Business

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

Amazon could be forced to recognise a trade union in the UK for the first time. The GMB union says almost 700 Amazon workers in Coventry are now members. It said this is more than half of the workers at the site – the usual threshold for mandatory union recognition in a workplace. It comes

The Bank of England’s chief economist has urged people to accept they are poorer, warning that inflation risks remaining stubbornly high. Huw Pill told a podcast that people and businesses have responded to higher bills and costs by asking for higher wages or charging their customers more money. His remarks echoed warnings from Bank governor

Thousands of jobs are at risk after Ocado announced plans to close its oldest distribution centre. The online grocer says it will close its site in Hatfield, Hertfordshire, later this year. The warehouse handles around a fifth of its customer orders each week and these will instead be shifted to a new state-of-the-art automated warehouse

The president of the CBI has admitted he does not know if it can win back trust while setting out how it plans to bolster its culture amid the sexual misconduct scandal engulfing the business lobby group. Brian McBride made his remark in an open letter to members that set out its response to the

The average price of a home coming to market this month rose by just 0.2% to £366,247, according to data from Rightmove. This was lower than the average increase of 1.2% for this time of year. It showed that many new sellers are “taking note of the economic headwinds and the transitioning of the housing