Business

The cost of filling a family car with petrol was a third higher in March than it was a year ago, while a diesel car cost 40% more – and the chancellor’s 5p fuel duty cut has done little to help. That is the verdict from RAC’s Fuel Watch, which found that the average litre

A rise in demand for leisure and entertainment activities last month helped the UK economy grow more than had been expected, according to a closely watched survey, as fears intensify that soaring inflation will apply the brakes. The S&P Global/CIPS UK Services PMI, which measures the sector accounting for 80% of the country’s economy bar

The government has decided to push ahead with plans to privatise Channel 4. Ministers have concluded, following a consultation, that while the broadcaster is “currently performing well” its public ownership is “holding it back in the face of a rapidly-changing and competitive media landscape”, a government source said. A spokesperson for Channel 4 said it

Shares in social media giant Twitter have surged by a quarter after it was revealed that Tesla billionaire Elon Musk had bought a 9.2% stake. A regulatory filing showed the tycoon had snapped up 73,486,938 Twitter shares. The stake is worth $2.89bn (£2.2bn), based on Twitter’s closing price on Friday. Musk is a frequent user

More than 200 flights were cancelled by easyJet over the weekend, leaving some passengers stranded amid travel chaos at some airports in the UK. The budget airline blamed the cancellations on the disruption of staff shortages caused by COVID-19, with at least 222 trips axed since Friday. It said it had made efforts to combat

The government is preparing to nationalise Gazprom’s British supply arm within days amid a stand-off between the Russian state-controlled energy firm and a Wall Street banking giant. Sky News has learnt that ministers are drawing up plans to take Gazprom Marketing & Trading Retail (GM&T) into public hands if it fails to reassure financial counterparties

The owners of the American basketball team the Cleveland Cavaliers have joined forces with one of the four remaining bidders for Chelsea Football Club as the auction of last season’s Champions League-winners enters its final stages. Sky News can exclusively reveal that Rock Entertainment Group (REG), which owns a string of US sports teams, has

NatWest Group is contemplating an audacious takeover bid for one of Britain’s biggest wealth managers in a move that would represent its biggest corporate acquisition since it was rescued by taxpayers nearly 15 years ago. Sky News has learnt that NatWest is in the early stages of considering an offer for Tilney Smith & Williamson,

The government’s business misconduct watchdog has launched criminal and civil probes into P&O Ferries, adding to pressure on the embattled company. The move comes two weeks after P&O Ferries sacked nearly 800 workers and replaced them with lower-paid crew, a decision that the government called illegal. Business Secretary Kwasi Kwarteng confirmed on Friday afternoon that

Household energy bills prices are likely to rise even higher this autumn as the war in Ukraine deepens the gas crisis, the boss of one of the UK’s largest energy companies has told Sky News. Greg Jackson, founder and chief executive of Octopus, which has more than two million direct customers, said volatility in wholesale

The day that 22 million households have been dreading has finally arrived. April Fool’s Day sees the energy price cap rising by a record sum to help account for surging wholesale prices – with bills yet to even reflect the impact of Russia’s war in Ukraine. It was announced in February that customers on default

A regulator has withdrawn its demand that UK fracking firm Cuadrilla permanently seal its test wells, as the company makes a case for shale gas extraction to boost domestic energy security. Cuadrilla had been facing down a June deadline to fill the two Preston New Road wells in Lancashire with concrete after the fracking process

The government’s lead non-executive director has quit with more than a year of his term to run, paving the way for a prominent businessman to inherit one of the most powerful roles in Whitehall. Sky News has learnt that Lord Nash, who was appointed by the prime minister in July 2020, has stepped down from

Germany has declared an “early warning” of a gas supply emergency, in one of the starkest signs yet that the Russian invasion of Ukraine is spilling over into European energy markets. The country said that its warning was intended to prepare for the risk of disruption to, or even the end of, natural gas flows

The boss of P&O Ferries has flatly rejected the government’s final plea to halt the process of making nearly 800 of its workers redundant. In a letter to transport minister Grant Shapps on Tuesday, the company said the process was in its final stages with most workers already accepting severance offers, and changing course now

The typical tenure of a S&P 500 chief executive is just under eight years. In the FTSE 100, it is just under six years. Bear those figures in mind when considering that Fred Smith, the founder and chief executive of the logistics giant FedEx, will have notched up more than 50 years when he steps

We are, the Bank of England governor said on Monday, facing a historic shock to our incomes. In fact, he added, “the shock from energy prices this year will be larger than any single year in the 1970s.” The claim from Andrew Bailey, made at a think tank event in Brussels, is especially striking given

Ministers and the Premier League will be presented with a preferred bid for Chelsea Football Club in three weeks’ time, paving the way for a change of ownership to take place by the end of next month. Sky News has learnt that a letter sent to the four remaining contenders to buy the Blues over

Sycamore Partners, the US- based private equity group, has tabled a £250m offer for the London-listed fashion chain Ted Baker. Sky News has learnt that a proposal valuing Ted Baker at 130p-a-share was submitted in writing in the last few days. It was unclear this weekend whether it had been formally rejected, although City sources

The four contenders vying to buy Chelsea Football Club will submit final bids on April 11, paving the way for a prospective new owner to seek government permission to take over from Roman Abramovich by the end of next month. Sky News has learnt that the remaining contenders have been notified by Raine Group, the