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2d ago

Rio Tinto Picks Simon Trott as Chief Executive and Thames Water Launches Debt Recapitalisation Plan

Thames Water is securing senior creditor backing to restructure its £16.8bn debt after a £1.65bn loss

Completions fell nearly 8 per cent year on year
The trade truce with the US has helped China avoid a sharp slowdown
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Overview

  • Simon Trott, head of Rio Tinto’s iron ore division, will take over as CEO on August 25, succeeding Jakob Stausholm
  • Thames Water recorded a £1.65bn full-year pre-tax loss for the year to March, with debts climbing to £16.8bn and sewage spills up one third
  • CEO Chris Weston confirmed the firm is advancing a senior creditors’ recapitalisation to stabilise its balance sheet and avert potential renationalisation
  • Housebuilder Barratt Redrow launched a £100m share buyback despite an 8% decline in home completions, buoyed by net cash of £772m and steady profit guidance
  • The FTSE 100 climbed to a new intraday high above 9,000, while China’s economy grew 5.2% in Q2, bolstered by a fragile US-China trade truce