Business

Lord Tyrie, the former chair of the competition watchdog and architect of many of Britain’s post-financial crisis banking reforms, is among the candidates vying to head Ofgem, the under-fire energy regulator. Sky News has learnt that Lord Tyrie has put his name forward to replace Professor Martin Cave, who is due to step down as

Striking rail workers have vowed to continue walking out until the government “unblocks” their pay dispute on the second day in a row of cancellations. There are 14 rail operators affected by strike action by the RMT union on Saturday – the day of the Eurovision finale in Liverpool – after a separate walkout by

Virgin Orbit has pushed back the deadline for rescue bids as the commercial satellite venture founded by Sir Richard Branson scrambles to avert bankruptcy. Sky News has learnt that the company and its advisers have told would-be buyers of the company that they must now submit final offers by May 19, several days later than

The Royal Mail chief executive is to step down, parent firm International Distributions Services has announced. As first reported by Sky News, Simon Thompson had been in talks to leave the company after his credibility was challenged by MPs who recalled him for questioning at the Business, Energy and Industrial Strategy (BEIS) committee. The company

Mike Lynch, the British software tycoon, has been extradited to the US weeks after losing a long-running legal battle against the move. Sky News understands that Mr Lynch arrived in San Francisco on a United Airlines flight on Thursday lunchtime, paving the way for the former Autonomy chief to be tried on criminal charges. One

The UK economy grew slightly in the first three months of the year, according to official figures – but contracted in March. Growth of 0.1% was recorded by the Office of National Statistics (ONS) in the three months up to March, the lowest amount possible to still be classed as growth as IT and construction

Almost two thirds of young women have experienced sexual harassment, bullying or verbal abuse at work, according to a new poll. Some 62% of those in the 25-to-34 age group reported being pestered or persecuted on work premises – as well as during virtual meetings, over email and on the phone, the survey by the TUC found.

Prices have increased at the world’s largest holiday company and are now “notably higher” than just three months ago. The average selling price at Tui has increased 5%, which the company has described as “notably higher” than the 2% price increase reported in the first three months of its 2023 financial year. In its half-year

Ryanair has ended a price feud with Boeing to confirm a deal for 300 new planes which, the no frills carrier said, was a record US order by an Irish company. Europe’s largest airline by passenger numbers said it was buying 150 737 MAX 10 aircraft with an option for a further 150 for delivery

One of Britain’s biggest companies has warned that the UK risks squandering its lead in one of the most important green technologies because of the government’s reluctance to support its companies. Johnson Matthey, the chemicals and metals company which is currently responsible for most of the world’s catalytic convertors, told Sky News it has intellectual

The chief executive of Royal Mail is in advanced talks to leave the company just weeks after his credibility was questioned by MPs investigating the performance of the former state-owned monopoly. Sky News has learnt that the board of International Distributions Services (IDS), Royal Mail’s London-listed owner, could announce as soon as this week that

The first cannabis company to stage an IPO on the London Stock Exchange will this week install a City veteran as its chairman and unveil a multimillion pound fundraising. The first cannabis company to stage an IPO on the London Stock Exchange will this week install a City veteran as its chairman and unveil a

The billionaire petrochemicals tycoon Sir Jim Ratcliffe is proposing a full buyout of Manchester United Football Club after three years if he succeeds with a £5bn offer to take control of the Old Trafford outfit. Sky News has learnt that the Ineos billionaire’s takeover bid includes put-and-call arrangements which would become exercisable in 2026, and

Adidas has reported a drop in sales but better than expected profits in the wake of its high-profile split from shamed rapper and fashion designer Kanye West. The sportwear company said the loss of his Yeezy trainers brand was “hurting” the business but it pointed to some of the pain being eliminated by a recovery

The crisis-hit CBI has drafted in a business ethics consultancy to aid a review of its culture four weeks before a meeting of its membership that will determine its future. Sky News can reveal that Rain Newton-Smith, the new CBI director-general, has signed off the appointment of Principia following an exodus of corporate backers two

BP is exploring a sale of two of the companies owned by its early-stage ventures arm in a move which could raise tens of millions of pounds. Sky News has learnt that the FTSE 100 company’s Launchpad division has begun contacting prospective buyers of Lytt and Onyx Insight in recent weeks. Lytt transforms large amounts

One of Britain’s leading independent precision engineering firms has been saved from collapse after a pre-pack administration deal led by its previous owner. Sky News understands Nasmyth Group is to remain under the control of Rcapital, the specialist turnaround investor, following a transaction that is expected to salvage more than 450 jobs. City sources said

The parent company of British Airways has raised its forecast for annual operating profits due to stronger bookings, saying it expects capacity to be at 97% of the 2019 pre-pandemic year. International Airlines Group (IAG), which also counts Iberia and Aer Lingus among its stable of brands, said its focus on restoring earnings on key

Members of the biggest rail workers union have voted to renew their mandate to strike during the next six months in the long-running dispute over pay and conditions. The Rail, Maritime and Transport union (RMT) said staff across 14 train companies overwhelming backed taking more industrial action. RMT general secretary Mick Lynch said the result

Shell has revealed it is handing a further $6bn (£4.7bn) to shareholders after its latest quarterly profits beat its own forecasts. The oil and gas major reported net profits of $9.6bn (£7.6bn) for the first three months of the year. The figure was slightly down on the sum achieved in the final quarter of 2022

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

NatWest has beaten expectations by recording a pre-tax profit of £1.8bn in the first three months of the year. This is well ahead of forecasts by analysts of £1.6bn for the quarter and higher than the £1.2bn recorded this time last year. It follows rival bank Barclays posting a better-than-expected profit and its largest in

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