Business

The crisis enveloping Thames Water has deepened after its holding company announced it had been unable to meet debt repayments. Kemble Water said it missed an interest payment that was due on Tuesday. The firm said it had asked its lenders to take no immediate action so as to “provide a stable platform while all

Administrators to The Body Shop are drawing up plans to launch a further restructuring process in a bid to salvage a future for one of Britain’s best-known high street brands. Sky News has learnt that insolvency practitioners at FRP Advisory have outlined proposals to launch a company voluntary arrangement (CVA) that would see The Body

House prices slipped by 1% in March following five consecutive months of growth, according to new figures from Halifax. The lender said affordability remained a challenge for potential buyers as recent declines in mortgage rates have stalled. It comes as financial markets become less optimistic about the timing and extent of interest rate cuts by

The Dutch banking giant ING has been thrust into a pivotal role in determining the future of stricken Thames Water’s parent company amid growing expectations that lenders will agree a loan extension ahead of a repayment deadline this month. Sky News has learnt that ING is among the lenders due to be repaid £190m by

The Post Office’s IT helpdesk was instructing Fujitsu, the maker of faulty accounting software, to change sub-postmaster accounts more than a decade ago, according to leaked recordings. Two secret audio recordings with Post Office officials, obtained by Sky News, demonstrate how much the government-owned company knew about flaws with the Horizon IT programme, used by

Tesla has reported a sharp fall in worldwide sales amid increased competition and slowing demand for electric vehicles. The carmaker said it delivered 386,810 vehicles during the first quarter of the year – down nearly 9% on the 423,000 it shipped from January to March last year. It marks the first year-on-year quarterly sales decline

Tube services will be disrupted in April and May as drivers stage two 24-hour strikes. Drivers who are members of ASLEF, the train drivers’ union which represents 96% of train drivers in Britain, will walk out from their roles on the London Underground over pay and conditions. They will strike on: Monday 8 April Saturday

Taylor Swift has made it on to a list of the world’s billionaires, according to Forbes, as her Eras Tour spanning 152 shows and five continents generated more than $1bn (£800m) in revenue. The 34-year-old superstar, who stole the show at this year’s Grammy Awards by winning album of the year for the fourth time,

The annual rate of shop price inflation almost halved in March, according to new industry figures. Falling food costs and competition between retailers contributed to the rate easing to 1.3% last month – down from 2.5% in February, the British Retail Consortium (BRC)-Nielsen Shop Price Index found. Annual shop price growth is now at its

A New York-listed car dealer is plotting a bid for the UK operations of Inchcape. Sky News has learned that AutoNation, which has a market capitalisation of nearly $7bn (£5.5bn), is among the suitors circling the business since Inchcape confirmed in January it was conducting a strategic review. AutoNation is said to be at the

With the window for April Fool’s Day pranks now closed, we round up some of the more creative and canny jokes. Search and rescue sheep deployed on Dartmoor Anyone getting into trouble while hiking on the Bank Holiday could be aided by a rescue sheep, Dartmoor Search and Rescue Team announced. They are equipped with

The owner of Formula One (F1) motor racing will unveil a £3.5bn takeover of MotoGP’s parent company early this week. Sky News has learnt that Greg Maffei, the president and chief executive of Liberty Media Corporation, is expected to announce the motorsport industry’s most significant corporate deal for years during a trip to Madrid as

This Easter, chocolate lovers will no doubt have noticed they had to pay more for their eggs. Now, the cost of chocolate could soar after changing climate patterns hit cocoa supplies in west Africa. Seasonal dusty winds from the Sahara have been severe in recent months, blocking out the sunlight needed for cocoa bean pods

Adnams, one of the most historic names in British brewing, is to explore an outright sale amid a funding squeeze across the industry which has triggered a growing wave of insolvencies. Sky News has learnt that Adnams has begun contacting prospective investors and buyers after hiring advisers earlier this year to shore up its finances.

The CBI, the business lobbying group, has negotiated an extension of its overdraft in a fresh move to shore up its balance sheet after a year in which it came close to collapse. Sky News has learnt that in recent weeks the CBI and a syndicate of high street lenders have agreed an increase in

More than £1m of unexplained transactions were transferred in to Post Office profit at the height of the Horizon scandal, leaked documents have showed. The papers seen by Sky News show a snapshot of transfers from a Post Office “miscellaneous client” suspense account over a four year period, up to 2014. A suspense account is

The chief executive of Thames Water has refused to rule out bill increases of up to 40% for customers as the troubled company tries to secure its future. It comes as the business, which serves nearly a quarter of the UK’s population, struggles with more than £15bn of debt and the huge interest payments required

Sam Bankman-Fried was breathlessly described as a wunderkind – a boy wonder transforming the world of finance. Renowned for his messy hair and unkempt appearance, he graced the covers of Forbes and Fortune, who pondered whether he could become the next Warren Buffett. The 32-year-old was the founder of FTX, which had quickly become the

The board of Thames Water was locked in crunch talks on Wednesday as shareholders prepare to dilute a pledge to inject funds into the company that would secure its survival. Sky News has learnt that the directors of Britain’s biggest water company met to discuss its financial future after months of talks involving debt and

Barclays has apologised after customers experienced difficulties with payments into and out of accounts, as well as with its app, telephone and online banking services. The problems began on Tuesday evening and continued into Wednesday morning before the bank said, just before 6am, everything was working as it should. Money latest – Eight things that