Business

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

The rate of price rises has fallen sharply, according to official figures. The key, consumer price index (CPI) measure of inflation fell to 6.8% in the year to July, down from a rate of 7.9% in June, Office of National Statistics (ONS) data showed. It means prices are still rising but at a slower rate

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

Private sector wages and total pay, including bonuses, surpassed inflation despite a surprise rise in the rate of UK unemployment. Economists thought the unemployment rate would remain at the 4% level recorded last month but it has now gone up to 4.2%. Wages have also risen again with private sector wage growth increasing to 8.2%

Supermarket prices for some branded snack foods have more than doubled in the last year, as the rising cost of living has squeezed household budgets, a leading consumer group has said. Which? found one particular item – a six-pack of Mr Kipling Chocolate Slices – rose by 129% at Tesco, the single largest price increase

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 Burger King’s UK operations is in advanced talks about a new franchise deal that will cut the number of new restaurants it is obliged to open each year. Sky News has learnt that Bridgepoint, the London-listed private equity firm, is close to striking a long-term deal with Restaurant Brands International (RBI), the

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

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,

Discount retailer Wilko has failed despite catering to precisely the sort of cost-conscious, value driven consumer whose number has been swelled by the cost-of-living squeeze. While direct competitors B&M, Home Bargains and Poundland, as well as limited-range supermarkets Lidl and Aldi have thrived, its 400 stores and 12,500 jobs are now under threat. Founded 93

Wilko has gone into administration – putting 12,000 jobs at risk. It comes after Sky News revealed earlier on Thursday the retail chain was only hours away from insolvency. In a statement, CEO Mark Jackson said: “We’ve all fought hard to keep this incredible business intact but must concede that time has run out and

Actors and writers in Hollywood are striking for a number of reasons, including pay and working conditions – but also because of concerns about artificial intelligence (AI). Writers are worried about control over AI in the screenwriting process, while actors have fears about AI replicas of themselves being used without adequate compensation. If this all