Wednesday newspaper round-up: BT Group, Water bills, CAB Payments

The telecoms regulator has issued a warning to the chief executive of BT over his comments that the group’s Openreach network expansion would “end in tears” for rivals and has opened an investigation into its performance. Ofcom said Philip Jansen’s comments were of “significant concern” and that it “would be extremely concerned to see similar comments in future and will be keeping this under close review”. - The Times

Water companies are drawing up plans to increase household bills by up to 40 per cent to pay for the cost of tackling the sewage crisis and the consequences of climate change. In a move that has alarmed ministers, England’s privatised utilities said that they needed the extra money to meet strict pollution targets. - The Times

Britain’s financial technology sector received a double boost as payments firm Wise said its profits have more than trebled, while another confirmed plans to list on the London Stock Exchange next week. Wise, which specialises in international money transfers, posted a profit of £146.5million for the year to the end of March, up from £43.9million in 2022. And CAB Payments revealed that its shares would list on the London market next Thursday with a projected value of around £851million. - Daily Mail

Britain risks missing out on more than £100bn worth of electric car production, unless ministers use “every policy, every fiscal and regulatory lever” to compete with the EU, automotive chiefs have said. Industry leaders warned over the cliff-edge faced by looming post-Brexit tariffs on electric vehicles, saying ministers needed to urgently improve science education and secure tax-free deals to avoid a drop-off. - Daily Telegraph

Boots, Britain’s biggest high street chemist, is to pull down the shutters on 300 shops over the next year as part of a cost-cutting drive by its American owner. The company will reduce its estate from 2,200 to about 1,900 stores amid speculation that the business could be put up for sale. - The Times