BUSINESS LIVE: Equinor given green light for Rosebank oil and gas field

By Live Commentary

Updated: 03:25 EDT, 27 September 2023

The FTSE 100 is down 0.1 per cent in early trading. Among the companies with reports and trading updates today are Ithaca Energy, Saga, Hiscox, Shepherd Neame, Chapel Down Group, Rolls-Royce, Flutter and Pendragon. Read the Wednesday 27 September Business Live blog below.

> If you are using our app or a third-party site click here to read Business Live

Rosebank oil field given go-ahead by regulator

Britain has given the go-ahead for Norwegian oil and gas company Equinor to develop the Rosebank oil and gas field in the North Sea, in a move likely to provoke fresh criticism from environmental campaigners.

Equinor, which holds a majority stake in Rosebank, one of the biggest undeveloped oil and gas fields on the British continental shelf, will invest $3.8billion, or around £3.1billion, alongside its partner to develop the field.

Flutter buys majority stake in Serbian betting group

Paddy Power owner Flutter has bought an initial 51 per cent stake in Serbia’s number two sports betting and gaming operator MaxBet for €141million (£123million) in a bid to expand in the Balkans.

Flutter said the deal, which also allows it to acquire the remaining 49 per cent stake in 2029 on similar terms, aligns with its strategy to target fast-growing, regulated markets where it can combine local expertise with its global pricing and technology.

The world’s largest online betting company said the €700million Serbian betting market is attractive due to its relatively low online penetration of around 35 per cent and expected online compound annual growth to 2025 of approximately 15 per cent.

MaxBet, which generated pro forma fully regulated revenue of €145million in the year to June, 44 per cent of it online, also has a smaller presence in Bosnia, Montenegro and North Macedonia.

‘We believe MaxBet is an excellent opportunity to replicate the success we have achieved in markets like Georgia, India and Italy,’ Flutter CEO Peter Jackson said in a statement.

Lindsell Train fund managers split £36 million in dividends despite disappointing investor returns

The fund managers behind Lindsell Train split nearly £36m in dividends last year – despite disappointing returns for investors.

Nick Train and his wife received around £18m from the investment trust for the year to the end of January, as did his business partner Michael Lindsell and his wife, according to accounts filed with Companies House.

That was the lion’s share of a total dividend pot of £49m, although this was down from the previous year’s £53m.

Saga lifts profit expectations

Holiday group Saga expects annual revenues to rise by double digits and underlying profit to beat market estimates after a surge in bookings for its ocean cruises amid resilient travel demand.

The company, which also sells insurance to over 50-year-olds, separately told investors this mornign that finance chief James Quin would be stepping down from the role after nearly five years.

Hiscox to sell DirectAsia

FTSE 250-listed Hiscox has agreed to sell its motor insurance business in Singapore and Thailand.

The insurer will sell DirectAsia to Ignite Thailand Holdings following a strategic review.

The company expects the deal to be completed by the end of 2023.

Equinor given green light for Rosebank oil and gas field

The Government has given the go-ahead to Oslo-listed Equinor to develop the Rosebank oil and gas field in the North Sea in partnership with London-listed Ithica Energy.

Equinor holds a majority stake in Rosebank, which is one of the largest undeveloped oil and gas fields on the British continental shelf, and expects to produce 300 million barrels of oil from the field in its lifetime.

‘We have today approved the Rosebank Field Development Plan which allows the owners to proceed with their project,’ the North Sea Transition Authority said in a statement.

Environmental campaigners had called on the Government to halt the development, arguing it contravenes Britain’s plan for a net-zero economy.

Gilad Myerson, executive chairman of Ithaca Energy, said: ‘We are delighted to announce the decision to move forward with the Rosebank development alongside Equinor.

‘Rosebank stands as the largest undeveloped field in the UK, and with the receipt of development consent from the NSTA, we are now poised to embark on a journey that will not only provide critically important domestic energy but also ignite substantial economic impact.

