Bosses forgo bonuses

year,” said Sarah Bentley who last year received £496,000 (€571,714) while Thames Water’s chief financial officer, Alastair Cochran, who received £298,000 (€343,442, also turned down 23 payout.

“This is the right thing to do. We’re listening to our customers, we get it,” said Susan Davy, whose company spilled untreated sewage 37,649 times last

Deloitte audit probed

THE UK’s Financial Reporting Council (FRC) is investigating Deloitte in connection with its audit of Joules’ 2021 accounts.

Clothing company Joules called in the administrators in November, endangering 1,600 jobs and 132 shops, after failing to secure emergency funding.

Creditors, who included HM Revenue and Customs, suppliers and staff, were owed more than £100 million (€115.2 million), according to a statement from the administrators.

The following month, fashion and homeware retailer Next came to the rescue in a £41 million (€47.2 million) deal that saved 100 shops and 1,450 jobs by teaming up with Joules’ founder Tom Joule.

Accountancy watchdog FRC revealed that it has opened an investigation relating to Deloitte’s audit of Joules’ accounts up to the year ending in May 2021 without stating the reason for its investigation.

year. Davy runs Pennon Group, owner of South West Water, and has turned down a pay rise for the last two years.

Chief executive of the Consumer Council for Water, Emma Clancy, applauded the executives’ decisions.

“Our recent research, Bridging the Gap, shows bonuses add to people’s current frustration with the water industry,” she said. “This announcement shows people’s concerns are being listened to.”

The Financial Times reported on May 8 that Britain’s privatised water and sewage companies paid £1.4 billion (€1.6 billion) in dividends in 2022, an increase from £540 million (€662.2 million) in 2021.

Another Zara

ANTONIO CATALAN, president of AC Hotels by Marriott, will make use of smaller hotels.

Teleworking has considerably reduced the volume of business tourism, Catalán recently told a news interviewer.

“It’s necessary to find an alternative use for the hotels that depended on this type of activity,” he said.

He hopes to create a low­cost brand, “a Zara of hotels,” Catalán revealed.

It now remains for him to convince Marriott, he said, explaining that he would use as an example the evolution of Armani from an elitist and exclusive label into a brand that included Armani Jeans, Emporio Armani and the cheaper Armani Exchange range.

Scam victims whose banks refused to compensate them were often trapped by a loophole which meant they lost refund rights if they had voluntarily paid somebody who was later found to be a scammer.

Legally, victims of what is known as “authorised push payment” fraud should be entitled a full refund from their bank under UK financial regulation.

Nevertheless, many failed to receive compensation until they took their fight to the FOS, receiving amounts that varied from hundreds to thousands of pounds.

King’s weather

WET weather, once known as the Queen’s weather and presumably now the King’s weather, boosted gazebo sales over the Coronation weekend.

Street party organisers began panic­buying as the rain set in, with retailers reporting an “unprecedented” rise in sales while gazebo hire firms were inundated with last­minute bookings.

“As a home and leisure retailer we are used to seasonal swings but this spike in sales for gazebos was unprecedented,” Shaun Eldridge, spokesperson for The Range told a news source.

Some gazebos sold out entirely, including a £49.99 (€57.47) line decorated with the Union Jack “which flew off the shelves,” he said.

Peace reigns

ANTONIO GARAMENDI, who is president of the Spanish Confederation of Business Organisations (CEOE), foresees social peace until 2025.

He was “especially pleased and proud,” Garamendi said, after having signed the Fifth Employment and Collective Bargaining Agreement (AEMC) with Spain’s unions. The pact was balanced as well as good for the country’s stability, the CEOE president said. He also went on to stress, in an oblique reference both to the government and to political parties, that nobody should be allowed to try to appropriate the pact.

Dow Jones

Gold rush

AN ounce of gold now costs

$2,050 (€1,877, comfortably close to the $2,100 (€1,923) that it fetched during the summer of 2020 when investors were spooked by Covid. Banking crises, interest rate volatility, economic slowdown and the war in Ukraine have all contributed to gold’s 10 per cent price rise since January, analysts explained.

Encapsulated

LIQUID capsules are the fastest­growing detergent and have become the most popular way of doing the laundry in the UK, although only 0.1 per cent are made by eco­friendly brands. Wilton have now reinvented the laundry pod, a new carbon­neutral capsule range that comes with the added benefit of 100 per cent plastic­free packaging.