Financial Times - July 25
July 25 (Reuters) -The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.
Headlines
- Thames Water's credit rating slashed to 'junk'
- Reckitt launches wide-ranging restructuring plan
- IAG takeover of Air Europa in peril as EU officials signal concern
- UK signs new defence pact with Germany
- French regulator pulls licence for Vincent Bolloré’s TV channel C8
Overview
- Britain's largest water provider Thames Water suffered a major blow in its battle to avoid renationalisation as credit rating firm Moody's downgraded its corporate family rating (CFR) and its safest tranche of debt to junk.
- Consumer group Reckitt RKT.L has launched a strategic review of its infant formula business Mead Johnson and announced plans to sell a large portfolio of its home care brands, including Air Wick and Cillit Bang, in an effort to streamline the business.
- British Airways owner IAG's ICAG.L takeover of Spain's Air Europa is close to unravelling after EU officials signalled that the airline group had still not done enough to ease concerns over the impact of the deal on competition.
- Britain and Germany signed a joint defence declaration, pledging to work more closely to strengthen their defence industries, reinforce European security and support Ukraine in its fight to repel Russian forces.
- France's broadcast regulator has refused to renew a licence for an entertainment channel C8, owned by conservative billionaire Vincent Bolloré, for reasons including promoting conspiracy theories and fake news, as well as for not respecting pluralism.
(Compiled by Bengaluru newsroom)
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