‘The Rosebank project will create thousands of jobs and contribute significantly to securing the UK’s energy needs for many years to come.’

The pound faces its worst month since the mini-Budget crisis last year amid recession fears

The pound hit a six-month low against the dollar last night as it headed for its worst month since the mini-Budget crisis of last September amid fears of a recession.

Sterling dropped by about half a cent to as low as $1.2157 as pressure mounted on the currency in the wake of last week’s decision by the Bank of England to leave interest rates on hold.

And while many observers believe rates in the UK have peaked, it is thought there could be further hikes in the US, boosting the dollar.

Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.

Brian Klaas has lived in the UK for 12 years – and has revealed what he thinks his adopted country’s strengths and ‘oddities’ are

I’m a statriotic Minnesotan but I’ve lived in the UK for 12 years and I’m going to become a dual citizen.

After living abroad for 12 years, I see America’s strengths and weaknesses more clearly, just as I see Britain’s strengths and weaknesses more clearly as an outsider.

Life here in Britain has its problems – the cost-of-living crisis and the general decline post-Brexit are real and serious – but here are some tremendous strengths – and endearing oddities, too.

STRENGTHS  

There is interesting history everywhere. When I was a kid in Minnesota , we went on a field trip to one of the oldest grand houses in the state, which was built in 1891. Since moving to the UK, I’ve lived in a cottage that was built in the 16th century – 1578, to be precise. It had no closets. The floor was slanted. It was lovely.

Cities/towns are much more walkable than in the US and there are tens of thousands of miles of walking paths, fanning out in every direction. It really is extraordinary. Where I live, there are several long-distance paths where you can walk out of your door and continue on the same path for hundreds of miles. If baseball and apple pie are America’s national pastimes, having tea after a countryside walk on Sundays seems to be a fair nominee for one of Britain’s most cherished rituals.

Most villages are utterly charming. There are several bleak industrial towns and cities, but most British villages are picturesque, complete with at least one pub, a church (often a very old one), old terraced houses, and nice walking paths crisscrossing it, often near some body of water. (If there is no body of water nearby, you are, of course, welcome to swim in your own bin.)

Healthcare is a guaranteed right and it’s free at the point of service. The NHS has issues, but every experience I’ve had has been overwhelmingly positive.

British political humour is hilarious. (If you haven’t seen The Thick of It, watch it.) Whenever the prime minister is getting elected, they have to stand, flanked by crazy people and joke candidates, such Lord Buckethead and Count Binface.

Brian marvels at how the Eurostar can whisk you from the UK to Europe in around two hours

There is virtually zero risk of getting shot. (It’s also a myth that stabbings are more frequent in the UK compared to the US; there are more stabbings per capita in America.)

There is tremendous social capital and people are, for the most part, friendly, polite, and terrified of social awkwardness. (The mathematical definition of a limit approaching, but never reaching, zero is the final morsel of cheese at a British dinner party, which subdivides endlessly, until it is approximately one micron long and one micron wide, at which point it will be thrown away.)

You can travel most places in Europe in an hour or two, often for under $100 if you plan ahead. (I once took a morning Eurostar train from London to Brussels – it takes around two hours – gave a lunchtime talk at the European Union, had some Belgian beer and a little walk around, then returned home by 5pm.)

Pubs are wonderful institutions. Enough said.

The London Tube [subway] is fantastic. It’s clean, safe, and reliable. Most of the time, it’s so reliable that waiting anything beyond two or three minutes for a train in central London is deemed an annoyance.

Most places, there are very few annoying bugs (Scotland’s midges are a notable exception). You can just leave your doors and windows open without screens.

Almost everywhere is dog-friendly: bars, restaurants, bookstores, you name it.

THE ODDITIES

Brian writes: ‘Tiny country lanes that would be considered sidewalks in America are supposed to accommodate two normal-sized cars going at speed in opposite directions, often flanked by unforgiving hedges’

To turn the light on in many bathrooms, you need not find a light switch, but a little string hanging from the ceiling, which you pull. Nobody knows why.

