Business

Germany’s largest bank has become the focus in a new wave of selling across banking and wider financial stocks, less than a week after the forced takeover of Credit Suisse. Deutsche Bank shares were down 11% on the day at one stage, in volatile trading, after a sharp jump in the cost of insuring against

Millions of mobile phone and internet users are facing a price increase of 17.3% on their bills in just a week’s time. Every April, many broadband and mobile firms raise their prices in line with the Consumer Price Index (CPI) plus an additional 3-3.9%. As these price rises are often applied mid-contract, people either have

The Bank of England has revealed it no longer believes the UK will face a technical recession this year, as it raised the interest rate by a further quarter percentage point. The unexpected change to its forecast was contained in the minutes alongside its decision to raise borrowing costs for an eleventh successive time to

The Bank of England is expected to raise interest rates for the 11th time in less than 18 months after Wednesday’s surprise jump in inflation.  It is due to announce its latest decision at noon as it tries to reconcile the UK’s weak economic outlook and an international banking crisis. Any increase would be part

Striking Amazon workers have vowed to step up industrial action following an “insulting” new pay rise. It comes after Amazon announced on Wednesday that it will increase the minimum starting salary of its UK workforce by at least 50p to between £11 and £12 per hour from April. The company said the exact amount will

Delivery giant Just Eat has announced it is to axe 1,700 jobs as it ceases to employ its delivery riders and drivers. The service said it will use entirely gig economy workers to deliver food in the UK, as opposed to the hybrid system of employees and self-employed workers. Delivery staff have been given six

The rate of inflation has taken a surprise leap, driven by a rising cost of alcoholic drinks in pubs and food – partly a consequence of the recent salad shortage. The Office for National Statistics (ONS) calculated the consumer prices index (CPI) measure of inflation at 10.4% over the 12 months to February. That was

As many as eight bids could be made for Manchester United before Wednesday’s deadline for second offers, it is understood. The Glazer family will definitely sell the club, but only for the right price – with £6bn believed to be their valuation. If their asking price is not met, the owners will raise capital to

The problems of the financial system today are perhaps best summarised by the title of the Oscar-winning film “Everything Everywhere All at Once”. Lots of noise, lots of small explosions, lots of confusion and idiosyncratic episodes happening throughout the developed world, which seem to amount to a chaotic mess. To top it off, some of

Virgin Orbit has begun drawing up detailed contingency plans for its insolvency days after halting its operations and furloughing its workforce. Sky News has learnt that the commercial space satellite venture founded by Sir Richard Branson‘s Virgin Group is working with Alvarez & Marsal (A&M) and Ducera, two restructuring firms, on fallback plans in the

UBS will take over Credit Suisse in a deal aimed at stemming what was fast becoming a global crisis of confidence. Credit Suisse, the 167-year-old embattled lender had been brought to the brink of financial calamity last week, despite securing a $54bn (£44bn) credit line from Switzerland’s central bank. The credit line was agreed in

The British arm of Silicon Valley Bank (SVB UK) has handed out millions of pounds in employee bonuses just days after its insolvency was averted through a Bank of England-orchestrated rescue deal. Sky News has learnt that the payouts to staff including its senior executives were signed off by HSBC, SVB UK’s new owner, earlier

Ann Summers boss Jacqueline Gold has died at the age of 62, her family has said. The multi-millionaire businesswoman, who passed away with her family at her side on Thursday evening after seven years of treatment for breast cancer, was hailed an “absolute warrior” by her sister. It comes just two months after the death

A tumultuous week in the markets ended on an uncertain note – suggesting fears remain after large losses from the collapse of Silicon Valley Bank. The FTSE 100 (Financial Times Stock Exchange) index of the most valued companies on the London Stock Exchange started the day at around the 7,500 mark – better than all

The Natural History Museum was the most visited indoor attraction in the UK for a second consecutive year, new figures show. The London museum had 4,654,608 visitors last year, topping the British Museum, which had 4,097,253 visitors, and the Tate Modern, with 3,883,160 visitors, according to data from the Association of Leading Visitor Attractions (Alva).

