Business

A major Cambridge-based microchip designer has decided not to list on the London Stock Exchange, despite lobbying from three UK prime ministers. Arm, the Japanese-owned and Cambridge-headquartered company, announced on Thursday night it would list on the New York Stock Exchange, snubbing the City of London. Its owner, the giant Japanese technology investor SoftBank, spent

FTSE 100 building materials firm CRH has recommended moving its primary stock market listing to New York, exacerbating worries about the London market’s standing as a global financial centre. The Ireland-based company confirmed its plans to investors on Thursday morning as it revealed full-year results that showed a 12% rise in sales to $32.7bn (£27.4bn).

WH Smith has said it has been the target of a cyber attack that has seen hackers access company data. The high street retailer added hackers have also been able to access current and former employee information. It said the hack has not impacted its trading activities and stressed its website, customer accounts and customer

Interest rates may rise less than previously thought with the governor of the Bank of England signalling there is no urgent need for hikes. The central bank has been consistently raising interest rates – making borrowing more expensive – in an effort to bring double-digit inflation down to the Bank’s 2% target. Further increases had

Brexit and bad planning – along with weather – are to blame for the fruit and vegetable shortage affecting the UK’s supermarkets, Spain’s agriculture minister has said. Major chains Tesco, Aldi, Lidl, Morrisons and Asda have imposed limits on the number of certain items customers can buy. Fruits and vegetables increasingly sourced from Morocco and

A further 2,000 pubs are at risk of closure, threatening 25,000 jobs, unless the chancellor comes to the sector’s aid in this month’s budget, according to an industry body. The British Beer and Pub Association (BBPA) cited research by Oxford Economics which forecast 288 million fewer pints would be sold in the next financial year

UK grocery inflation continued to climb during February to reach a new record high of 17.1%, according to closely-watched industry data. Kantar Worldpanel reported that the increase over the past 12 months meant that families faced a potential £811 annual rise in the cost of their regular shopping basket. It had been hoped that a

The government is set for a fiscal windfall of tens of billions of pounds thanks to stronger growth and lower energy prices, making the argument not to contribute to higher public sector pay all the more difficult to maintain, according to the Institute for Fiscal Studies (IFS). In an analysis released ahead of the 15

The energy regulator has reduced the cap on the amount energy companies can charge customers but bills are still expected to increase. Ofgem has today announced the cap on the amount typical households pay on electricity and gas bills will drop to £3,280 from 1 April. It’s a decrease from the previous cap of £4,279

The electric vehicles arm of Octopus Energy’s parent company is seeking a £100m funding boost to accelerate its growth amid soaring production of greener cars. Sky News has learnt that Octopus Electric Vehicles (OEV) is working with bankers on plans to raise new funding from external investors during the coming months. OEV is part of

Citymapper, the urban transport app which ranks among Britain’s most prominent consumer technology companies, is in talks to be bought by a multibillion dollar New York-based rival. Sky News has learnt that Citymapper, which launched in 2010, is in advanced discussions about a takeover by Via Transportation. City sources said a deal could be struck

Members of the Transport Salaried Staffs Association (TSSA) have voted to accept offers by train companies in the long-running dispute over pay, job security and conditions, the union has announced. “Given this result, TSSA will notify employers that the ballot for Industrial Action has also been withdrawn,” the union said in a statement. “Accepting the

As Ukrainians mark a year since Russia’s invasion, Ian is joined by Ukraine’s deputy economy minister, and the chief executive of the Ukrainian steelmaker Metinvest – owners of the Azovstal steel mill in Mariupol, which was besieged by Russian soldiers last May. He also speaks to the chief executive at Allbright and the chair of

A financial services giant backed by an Abu Dhabi state investment fund is the latest suitor to emerge as a contender to swoop on parts of the stricken London-listed company MJ Hudson. Sky News has learnt that Apex Group, which is based in Bermuda and has around 12,000 employees, plans to table an offer next

The UK’s biggest retailers will next week warn Rishi Sunak that the government’s waste strategy risks forcing prices up for consumers even as continued inflationary pressures exacerbate the cost-of-living crisis. Sky News has obtained the draft of a letter from the British Retail Consortium (BRC) – expected to be sent to the prime minister next

In the aftermath of Russia’s invasion of Ukraine, Western leaders heralded a sanctions regime that would cripple the country’s war machine. Joe Biden claimed Russia’s economy would be “cut in half”, while Boris Johnson spoke of squeezing it “piece by piece.” A year has passed, but that great promise has been slow to deliver. Please