To get warm in the winter, many people – yes, even in the 21st century – boil water and pour it into a red rubber bag, sometimes with a furry cover over it if you’re extra fancy. These ‘hot water bottles’ are staples of British homes.

Tiny country lanes that would be considered sidewalks in America are supposed to accommodate two normal-sized cars going at speed in opposite directions, often flanked by unforgiving hedges. When you encounter another car, one of you will reverse, sometimes a great distance, often over tree roots, into a tiny little ‘passing place’. (Both drivers are obligated, by British social law, to wave. The punishment for failing to comply is deep personal angst for days that they might have thought you were rude, which, to many British people, is worse than death).

‘To get warm in the winter, many people – yes, even in the 21st century – boil water and pour it into a red rubber bag, sometimes with a furry cover over it if you’re extra fancy,’ writes Brian. ‘These “hot water bottles” are staples of British homes’

Dr Brian Klaas’s book Corruptible: Who Gets Power And How It Changes Us is out now

What an American would called a kids’ size popcorn at a movie theatre (sorry, ‘cinema’) would be the largest size available in Britain.

The word ‘quite’ is often used to reduce intensity in British English rather than enhance it. In America, ‘quite’ always means ‘very’, whereas in Britain ‘quite nice’ often means ‘sort of nice’ instead of ‘extremely nice’. (I learned this the hard way three years into my time in the UK, when complimenting someone. I was told I had been inadvertently rude.)

In Britain, ‘middle class’ refers to well-off professionals such as doctors and lawyers, not the middle of the economic bell curve, as in America.

You can learn much more about a person by their accent. Accents can change even in the span of a few dozen miles. (When I first moved to the UK, I once went cycling in Wales, encountered someone on the top of a big mountain climb, and couldn’t understand a word he said. I told him I didn’t speak Welsh. It turns out he was speaking English, albeit with a Welsh valley accent. I’m sure he still tells that story about the American idiot he once met.) There is even a special accent associated with Eton, a school for posh boys. Whereas when I talk, I sound like a generic suburban Midwesterner and could conceivably be from an area with a 1,000-1,500-mile radius.

This article was originally published on Brian’s blog site – The Garden of Forking Paths.

Dr Brian Klaas is Associate Professor in Global Politics, University College London. For more from Brian visit brianpklaas.com. His book Corruptible: Who Gets Power And How It Changes Us is out now, available from Amazon.

Stassi Schroeder in tears as rain pours through light fixtures and nursery is damaged in Hurricane Hilary… one month before birth of second child

By Cassie Carpenter For Dailymail.Com

Published: 00:38 EDT, 21 August 2023 | Updated: 00:38 EDT, 21 August 2023

One month ahead of the birth of her second child, Vanderpump Rules alum Stassi Schroeder Clark was in tears as she watched rain pour through the light fixtures of the nursery inside her $1.7M Hollywood Hills home due to Hurricane Hilary on Sunday.

‘And I was having anxiety about getting the blinds and curtains done in time,’ the expecting 35-year-old – who boasts 3.1M Instagram followers – wrote via Instastory.

‘My hormones have me legit sobbing right now. Our nursery [cry emoji].’

Stassi’s husband Beau Clark showed more footage of the damage inside the room of their unborn son and reached out to his 678K Instagram followers for contractor recommendations.

‘New baby’s nursery. What are the odds that we can fix this before the baby arrives [cursing angry emoji]?’ the 43-year-old commercial casting director asked via Instastory.

Leaks: One month ahead of the birth of her second child, Vanderpump Rules alum Stassi Schroeder Clark was in tears as she watched rain pour through the light fixtures of the nursery inside her $1.7M Hollywood Hills home due to Hurricane Hilary on Sunday

‘I don’t think I’ve ever met someone who raved about their contractor. But if anyone has some recommendations, DM me their info so I can check them out on Google.’

