Business

The crisis-hit hedge fund Odey Asset Management has offloaded its stake in AO, the London-listed electrical goods retailer, suggesting that it may be unable to stall a fire-sale of assets amid a wave of sexual misconduct allegations against its founder. Sky News has learnt that the firm set up by Crispin Odey was the seller

Greggs says it wants to open new stores in Cornwall and the South West of England – in a move that could put the bakery chain toe-to-toe with traditional Cornish pasty makers. The company’s boss, Roisin Currie, says the company is on track to open 150 new shops nationwide this year – and could open

The government is scaling back the windfall tax on bumper oil and gas profits in response to fossil fuel companies warning they are cutting back on investment. Prices had reached historic highs following the invasion of Ukraine, resulting in record profits for oil and gas producers such as Shell and BP. The windfall tax –

A consumer group has reported Tesco to the competition regulator as officials continue their inquiry into whether the grocery sector is ripping off shoppers. Which? said it had gone to the Competition and Markets Authority (CMA) to complain about a lack of clear pricing on the “vast majority” of the retailer’s food and drink promotions

The former owners of The Daily Telegraph have tabled a proposal to restructure its debt to Britain’s biggest high street lender in a last-ditch attempt to regain control of the right-wing newspaper. Sky News has learnt that the Barclay family submitted an offer to Lloyds Banking Group on Wednesday that would have entailed the bank

The Daily Telegraph newspaper has inched closer to a sale after Lloyds Banking Group seized control of its parent firm over unpaid loans and placed it in the hands of receivers. Sky News has previously reported how the bank was understood to have undertaken the drastic move and was in the process of appointing investment

First-time investors in crypto assets will be offered a 24-hour cooling-off period as part of a wider crackdown on advertising in the industry by the UK’s financial regulator. First-time investors in cryptoassets should be offered a 24-hour cooling-off period by those marketing them, according to the City regulator. A new advertising crackdown being launched by

Britain’s biggest high street lender is lining up bankers to launch a £600m auction of the Telegraph newspapers and The Spectator magazine within days amid a bitter row with the titles’ long-standing owners. Sky News has learnt that Lloyds Banking Group is being advised by Lazard on its options for some of Britain’s best-known media

The scandal-hit CBI has secured support in its battle for survival by winning a crunch membership vote on plans aimed at restoring trust in the business lobby group. The UK’s largest employers’ organisation needed a simple majority to win the vote in an extraordinary general meeting in London and won 93% in favour of its

The CBI director general Rain Newton-Smith will appeal for members to approve reforms ahead of a finely balanced vote that could decide the future of the scandalised business lobby group. The 59-year-old body, traditionally the voice of big business, faces a potentially existential referendum at an extraordinary general meeting in London, where members will be

British Airways (BA) has revealed all its staff who are paid in the UK have been caught up in a cyber incident that has exposed personal data including bank and contact details to hackers. It emerged last week that a so-called zero-day vulnerability – a flaw – in the file transfer system MOVEit, produced by

Apple is expected to announce a mixed reality headset – its first brand-new product for eight years – at its annual event for developers. The tech giant’s WWDC showcase is usually reserved for software reveals – notably the next major updates for its iPhones, iPads, and Macs – but this year fresh hardware is on

Siemens, the German-based industrial technology giant, is this weekend leading a last-ditch rallying cry to save the CBI, the ailing business lobbying group. Sky News has learnt that Siemens, which employs 11,000 people in Britain, is coordinating a letter among a group of CBI members to urge them to publicly endorse its survival. The letter,

The talent agency which managed Phillip Schofield until the disgraced TV star’s career imploded this week is this weekend facing questions about its own future after its lenders called in advisers to explore a financial restructuring. Sky News can reveal that YMU, which is owned by a private equity firm, has for weeks been involved

The price of diesel fell by almost 12p last month – a record drop, according to new figures. The RAC said the average price per litre was now 147p, down from 158.9p at the start of May – making it the seventh consecutive month prices have fallen. It means the cost of a typical 55-litre

Rail strikes are set to cause further havoc today when train drivers walk out ahead of high-profile events including the FA Cup final, the Epsom Derby, and a Beyonce concert. Members of the Aslef union are taking industrial action in the long-running dispute over pay and working conditions. Read more: Everything you need to know

Two of the country’s biggest banking giants have announced they are closing a total of 63 branches. Barclays said on Friday it will shut another 10 branches, on top of more than 70 closures this year that have already been announced. Meanwhile Lloyds Banking Group will shut the doors on 21 Lloyds Bank sites, along

As food inflation rises to 19.2%, its highest rate in 42 years, the European Central Bank has suggested it could be down to, in part, businesses profiteering from the cost of living crisis by increasing their prices for larger margins, a term known as “greedflation”. But what is the data behind the suggestion? On the

The owner of British Gas is facing criticism from a leading City investor over the multimillion pound pay package handed to its chief executive after persistent criticism of windfall gains triggered by share price collapses during the pandemic. Sky News can reveal that abrdn, one of the London stock market’s most influential institutional shareholders, will

Amazon and a subsidiary have agreed to pay millions to settle two separate privacy cases against its Alexa and Ring doorbell devices. Both cases were taken by US government consumer watchdog, the Federal Trade Commission (FTC), and Amazon denies violating the law. In a case against the Alexa voice assistant, Amazon agreed to pay $25m