Financial Times Highlights: Debt Write-Offs, AI Music Deals, and Legal Battles
Top stories from the Financial Times include a proposed debt write-off by Thames Water creditors, Lloyds banking maneuvers to dissolve its joint venture with Schroders, and music industry advancements with AI licensing deals. Denmark loses a major tax fraud case against hedge fund founder Sanjay Shah.
Senior creditors of Thames Water are moving to take over the company with a plan to write off £7.5 billion in debt while investing £3.15 billion as part of a financial turnaround.
Lloyds Banking Group will take control of Schroders' 49.9% stake in Schroders Personal Wealth. This move comes as the joint venture grapples with unmet growth targets and leadership instabilities, leading to its dissolution.
Universal Music and Warner Music are reportedly close to securing major artificial intelligence licensing agreements, while Denmark's tax authority faces a setback after losing a £1.44 billion tax fraud case concerning hedge fund activities in London.
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