The New Orleans-born blonde and Beau – who are also parents of two-year-old daughter Hartford Charlie Clark – will next celebrate their third wedding anniversary on September 7.

The expecting 35-year-old wrote via Instastory: ‘And I was having anxiety about getting the blinds and curtains done in time. My hormones have me legit sobbing right now. Our nursery [cry emoji]’

‘New baby’s nursery’: Stassi’s husband Beau Clark showed more footage of the damage inside the room of their unborn son and reached out to his 678K Instagram followers for contractor recommendations

The 43-year-old commercial casting director asked via Instastory: ‘What are the odds that we can fix this before the baby arrives [cursing angry emoji]? I don’t think I’ve ever met someone who raved about their contractor. But if anyone has some recommendations, DM me their info so I can check them out on Google’

Once upon a time, before the arrival of electric light, people would eat their evening meal by candlelight.

When my wife, Clare, and I are feeling romantic (or when there is a power failure), we still sometimes do this, although turning on an electric light is obviously far more convenient.

But perhaps the idea of going back to more candlelit dinners will catch on, thanks to recent research which suggests that reducing your exposure to bright lights in the evening can lead to better sleep, improve your blood sugar levels and even help you to lose a bit of weight.

On top of that there is evidence that exposure to bright light in the late afternoon and evening can trigger anxiety and mood swings in some people (but more on that later).

I’ve written before about the benefits of exposing yourself to bright light first thing in the morning, ideally by going for a brisk 30-minute walk or just spending a bit of time in your garden.

A couple hold hands together over candlelight during a romantic dinner

That’s because doing this helps reset your internal body clock, which regulates your circadian rhythms, and which, in turn, determines the timing of natural body processes and functions — including your energy levels and your sleep.

But what you do at the other end of the day also matters.

There is, for example, mounting evidence that being exposed to bright light in the evening not only disrupts your sleep but can lead to weight gain.

In a study, published in the journal PLOS One in 2016, researchers at Northwestern University in the U.S. took 19 healthy adults and asked them to eat their evening meal under either dim or bright light.

When the volunteers ate under bright light, this led to an increase in insulin resistance (which means their bodies had greater difficulty getting their blood sugar levels down after they’d eaten the meal).

The researchers said that increased insulin resistance and a build-up of blood sugar could, over time, lead to increased body fat, weight gain and a higher risk for type 2 diabetes. And pregnant women may be particularly sensitive to the impact of light; one of the unfortunate potential complications of getting pregnant is that some women develop gestational diabetes, where their blood sugar levels soar into the diabetic range.

In the UK around one in 20 pregnant women is affected, and although the condition often resolves once the baby has been born, if you develop gestational diabetes you’re ten times more likely to develop type 2 diabetes (as well as having a higher risk of cardiovascular problems and stroke) later in life.

In a study, published in the journal PLOS One in 2016, researchers at Northwestern University in the U.S. took 19 healthy adults and asked them to eat their evening meal under either dim or bright light (file image)

Gestational diabetes also potentially affects the baby, increasing their risk of becoming overweight or having high blood pressure when they grow up. In a recent study of pregnant women, published in the American Journal of Obstetrics and Gynecology Maternal and Fetal Medicine, 741 pregnant women were fitted with a wrist device to measure their exposure to light — the researchers found the mothers-to-be who got the most exposure to bright light in the three hours before bedtime were at greatest risk of developing gestational diabetes.

This wasn’t a proper randomised controlled trial — involving a placebo group — but it certainly adds to research suggesting that late-night light exposure really can mess with our metabolism.

Dr Minjee Kim, an assistant professor of neurology at Northwestern University, who carried out this study, said all this research into light has affected how she lives her own life.

‘I’m now the light police at home,’ she says. ‘I switch off unnecessary lights and try to dim the light as much as possible. For evening activities such as dinner and bathing the kids, you don’t need bright light.’

