Severn Trent’s profits triple as it fails drinking water risk rules

Severn Trent has nearly tripled its profits even as the FTSE 100 water company said it had failed to meet a drinking water risk standard.The company, which serves 4.7 million customers stretching from Bristol and mid-Wales to the Humber, said it would be “in penalty this year” over a measure of water quality known as the compliance risk index (CRI).Water companies have come under close scrutiny over pollution and water quality in recent years, as politicians have accused the sector of not investing enough in vital infrastructure even as shareholders made impressive returns.Several other water companies are under severe financial strain as they struggle under big debt loads

Santander puts aside £295m for car loan mis-selling

Santander UK has put aside £295m to cover potential payouts to car loan customers as the bank issued its first estimate of the financial fallout from the growing car loan mis-selling scandal.The figures were released alongside the bank’s third-quarter results, which were delayed last month after a court of appeal ruling said it was unlawful for two lenders to have paid a “secret” commission to car dealers without borrowers’ knowledge.The provision dented the bank’s pre-tax profits, which fell to £143m in the quarter, down from £413m in the second quarter.Car lenders such as Santander UK had already been facing potential payouts over a Financial Conduct Authority investigation into a specific type of commission payment, discretionary commission arrangements,that was banned in 2021.However, the court judgment went beyond the scope of the FCA investigation and City regulation, extending into common law and opening the door to a much larger compensation bill for motor loan providers

Rio Tinto review shows rise in rape and bullying reports

Rio Tinto has said the number of its employees who reported they have experienced actual or attempted sexual assault or rape has increased over the last two years, despite efforts to improve its workplace culture in recent years.A report on the Anglo-Australian mining company, authored by the former Australian sex discrimination commissioner, Elizabeth Broderick, found “mixed results” in its efforts to implement a programme to change its culture in an effort stamp out sexual assault, bullying and racism.Broderick’s 76-page report on the company, which employs 57,000 globally, noted that a rise in bullying against women was in part “retaliation” to Rio Tinto’s efforts to “promote gender diversity and inclusion”.Sign up for Guardian Australia’s breaking news emailThe report revealed that eight allegations of rape or attempted rape in the past 12 months, up from five cases in 2021. The report also found 32 employees reported experiencing pressure or requests for sex or sexual acts, down from 37 people in 2021

Former John Lewis chair Sharon White takes role at Canadian pension fund

Dame Sharon White, the former chair of John Lewis, has been appointed European head of the Canadian public pension fund manager that holds investments in companies including Eurostar and Heathrow.White has been given the official title of managing director and head of Europe at Caisse de dépôt et placement du Québec (CDPQ) and will start in January.White, the shortest-serving chair in the history of the John Lewis Partnership and who stepped down as chair in September, had been due to leave the retailer next February but left early to make way for the former Tesco boss Jason Tarry.The announcement of White’s decision to step down came a month after she repoted that the group’s turnaround would take two years longer than planned and cost more money.John Lewis ditched its annual staff bonus for the second time in three years in March last year, after the group slumped to a worse-than-expected £230m full-year loss

E.ON must pay £14.5m to prepayment customers after billing failures

The energy regulator has ordered power supplier E.ON Next to pay £14.5m in compensation to nearly 250,000 prepayment customers, after an investigation found “unacceptable” failures to pay credit they had on accounts or final bill payments they were owed.Ofgem found that the customers were affected over an 18-month period from early 2021 to late last year by an error in E.ON Next’s billing system

UK’s inflation jump dashes hope of interest rate cut in December | Heather Stewart

Any lingering hope that the Bank of England might deliver a pre-Christmas interest rate cut next month has evaporated, after official data showed inflation jumping to 2.3% in October.If it continues to rise in the coming months, Labour will be forced to defend itself against Tory claims that government policy is at least partly responsible.The CPI measure had been expected to creep up, after dipping to 1.7% in September, but 2