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Report details alleged Spanish desal cost overruns

The €2 billion spent by Spanish public administrations since 2005 on desalination capacity for the country’s Mediterranean coast has been inflated by cost overruns, corruption, and inefficiency, according to the Spanish association of geographers (AGE).

An AGE report into wasteful public infrastructure investment published this month says the A.G.U.A....

Hyflux refuses to be held to ransom over debt crisis

The far-reaching impact of Hyflux’s financial woes has been spelled out in affidavits filed by the company’s CEO, Olivia Lum, prior to the Singapore High Court granting the company six months of protection from its creditors on 19 June.

“The intention is to secure rescue financing in the region of S$200 million [US$150 million],” Lum stated in...

Southern Water lines up debt portfolio reshuffle

Southern Water’s owners are looking to refinance £450 million of holding company debt before it falls due next year.

The debt comprises a £250 million 8.5% bond issued by Greensands Holdings, which matures in April 2019, along with £200 million spread across various banking facilities.

The Greensands shareholders, which include funds managed by...

Net income boost as investors vote on Layne closure

Layne Christensen shares advanced yesterday after the company reported its second consecutive quarter of positive net income, posting a Q1 net result of $2.9 million, versus a $4 million net loss in Q1 fiscal 2018.

While Layne’s Q4 FY2018 net income was artificially elevated into the black by a $10.4 million tax benefit, noise on the bottom line in Q1 FY2019...

Water sector awaits Jordan government reshuffle

Jordanian water minister Ali Al-Ghazawi is waiting to hear about his future – just three months after being appointed – as the country’s new prime minister considers a government reshuffle in the face of growing national protests.

Then-PM Hani Al-Mulki appointed Al-Ghazawi in early March to replace long-standing water supremo Hazim El-Naser, as part of...

California approves $1.2 billion in water funding

This week, California voters approved the issuance of $4.1 billion in general obligation bonds which will allocate over $1.2 billion to water-related projects in the state.

Proposition 68 will provide $250 million to drinking water projects and $290 million to water recycling and groundwater recharge initiatives.

This week’s bond precedes a more sizeable $8.9...