Business

“When the time comes, disconnect the main flex cable.” Besides being a short guy named Tom, I never felt I had any sort of Mission: Impossible credentials until I donned safety googles and got handed a screwdriver and plastic scalpel at what’s thought to be the UK’s biggest phone recycling factory. Fixing the screen on

The owner of HMV has approached a number of debt providers to back a last-gasp rescue bid for Wilko, the ailing high street retailer. Sky News understands that Doug Putman has sounded out firms including Gordon Brothers and Hilco – from which he bought HMV in 2018 – about helping to finance an offer for

The former owners of The Daily Telegraph have lined up hundreds of millions of pounds from Middle Eastern investors in a bid to wrest back control of the newspaper from Britain’s biggest high street bank. Sky News can exclusively reveal that the Barclay family lodged a proposal last week to buy back roughly £1bn of

Rail services across England will be crippled today because of another strike in the deadlocked dispute over pay, jobs and conditions. Around 20,000 members of the Rail, Maritime and Transport (RMT) union at 14 train operators are expected to join the walk out. Trains will start later on Saturday and finish earlier and some areas

Rail services across England will be crippled today because of another strike in the deadlocked dispute over pay, jobs and conditions. Around 20,000 members of the Rail, Maritime and Transport (RMT) union at 14 train operators are expected to join the walk out. Trains will start later on Saturday and finish earlier and some areas

It was one of the most lucrative changes of career in business history. In 1964, Fred DeLuca was a 17-year-old medical student working in a hardware store to help pay his way through college. Realising he was not earning enough for his needs, he asked a family friend, Peter Buck, whether he had any bright

A group of trading nations known as BRICS, which is hoping to rival the G7, is set to grow in size after inviting six new countries to join – including Iran and Saudi Arabia. BRICS – which has, until now, comprised of Brazil, Russia, India, China, and South Africa – announced the proposed expansion at

The US tech firm that dominates the market for chips used in artificial intelligence (AI) has delighted investors with a doubling in quarterly revenue, promising more of the same in future. Nvidia shares gained almost 10% in after-hours trading in New York on Wednesday night when it revealed a string of numbers that beat analysts’

Fears for thousands of retail jobs at the ailing chain Wilko deepened on Wednesday evening when trade union officials warned that the majority of its shops were likely to close within days. Sky News has learnt that administrators at PricewaterhouseCoopers (PwC) are in advanced talks to carve up parts of the 400-strong chain, with Poundland’s

A closely-watched indicator of economic activity suggests the economy is on course to contract in the current third quarter of the year. A preliminary reading for the S&P Global/CIPS Purchasing Managers’ Index (PMI), which covers the dominant services sector and manufacturing, highlighted a slump in factory output and broader weakness during August. It blamed stubbornly

Falling house prices and record wage growth has meant houses have become more affordable on paper, but the rising cost of borrowing has cancelled out any benefit. The cost of a typical UK home is 6.7 times average earnings, down from a peak of 7.3 last summer, according to analysis from the country’s biggest mortgage

The UK’s competition regulator has launched a fresh investigation into Microsoft’s proposed £55bn takeover of Call of Duty maker Activision Blizzard after the tech firm offered a new remedy in a bid to get the deal over the line. The Competition and Markets Authority (CMA) confirmed on Tuesday that it stood by its final decision

Bosses of some of the UK’s biggest companies had their pay increased to 118 times the median wage of a full time UK worker, up from 108 times the average rate a year earlier. Median pay for chief executives of FTSE 100 share index companies grew to £3.91m in 2022, the highest level since 2007.

There are potential early signs that the labour market is losing some of its inflationary heat, in a shift that could give the Bank of England reason to pause its cycle of interest rate hikes. Data from a jobs search website suggested that vacancies and advertised starting salaries both fell in July – the first

Ben Stokes, the England Test cricket captain, and former team-mate Stuart Broad are among a group of leading sportsmen backing a new venture capital fund targeting a distinctive position in the crowded arena of early-stage investments. Sky News can reveal that two of the pivotal figures in England’s recent Ashes series recovery to draw the

Direct Line Group, the struggling motor insurer, has approached one of the most senior executives at rival Aviva to become its new boss. Sky News has learnt that the FTSE-250 group, whose brands include Churchill and Green Flag, has been holding talks with Adam Winslow about taking over as its CEO. This weekend, insurance industry

