Business

London City Airport will on Thursday name its first permanent female chief executive as it targets approval of an expansion plan that would create nearly 1,500 jobs. Sky News understands that the Docklands airport has told staff that Alison FitzGerald, who has been co-CEO since January alongside finance chief Wilma Allen, has landed the role.

The owner of Royal Mail has said it is “minded” to accept a revised takeover bid by Czech billionaire Daniel Kretinsky. The latest offer from Mr Kretinsky’s investment firm EP Group values the Royal Mail parent company International Distribution Services (IDS) at £3.5bn. An earlier offer had been rejected last month as being too low.

Representatives of Thames Water’s multinational syndicate of shareholders are poised to quit as directors of its corporate entities after refusing to inject the billions of pounds of funding required to bail it out. Sky News has learnt that a number of board members at companies connected to Kemble Water Finance, Thames’s parent, are expected to

A former Post Office communications director told fellow employees he was at “the heart of a corporate cover-up”, at the same time as sub-postmaster prosecutions were taking place and years before an apology was made to victims. The inquiry into faulty Horizon software, and the associated prosecution of 700 sub-postmasters for theft and false accounting,

The new version of the ChatGPT AI chatbot has been unveiled and offers near-instant results across text, vision and audio, according to its maker. OpenAI said it was much better at understanding visuals and sounds than previous versions. It offers the prospect of real-time ‘conversations’ with the chatbot, including the ability to interrupt its answers.

With protesters heading to London one of the most important people in the whole Post Office Horizon IT scandal will sit for three full days of questions. Wednesday is the start of the moment sub-postmaster victims, and likely anyone involved through the years the Post Office injustice was perpetrated, have been waiting for. It’s been

The prospects for an interest rate cut next month have not been helped by the latest wage growth figures which have come in higher than expected. Data from the Office for National Statistics (ONS) showed regular wage growth, excluding the effects of bonuses, was 6% higher over the three months to March compared with a

Young homebuyers are being forced to gamble with their retirement prospects by taking on ultra-long mortgages, according to a former pensions minister. Sir Steve Webb described data – supplied by the Financial Conduct Authority to the Bank of England – as “shocking”. It suggests that more than one million new mortgages have been issued over

The major backer of Pinewood Studios is among the suitors vying to buy Village Hotels, one of Britain’s biggest mid-market hotel chains. Sky News understands that Aermont, which specialises in real estate-backed investments, submitted an offer last week for Village Hotels, which is owned by KSL Capital Partners. City sources said that KSL was seeking

Henry Birch, the former boss of Rank Group, is among the candidates vying to run Entain, the FTSE-100 owner of Ladbrokes. Sky News has learnt that Mr Birch is one of a small number of candidates being considered by Entain to replace Jette Nygaard-Andersen as its permanent chief executive. The recruitment process comes at a

The former head of accounting for the Post Office has been described as the “gatekeeper of the remote access secret”, the inquiry has heard. Rod Ismay authored the first report into faulty accounting system Horizon, in August 2010, which concluded the software was robust. Hundreds of sub-postmasters were wrongfully convicted between 1999 and 2015 as

A privately owned used-car platform is circling Cazoo Group, its stricken US-listed rival which is on the brink of administration. Sky News has learnt that Motors.co.uk is a leading contender to acquire Cazoo’s marketplace operation, which would include its brand and intellectual property assets. The process to auction the used-car platform’s constituent parts comes after

The owner of British Airways has reported a sharp rise in profits amid soaring demand for trips and a fall in the cost of fuel. International Airlines Group (IAG) said its operating profit for the first three months of the year was €68m (£58.5m) – above expectations and up from €9m (£7.7m) during the same

The UK economy is no longer in recession, according to official figures. Gross domestic product (GDP) grew by a better-than-expected 0.6% between January and March, the Office for National Statistics (ONS) said. Economists in a Reuters poll had predicted the figure would be 0.4%. A recession, which is defined as two consecutive three-month periods where

A recommendation that a new body be appointed to handle financial claims by victims of the Post Office scandal, has been rejected by the government. A report by the Business and Trade Committee of MPs in March had called for an independent intermediary to handle every stage of the sub-postmasters’ claims amid anger over red

How soon is too soon? That’s the question exercising members of the Bank of England‘s monetary policy committee (MPC) at the moment. All nine members know that interest rates, currently at 5.25%, will have to be cut in the coming months. After all, high interest rates represent a brake on the economy and it’s becoming

High street bank TSB has announced 250 job losses and the closure of 36 branches. The job cuts will be in the fraud operations department of the bank, central operations and staff who work at the branches earmarked for closure. Trade union Unite said the decision by the UK high street lender was a “grave

The Russian state has been making more money from its oil and gas industry in the past three months than in any comparable period since the early days of the Ukraine invasion, it has emerged. The figures underline that despite the imposition of various sanctions on fossil fuel exports from Russia since February 2022, the

One of Britain’s biggest carpet retailers is axing more than 25% of its head office staff as it grapples with a protracted downturn in trading. Sky News understands that Carpetright, which is privately owned, notified staff on Tuesday morning that roughly 70 jobs would be lost as part of a cost-cutting process. The redundancies will

The boss of P&O Ferries – known for its fire-and-rehire of nearly 800 workers – has said he could not live on the less than £5-per-hour some of his staff are paid. The ferry company is paying employees an average of £5.20 an hour, two years after making 786 people redundant, and rehiring cheaper workers,