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00:00Hello and welcome to the latest Business Bulletin on Tuesday 3rd June.
00:04Today's Bulletin focuses partly on the water sector because there are several big stories.
00:10Firstly, England and Wales water industry needs a fundamental reset according to a new report.
00:15The Independent Water Commission says failures across the industry are deep-rooted and systemic.
00:20It's calling for a tougher, more hands-on approach from regulator Ofwatt.
00:24Meanwhile, Thames Water says talks with investor KKR have collapsed,
00:28dealing a blow to its rescue plans.
00:31KKR had been the preferred partner in efforts to recapitalise the troubled utility,
00:35but it's now pulled out, meaning Thames Water will shift focus to a plan backed by senior creditors.
00:41Chairman Sir Adrian Montague says the company remains committed to finding a sustainable solution.
00:46The owner of South West Water has also said today rising bills will help fund £3.2bn in upgrades.
00:53Panang Group posted a £72.7 million loss this year, much deeper than last year's £9.1 million.
01:00It blames record investment and efforts to cut customer water use.
01:04Average bills jumped 28% in April, helping to cover a third of its long-term plans.
01:10In other business news, Irish hotel group Dilata has received a potential €1.3bn cash offer.
01:16The early stage proposal comes from hotel property company Pandox and real estate specialist Eindom Spar.
01:23They're offering €6.05 a share, a 27% premium on Dilata's March price.
01:29Talks are underway, but there's no guarantee a formal bid will follow.
01:33Former UK Trade Minister Greg Hans has joined Royal Mail's new owner as a strategic advisor.
01:39The ex-Conservative MP will work full-time for Czech billionaire Daniel Kratinsky's EP Group.
01:44He'll focus on the UK and Germany as the company takes full control of Royal Mail.
01:50And finally, Marks & Spencer boss Stuart Mackin has seen his pay rise to £7.1 million.
01:55The jump comes as he steers the retailer through a major cyber attack.
01:59His package includes £4.6 million in long-term bonuses he can't touch for two years.
02:04A strong year also earned him a £1.6 million performance bonus.
02:09That's all for today. Thank you for listening.