Stricken UK water supplier lines up John Hutton as independent chair designate if takeover goes ahead

The group of Thames Water creditors pursuing a £10bn rescue deal for Britain’s largest water supplier has lined up a former senior Labour minister to chair the company, as it tries to win over the government.

The creditor consortium, called London & Valley Water, said on Tuesday that Lord John Hutton had been selected as independent chair designate of the Thames Water board, if the consortium’s deal is approved.

Low-cost broadband provider Jio Platforms aims for £81bn valuation when it floats on the stock market on Wednesday

India’s second-richest man, Mukesh Ambani, is launching what could be the country’s biggest-ever initial public offering (IPO), despite a stock market downturn.

Mumbai-based Jio Platforms, a telecoms company backed by Meta Platforms and Google, is hoping to raise up to 302bn rupees (£2.4bn) and is targeting a 10.3tn rupees valuation when it floats on the stock market from Wednesday.

UK banking company insists customers’ funds and data are safe despite problems with sign-in, card payments, transfers and withdrawals

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Revolut customers have been unable to access their money after the banking app went down, affecting a number of services including card payments, cash withdrawals and transfers.

The UK banking company said its app was down because of a “service disruption” affecting several services, but insisted that customers’ funds and data were safe.

Third-quarter GDP up by 4.5% compared with last year as industrial output is buoyed by electronics demand

Roaring exports lifted China’s economic growth in the third quarter of this year, with factory output growing much faster than consumer spending.

China’s GDP grew by 4.5% year-on-year between July and September, the National Bureau of Statistics of China reported on Monday. The figures were better than economists had expected and up from the second quarter’s growth rate of 4.3%.