Business

Nadhim Zahawi, the new chancellor, will next week throw the government’s support behind a new initiative designed to shore up London’s position as a global destination for major company flotations. Sky News has learnt that Mr Zahawi will use his speech at Tuesday’s Mansion House dinner to give his backing to the Capital Markets Industry

Virgin Media O2 has tabled an offer to buy TalkTalk that would value one of Britain’s biggest broadband providers at about £3bn. Sky News has learnt the mobile phone giant, which is jointly owned by Telefonica and Liberty Global, submitted an indicative bid for Salford-based TalkTalk in recent weeks. Discussions between the two sides are

Saudi Arabia’s sovereign wealth fund, controlled by the country’s de facto leader Mohammed bin Salman, is to become the second-largest shareholder in Aston Martin Lagonda as part of a fundraising to shore up the struggling sports car brand. The company said on Friday it was looking to raise £653m in total. This would be done

China’s zero-COVID policy is being blamed for a return to the red for its economy, with experts warning that recovery will be hampered by the darkening outlook for output globally. The authorities said the world’s second-largest economy contracted by 2.6% between April and June compared to the previous three months. It meant that Chinese growth

Two further days of rail strikes have been announced by the RMT on 18 and 20 August in the row over jobs, pay and working conditions. The action will see more than 40,000 workers across Network Rail and 14 train operating companies walking out. RMT is also taking 24 hours strike action on 27 July.

Emirates airline has rejected an order from Heathrow Airport that it must cancel flights from the west London hub to comply with a cap on passenger numbers. The Dubai-based carrier said it had, on Wednesday, been given 36 hours to comply with the order as the west London hub airport attempts to ensure it can

Vue International, Britain’s third-biggest cinema chain, is close to bringing the curtain up on a £1bn recapitalisation that will see its lenders take ownership of the business and put it back on a sustainable financial footing. Sky News has learnt that Vue, which was founded and is run by Tim Richards, one of the industry’s

The energy regulator has called out five of the country’s biggest household energy suppliers for their treatment of customers amid complaints of unjustified direct debit levels. Ofgem said that Ecotricity, Good Energy, Green Energy UK, Utilita Energy and TruEnergy had been found to have moderate to severe weaknesses or failings on the issue. Another firm,

Heathrow Airport has been accused of trying to maximise profits during a difficult travel period at the expense of airlines. The claim comes from the former boss of BA owner IAG, Willie Walsh, who is now director general of the International Air Transport Association (IATA) – a body representing global airlines. He was speaking after

Retail sales volumes have fallen to a rate “not seen since the depths of the pandemic”, according to industry data showing the third consecutive monthly decline as inflation eats away at household spending power. The British Retail Consortium (BRC) said the value of total sales was 1% lower in June than a year ago. That

The pound has fallen to a two-year low as the political landscape adds to uncertainty in an economy already under strain. On Monday afternoon the pound was at US$1.1867 – its lowest level since March 2020. Just before 5pm, it had strengthened slightly to US$1.19. It comes days after Boris Johnson’s resignation as prime minister

Heathrow has warned of more flight cancellations this summer – as new analysis revealed the worst airports for delays in the UK. The airport said it will ask airlines to axe more flights if it does not believe previous schedule reductions will be enough to reduce disruption. The government recently ordered airlines to make sure

Klarna, the buy-now-pay-later credit provider, is close to unveiling an $800m fundraising at a valuation of less than $6bn, echoing deteriorating public market sentiment towards technology companies. Sky News has learnt that Klarna, which is based in Sweden, is expected to announce as soon as this week that it has secured the funding from existing

Tax policy is shaping up to be a deciding issue among the Tory leadership hopefuls. Former health secretaries Jeremy Hunt and Sajid Javid, who both announced their candidacy on Saturday, have said they will cut corporation tax. Both men said that they would scrap current government plans to raise the tax from 19% to 25%

The firesale of a leading British mobile phone technology provider whose owners include Roman Abramovich has been halted by the government amid a national security probe into the deal. Sky News has learnt that officials at the Department for Business, Energy and Industrial Strategy (BEIS) issued an interim order this week to block the purchase

The full range of Heinz products will return to Tesco shelves after the companies reached an agreement to resolve a pricing dispute. The US food manufacturer had paused the supply of its items in a row that raised questions over who should bear the biggest cost in the current economic climate – manufacturers, retailers, or

Businesses are being urged not to pay cyber extortionists as authorities say they are seeing evidence of a rise in ransomware payments. In a joint letter to the Law Society, the National Cyber Security Centre (NCSC) and the Information Commissioner’s Office are warning solicitors who may have been advising their clients to pay. It follows

Britain’s competition regulator has launched an in-depth study to examine concerns about soaring fuel prices. The Competition and Markets Authority will look at the differences between petrol and diesel prices in rural and urban areas, as well as the growing gap between the price of crude oil when it enters refineries and the wholesale price

British Airways (BA) workers have suspended a strike that had been planned at Heathrow during the school summer holidays after receiving a “vastly improved” pay offer from the airline. After extensive negotiations, the Unite and GMB unions said an agreement was reached and members involved in the dispute would now vote on the proposed offer.

Which? says it has reported easyJet to the Civil Aviation Authority, asking the regulator to investigate the airline’s treatment of passengers who have their flights cancelled. The consumer watchdog said it had heard from passengers who were not told about their legal right to hundreds of pounds in compensation and the chance to be re-routed