She also recommends avoiding using your computer or phone during the lead-up to bedtime — ‘but if you have to use them, keep the screens as dim as possible’.

When the volunteers ate under bright light, this led to an increase in insulin resistance (file image)

And as I mentioned earlier, light doesn’t just affect our blood sugar levels, it can also affect our mood.

Too little light in winter can lead to seasonal affective disorder (SAD), also known as the winter blues. As I know from personal experience, you feel depressed, moody and have a craving for carbs. Separately, too much light in the evening can affect people with Alzheimer’s.

If you have a loved one with this disease, you may have noticed that distressing symptoms such as confusion and anxiety become worse late afternoon and evening.

This is called ‘sundowning’ and a new study suggests it may be driven by changes in light levels.

Previously it was thought this behaviour was due to changes in the brain, but research in the journal Frontiers In Aging Neuroscience suggests it is changes in the retina, the light-sensitive area at the back of the eye, caused by Alzheimer’s, that are responsible. This understanding could poten-tially lead to new approaches to coping with sundowning.

In the meantime, Dementia UK recommends closing the curtains and turning on the lights before dusk ‘to ease the transition into night-time’.

Our remote ancestors rose with the dawn and huddled round the campfire at night.

So it’s not surprising that light, how much you are exposed to and when, has such a profound effect on our mind and bodies.

Bud Light released a statement Thursday after Dylan Mulvaney finally broke her silence on the controversy over her infamous partnership with the embattled beer brand. 

The 26-year-old on Instagram addressed the debacle, which has seen Anheuser-Busch lose $20million in market cap value since the advert for March Madness, and accused them of not standing by her amid the fallout from their disastrous campaign.

Speaking to her 1.8million followers earlier Thursday, Mulvaney said: ‘I was waiting for the brand to reach out to me, but they never did. I’ve been scared to leave my house.

‘For a company to hire a trans person and then not publicly stand by them is worse than not hiring a trans person at all.

Later Thursday, Anheuser Busch issued a statement that didn’t address Mulvaney by name or her claims, but stressed that they ‘remain committed to the programs and partnerships we have forged over decades with organizations across a number of communities, including those in the LGBTQ+ community.’

Bud Light has released a statement Thursday after Dylan Mulvaney finally broke her silence on the controversy over her infamous partnership with the embattled beer brand 

‘The privacy and safety of our employees and our partners is always our top priority. As we move forward, we will focus on what we do best – brewing great beer for everyone and earning our place in moments that matter to our consumers,’ a spokesperson said. 

The company’s mention of employees comes two days after Anheuser-Busch denied that they had fired two of the marketing executives behind the debacle involving Mulvaney. 

The Daily Caller reported on Tuesday that the beer giant officially fired Group Vice President of Marketing Daniel Blake and Bud Light Marketing Vice President Alissa Heinerscheid, citing text messages with an unknown regional marketing leader at the company.

In a statement to DailyMail.com, a spokesperson for Anheuser-Busch said they were still both on a ‘leave of absence.’ 

Mulvaney had harsh words for what she felt was an abandonment from the brewer in her recent post. 

‘It gives customers permission to be as transphobic and as hateful as they want. There’s should be nothing controversial or divisive about working with us.

‘I have been ridiculed in public I’ve been followed and I have felt a loneliness that I wouldn’t wish on anyone.’ 

It is the first time that Mulvaney has publicly spoken about Bud Light, calling them a company that she ‘loved’ in the new post.

During the video she said that trans and queer people are ‘customers too’, before adding that ‘turning a blind eye’ isn’t an option. 

She previously said she didn’t want to give her critics the ‘satisfaction’ of talking about them, but has now opened up about how the backlash affected her – as sales for the beer dropped a staggering 28.5 percent.

The influencer admitted to hiding the can – which sparked Kid Rock to shoot at several cases of the beer – and is no longer able find it. 

