Wednesday newspaper round-up: Thames Water, BYD, BT Group

by | Jan 3, 2024

(Sharecast News) – The amount of electricity generated by the UK’s gas and coal power plants fell by 20% last year, with consumption of fossil fuels at its lowest level since 1957. Not since Harold Macmillan was the UK prime minister and the Beatles’ John Lennon and Paul McCartney met for the first time has the UK used less coal and gas. – Guardian

One of the biggest investors in Thames Water has slashed the value of its stake in the debt-laden utility by almost two-thirds, weeks after the company admitted that it does not have enough money to make its debt repayments. A fund controlled by Thames Water’s second largest investor, the University Superannuation Scheme (USS), reported a loss of almost £600m last year after writing down the value of the embattled water company as it struggles to shore up its balance sheet. – Guardian

Marks & Spencer shares hit a five-year high as investors predict the high street stalwart will be crowned the best-performing retailer over the Christmas period. M&S was among the biggest risers on the FTSE 100 on Tuesday, with shares rising by as much as 2.5pc to push up the value of the company by more than £70m. Shares later closed the day 1.3pc higher. – Telegraph

Tesla has been overtaken as the world’s bestselling maker of electric cars by a Chinese rival that is backed by Warren Buffett, the renowned investor. The American carmaker run by Elon Musk said it had delivered 484,507 vehicles between October and December, about 11,000 or so more than industry analysts had predicted. – The Times

The prospect of a fine is looming over BT after the telecoms group missed a government deadline to remove equipment made by Huawei from its core network by the end of December. Britain’s biggest telecoms group said that all its 4G and 5G voice calls and data were now delivered by non-Huawei equipment, accounting for more than 99 per cent of traffic over the most sensitive part of its network. However, 2G and 3G services are yet to be migrated. – The Times

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