Insolvencies rise in England and Wales amid economic pressures; Lib Dem MP to appeal approval of Thames Water debt restructuring plan – as it happened

Good morning, and welcome to our rolling coverage of economics, the financial markets and the world economy.UK pay growth has accelerated at the end of last year, bringing relief to workers and a headache for the Bank of EnglandThe latest employment data, just released, shows that total pay rose by 6% per year in the October-December quarter – up from 4.4% in July-September, and a little faster than City economists expected.Regular pay (excluding bonuses) rose by 5.9% in the Oct-Dec quarter, down from 4

Thames Water wins court backing for £3bn debt package

Thames Water has won court approval for an emergency debt package worth up to £3bn that should stave off the collapse of Britain’s biggest water company for at least another few months.London’s high court said on Tuesday that the deal could proceed, after hearing four days of complex arguments earlier this month over whether it should go ahead. The deal will allow the company to avoid special administration, in effect a temporary nationalisation.Thames, which has 16 million customers and 8,000 employees, has been on the verge of collapse for months, with debts of about £19bn. The financial difficulties have contributed to underinvestment in the pipes and drains needed to prevent sewage overflows into rivers and seas

Elon Musk keeps bringing his kids to work – and the reasons aren’t cute at all | Arwa Mahdawi

Welcome to the White House, where every day seems to be bring-your-kid-to-work-day if you’re Elon Musk. The tech billionaire, fascist-salute-enthusiast, and de facto president of the US hasn’t just moved himself into government digs – he has seemingly moved in a selection of his kids as well. Over the last couple of weeks, mini-Musks have been popping up at high-profile political events, generating a steady stream of memes, headlines and analysis.Three of Musk’s young children were at a meeting with Indian prime minister Narendra Modi last Thursday, for example. Why were Musk and Modi meeting? Good question

Meta plans to link US and India with world’s longest undersea cable project

Meta has announced plans to build the world’s longest underwater cable project, which aims to connect the US, India, South Africa, Brazil and other regions.The tech company said Project Waterworth involved a 50,000km (31,000-mile) subsea cable, which is longer than the Earth’s circumference.The cable would be the longest to date that uses a 24 fibre-pair system, giving it a higher capacity, and would help support its AI projects, according to Meta, which owns Facebook, Instagram and WhatsApp.Meta said in a blog post: “Project Waterworth will bring industry-leading connectivity to the US, India, Brazil, South Africa, and other key regions.“This project will enable greater economic cooperation, facilitate digital inclusion, and open opportunities for technological development in these regions

Chessum back in only England change for Six Nations clash with Scotland

Ollie Chessum will make his first England start for 11 months on Saturday with Steve Borthwick making a solitary change to his side to face Scotland. Chessum comes in at second-row with George Martin, who has been nursing an injury problem, dropping to the bench.Otherwise, Borthwick has stuck with the same side that beat France last time out with Fin Smith continuing at fly-half and Marcus Smith sticking at fullback. Borthwick has stuck with the same back-row, meaning a second start for Tom Willis at No 8, as England seek a first win over Scotland since 2020.Chessum’s return comes after he made appearances off the bench against Ireland and France, impressing against the latter and, significantly, he improves England’s lineout

Jannik Sinner case ‘a million miles away from doping’, claims Wada official

Jannik Sinner’s recent case resulting in a three-month ban was “a million miles away from doping” according to a senior official at the World Anti-Doping Agency.Sinner tested positive for the anabolic agent clostebol last year which he said had entered his system from a member of his support team through massages and sports therapy.The men’s world No 1 was initially cleared by an independent tribunal after being provisionally suspended, however Wada had appealed against that decision to the court of arbitration for sport. On Saturday it was confirmed that a deal had been reached which would see Sinner banned from 9 February to 4 May, with Wada accepting the Italian player had not deliberately cheated.“This was a case that was a million miles away from doping,” the Wada general counsel, Ross Wenzel, told BBC Sport