Monday newspaper round-up: Thames Water, McLaren, gigafactories
Thames Water has risked a fresh backlash over its commitment to tackling sewage dumping after it declined to commit funds to a £180m industry-wide initiative to fast-track efforts to reduce pollution in England’s waterways. The government said on Monday that the sum would be spent by six companies over the next 12 months to prevent more than 8,000 sewage spills, as water companies attempt to address their woeful record on tackling spills. – Guardian
A cryptocurrency firm transferred digital assets worth more than $4.2m to a crypto wallet belonging to a member of an alleged Russian arms-dealing network who was later hit with US sanctions, it can be revealed. Details of the transactions involving Copper Technologies raise questions about whether UK laws governing crypto have adapted quickly enough to keep pace with a rapidly evolving sector that has come under increasing scrutiny over the level of anonymity it can provide. – Guardian
The Bahraini owners of McLaren have hired bankers to find a buyer for their stake in the British car maker after investors were forced to pump it with £1.5bn in funding to prop it up in the wake of the pandemic. Mumtalakat, Bahrain’s sovereign wealth fund with a 50pc holding in McLaren Group, is said to have drafted in advisers at JP Morgan following an order from King Hamad bin Isa Al Khalifa to stem losses. – Telegraph
British battery metal refiners and electric car gigafactories are being handed cheap power deals by the Government as part of a battle to cut the West’s dependence on China. Companies will get the energy relief from next month with the aim being to boost domestic production of key minerals needed for wind turbines, electric cars and defence technologies, officials and executives say. – Telegraph
The boss of Sainsbury’s has warned that new government policies designed to make farming more sustainable could harm Britain’s food production and lead to more imported food. Simon Roberts, chief executive of Britain’s second-largest supermarket chain, said the UK food system “is at a crossroads” because environmental challenges like climate change and biodiversity loss are creating a perfect storm “with well-intentioned but inconsistent government policy”. – The Times