Business

Facebook owner Meta has reported its first ever revenue drop amid lower advertising sales and growing competition from TikTok. The social media giant reported revenue of $28.8bn in the three months to June, down almost 1% from $29.08bn the previous year. The figure was lower than the $28.9bn expected by Wall Street, sending Meta shares

The UK could face “very high prices” with experts warning household bills could rise to £3,850 this winter due to electricity supply shortages – but the lights will stay on, the National Grid has said. Households are already paying £1,971 per year for energy bills after the price cap was increased in April The cap

The prospect of a 99p McDonald’s cheeseburger is no more as the fast food giant increases the price of several items on its menu amid the cost of living crisis. The company is raising the price of its signature cheeseburger for the first time in over 14 years, taking it to £1.19. It will also

The world’s lender of last resort has appealed for central banks to raise interest rates and for governments to take a responsible stance with public finances while warning of a harder impact from the global inflation shock. The International Monetary Fund (IMF) used its updated World Economic Outlook to take another red pen to growth

Heathrow Airport and easyJet, two of the air industry players affected by this year’s flight chaos, have revealed large financial hits while outlining how they are coping during the summer rush. The low-cost carrier said cancellations and delays caused by staff shortages at airports and in the air had cost it £133m over its latest

Gazprom plans to cut the flow of natural gas to Europe – reducing the Nord Stream 1 pipeline to just 20% of capacity from Wednesday. The Russian state-owned energy firm said “daily throughput” would be cut from 4am due to necessary equipment repairs. Russia reduced Nord Stream 1 to 40% of capacity in June and

Ryanair has warned that rising fuel prices will increase costs despite reporting a first-quarter profit. The airline industry has been impacted by significant disruption at airports and the Ukraine war but the budget airliner reported profits after tax of €170m (£145m) in Q1 (April to June 2022) against net losses of €273m (£233m). Passenger numbers

Barclays is taking a stake in Copper, one of the most prominent names in the fast-evolving cryptocurrency sector, even as the industry continues to be rocked by a swathe of bankruptcies. Sky News has learnt that the UK-based bank is among a crop of new investors joining a funding round for Copper, which counts former

The Insolvency Service has written to Lex Greensill and other former directors of the supply chain finance group which bore his name as it intensifies a probe that could trigger formal proceedings to disqualify them as company directors. Sky News has learnt that the unit which investigates corporate collapses in Britain has submitted a series

More than 40,000 rail workers will strike next week after talks failed to resolve a dispute over pay, jobs, and conditions. Members of two unions will walk out on Wednesday, 27 July, affecting rail services across the country – the latest industrial action adding to the country’s transport woes. Who is going on strike? Members

The British arm of EY, the accountancy firm, has drafted in one of the City’s top investment banks to advise on an impending $80bn break-up that will shake up the global accountancy profession. Sky News has learnt that EY’s UK board has asked Rothschild to advise on the implications of a separation of its audit

London Southend Airport has contacted airlines offering to host flights being cancelled by busier airports. It comes after weeks of disruption across the aviation sector with post-COVID demand booming and many airports and airlines unable to cope. Speaking to Sky News, the boss of Southend Airport Glyn Jones said the past few months had been

Retail sales dipped by 0.1% in June 2022, less than experts had expected but continuing a downward trajectory that reflects an economy grappling with record food and fuel prices. Non-food stores, such as clothing and household goods, which slumped by 4.7% and 3.7% respectively, were hit particularly hard, according to data from the Office of

Regulators have told airlines that they must treat passengers better when dealing with disruption. In a joint letter to carriers. the Competition and Markets Authority (CMA) and the Civil Aviation Authority (CAA) said passengers “could experience significant harm unless airlines meet their obligations”. They said some airlines were not doing enough to avoid “engaging in

Government borrowing was £22.9bn last month, the second-highest June borrowing since monthly records began in 1993. The Office for National Statistics said that borrowing was £4.1bn more in June than the same month a year ago. Interest payments increased by £10.3bn compared to this time last year, reaching a total of £19.4bn in June alone.

