Latest in Business
Leader Live
11 minutes ago
- Business
- Leader Live
Pollution fines of more than £100m will go to environmental projects, Defra says
The Environment Department (Defra) said more than £100 million in fines and penalties levied on water firms for breaches such as illegal sewage spills since October 2023 – as well as future fines – will be reinvested in projects to clean up England's waters. These could include local programmes to address pollution and improve water quality. The announcement comes as the Government attempts to grapple with the problems engulfing the water sector in the face of high public anger over the degraded and polluted state of rivers, lakes and coasts, rising bills, bosses' bonuses and shareholder payouts. The promise to reinvest money from fines into work to improve the environment was first made by the Conservative government in 2022, with local groups, farmers, communities and landowners invited last year to bid for an £11 million ringfenced pot of penalties levied since April 2022. There were reports that, after the election, the Treasury was seeking to divert the money elsewhere, but Defra has confirmed a huge pot of cash for environmental projects as part of its efforts to sort out the water sector's pollution problems. The Government has also pointed to the 'record' 81 criminal investigations that have been launched into water companies since it came to power and prison time for bosses who cover up illegal sewage spills and an independent review launched into the sector. And troubled utility Thames Water was handed a record fine of £123 million in May, including £104.5 million for breaking rules over sewage treatment which contributes to the pot that will be spent on environmental projects. Environment Secretary Steve Reed said: 'We inherited a broken water system with record levels of sewage being pumped into waters. 'But the era of profiting from failure is over,' he said. 'This Government will invest money collected through fines into local projects to clean up our rivers, lakes and seas for good.' Environmental charity River Action's chief executive James Wallace said: 'Ringfencing water company fines for river restoration is a welcome move – but it's hardly new. 'The previous government pledged this in 2022, only for the new Chancellor to backtrack, prioritising growth over nature. 'If this Government is serious about making polluters pay, it must give the Department for Environment all the funding and powers it needs to enforce the law.' He called for Thames Water to be put into a Special Administration Regime, and raised concerns whether, with a 3% cut in Defra's core budget in last week's spending review, the Environment Agency would be in a position to keep tabs on pollution and enforce the law. 'Regulators need boots on the ground, legal resources and access to courts, backed by consistent funding and most importantly, political will,' he urged. The Government has also announced new 'sustainable drainage systems' standards to give developers clearer guidance on creating systems to collect and filter rainwater that mimic nature, like green roofs, permeable surfaces and areas to allow water to soak away without causing flooding. These measures can help relieve pressure on the sewage system and prevent pollution overflowing into waterways, officials said. Water minister Emma Hardy said: 'The Government will introduce new standards to tackle water pollution, protect communities from flooding and make our new towns beautiful.'
Fox News
11 minutes ago
- Business
- Fox News
Dave Portnoy says legacy media faces major distrust as CNN grapples with low morale
Print Close By Preston Mizell Published June 19, 2025 Barstool Sports founder Dave Portnoy said that there is "obviously big time distrust of legacy media" during an exclusive interview with Fox News Digital. Portnoy's comments come in response to a Fox Digital report that CNN staffers are worried about the future of the former most-watched cable network. "It is obviously big time distrust of legacy media," Portnoy explained. "And there's so many different ways to consume media. Whether that's online podcasts, some of it good, some of it bad, to be honest, you just have to be really careful where you're getting your information from. There's so many different people speaking now and people can access it in so many ways." CNN MORALE 'REALLY GRIM' AS NETWORK FACES UNCERTAIN FUTURE WITH CORPORATE SPLIT, STAFFERS WARN CNN dominated the airwaves in the '90s, leading coverage on Baghdad and the O.J. Simpson trial. Since then, prime-time viewership has plummeted from the Ted Turner-founded network to third in ratings. On Monday, Variety reported that one of the network's most notable stars, Anderson Cooper, hired high-powered