Tuesday newspaper round-up: Thames Water, Ikea, FOS
A record 50% more raw sewage was discharged into rivers in England by Thames Water last year compared with the previous 12 months, data seen by the Guardian reveals. Thames, the largest of the privatised water companies, which is teetering on the verge of collapse with debts of £19bn, was responsible for almost 300,000 hours of raw sewage pouring into waterways in 2024 from its ageing sewage works, according to the data. This compares with 196,414 hours of raw effluent dumped in 2023. – Guardian
Ikea will be bringing its mix of meatballs, lampshades and kitchen planning to London’s Oxford Street from 1 May, when the world’s largest furniture retailer finally opens its store 18 months late. The company said its three-floor outlet, in the former Topshop base, would house a 130-seat Swedish deli and showrooms, as well as offering one-to-one design consultations. – Guardian
Audi plans to cut 7,500 jobs as the German car maker scrambles to find money to fund the “challenging transition to electric mobility”. The manufacturer, which is owned by Volkswagen, on Monday announced plans to axe around 8pc of its workforce by 2029. The job cuts are part of a series of measures aimed at saving €1bn (£840m) a year. – Telegraph
One of America’s biggest defence start-ups is planning to open a drone factory in the UK. Anduril Industries’ new facility is expected to serve as the European base of the company, which has a $1 billion factory in Ohio. The company designs and builds autonomous systems and weapons for the military and other government agencies. It is part of a new wave of companies building systems based on artificial intelligence technologies. – The Times
The Financial Ombudsman Service faces a Treasury investigation into whether the complaints adjudication body was overstepping its powers and landing the industry with huge compensation bills. The review will look at concerns over the service acting at times like a “quasi-regulator” and also whether it was wrongly applying today’s standards to practices that took place in the past, the Treasury said. It explicitly added that the review would look at “practices that have grown up over time on compensation”. – The Times