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Campaigners call for the whole regulatory system to be replaced after Observer analysis finds watchdog spent more than £25m with consultanciesThe water industry regulator has spent £26.7m on business consultants in the past five years, including several companies that have simultaneously worked for private water firms, the Observer can reveal.The findings prompted environmental campaigner Feargal Sharkey to call for Ofwat to be abolished as...

Decision raises concerns about financial future of UK’s biggest water companyBusiness live – latest updatesInvestors at Thames Water have pulled the plug on £500m of emergency funding, raising concerns about the financial future of the country’s largest water company.The beleaguered utilities firm announced this morning that its shareholders had refused to provide the first tranche of £750m funding set to secure its short-term cashflow,...

CMA plans in-depth investigation into deal that would create UK’s largest mobile phone operatorThe planned merger between Vodafone and Three UK, which would create the UK’s largest mobile phone operator, has been referred to an in-depth investigation by the competition regulator.The Competition and Markets Authority (CMA) said it intended to refer the deal to a more detailed phase 2 investigation amid concerns that mobile...

New data from consumer group reveals four in five shoppers say it is hard to know whether markdowns represent value for moneyFollow our Australia news live blog for latest updatesGet our morning and afternoon news emails, free app or daily news podcastMost shoppers don’t believe Coles or Woolworths specials or sales promotions make it clear they offer actual savings, new data from consumer group...

The company’s CEO says he’s ‘acutely aware of the cost of living pressures both our customers and the broader community is under’Follow our Australia news live blog for latest updatesGet our morning and afternoon news emails, free app or daily news podcastElectricity and gas company AGL Energy has posted a return to profit but rejected accusations the sector is price gouging cash-strapped households.“We are...

Czech tycoon promised Gambling Commission two years ago his firm would sever Russia ties before taking over the lucrative contractThe Czech billionaire whose company takes over running the UK national lottery from Thursday is still in business with the Kremlin-owned gas company Gazprom, nearly two years after promising regulators he would sever ties with Russia.The Gambling Commission awarded Allwyn the lucrative 10-year licence to...