Later Thursday, Anheuser Busch issued a statement saying they ‘remain committed to the programs and partnerships we have forged over decades with organizations across a number of communities, including those in the LGBTQ+ community’

The brand has been hit by plummeting sales since they teamed up with the influencer, who called it a brand deal 

Mulvaney said: ‘I realized that I needed to protect this can so I hid it somewhere and I can’t find it because I hid it so well. 

‘But when I do find it, I feel like it needs to go in a museum, preferably behind bullet-proof glass.

‘One thing I will not tolerate people saying about me is that I don’t like beer because I love beer and I always have.’

She also explained that Bud Light approached her for the sponsored video, which is something that the company denied, claiming it was an external agency on their behalf. 

Her comments come after the US CEO of Anheuser-Busch was slammed for failing to answer questions over the backlash on Wednesday. 

Brendan Whitworth, US CEO, insisted that his priority was the employees and added that they had poured three times the amount of investment into Bud Light for this year

Sales have plummeted 24 percent in the latest data, which comes after Modelo Especial dethroned Bud Light as the top-selling beer in America after 22 years of holding the top spot 

Mulvaney said: ‘One thing I will not tolerate people saying about me is that I don’t like beer because I love beer and I always have’

The transgender TikTok star has been shrugging off criticism since she entered into a disastrous partnership with Bud Light to celebrate ‘365 Days of Girlhood’

Brendan Whitworth refused to rule out partnering Mulvaney and avoided answering how much the marketing blunder had cost Bud Light.

Speaking to CBS Mornings, Whitworth was asked if he would send Mulvaney another can, knowing the backlash that it sparked. 

But instead of giving a definitive answer, the CEO instead launched into a pre-rehearsed speech about the ‘social conversation’ that the disaster campaign caused 

Whitworth added that they ‘need to deeply understand the consumer’ and ‘appreciate’ what they want’ from the brand, as he was blasted on social media for doing a ‘dismal job’. 

He was then challenged over his refusal to answer, with Tony Dokoupil asking if the decision was a mistake – but again avoided the question. 

The brand’s ousted marketing chief Alissa Heinerscheid, 39, said she planned to update the ‘fratty’ and ‘out of touch’ branding. VP for Mainstream Brands Daniel Blake, 34, also voluntarily took a leave of absence earlier this year following the controversy

It is unclear if Heinerscheid is on paid leave from the company, but she joined in 2022 and vowed to freshen up its image

When approached by DailyMail.com regarding claims that she had no idea of the campaign, Heinerscheid (left) declined to comment – but a friend said: ‘she can’t talk about it’, before being whisked away

The beer brand saw its sales drop 28.5 percent in the week ending June 17 – one of the worst weeks since the campaign aired in April.

It’s a deeper drop from the week ending on June 10, which saw a 26.8 percent drop, according to Bump Williams Consulting and NielsenIQ. 

The new low beats the previous worst – an almost 26 percent drop- for the week ending May 25.

It comes after claims that two Bud Light marketing executives had finally been fired over the fiasco – something which the company deny. 

VP of marketing Alissa Heinerscheid, 39, and VP for Mainstream Brands Daniel Blake, 34, both took a voluntary leave of absence following the backlash.

But sources told the Daily Caller that both had been official fired following the announcement that they would be stepping back in April.

When approached by DailyMail.com earlier this month, a friend of Heinerscheid’s said ‘she’s not supposed to talk about it, she can’t.’

In a statement to DailyMail.com, a spokesperson for Anheuser-Busch said they were still both on a ‘leave of absence.’

Dylan Mulvaney, 26, opened up in a new interview with ‘them’ magazine, saying she prefers not to name her critics ‘because it gives them the satisfaction of believing they’re on my mind’

Speaking just days before the controversy, Heinerscheid said she planned to update the ‘fratty’ and ‘out of touch’ branding.

Heinerscheid’s job was taken over by Todd Allen, who recently served as global vice president of Budweiser.

The marketing decision appears to be one of the worst in American history to come from an advertising backlash.

Sources told the Daily Caller that executives only claimed they were on a ‘leave of absence’ to avoid a lawsuit.