British tomatoes will likely remain scarce until the end of April or even early May, the UK’s largest grower has warned. It comes after Tesco and Aldi became the latest supermarkets to place limits on some fruit and vegetables customers can buy due to supply shortages. The soaring cost of energy, and fertiliser also derived

Theft by employees has jumped by 19% amid warnings that the rising cost of living is triggering a wave of workplace crime, new data suggests. Almost 6,000 people were caught stealing from their employer in 2022 – up from 5,000 the year before. Incidents range from the petty pilfering of office supplies to theft of

British Steel has revealed it is to cut 260 jobs, almost 7% of its workforce, despite continuing government funding talks with its Chinese owners. It was announced that the losses would be felt at its Scunthorpe plant through the closure of its coking ovens – used to turn coal into the high-temperature product needed to

Government officials will this week fly to China in an effort to convince the owner of British Steel to finalise plans for a state funding package amid hundreds of job cuts at the company. Sky News has learnt that civil servants from the Department for Business and Trade are travelling to meet executives from Jingye

Public borrowing in the financial year to date is £30.6bn less than predicted by the Office for Budget Responsibility (OBR), according to the last set of official figures before next month’s budget. The Office for National Statistics (ONS) reported a £5.4bn surplus for the chancellor in January – aided by the highest January figure for

The global payment giants Mastercard and Visa are facing the latest in a string of multibillion-pound competition lawsuits with the launch of a potentially vast class action claim on behalf of British companies. Sky News has learnt that Harcus Parker, a London-based commercial litigation law firm, is close to filing what it believes will be

The government has been accused of going round in circles in its attempt to stop sewage pouring into England’s rivers and seaside. The environment secretary Thérèse Coffey has ordered England’s water and sewerage companies to share a “clear plan” to reduce spills from every single storm overflow. Pipes releasing into bathing waters and critical nature

Planet Organic, the organic supermarket chain, has drafted in City advisers to explore a possible sale. Sky News has learnt that Planet Organic, which was founded in 1995 by Renee Elliot, is working with Interpath on a review of its strategic options. A source close to the process said this weekend that the company was

Railway engineering workers are set to take part in a series of 48-hour strikes next month due to a pay dispute. The action comes after the workers at infrastructure group Balfour Beatty overwhelmingly rejected the company’s offer of a 5.5% increase in pay. Members of the Rail, Maritime and Transport (RMT) union will take strike

Tesco, Britain’s biggest supermarket chain, is to kick off a review of its presence in the UK banking sector – a move that could lead to a sale of the business. Sky News has learnt that the grocery giant is lining up Goldman Sachs to advise on the future of Tesco Bank, which launched in

Charging customers higher electricity prices has helped the UK wing of the French state-owned energy giant turn a profit. While an overall loss was recorded at EDF (Électricité de France) earnings rose at its UK operations, it said in its 2022 annual results. Core profits in the UK electricity-producing entity hit £1.12bn, up from a

Profits at NatWest have risen to their highest since the global financial crash. The bank recorded profits of £5.1bn before tax in its 2022 full-year results, a high not seen since 2007 and an increase from the £3.8bn booked a year earlier. The payment of a bonus to its chief executive, Dame Alison Rose, was

Rail workers and nurses will strike again next month, while frontline Royal Mail workers are also threatening a new wave of strikes. Tens of thousands of RMT members will strike again beginning on 16 March after the union received “no new offers” from employers involved in the national rail dispute. The RMT revealed the start

Retail sales rose in January, surprising economists after a two month fall, according to official figures. Sales were expected to fall 0.3% according to a Reuters poll of economist forecasts, but data from the Office of National Statistics (ONS) showed the numbers were better than the loss in December. But there was an overall fall

Centrica, the company that owns British Gas, has reported record profits for the 2022 financial year. Operating profits of £3.3bn were recorded at the company, up from £948m in 2021, and surpassing the firm’s previous highest ever yearly profit of £2.7bn, posted in 2012. The oil and gas producer has been helped by high energy

Ofgem has revealed that the end of forced installation of controversial energy prepayment meters only extends until the end of March. The watchdog said the date, that household energy suppliers had agreed to, also included a temporary halt to remote transfers for customers currently on smart meters. The government had suggested last week that the

Airbus and Rolls-Royce have secured contracts to support a record order for new planes by Air India. The order, for 220 Boeing and 250 Airbus aircraft over several years, will benefit both Airbus and engine supplier Rolls-Royce in the UK, the government said. The Department for Business and Trade (DBT) said the wings, designed by