Hollywood agent Bryan Lourd of Creative Artists Agency, which may indicate Cooper is either looking to bolster his contract with CNN or potentially leave the network altogether. Cooper has been at CNN for more than 23 years. One Cable News Network staffer also told Fox "the mood remains really grim" and that "people are uncertain" about what may come after an expected corporate restructuring by their parent company, Warner Bros. Discovery. CNN HAS 'TEARS ON THE HORIZON' AS WARNER BROS. DISCOVERY PLOTS NETWORK SPINOFF, INDUSTRY INSIDERS SAY Portnoy explained his thinking behind the shift in media, saying the internet has played a large role in where people get their information. "The internet has given a way for people to fact-check and come to their own conclusions," Portnoy added. "You just don't have a couple of network TV anchors or chairs telling you what to think." The Barstool Sports empire is a leading example of the change in how people interact with the media. The mostly podcast and social media-driven strategy has propelled the sports outlet into a giant, with Dave manning the helm. ANTISEMITIC SLUR FLUNG AT BARSTOOL SPORTS FOUNDER DAVE PORTNOY OUTSIDE TORONTO RESTAURANT Portnoy's infamous "one bite" pizza reviews are one of the many bits that put Barstool on the map, which feature Dave testing slices of pizza and rating them accordingly. Many of his reviews have gone viral and his scores can make or break pizzerias in New York City and across the country. Following the success of the pizza reviews, Dave launched the "One Bite Pizza Festival" in 2023 in Brooklyn, and now plans to host the event for a third year in Randall's Island Park this September for thousands to try his top-rated pizza choices. The event has sold out each time the festival has been held. "Like if you like pizza, obviously if you don't like pizza, forget about it, but everybody loves pizza," Dave told Fox. "We have the best pizzerias, 40 plus. We're always adding new ones. Like I just did this spectacular place series that went super-viral in New York City." CLICK HERE TO GET THE FOX NEWS APP "Tickets go on sale Friday, and then September 13th is the actual day, and if you like pizza you can't miss it," Dave added. Creative Artists Agency did not respond to Fox News Digital's request for comment. Print Close URL
Bloomberg
12 minutes ago
- Business
- Bloomberg
HK Builder New World Nears $11 Billion Loan Refinancing Deal
New World Development Co., one of Hong Kong's most indebted builders, is close to securing a crucial HK$87.5 billion ($11.1 billion) loan refinancing deal, according to people familiar with the matter, the culmination of months of negotiations as it raced to secure a lifeline amid a deepening liquidity crisis. New World has received preliminary consent from all the lenders for the refinancing deal, even from those that had previously resisted, the people said, asking not to be identified discussing private matters. A few of the banks are still working on formal written commitments, the people added.
The Independent
13 minutes ago
- Business
- The Independent
Why millions more households will receive the £150 Warm Home Discount
The Warm Home Discount scheme has been expanded to provide £150 directly off energy bills for around six million people, including 900,000 families with children and 1.8 million households in fuel poverty. To be eligible, the bill payer must either receive the guarantee credit element of pension credit or be on a low income. An additional two million people will now receive the automatic discount, after the previous requirement for low-income households to have 'high energy costs' to qualify for the payment was removed. The £150 discount is applied automatically to eligible customers' energy bills between October and March. This positive development for households comes as energy regulator Ofgem is set to drop its energy price cap by 7 per cent for July to September. Rule change to bring £150 winter energy discount to millions more – here's who's eligible
The Independent
13 minutes ago
- Business
- The Independent
Interest rates kept on hold with Bank of England alert to ‘highly unpredictable' world
The Bank Of England 's Monetary Policy Committee decided to keep UK Interest Rates unchanged at 4.25%. The decision was made following a split vote, with six members opting to hold rates and three preferring a cut. Bank governor Andrew Bailey stated that Interest Rates remain on a gradual downward path, but the world is highly unpredictable. The MPC emphasized that a gradual and careful approach to reducing borrowing costs continues to be the right course of action. The Bank is closely monitoring signs of softening in the labour market, such as slower hiring and easing wage growth, for their impact on UK inflation.