They said: ‘To my understanding, if we publicly announced the word ‘fire’ it opens up the potential for them to sue us. That’s why we said leave of absence.

‘The wholesalers would have had an absolute HAY DAY with leadership if they didn’t remove [Heinerscheid].’

‘Wholesalers were told they are both gone for good by leadership during in-person conversations,’ the source claimed. ‘They already shifted all their direct reports to new people and the head of marketing.

He added that he thought Blake was ‘actually awesome.’ ‘I think he was just caught in [the] cross fire,’ the source said. ‘But also he did hire her… so that’s a fault.’

In another blow to the brand Modelo Especial dethroned Bud Light as the top-selling beer in America after 22 years of the longtime industry leader holding the top spot.

Modelo surpassed Bud Light’s $297 million – which was a 22.8 percent fall in sales compared to the same time last year.

It is the first time since 2001 that Bud Light has not been in the top spot, dethroning its sister brand Budweiser for the ‘King of Beer’ title in 2001.

US sales of Modelo are controlled by rival Constellation Brands and do not count as part of AB InBev’s global volumes as part of an anti-trust settlement.

Ofwat approves early start for £2.2bn water infrastructure investment with companies under pressure to cut leaks and river pollution

• Ofwat has approved acceleration of 33 investments by water firms worth £2.2bn
• They include measures to improve water quality and install smart metres

By Camilla Canocchi for Thisismoney.co.uk

Updated: 11:38 EDT, 27 June 2023

The water industry watchdog has given the green light to the acceleration of around £2.2billion worth of investments to reduce leaks and river pollution.

Ofwat said on Tuesday it has approved 33 investment schemes put forward by water companies, which include measures to improve water quality and install smart meters.

The first  tranche of investments is set to begin in the next two financial years, from 2023 to 2025, with projects to be completed by 2030.

Measures to improve water quality and install smart metres are part of the investments

The costs of the accelerated projects has increased from the £1.6billion announced in April, primarily because of two projects to improve storm overflows by United Utilities. 

In October last year, Ofwat and the Department for Environment Food and Rural Affairs invited companies to propose schemes to accelerate investment in water resilience, storm overflows and nutrient neutrality. 

Under the plans, companies are set to spend around £1.7billion to stop sewage discharges at sites across the country and reduce the number of spills.

Meanwhile, £400million will go towards water resilience schemes including the installation of 462,000 smart meters.

Ofwat said these projects will help increase drought resilience, reduce pollution and protect natural ecosystems.

‘The water sector is facing dry summers and more frequent and intense rainfall. In addition, there is a need to significantly improve river and bathing water quality across the UK,’ the regulator added.

‘To help tackle these issues, Ofwat agreed with Defra to allow companies to make an early start on schemes included in existing plans, where they could demonstrate clear need and benefits to customers and the environment.’

The plans are part of the regulator’s efforts to push water firms to improve the UK’s antiquated water systems after being criticised for not doing enough to hold businesses accountable for polluting rivers and failing to repair leaks.

Earlier this year, Ofwat told firms they will be forced to stop paying dividends if doing so put their ‘financial resilience’ at risk, while they will also be required to link payouts to performance.

The regulator is now modifying water company licenses so that they will be required to stop paying dividends if their credit rating is downgraded ‘to the lowest investment grade’, which would indicate their financial health is at risk.

Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.

A wine a day really does keep the doctor at bay: Light drinkers are less likely to suffer heart problems, study finds

• Scientists studied brain scans of 754 people taken for cancer surveillance
• It is the first study to indicate alcohol’s longer-term neurobiological effects 

By Kate Pickles Health Editor For The Daily Mail

Updated: 18:14 EDT, 12 June 2023

It’s news most of us will want to raise a glass to.

Having the occasional drink lowers stress, which is linked to heart attack and stroke, research suggests.