The start of the big summer holiday getaway at Heathrow Airport is no longer facing the imminent threat of disruption from a strike by staff at a plane refuelling company. The Unite union had said its members at Aviation Fuel Services (AFS) would walk out from 5am on Thursday until the same time on Sunday

Late-summer strikes by 115,000 Royal Mail workers have moved a step closer after an overwhelming vote in favour of walkouts, threatening massive disruption to postal deliveries across the country. The Communication Workers Union (CWU) said 97.6% of members who voted backed strikes in a 77% turnout, threatening the biggest strike action in the so-called summer

The rate of inflation has hit a fresh 40-year high, placing further strain on household budgets as the cost of living crisis mounts. British consumer price inflation reached an annual rate of 9.4% in June, up from May’s reading of 9.1%, the Office for National Statistics (ONS) said. It means Britain had the highest rate

Annual grocery bills have risen by £454, according to closely-watched industry data tracking the cost of thousands of everyday products. The latest report on the supermarket sector, released by Kantar Worldpanel, showed price inflation stood at 9.9% in early July – the second-highest level it had ever recorded since comparable records began in 2008. It

A Bank of England policymaker has said interest rates could reach 2% or higher in the next year in order to tackle inflation. Michael Saunders, a member of the Bank’s Monetary Policy Committee (MPC), said he did not think that such forecasts from financial markets were “implausible or unlikely”. “Rather than focus on a precise

A union is calling for a legal limit on how hot workplaces can be – as the UK faces a heatwave that could see temperatures hit a record-breaking 41C. A red warning for extreme heat is in place across swathes of the country including London, Manchester and York. The GMB union said there should be

The chief executive of LV=, the mutually owned insurance company, is to fall on his sword seven months after a controversial takeover was rejected by members. Sky News can exclusively reveal that Mark Hartigan, who has run LV= for just over two-and-a-half years, will leave the company in the autumn. His departure could be announced

Internet providers have a moral obligation to help customers through the cost of living crisis, the regulator has said. More and more families are struggling with their internet bills, which often are linked to inflation and have been going up this year. Along with everything else. Ofcom’s networks and communications group director, Lindsey Fussell, told

Nadhim Zahawi, the new chancellor, will next week throw the government’s support behind a new initiative designed to shore up London’s position as a global destination for major company flotations. Sky News has learnt that Mr Zahawi will use his speech at Tuesday’s Mansion House dinner to give his backing to the Capital Markets Industry

Virgin Media O2 has tabled an offer to buy TalkTalk that would value one of Britain’s biggest broadband providers at about £3bn. Sky News has learnt the mobile phone giant, which is jointly owned by Telefonica and Liberty Global, submitted an indicative bid for Salford-based TalkTalk in recent weeks. Discussions between the two sides are

China’s zero-COVID policy is being blamed for a return to the red for its economy, with experts warning that recovery will be hampered by the darkening outlook for output globally. The authorities said the world’s second-largest economy contracted by 2.6% between April and June compared to the previous three months. It meant that Chinese growth

Recruitment problems are at record levels as three out of four companies struggle to hire staff, according to the British Chambers of Commerce. The BCC said roughly 61% of firms were looking for staff in the second quarter, similar to 60% in the first quarter. But 76% were reporting difficulties. Some 5,700 businesses were surveyed

Train drivers at eight rail companies will strike on 30 July in a dispute over pay, their union Aslef has said. It comes a day after the RMT union said its members at rail operators and Network Rail would walk off the job for 24 hours on 27 July. Mick Whelan, Aslef general secretary, said:

Workers at rail operators and Network Rail will strike for 24 hours on 27 July in a dispute over pay, the RMT union has announced. The news comes after the union rejected a pay offer from Network Rail, which it described as “paltry”, and after three rail strikes last month which crippled services across the

More than eight million households will start receiving the first of two payments intended to help with the cost of living today. Almost one in four low-income households in England, Wales, Scotland and Northern Ireland will get £326, with the second instalment of £324 sent this autumn as part of the government’s £37bn support package.

House building has not kept up with population growth in almost half of the local authorities in England, Sky News analysis has found. In the decade to 2021, the population grew faster or at the same pace as the number of homes in 150 out of 309 local authorities, according to our analysis of data

The UK economy grew by 0.5% in May, according to figures released by the Office for National Statistics (ONS). It comes after two consecutive months of contraction in gross domestic product (GDP). The figures were more positive than economists had expected, with a figure of zero growth pencilled-in for May given pressures facing output from

Heathrow Airport has been accused of trying to maximise profits during a difficult travel period at the expense of airlines. The claim comes from the former boss of BA owner IAG, Willie Walsh, who is now director general of the International Air Transport Association (IATA) – a body representing global airlines. He was speaking after