, at about 11.30pm on 6 May last year. Continue reading...
Mogadishu recalls ambassador to Ethiopia over null and void' Gulf of Aden port agreementSomalia has promised to defend its territory by any legal means" and recalled its ambassador to Ethiopia after Addis Ababa struck a deal with the breakaway region of Somaliland.Mogadishu called the surprise pact, which would give landlocked Ethiopia long-sought access to the Gulf of Aden, a clear violation" of its sovereignty and appealed to the international community to stand by its side. Continue reading...
Dr Iain Kennedy calls for higher pay and better facilities and training to stem vacancy crisis in remote areasThe leader of Scotland's doctors has called for rural GPs to get higher pay and special status to cope with a critical shortfall of medics in the Highlands, islands and rural counties.Dr Iain Kennedy, the chair of the British Medical Association in Scotland, said urgent action was needed to reverse a crisis with doctors quitting rural practices in growing numbers, which had left many remote areas dependent on locum GPs who are paid 900 a day. Continue reading...
Shoppers switch to discounters and buy more own-label goods to offset hefty food price inflationThe grocery discounters Aldi and Lidl both rang up their best ever Christmas sales performance in the UK as shoppers sought ways to save cash during the cost of living crisis.Lidl's sales rose 12% in the four weeks to Christmas, helped by an 11% rise in sales of the chain's premium Deluxe own-label foods, while sales of its Montaudon brut champagne doubled. Continue reading...
World news | The Guardian