Business

Argos will shut all of its stores in the Republic of Ireland in June this year, the company said on Thursday, following a “period of careful consideration”. The move is expected to result in 580 employees losing their jobs and the closure of 34 sites across the country. The company, which sells electronics, gadgets, and

Britain’s battery sector has been delivered some unexpected good news, after an Australian billionaire told Sky News he will be opening an advanced battery plant in Oxfordshire later this year, creating up to 300 new jobs. Andrew Forrest, the founder of the Australian iron ore giant Fortescue, said he was expanding operations at WAE Technologies,

Microsoft is preparing to axe thousands of jobs in the latest move by one of the world’s biggest technology companies to reduce its workforce in the face of a slowing global economy. Sky News has learnt that the US software giant could announce plans to cull a significant number of posts around the world within

The rate of inflation eased to 10.5%, according to official figures – down from 10.7% in November. The Office for National Statistics (ONS) said the reduced cost of motor fuels led to the decline in the core consumer prices index (CPI) measure of inflation along with cheaper clothing and footwear, and recreation and culture. Pushing

There were 467,000 working days lost to strike action in November last year, official figures show, bringing the number of strike days in 2022 to a 30-year high. The loss in days due to labour disputes in the month is the highest since November 2011. The total number of strike days lost to strike action

The governor of the Bank of England has told MPs there is still “something of a hangover effect” in the wake of the mini-budget market chaos last year but declared that the hit to mortgages was over. Andrew Bailey used remarks to the Treasury committee to declare that market conditions had returned to normal after

Marks & Spencer is to open 20 new shops and create thousands of new jobs, thanks to an investment in its stores worth £480m. New M&S stores will open at former Debenhams sites in Leeds, Liverpool, Manchester, Birmingham and Thurrock this year, the retailer has announced. More than 3,400 jobs will be created over three

A stricken financial services group that has had its shares suspended amid apparent accounting irregularities will this week disclose that it has received takeover approaches for parts of its business. Sky News has learnt that MJ Hudson, which floated on London’s junior stock market on the day of the 2019 general election, will announce on

The energy watchdog must step in to penalise price-gouging behaviour by energy suppliers, according to the head of the lobbying group representing thousands of pubs, restaurants, hotels and gyms across Britain. In a letter to the chief executive of Ofgem from Kate Nicholls, the boss of UK Hospitality, which has been seen by Sky News,

Land Securities Group, the FTSE-100 property owner, is lining up one of Britain’s most prominent boardroom figures as its next chairman. Sky News has learnt that Sir Ian Cheshire, the chairman of Channel 4 and Spire, the private hospital operator, has emerged as the leading candidate to replace Cressida Hogg as Landsec’s chairman. People close

Attempts to settle public sector pay disputes have been undermined by “spiteful” anti-strike legislation tabled by the government this week, the UK’s senior union official has told Sky News. Paul Nowak, general secretary of the Trades Union Congress (TUC), vowed to fight the proposed laws “tooth and nail”, and questioned whether ministers negotiating with public

Good news has been in such rare supply in economics recently that it’s worth dwelling on it when it arrives. This morning, on Friday 13th of all days, the Office for National Statistics (ONS) announced that the economy had grown by 0.1% in November. This is hardly especially strong gross domestic product growth, but it’s

The economy grew by 0.1% in November, partly aided by the football World Cup, according to official figures which call into question predictions the UK is already in recession. Data from the Office for National Statistics (ONS) showed pressure on demand from the effects of high inflation, but a boost from people packing pubs and

The RMT union has announced it is working with train operators “towards a revised offer” following more talks to end strike action. After today’s negotiations with the Rail Delivery Group (RDG), the RMT said: “We have had detailed discussions and we are working jointly towards a revised offer. “Both parties have agreed to continue discussions

Liberty Steel UK has placed 440 jobs under threat through a series of actions to secure its future amid “unviable” market conditions. The company said high energy costs had combined with other uncompetitive factors such as cheap imports and it was vital its operations were “refocused”. Liberty, part of Sanjeev Gupta’s GFG Alliance, said its

The Transport Select Committee heard from two sides in the national rail dispute, but the most important voice – the third rail – was not even in the room. Mick Whelan, of drivers’ unions Aslef, put the chances of resolution at zero (on a scale of one to 10) while Mick Lynch, of the RMT,

Sainsbury’s has become the latest retailer to post strong Christmas sales figures, saying it achieved a “record” festive season. The UK’s second largest supermarket group, which also includes Argos, said it now expected annual profits for the year to March towards the upper end of its previously guided range between £630m and £690m. Underlying pre-tax

Up to 3,200 jobs are to go at Goldman Sachs as part of the biggest restructuring efforts at the company since the global financial crash. The US-based multinational financial services company and investment bank is embarking on a series of cost-saving measures after the deal making and market boom of the COVID-19 pandemic dried up

Consumer spending failed to keep pace with inflation in December, figures suggest, likely bolstering the view among economists that the UK is in recession. Closely watched data from the British Retail Consortium (BRC) and Barclaycard showed spending rose by 6.9% and 4.4% in value terms respectively in December compared to a year ago. Both readings

Businesses are set to secure £5.5bn in scaled back government support to help them with their energy bills from the start of April, after the current scheme ends. The new Energy Bill Discount Scheme will reduce rather than cap energy costs for businesses and will last for 12 months. The latest measure replaces the Energy