Business

Except on rare occasions – last year’s post-Liz Truss mini-budget episode being one of them – the bond market rarely garners as much attention as other financial sectors. Yet these markets, where companies and governments come to borrow, are the foundations for the global economy. In particular, the value of government bonds – and hence

Plans to close rail ticket offices will go “too far, too fast”, MPs have warned. The Rail Delivery Group announced over the summer that almost all of the 1,007 in-person facilities in England would be shut down in an effort to reduce costs after a post-COVID fall in passenger numbers. The industry body also said

Kemi Badenoch, the business secretary, has turned down an invitation to address the CBI’s annual conference, dealing a blow to the business lobbying group’s efforts to rebuild its reputation. Sky News understands that Ms Badenoch’s officials have informed the CBI that diary clashes in the run-up to next month’s autumn statement will prevent her from

A fast-growing British semiconductor manufacturer is lining up a £200m funding injection from blue-chip backers including the asset management giant M&G. Sky News has learnt that Pragmatic Semiconductor, which produces low-cost microchips for use in products such as packaging and clothing, is close to finalising a substantial fundraising backed by Saudi Arabian money. City sources

One of Britain’s biggest chains of car repair shops is gearing up for a sale that could value it at about £400m. Sky News has learnt that Steer Automotive Group has appointed City advisers to sound out prospective buyers. Sources said on Friday that a formal process was not yet underway although initial discussions were

On today’s episode of the Ian King Business podcast, economist Simon French looks into how the unusually warm weather in September led to a larger-than-expected fall in retail sales. Elsewhere, consumer confidence in the UK has suffered its biggest monthly drop since March 2020 – the month of the first Covid-19 lockdown. Ian also looks

Chancellor Jeremy Hunt has warned of a crackdown on “public sector waste” and focus on tackling debt after official figures showed weaker than expected borrowing last month. The Office for National Statistics (ONS) said public sector net borrowing stood at £14.3bn last month, £1.6bn less than a year earlier. The figure was well down on

The cost of UK state borrowing is close to a 15-year high – levels seen only twice since the global financial crash. The amount the UK government has to pay – the yield – to borrow money for 10 years via its benchmark 10-year bonds – known as gilts – rose to more than 4.7%

A closely-watched barometer of consumer confidence is warning of “concern” for retailers ahead of Christmas, as official figures for September show a steep fall in sales. GfK’s latest Consumer Confidence Index suggested that the willingness of shoppers to spend, particularly on big-ticket items, had plunged since the end of the summer. The authors reported that

Nokia has revealed plans to shed up to 14,000 jobs following a slump in sales. The Finland-based telecoms technology firm, which has 86,000 staff worldwide, said it was launching a cost-saving drive across the business in a bid to boost its margins. Nokia reported a 20% fall in sales during its third quarter. Comparable net

Amazon will relaunch its delivery drones in the UK next year, the shopping giant has confirmed. The company said it will begin using the unmanned, airborne vehicles for distributing goods from some of its same-day delivery sites – one of which will be in the UK. No location has yet been revealed. It’s part of

The upmarket shoe retailer Kurt Geiger is being groomed for a £400m sale by its private equity backers. Sky News has learnt that Cinven is working with advisers at Bank of America on a prospective auction of the brand. City sources said on Tuesday that a sale process was expected to begin in the coming

The rate of inflation failed to nudge downwards as expected last month, remaining at an annual rate of 6.7% according to official figures. The headline consumer prices index (CPI) measure had been predicted to slow to 6.6% in September by a Reuters poll of economists. The higher than expected number – largely a consequence of

Rolls-Royce Holdings, the aircraft engine manufacturer, is to axe more than 2,000 jobs as part of a cost-cutting drive by its new chief executive. Sky News has learnt that the Derby-based company is expected to announce plans to lay off around 2,500 staff as soon as Tuesday. The cuts will be distributed across its global

The pace of basic wage growth has fallen back slightly, according to official figures being closely watched by the Bank of England. Data from the Office for National Statistics (ONS) showed that average basic wages rose by 7.8% during the three months to August compared to a year earlier. That was down slightly from a

Janet Yellen has told Sky News the United States can “certainly” afford wars on two fronts, as the conflict between Israel and Hamas threatens stability in the Middle East and the US continues to support Ukraine’s fight against Russia. Talking exclusively to Wilfred Frost ahead of a meeting of finance ministers in Luxembourg, the US

Metro Bank has set a quickfire timetable for rivals to snap up a substantial chunk of its mortgage book. Sky News understands that Metro Bank wants bidders to submit offers at the beginning of next month, with Barclays, Lloyds Banking Group and NatWest Group all having an indicated an interest. News of the timetable comes

Qatari businessman Sheikh Jassim bin Hamad al Thani has withdrawn from the process to buy Manchester United, Sky News understands. His offer, which valued United at more than £5bn, was believed to be the only bid for 100% of the club – that the Glazers announced last November could be sold. He and Ineos billionaire

NatWest Group is preparing to cancel millions of pounds in bonuses and share awards earmarked for its former chief executive following a probe into the closure of the former UKIP leader Nigel Farage’s bank accounts. Sky News has learnt that NatWest, in which the government remains the single-largest shareholder, wants to resolve the issue of

UK wholesale gas prices have risen again and are now at their highest level since mid-February. Prices rose to nearly 135 pence a therm (a unit of heat used to measure gas) on Friday afternoon. It comes after gas costs hit a six-month high of nearly 123p a therm on Tuesday afternoon – a level