Crypto News: The London Rush: Thames’ £3 billion sticking plaster

Morning, I'm Louise Moon from Bloomberg UK's breaking news team, bringing you up to speed on today's top business stories.

It looks as if Thames Water will be kept afloat for the time being — to the tune of £3 billion from creditors.

The proposal to raise that sum would extend liquidity to October 2025. It means the heavily indebted water and sewage provider has staved off insolvency, just two months before cash reserves were due to run out at the end of December.

Crucially, the loan comes in the form of "super senior funding," meaning backers get first dibs on repayment if and when the utility goes under. Risk is lower. It's a sticking plaster, not a long-term solution.

What it does give is time for the utility to restructure and raise new equity, and avoid temporary nationalisation.

For stakeholders' sake, let's hope the funds keep on flowing.

What's your take? Ping me on X, LinkedIn or drop me an email at lmoon13@bloomberg.net. Oh, and do subscribe to Bloomberg.com for unlimited access to trusted business journalism on the UK, and beyond.

NatWest raised its outlook after third-quarter earnings beat estimates, topping off a positive week for banks. See more from Morwenna below.

In a punchy "clarification" statement, Boohoo has come out firing against Mike Ashley after he demanded to be made CEO. The struggling retailer said it hasn't ignored his request, thinks his characterisation of debt refinancing is "unfair" and is simply taking time to sort itself out.

Consumer confidence ticked lower in October despite a fall in inflation. With budget speculation swirling, Keir Starmer has suggested Labour might raise taxes on Brits who own shares.

Finally, planning a work Christmas party? Under fresh laws, companies will be obligated to anticipate where staff might face sexual harassment. It means boozy parties and hotel stays could become a thing of the past.

That comes as City firms reported a 72% surge in non-financial misconduct complaints over the past three years e.g. the Crispin Odey scandal.

China's boldest economic stimulus since Covid fails to impress global leaders.
Korean chef made famous by Netflix set to list restaurant and make $180 million.
Elon Musk has spent at least $132 million to elect Trump and other GOP allies.

Here's your daily snap analysis from Bloomberg UK's Markets Today blog:

If we needed further evidence that elevated interest rates were paying off for the UK's high-street banks, we got it today. Topping off a week which saw Lloyds and Barclays report profits ahead of estimates, NatWest has followed suit with an earnings beat and raised forecast.

Like Barclays, which also raised its UK business outlook, NatWest saw better net interest margins, which are essentially a measure of how profitable lending is based on the differential in interest rates faced by the bank and its customers.

It also saw strong credit quality from customers, while Lloyds benefitted from customers' ability to meet repayments, suggesting that while higher interest rates faced by mortgage customers may be stifling the housing market, they aren't hurting the banks at least.

— Morwenna Coniam

Check Bloomberg UK's Markets Today blog for updates all day.

Blue chips reporting next week include HSBC, Standard Chartered, BP, Shell, Glencore, GSK and Haleon.

Plus, housing-related data: September mortgage approvals come on Tuesday and October Nationwide house prices on Friday.

Hi, I'm David. I cover the money behind sport — and there seems to be no stopping the impact of Ryan Reynolds' and Rob McElhenney's Wrexham on the lower reaches of the football pyramid.

The third-tier team is set to visit Charlton in south east London on Saturday. The home team is expecting its highest paid attendance since a semi-final against Doncaster Rovers in May 2019, with 22,000 tickets already sold against an average crowd of 14,500 this season.

Charlton first noticed a surge in ticket sales a few weeks ago as buyers from unfamiliar addresses bought in large numbers. The club recently embarked on an ad campaign called Welcome to London that mimics the Wrexham documentary series .

Photographer: Leon Bennett/The Hollywood Reporter

But Wrexham's rise — from fifth to third tier in successive seasons — hasn't come without a cost, as the club adds to its payroll and improves its stadium. On Thursday it announced Populous, the architecture firm behind projects including the Fulham Riverside development, will redesign a new 5,5000 capacity stand.

According to the Welsh club's latest accounts, it made a £5.1 million loss in the year to June 2023 from a nearly doubled turnover of £10.5 million. It also owed £8.9 million to The Ryan Reynolds Company LLC, up from £3.7 million the previous year.

Accounts for last season are being prepared and are likely to show a doubling of turnover to more than £22 million, as the team was promoted up the ranks, according to a person familiar with the situation. Wrexham was unavailable for comment.

— David Hellier

For more on the Business of Sport, check out the team's Friday newsletter.

The government is banning the sale of disposable vapes in England and Wales from June 2025, as they typically end up in landfill. What percentage of the British public now buy and use vapes, according to official figures?

Photographer: Chris Ratcliffe/Bloomberg

[Yesterday's answer: The second reason Heathrow cited for a boost in passengers, aside from sport travel, was "iconic music stars" coming to the UK.]

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