Business

BP is exploring a sale of two of the companies owned by its early-stage ventures arm in a move which could raise tens of millions of pounds. Sky News has learnt that the FTSE 100 company’s Launchpad division has begun contacting prospective buyers of Lytt and Onyx Insight in recent weeks. Lytt transforms large amounts

One of Britain’s leading independent precision engineering firms has been saved from collapse after a pre-pack administration deal led by its previous owner. Sky News understands Nasmyth Group is to remain under the control of Rcapital, the specialist turnaround investor, following a transaction that is expected to salvage more than 450 jobs. City sources said

The parent company of British Airways has raised its forecast for annual operating profits due to stronger bookings, saying it expects capacity to be at 97% of the 2019 pre-pandemic year. International Airlines Group (IAG), which also counts Iberia and Aer Lingus among its stable of brands, said its focus on restoring earnings on key

Members of the biggest rail workers union have voted to renew their mandate to strike during the next six months in the long-running dispute over pay and conditions. The Rail, Maritime and Transport union (RMT) said staff across 14 train companies overwhelming backed taking more industrial action. RMT general secretary Mick Lynch said the result

Shell has revealed it is handing a further $6bn (£4.7bn) to shareholders after its latest quarterly profits beat its own forecasts. The oil and gas major reported net profits of $9.6bn (£7.6bn) for the first three months of the year. The figure was slightly down on the sum achieved in the final quarter of 2022

The Federal Reserve – the US central bank, known as the Fed – has increased interest rates for the tenth time in a row despite the continued worst banking turmoil since the global financial crash. The rate has been increased by 0.25 percentage points again in the Fed’s continued effort to bring down inflation, which

The US central bank is widely expected on Wednesday to raise its main interest rate for the tenth consecutive month in the continuing battle against inflation, despite worries over the impact on bank balance sheets. While higher interest rates are generally good news for bank earnings, the Federal Reserve’s aggressive pace of rate rises in

The UK financial watchdog will announce plans to change the rules on bringing companies into public ownership after a series of high profile businesses snubbed the London Stock Exchange. The Financial Conduct Authority (FCA) will on Wednesday publish proposed changes to rules on listing companies on the London Stock Exchange. It hopes to make regulation

BP profits eased to $5bn (£4bn) in the first quarter of the year, but the rewards for shareholders are being stepped up. Underlying replacement cost profit between January and March compared to $6.2bn in the same period last year but $4.8bn achieved in the previous three months. The figure was $700m higher than financial analysts

Tier Mobility, the electric scooter group, is exploring a potential sale or merger with a rival as investors push operators to seek consolidation opportunities amid mounting financial losses. Sky News has learnt that Tier, which is based in Berlin and is backed by investors including the vast SoftBank Vision Fund, has engaged investment bankers from

Nearly half a million people in the workplace are aged over 70, according to new research. Compared to a decade ago, there has been a 61% increase in the number of over-70s working, with King Charles III – at the age of 74 – a prime example of the “post-state pension age” worker. Rest Less,

Vue International, the independent cinema giant, will this week name the former boss of Very, the online shopping group, to its board. Sky News understands that Henry Birch, who was also chief executive of casino operator Rank Group and William Hill Online, will join Vue as a non-executive director. Katrina Cliffe, a former American Express

The sportswear tycoon Dave Whelan is heading for a showdown with landlords over plans for an overhaul of his Fitness First gyms empire that would involve site closures and steep rent cuts. Sky News has learnt that Mr Whelan, best-known as the former owner of Wigan Athletic Football Club, is working with advisers on a

Manchester United could become the most expensive sports team in the world, after a Qatari businessman entered a record-breaking offer as the bidding window slammed closed. Sheikh Jassim bin Hamad, who chairs the Qatar Islamic Bank, submitted his final offer for the club on Friday, Sky News understands, with the figure offered thought to be

The fashion retailer Superdry is in advanced talks about a near-£15m share sale as it races to shore up its balance sheet amid tough trading conditions. Sky News has learnt that the chain, headed by founder Julian Dunkerton, could unveil a cash call as soon as next week after discussions with City investors. The move

For some time now, the City has been doing some soul-searching over its future. There was a lot of speculation around the time of Brexit that, deprived of the “passport” that enabled UK-based firms to do business in the EU without having permission from each individual country regulator, there would be heavy job losses in

A group of Britain’s most influential trade associations are in talks about forging closer ties as they try to navigate the crisis engulfing the CBI. Sky News has learnt that groups including the British Retail Consortium, Energy UK, the Food and Drink Federation, TheCityUK and UKHospitality have held a series of discussions this week about

The world’s largest economy slowed sharply in the first quarter of the year, according to the first official estimate which has raised fears of recession ahead. Growth was measured at an annualised rate of 1.1% between January and March, the Commerce Department said. Economists had been expecting a figure of 2%. The slump followed growth

Sainsbury’s has reported a fall in its pre-tax profit, as it reveals it has spent more than £560m on “keeping our prices low over the last two years”. The supermarket chain said that in the year ending 4 March, its group sales were up 5.4% to £35.15bn, but underlying profit before tax was £690m –

The British competition watchdog has blocked Microsoft’s bid to buy video game maker Activision Blizzard. The Competition and Markets Authority (CMA) stopped the $68.7bn (£55bn) deal due to concerns that it would stifle competition in the cloud gaming market. In its final report on Wednesday, the CMA said that the move was “the only effective