Business

Bosses at Revolut, Britain’s biggest fintech, are drawing up plans to allow employees to cash in with a sale of stock valued at hundreds of millions of pounds. Sky News has learnt that the banking and payments services provider is lining up investment bankers to coordinate a secondary share sale worth in the region of

The Post Office scandal inquiry has said it will “urgently” review dozens of new documents it has received from former chief executive Paula Vennells. The inquiry heard her legal team had conducted further searches ahead of her appearance next week and found 50 additional documents that had previously not been shared. A spokesperson for the

The Body Shop’s administrators are to launch an auction of the chain after concluding that an alternative restructuring of one of Britain’s best-known high street retailers was not viable. Sky News has learnt that FRP Advisory, which has been overseeing the collapsed business since January, is to begin formally sounding out potential buyers in the

A former Post Office executive has said she was forced to block ex-boss Paula Vennells’ phone number after the ex-CEO called multiple times asking for help to avoid an independent inquiry into the Horizon IT scandal. Lesley Sewell, previously the company’s head of IT, told the Post Office inquiry on Thursday that former CEO Ms

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.

A new twist in the safety crisis engulfing Boeing could see the airline prosecuted over the 737 MAX 8 crashes in 2018 and 2019 that left 346 people dead. It was revealed late on Tuesday that the US Department of Justice (DOJ) had filed a case accusing the planemaker of breaching its obligations in a

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.

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

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

People are having to play “pharmacy bingo” – going from shop to shop to find stocks – as medicine shortages are worsening, experts have said. Health leaders say some patients are even having to “ration” their drugs, with a new poll suggesting shortages are a “daily occurrence” for many of England’s pharmacies. Treatments for ADHD,

A “nationwide issue” with e-gates at airports has been resolved after causing travel chaos across the country, the Home Office has said. It said the system was back up and running and there was “no indication of malicious cyber activity”. Social media images and footage showed long queues at the passport scanning gates at several