Security guards at Heathrow Airport are to strike over Easter in a dispute over pay, with passengers warned they face “severe delays”. The Unite union said flights using Heathrow Airport will “experience severe delays and disruption this Easter” as the workers stage a 10-day walkout. More than 1,400 security guards employed by Heathrow Airports Ltd

The European Central Bank (ECB) has maintained its fight against inflation and imposed a large set of interest rate hikes despite financial market turmoil. Bank balance sheets have suffered because of the effect of interest rate increases, which have contributed to recent crises at Silicon Valley Bank and Credit Suisse. But the central bank –

A strike by rail workers today will bring train services to a halt across the country in the latest disruption caused by a wave of industrial action. Teachers in England and university staff will also continue their walkout from Wednesday, when they took part in one of the single biggest days of action in a

The FTSE 100 and other major European stock markets have taken a beating as concern over the health of US banks crosses the Atlantic. London’s blue chip index lost £75bn in combined market value by the close after suffering its deepest fall, on a points basis, since the early days of the COVID crisis. Sentiment

Tempting as it is to believe that the chaos with Silicon Valley Bank and its British arm are of interest only to members of the tech community and financial nerds, it has already had a very real bearing on all our lives. For evidence, look no further than the money markets, where investors bet on

The creator of ChatGPT is releasing an upgraded version of the AI behind its powerful chatbot that can recognise images. OpenAI’s impressive software took the internet by storm late last year with its ability to generate human-like responses to just about any text prompt you throw at it, from crafting stories to coming up with

The low point came on Sunday evening. For two days and two nights the Bank of England had, alongside the Treasury and its fellow financial regulators, been locked in talks with a stream of potential buyers for the UK branch of Silicon Valley Bank. With the clock ticking down to the opening of financial markets

HSBC has bought the embattled UK arm of Silicon Valley Bank (SVB UK), securing the deposits of more than 3,000 customers worth £6.7bn. Confirming a story broken on Monday by Sky’s City editor Mark Kleinman, the Bank of England, which had been preparing to bring the bank into an insolvency process, said all depositors’ money

HSBC Holdings has emerged as a potential ‘white knight’ bidder for Silicon Valley Bank (SVB) UK as the government and regulators seek to avert the lender’s insolvency. Sky News has learnt that HSBC was on Sunday night exploring a bid for the British arm of the stricken technology-focused lender, joining a slew of smaller rivals

A business lender founded by a prominent former Conservative Party donor is in talks to buy the British operations of Silicon Valley Bank, the US lender which collapsed last week. Sky News can exclusively reveal that Oaknorth Bank, which was valued at nearly $3bn in a funding round in 2021, is in detailed talks with

Dozens of early-stage tech companies in the UK have warned the chancellor of “an existential threat” to the sector following the failure of Silicon Valley Bank in the US. The Bank of England has said it is seeking a court order to place SVB UK into an insolvency procedure, after US regulators took over its

A new clearing bank which launched just two years ago is among the suitors this weekend weighing bids to salvage the British arm of Silicon Valley Bank (SVB). Sky News has learnt that The Bank of London (TBOL), which recently raised funds at a valuation of over $1bn, is considering making an offer for SVB

The UK arm of Grant Thornton, the accountancy and professional services provider, is drawing up plans to invest millions of pounds in its Indian sister firm. Sky News understands that the top ten auditor has asked its more than 200 UK partners to vote on the proposal later this month. One source said the deal

Hundreds of thousands of mortgage holders could face payment difficulties by the end of June next year, according to analysis by the Financial Conduct Authority. The regulator has said that, in addition to the households already behind on payments, 356,000 mortgage borrowers could face payment difficulties by the end of June 2024. People in this

Households are missing out on £23bn a year because banks are not passing higher interest rates to savers, a Sky News analysis shows. Although mortgage holders have been hit with higher borrowing costs, banks have been slower to pass on rate rises to savers. Politicians accused retail banks of taking advantage of rising interest rates

The economy rebounded to grow by 0.3% in January, according to official figures which reaffirmed that the UK avoided recession at the end of last year. The Office for National Statistics (ONS) reported a recovery for output last month after the bigger than expected contraction of 0.5% witnessed in December, which went unrevised in the

The Rail, Maritime and Transport Workers’ union (RMT) has said planned strike dates on 14 train operators will go ahead, but they insist they are open to discussions with bosses. The union said the Rail Delivery Group (RDG), representing 14 train operators, invited them to discussions to settle its ongoing dispute, but on the condition

The Rail, Maritime and Transport Workers’ union (RMT) is putting a “new and improved” pay offer from Network Rail to its members for a vote. Following the new offer, the union announced on Tuesday evening it was suspending strikes that were due to take place from 2am on 16 March until 1.59am on 17 March.