Tencent Holdings, the Chinese technology behemoth, is taking a stake in Monzo, the British-based digital bank which has confounded expectations by securing a $4.5bn (£3.3bn) valuation. Sky News has learnt that Tencent, which has become a prolific investor in Europe‘s burgeoning tech sector, has subscribed to shares as part of a $100m (£74m) top-up to
Business
On the final day of the year, Alex Proud’s nightclubs are still not sold out for New Year celebrations. The founder of the Proud Group who runs a club on the Embankment in London told Sky News the situation is “disastrously bad”. “We’re not yet sold out but the whole of the UK is like
The owners of Shawbrook, one of Britain’s biggest challenger banks, are exploring plans to list it on the London Stock Exchange less than five years after taking it private. Sky News has learnt that BC Partners and Pollen Street Capital, the two private equity firms which each own 50% of Shawbrook, are holding talks with
Liquidators of the Thomas Cook travel empire which became one of Britain’s best-known companies during its 178-year history have launched a bid to offload its stake in the company behind the UK’s air traffic control operations. Sky News has learnt that AlixPartners, the professional services firm, launched a process shortly before Christmas to sell Thomas
Households face an average hit of £1,200 to their incomes from the double whammy of rising energy bills and taxes, a think tank has said. The Resolution Foundation (RF) says families are facing a “cost-of-living catastrophe” when the energy price cap goes up and National Insurance contributions (NICs) rise by 1.25 percentage points in April.
A health minister has defended the government’s decision not to offer the hospitality sector more financial support, saying venues remain “pretty full”. Business leaders have issued a fresh call for more economic help for the hospitality sector after fears around the new Omicron variant led to a steep decline in trade in the usually busy
Footfall at shopping sites across the UK on Boxing Day fell to almost half of levels seen pre-pandemic, figures show. Shopping centres, usually filled with Boxing Day sale bargain hunters, saw footfall plunge by almost 50% compared to the same day in 2019, while high streets and retail parks saw falls of 38% and 40%.
Business Secretary Kwasi Kwarteng is to hold meetings with energy bosses today to address rapidly rising gas and electricity prices. Mr Kwarteng will meet with the bosses of major energy suppliers who are likely to ask the government for tax cuts and the relaxation of green levies. Last week, the industry’s trade body Energy UK
The Premier League is facing a fresh bout of boardroom upheaval with the resignation of its longest-serving independent director amid the COVID-induced chaos that has hit the top flight of English football. Sky News has learnt that Kevin Beeston, who joined the Premier League board in 2015, has informed colleagues that he plans to step
People are expected to do more post-Christmas sales shopping online but spend more in previous years, a survey has found. Shoppers plan to spend on average of £247 each in the end-of-year sales, an increase of £85 on last year and £61 more than in 2019, in a reassuring sign for online retailers, according to
Central London saw the biggest drop in footfall of anywhere in the country as concerns about the spread of the Omicron variant kept shoppers at home. The number of shoppers in the capital was 30.3% lower on the morning of Christmas Eve than it was on the previous Friday, new data from Springboard has shown.
The university spin-out venture chaired by Lord O’Neill, the former Treasury minister and Goldman Sachs economist, has secured backing from a syndicate of City investment giants. Sky News has learnt that funds managed by M&G Investments, Lansdowne Partners and Columbia Threadneedle are to invest in Northern Gritstone, a collaboration between the universities of Leeds, Manchester
Selfridges has been bought by a Thai retailer and Austrian property company in a £4bn deal, according to reports. The luxury department store chain was bought by the Weston family in 2003, who then went on to establish the Selfridges Group in 2010. But the Selfridges portfolio, which includes 18 sites across England, Ireland and
Lloyds has apologised after some customers were unable to access their online banking accounts on Thursday evening. Users began tweeting they were having problems logging in to the app and website just after 9pm. For some, a message popped up on some screens reading: “We are sorry that our internet banking is currently unavailable. Please
The businessman drafted in by Boris Johnson to advise on the supply chain problems which hit the British economy in the autumn has concluded that major infrastructure changes are needed to avert repeated crises. Sky News has seen an email sent by Sir Dave Lewis, the former Tesco chief executive, to participants in his review
Ryanair has revealed a “sudden downturn” in Christmas bookings has prompted it to slash January flights and pencil in annual losses more than twice as large as previously expected. The Dublin-based airline disclosed the figures as it outlined the financial impact of the Omicron variant and recent government restrictions designed to tackle its spread. It
Britain’s slowing economic recovery was even weaker than previously thought over the summer, according to revised official data. The updated figures from the Office for National Statistics (ONS) showed gross domestic product (GDP) rose by 1.1% in the third quarter, down from an earlier estimate of 1.3%. They add to more recent evidence that the
You can’t have Christmas without cardboard, or Boxing Day without a box for that matter. Corrugated board and the paper from which it’s made – fibre as it’s known in the industry – is a fundamental raw material during the festive season. Many parents will be familiar with a child enjoying the box more than
New economic support for the hospitality sector “borders on insulting” and amounts to “far too little”, the Treasury has been told. Chancellor Rishi Sunak has announced an additional £1bn in financial support for the hospitality and leisure sectors, with every business able to claim a cash grant of £6,000 to help them survive the winter.
Rishi Sunak has announced an additional £1bn in financial support for the hospitality and leisure sectors, with every business able to claim a one-off cash grant of £6,000. The Treasury is also providing a £30m top-up to the Cultural Recovery Fund – which supports institutions such as museums and theatres – and reintroducing the Statutory