Business

A closely-watched indicator of economic activity suggests the economy is on course to contract in the current third quarter of the year. A preliminary reading for the S&P Global/CIPS Purchasing Managers’ Index (PMI), which covers the dominant services sector and manufacturing, highlighted a slump in factory output and broader weakness during August. It blamed stubbornly

A former head of the group that enables the top oil-producing countries to cooperate and influence the global oil market has been charged with bribery offences.  Diezani Alison-Madueke, the ex-president of the Organisation of the Petroleum Exporting Countries (OPEC) and a key figure in the Nigerian government between 2010 and 2015, was charged after a

The UK’s competition regulator has launched a fresh investigation into Microsoft’s proposed £55bn takeover of Call of Duty maker Activision Blizzard after the tech firm offered a new remedy in a bid to get the deal over the line. The Competition and Markets Authority (CMA) confirmed on Tuesday that it stood by its final decision

Shares in UK housebuilders have taken a fresh hit on the latest woes to hit the sector including a profit warning from a major player. Crest Nicholson shares plunged almost 15% at the start of Monday’s trading after it slashed adjusted pre-tax profit expectations for the year to October by more than 40% to £50m.

There are potential early signs that the labour market is losing some of its inflationary heat, in a shift that could give the Bank of England reason to pause its cycle of interest rate hikes. Data from a jobs search website suggested that vacancies and advertised starting salaries both fell in July – the first

Ben Stokes, the England Test cricket captain, and former team-mate Stuart Broad are among a group of leading sportsmen backing a new venture capital fund targeting a distinctive position in the crowded arena of early-stage investments. Sky News can reveal that two of the pivotal figures in England’s recent Ashes series recovery to draw the

Direct Line Group, the struggling motor insurer, has approached one of the most senior executives at rival Aviva to become its new boss. Sky News has learnt that the FTSE-250 group, whose brands include Churchill and Green Flag, has been holding talks with Adam Winslow about taking over as its CEO. This weekend, insurance industry

Thousands of train drivers at 16 operators are to take further strike action next month as part of a year-long dispute. Members of the ASLEF train drivers union have announced walkouts on Friday 1 September and overtime bans on Saturday 2 September, disrupting services across Britain. So far in the dispute, which has been ongoing

The CBI, the embattled business lobbying group, is to close a swathe of its overseas offices as part of a cost-cutting drive aimed at ensuring its survival. Sky News has learnt the CBI has informed staff it is to axe its operations in Beijing, Delhi and Washington DC in the coming months. The move will

The energy price cap is set to fall again resulting in cheaper electricity and gas bills, according to a closely-watched forecast. Energy bills in the final three months of 2023 are projected to drop before increasing in 2024, according to research firm Cornwall Insight, as they expect strikes at Australian gas facilities will bring up

Retail sales fell for only the second time this year as wet weather led to a surprise 1.2% drop, official figures show. It’s a steep fall from growth of 0.6% in June, according to data from the Office for National Statistics (ONS). A contraction of 0.5% had been forecast. Growth in how much people were

Major banks face being fined if they fail to provide free access to cash withdrawals within three miles of consumers and businesses under new rules to be set out by ministers. Sky News has learnt that the Treasury is to publish guidelines within days setting out expectations for banks’ future provision of cash deposit and

Nearly three out of five drivers (58%) want to see cameras that detect illegally loud vehicles rolled out across the UK, according to a new survey. The poll, commissioned by the RAC found that 22% of the 1,424 motorists asked were against the idea, with a similar proportion (20%) unsure. The Department for Transport (DfT)

Jamie Oliver and his wife Jools have paid themselves £6.8m in dividends after his firms’ total profits rose by almost a fifth. The Jamie Oliver Group said earnings were boosted by the celebrity chef’s TV series Jamie’s £1 Wonders, which Channel 4 launched in response to the cost of living crisis. An average of 1.4

A man who famously made a fortune by predicting the collapse of the US housing market in 2008 now appears to be suggesting that two major stock markets will tumble in value. Michael Burry, the hedge fund boss featured in The Big Short, in which he was played by Christian Bale, held negative options on

Any rise in rail fares in England next year will be below the Retail Prices Index (RPI) rate of inflation, the government has promised. The RPI figure – which is a measure for inflation – for July is due to be released on Wednesday and usually helps determine the cost of train tickets for the

Grocery price inflation has eased for the fifth month in a row – as the cost of some staples come down. Closely watched data from Kantar Worldpanel, which tracks supermarket sales and bills, found that while the expense of a food shop is still higher than last year, the pace of price rises has been

Bidders for the ailing retailer Wilko have been given until Wednesday to table offers for the company after its collapse into insolvency last week. Sky News has learnt that PricewaterhouseCoopers (PwC), which was appointed as administrator on Thursday, is seeking offers by the middle of this week as Wilko faces running out of cash. A

Mark Zuckerberg has accused Elon Musk of not being serious about the pair having a cage fight – and says it is time to “move on” from the saga. The Facebook co-founder said his tech billionaire counterpart did not appear to want to go through with the highly-anticipated clash after failing to even agree on

Pubs in England and Wales will be allowed to continue serving takeaway pints after the government decided to keep COVID licensing rules. Pubs were given permission to serve customers through hatches when they were forced to close during lockdown restrictions in 2020. Those rules were due to expire at the end of next month, but