Women who drink up to one alcoholic beverage a day and men who consume a maximum of two, had a lower risk of cardiovascular problems than those who drank more or were teetotal.

While previous research has hinted it may have a protective effect, this is the first time scientists think they have cracked the physiological cause.

They found regular low amounts of alcohol leads to long-term reductions in stress signalling in the brain, which are associated with heart attack and stroke.

Scientists found women who drink up to one alcoholic beverage a day and men who consume a maximum of two, had a lower risk of cardiovascular problems than those who drank more or were teetotal

Experts hope it means they will be able to develop treatments to replicate alcohol’s protective cardiac effects without its adverse impacts, such as cancer, diabetes and obesity.

Researchers studied data involving more than 50,000 Americans, before studying brain scans of 754 people, which were primarily taken for cancer surveillance.

The brain imaging showed those who drink moderately had reduced stress signalling in the amygdala, the brain region associated with stress responses.

When the investigators looked at these individuals’ history of cardiovascular events, they found fewer heart attacks and strokes in light to moderate drinkers.

While it’s long been known that alcohol reduces the amygdala’s reactivity to threatening stimuli when drinking, this is the first to indicate its longer-term neurobiological effects.

Dr Ahmed Tawakol, a cardiologist at Massachusetts General Hospital and senior author, said: ‘We found that the brain changes in light to moderate drinkers explained a significant portion of the protective cardiac effects.

‘When the amygdala is too alert and vigilant, the sympathetic nervous system is heightened, which drives up blood pressure and increases heart rate, and triggers the release of inflammatory cells.

‘If the stress is chronic, the result is hypertension, increased inflammation, and a substantial risk of obesity, diabetes, and cardiovascular disease.’

The effect was particularly pronounced in people who are prone to a chronically higher stress response, with moderate drinking associated with nearly double the cardiac-protective effect in individuals with a history of anxiety compared with others.

However, this effect was undone when people drank more with those who consume above the 14 recommended units a week having a heightened risk of cardiovascular disease while overall brain activity started to decrease.

Writing in the Journal of the American College of Cardiology, the authors conclude that research should focus on finding new interventions that reduce the brain’s stress activity.

Professor Naveed Sattar, Professor of Metabolic Medicine, at the University of Glasgow, said the findings should not be viewed as giving the green light to alcohol.

He said: ‘The issue is we know any amount of alcohol is associated with more strokes and heart failure, and with increases in cancer and deaths from cardiovascular causes.

‘So to concentrate only on one small aspect, even if true, gives the wrong impression and the title of better heart health with light to moderate alcohol is misleading and perpetuates old myths we really need to move on from.’

DO YOU DRINK TOO MUCH ALCOHOL? THE 10 QUESTIONS THAT REVEAL YOUR RISK

One screening tool used widely by medical professionals is the AUDIT (Alcohol Use Disorders Identification Tests). Developed in collaboration with the World Health Organisation, the 10-question test is considered to be the gold standard in helping to determine if someone has alcohol abuse problems.

The test has been reproduced here with permission from the WHO.

To complete it, answer each question and note down the corresponding score.

YOUR SCORE:

0-7: You are within the sensible drinking range and have a low risk of alcohol-related problems.

Over 8: Indicate harmful or hazardous drinking.

8-15: Medium level of risk. Drinking at your current level puts you at risk of developing problems with your health and life in general, such as work and relationships. Consider cutting down (see below for tips).

16-19: Higher risk of complications from alcohol. Cutting back on your own may be difficult at this level, as you may be dependent, so you may need professional help from your GP and/or a counsellor.

20 and over: Possible dependence. Your drinking is already causing you problems, and you could very well be dependent. You should definitely consider stopping gradually or at least reduce your drinking. You should seek professional help to ascertain the level of your dependence and the safest way to withdraw from alcohol.

Severe dependence may need medically assisted withdrawal, or detox, in a hospital or a specialist clinic. This is due to the likelihood of severe alcohol withdrawal symptoms in the first 48 hours needing specialist treatment.