Thousands of train drivers at 16 operators are to take further strike action next month as part of a year-long dispute. Members of the ASLEF train drivers union have announced walkouts on Friday 1 September and overtime bans on Saturday 2 September, disrupting services across Britain. So far in the dispute, which has been ongoing

The CBI, the embattled business lobbying group, is to close a swathe of its overseas offices as part of a cost-cutting drive aimed at ensuring its survival. Sky News has learnt the CBI has informed staff it is to axe its operations in Beijing, Delhi and Washington DC in the coming months. The move will

The energy price cap is set to fall again resulting in cheaper electricity and gas bills, according to a closely-watched forecast. Energy bills in the final three months of 2023 are projected to drop before increasing in 2024, according to research firm Cornwall Insight, as they expect strikes at Australian gas facilities will bring up

The banking sector is being warned it faces penalties if it does not secure free access to cash for the UK population, including businesses, following waves of branch closures over more than a decade. Hours after Sky News revealed the Financial Conduct Authority (FCA) was to be given powers to fine banks that fail to

Major banks face being fined if they fail to provide free access to cash withdrawals within three miles of consumers and businesses under new rules to be set out by ministers. Sky News has learnt that the Treasury is to publish guidelines within days setting out expectations for banks’ future provision of cash deposit and

Jamie Oliver and his wife Jools have paid themselves £6.8m in dividends after his firms’ total profits rose by almost a fifth. The Jamie Oliver Group said earnings were boosted by the celebrity chef’s TV series Jamie’s £1 Wonders, which Channel 4 launched in response to the cost of living crisis. An average of 1.4

There are “genuine grounds for hope” for the future of high street retailer Wilko, according to the GMB union, after the company entered administration, endangering 12,500 jobs. The union met with administrators PwC as part of the formal consultation process and confirmed there had been “expressions of interest” from prospective buyers. Those potential purchasers are

A man who famously made a fortune by predicting the collapse of the US housing market in 2008 now appears to be suggesting that two major stock markets will tumble in value. Michael Burry, the hedge fund boss featured in The Big Short, in which he was played by Christian Bale, held negative options on

Grocery price inflation has eased for the fifth month in a row – as the cost of some staples come down. Closely watched data from Kantar Worldpanel, which tracks supermarket sales and bills, found that while the expense of a food shop is still higher than last year, the pace of price rises has been

DIY retailer B&Q has apologised after two books titled “White Supremacy” were included in a product listing photograph on its website. The books featured in a listing for a wooden radiator cover. B&Q has apologised and said the product was offered by a third-party seller which it has now suspended. The DIY retailer has also

Bidders for the ailing retailer Wilko have been given until Wednesday to table offers for the company after its collapse into insolvency last week. Sky News has learnt that PricewaterhouseCoopers (PwC), which was appointed as administrator on Thursday, is seeking offers by the middle of this week as Wilko faces running out of cash. A

Pubs in England and Wales will be allowed to continue serving takeaway pints after the government decided to keep COVID licensing rules. Pubs were given permission to serve customers through hatches when they were forced to close during lockdown restrictions in 2020. Those rules were due to expire at the end of next month, but

The owner of the Daily Mail is in talks with prospective backers of a bid for The Daily Telegraph  - a deal that would underline its proprietor’s status among the most powerful figures in British media. Sky News has learned that Lord Rothermere, chairman of both DMGT and its consumer division dmg media, is courting

A British-based company which boasted that it would be a global pioneer in electric vehicle manufacturing is working with advisers to prepare for possible insolvency. Sky News has learnt that Arrival, which is listed on New York’s Nasdaq stock exchange, has drafted in Alvarez & Marsal (A&M) to advise it as it tries to salvage

The Premier League is targeting a financial agreement with its lower league counterparts within weeks as English football seeks to head off political criticism over the distribution of money through the sport. Sky News has learnt that the Premier League told its 20 ‘shareholders’ on Thursday that it now hoped to reach a swift conclusion

GDP exceeded modest expectations in June and for the second quarter as a whole, but perhaps the best that can be said of the economy at the halfway point in the year is that things could be worse. That was certainly the chancellor’s response to monthly growth of 0.5% and a three-month figure of 0.2%.

The UK economy grew slightly in the three months to June, according to official estimates. Gross domestic product (GDP) increased by 0.2% in the second quarter of the year, the Office for National Statistics (ONS) said. In June alone it rose 0.5%. It comes after a rate of 0.1% was recorded in the first quarter,