Business

A four-day week with no loss of pay is being trialled at dozens of companies across the UK from today. Firms from a variety of industries are taking part, including banking, hospitality, care, and even animation studios. They will still give their workers 100% of their pay, on the understanding that they maintain maximum productivity.

People are being warned to avoid the London Underground on Monday, with workers set to strike straight after the Jubilee weekend. Thousands of members of the Rail, Maritime and Transport union (RMT) are staging a 24-hour walkout because of a dispute over jobs and pensions. Tube lines across the capital will be affected from the

The City veteran John Allan is preparing to step down as chairman of Barratt Developments, Britain’s second-biggest housebuilder by market value. Sky News has learnt that Barratt has instructed headhunters at Russell Reynolds Associates to identify a successor to Mr Allan, who also chairs Tesco. The process, which is unlikely to be concluded until next

Hundreds of Tesla owners have complained to the US regulator that the cars operating on the partially automated driving systems have suddenly stopped for no reason. The National Highway Traffic Safety Administration (NHTSA) said they are investigating the issue, which has been reported by 750 people, as the company’s founder Elon Musk said he has

A British man wanted in Denmark over a £1.3bn tax case has been arrested in Dubai and now faces extradition. The arrest of hedge fund trader Sanjay Shah, in one of Denmark’s largest-ever fraud cases, comes after the country signed an agreement in March allowing for extradition there from the United Arab Emirates. The 52-year-old

One of the world’s biggest oil producers is contemplating a multibillion pound takeover bid for Motor Fuel Group (MFG), Britain’s biggest independent petrol station operator. Sky News has learnt that the Abu Dhabi National Oil Company (ADNOC) is lining up bankers to work on a potential offer for MFG, which has been put up for

Sheryl Sandberg is stepping down from her post as a senior executive at Meta. She has served as chief operating officer at Facebook’s parent company for 14 years and is second-in-command after Mark Zuckerberg. “When I took this job in 2008, I hoped I would be in this role for five years,” she wrote on

The owner of the Premier Inn hotels chain faces a pay row for a second successive year after voting advisors opposed its decision to award bonuses to executives despite receiving government support during the pandemic. Sky News understands that Whitbread, the FTSE-100 leisure group, is engaged in discussions with leading investors aimed at heading off

Shell’s North Sea Jackdaw gas field has received final regulatory approval. It comes as the government tries to boost domestic energy output in an effort to shield the UK from the market volatility caused by Russia’s invasion of Ukraine. Business and Energy Secretary Kwasi Kwarteng said: “Jackdaw gas field – originally licensed in 1970 –

Frasers Group, the shopping empire founded by Mike Ashley that owns House of Fraser and Sports Direct, has swooped in to save Missguided from collapse. The company has acquired the embattled online retailer for £20m. Frasers Group bought all of the related intellectual property of the women’s fashion brand after Missguided announced on Monday it

A cross-party group of MPs has told the logistics industry to “get its house in order”, calling for better overnight facilities for drivers and new ways to boost recruitment. The Commons transport select committee said that if the changes are not made within two years then the most profitable parts of the industry could face

Average petrol prices have reached a new record high of 173.02p a litre, figures show, after an EU ban on Russian oil imports. Fuel prices have been setting record highs every few days in recent weeks, as the supply of gasoline dries up at a time when demand is starting to gain speed. The increase

Roman Abramovich has completed the sale of Chelsea Football Club to a group led by American businessman Todd Boehly and investment firm Clearlake Capital. Mr Boehly, 48, fought off 11 serious rivals to clinch the £4.25bn deal. In a statement, the club said sanctions imposed on Mr Abramovich following Russia’s invasion of Ukraine had presented

Oil prices hit their highest level in more than two months on Monday morning as EU officials gathered in Brussels to debate the best way to ban Russian oil imports. The move faces some opposition from the likes of Hungary, leaving energy markets waiting to see if a deal could be reached. Nevertheless, international oil

Foxtons has raided rival London estate agent Chestertons to poach its chief executive as it faces pressure from activist shareholders to sell the company. Sky News has learnt that Foxtons has decided to appoint Guy Gittins as its new boss, replacing Nic Budden, who has run the business for nearly eight years. Foxtons could announce

The consumer goods giant which owns a controlling stake in David Beckham’s portfolio of branded products is racing to finalise a £300m takeover of Ted Baker, the London-listed fashion retailer. Sky News has learnt that Authentic Brands Group (ABG), is the preferred bidder for Ted Baker and has indicated that it is willing to pay

Shell has said the chancellor’s windfall tax “creates uncertainty” about investing in oil and gas in the North Sea. The tax was announced by Rishi Sunak as part of a £21bn support package aimed at helping people cope with the rising cost of living. The measure will see oil and gas firms pay a 25%

The chancellor’s cost of living package lowers the risk of a recession, leading economists have said. In its latest forecast, the Bank of England said that growing pressure on household finances will lead to a deep economic downturn, suggesting that gross domestic product, the most comprehensive measure of economic growth, will contract by nearly a

Sky’s Ian King unpacks the chancellor’s multi-billion-pound support package to help households with the cost of living. He’ll also speak to the new headline sponsor of this year’s Chelsea Flower Show. Meanwhile, Elon Musk is being sued by investors in Twitter. :: Listen and subscribe to The Ian King Business Podcast here. Advertisement

The windfall tax announced by the chancellor will be “damaging” for the UK’s net zero plans and energy security, the Confederation of British Industry has said. Rain Newton-Smith, CBI chief economist, said the tax “sends the wrong signal to the whole sector at the wrong time”, pointing to a “backdrop of rising business taxation”. Chancellor