Good morning. Today we're talking about more Thames Water troubles, a British tech takeover and big corporate job cuts.

Big Stories

Troubled Thames Water

Britain's largest water company, Thames Water, has been placed under special measures by regulator Ofwat. The company has been grappling with significant financial and operational challenges, including a mounting debt of around £15bn. Ofwat's decision comes amid growing public concern over water quality and sewage discharges. Thames Water has faced criticism for its handling of these issues, and the regulator has imposed strict conditions on the company, including targets to reduce pollution and improve service delivery. Ofwat also approved plans to allow water companies to increase bills by £94 in the next five years so they can invest in fixing the ailing infrastructure. Thames Water must now review its rescue strategy and report regularly to the regulator on how it is progressing. It also has to submit a financial resilience plan after warning it only has enough cash to survive until May next year.

British tech takeover

Japanese tech conglomerate SoftBank has acquired British AI chipmaker Graphcore. The deal, which aims to bolster SoftBank's position in the rapidly growing AI market, will see Graphcore become a wholly-owned subsidiary of the Japanese firm. SoftBank has not disclosed how much it paid - but it is thought to be considerably less than the £2bn the UK company was valued at after a financing round in 2020. Graphcore, known for its innovative AI processors, has been struggling to compete with larger rivals like Nvidia. SoftBank's substantial investment is expected to provide Graphcore with the financial resources and strategic support needed to scale its operations and challenge market leaders.

Job cut announcements

Dyson and Unilever, two prominent global brands, have recently announced significant job cuts as part of their business restructuring efforts. Dyson, the British-founded technology company renowned for its bagless vacuum cleaners and other innovative products, is planning to eliminate around 1,000 jobs primarily in the UK. The company, which moved its headquarters to Singapore in 2019, cited the need to become more "entrepreneurial and agile" in increasingly competitive global markets as the primary reason for the layoffs. Unilever, the consumer goods giant behind brands like Dove and Ben & Jerry's, has also announced job reductions. The company is reportedly planning to cut up to a third of its office-based workforce in Europe by 2025 as part of a broader cost-saving initiative.

Elsewhere...

On the brink: Carpetright is one step away from a collapse that would place 1,852 jobs at risk.

Friday feeling: PwC has issued a warning to its UK employees that it will be cutting Friday half-days perks while bonuses for some parts of the UK business will be reduced.

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Number of the Day

30 million

How many Brits tuned in to watch England versus Spain in the Euros final.

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