Business

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

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,

The government is “gaslighting” the public about the state of the economy, the shadow chancellor will say on Tuesday. Rachel Reeves is set to attack the Conservatives in a speech in the City of London, as the opposition takes the fight to the government on their own turf ahead of the general election. Running a

An estate agency group backed by the private equity arm of Lloyds Banking Group is being put up for sale in the latest sign of corporate activity in the sector. Sky News understands that LDC has hired bankers from Clearwater International to oversee a sale of Lomond Group. A process is expected to kick off

The world’s second-largest steel company has warned the government that a planning verdict due this week could lead to a key division quitting the UK. Sky News has seen a letter sent by ArcelorMittal to Michael Gove, the levelling-up secretary, in which it says that a decision to allow the closure and redevelopment of part

Ordinary investors will be awarded ‘bonus’ shares in NatWest Group if they hold onto stock they acquire in the taxpayer-backed bank, under a plan expected to be finalised by ministers later this month. Sky News has learnt key details of the options being explored by the Treasury for a multibillion pound retail offer of NatWest shares,

Entain, the FTSE 100 gambling group, has been rebuffed by the former bosses of bookies Coral and Skybet in its hunt for a new chief executive. Sky News has learnt that Entain, which owns Ladbrokes, approached Andy Hornby, who now runs Wagamama’s parent company, and Richard Flint, who holds a portfolio of roles, about the

A former top Post Office lawyer has been accused of telling the Horizon IT inquiry a “big fat lie” over his knowledge of a bug in the system that could have stopped wrongful prosecutions of sub-postmasters in their tracks. Jarnail Singh was a senior in-house lawyer and subsequently head of criminal law at the Post

Official figures have raised fears of a deepening public sector drag on the the UK’s economic recovery from recession. Data from the Office for National Statistics (ONS) showed that productivity in the public sector, dominated by education and healthcare, deteriorated between the third and fourth quarters of 2023. It measured a 1.0% decline over the

HSBC is set to become the latest major international bank to remove the European Union-imposed bonus cap that had applied to its UK-based workers. The London headquartered lender’s shareholders voted in favour of scrapping the limit at its Annual General Meeting, the company said. The move was recommended by the board after the UK government

Tech giant Apple has recorded the biggest drop in iPhone sales since the early months of the COVID pandemic. Sales for January to March were down 10% on the same period last year – something not seen since the 2020 iPhone model was delayed due to lockdown factory closures. Overall, Apple earned $90.8bn (£72.4bn) in

Goldman Sachs is removing a cap on bonuses for London-based staff, paving the way for it to resume making multimillion pound payouts to its best-performing traders and dealmakers. Sky News can exclusively reveal that the Wall Street banking giant notified its UK employees on Thursday that it had decided to abolish the existing pay ratio

Chinese manufacturers receive nine times more government support than their Western counterparts, according to calculations from the Organisation for Economic Co-operation and Development (OECD) which help explain the country’s complete dominance in so many sectors, from solar panels and batteries to steel. The figures produced by the OECD show that Chinese businesses benefit from government

The US central bank, known as the Fed, has again kept interest rates high – at 5.25% to 5.5%. It comes despite the bank signaling in January that interest rate cuts were around the corner. Money latest: Bitcoin suffers nightmare month – and it’s just got worse Progress in bringing down rates and making borrowing

Shifting expectations for UK interest rate cuts have contributed to a dip in house price growth, according to a closely watched measure. Nationwide reported a 0.4% dip in average property costs last month compared with March, taking the annual rate of growth to 0.6% from 1.6%. The lender’s report said the easing reflected “ongoing affordability

A former boss of Camelot, the National Lottery operator, will be named this week as the next chairman of the Post Office as ministers seek to draw a line under the ugly row surrounding the exit of his predecessor. Sky News has learnt that the Department for Business and Trade (DBT) has offered the chairmanship

Border checks on food and plant imports will add billions of pounds to the cost of doing business with the European Union, industry figures have warned. From Tuesday European imports considered a “medium risk” to UK biosecurity will face physical inspection as part of a new border regime introduced almost eight years after the Brexit

Getir, the grocery delivery app, has abandoned a European expansion that is set to result in the loss of about 1,500 jobs in the UK. Sky News had previously revealed that the Turkey-based company, which means “to bring” in Turkish, had successfully raised money from investors to fund its withdrawals from the UK, Germany and

Blackstone, the American private equity behemoth, is this weekend finalising a revised offer to buy the company which owns the music catalogues of Shakira and the Red Hot Chili Peppers. Sky News has learnt that Blackstone is preparing to lodge an improved bid for Hipgnosis Songs Fund (HSF) as early as Monday. Its offer will

Monzo, the fintech which has become one of Britain’s biggest consumer banking groups, is this weekend putting the finishing touches to an expanded fundraising involving one of the world’s best-known technology investors. Sky News has learnt that Monzo has agreed terms with Hedosophia, an early backer of Airbnb and Uber, for it to become a