Business

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

British Airways (BA) has announced it will cut a further 10,300 short-haul flights until the end of October. The airline, among the worst hit by post-pandemic staff shortages that have resulted in widespread disruption for passengers this year, made the announcement just a day after another wave of cancellations was revealed in a bid to

Chancellor Nadhim Zahawi has said there is “nothing off the table” on tax cuts as he called for caution on public sector pay rises. Speaking to Sky News on his first full day in the role, he said he would “look at everything” when pressed about his tax plans. “The most important thing is to

British Airways (BA) has moved again to build greater resilience in its flying schedules by cancelling additional flights during the key summer holiday season. The airline, one of the worst affected by post-pandemic staff shortages this year, said it was taking further “pre-emptive” action to prevent disruption for passengers. It follows a torrid reopening of

The Bank of England has told lenders to prepare for a “deteriorated economic outlook” and predicted that increases in house prices would slow down later this year. Banks were told to ramp up capital buffers to ensure they can weather the storm. “The economic outlook for the UK and globally has deteriorated materially,” the Bank

The Premier League is asking clubs to support phasing out shirt sponsorship by gambling companies in a last-ditch effort to avert a government-imposed ban. Sky News has learnt that the Premier League contacted clubs on Monday to propose a resolution that would see betting companies disappear from teams’ shirts within the next three years. Under

There are 7,000 fewer pubs in England and Wales than there were 10 years ago, research has found. Their total number dropped below 40,000 in the first half of 2022 – the lowest number on record, according to real estate advisers Altus Group. Pubs have suffered setbacks in recent years due to the coronavirus pandemic,