The value of Russia’s currency has plunged to an all-time low after Western nations imposed new sanctions on the country for its invasion of Ukraine. The rouble was down nearly 30% against the US dollar at one point, dropping as low as 119 per dollar in early Asian trading, passing its previous low of 90
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BP is to offload its 19.75% stake in state-owned Russian oil giant Rosneft “with immediate effect” following the invasion of Ukraine. The firm’s chief executive Bernard Looney is also resigning from Rosneft’s board along with its other Rosneft director Bob Dudley, it said in a statement. The statement said Russia’s invasion of Ukraine “caused us
Western allies have agreed to remove selected Russian banks from the SWIFT global financial messaging system. In a joint statement, leader of the European Union, UK, US, and Canada, said the move was in response to Vladimir Putin’s decision to invade Ukraine late last week. The group said: “We stand with the Ukrainian government and
McColl’s Retail Group, one of Britain’s biggest convenience store chains, is racing to secure new funding to stave off a collapse that could put thousands of jobs at risk. Sky News has learnt that McColl’s is working with advisers on attempts to find a buyer or third parties willing to inject fresh capital into the
British Airways has suffered a major outage, causing several flights to be cancelled and leaving passengers stuck on planes after landing at Heathrow. The airline’s website and app were down for hours on Friday evening, leaving customers unable to check in online or book flights. The airline confirmed that the outage was not due to
Asian shares have rallied slightly driven by a US rebound as some analysts said the sanctions imposed by the West against Russia over the invasion of Ukraine were not as strong as markets had feared. Global share prices plummeted sharply on Thursday after Vladimir Putin unleashed a military assault on the neighbouring country. While the
After the damp squib that was the modest package of sanctions unveiled by Boris Johnson on Tuesday, this evening’s latest salvo certainly had a bit more weight. The intention to impose an asset freeze on Russian banks, including the country’s second largest lender VTB, is meaningful. VTB, along with its largest rival Sberbank, is a
Cutting Russia off from the SWIFT global payments system would be one of the toughest sanctions the West could impose. But it would also involve pain for foreign banks and other creditors that do business with the country. The system, which has its headquarters in Belgium, is used by more than 11,000 financial institutions in
The full scale invasion of Ukraine by Russia has sparked a rush for safe haven assets and sent the cost of Brent crude oil above $100 a barrel for the first time since September 2014. Fears of a wider conflict, additional sanctions and higher inflation arising from president Putin’s order to attack prompted a rush
The governor of the Bank of England has warned that large wage rises and price-setting to reflect surging inflation risk embedding rising costs in the economy, resulting in “slow activity and increased unemployment”. Andrew Bailey told the Treasury committee of MPs that the so-called second round effects of the energy-led rise in living costs were
Barclays is to freeze millions of pounds in share awards to its former chief executive as he contests the findings of a regulatory probe into his relationship with Jeffrey Epstein. Sky News has learnt that the British bank’s board has decided not to allow a chunk of shares granted to Mr Staley several years ago
Filmmaker Richard Curtis has warned that the pensions industry should be “put on red alert,” as a new report says billions of UK savers’ money is driving deforestation. In Great Britain £2 in every £10 invested in an average pension is linked to forest loss, amounting to some £300 billion of UK pension money, according
Nearly 40% of all board positions at the UK’s top companies are now held by women, up from 12.5% a decade ago, new government data shows. The UK has now progressed from fifth to second in the international rankings at FTSE 100 level, which groups the country’s top 100 public companies, leapfrogging countries such as
The average price tag for a home has shot up by almost £8,000 in the space of a month as the easing in the COVID crisis sparks renewed interest in city living, according to a report. The Rightmove website said its measure of asking prices stood at a record level of £348,804 following the jump
An American investment giant is plotting a £5bn takeover of Motor Fuel Group (MFG), Britain’s biggest independent operator of petrol forecourts. Sky News has learnt that Fortress Investment Group is drawing up plans to bid for MFG after losing out in a hotly contested auction of Wm Morrison, the supermarket chain, last year. By coincidence,
A former boss of Amazon UK is being lined up as the next president of the CBI, Britain’s most influential employers’ group. Sky News has learnt that the CBI was due to ratify Brian McBride’s appointment as Lord Bilimoria’s successor at a board meeting on Friday afternoon. Mr McBride, who chairs the rail ticket booking
Britain is currently in the grips of its worst storm in nearly 30 years, with rare red warnings issued for large swathes of the country. Schools have been closed, and at least 80,000 homes are without power. So what can you do if Storm Eunice directly impacts you? Will my insurance cover damage to my
Retail sales rebounded in January after falling in December, posting their biggest monthly rise since the shops reopened last spring. Despite rising prices due to inflation, volumes jumped by 1.9% last month following a drop of 4% in December, according to the Office for National Statistics (ONS), triggered by surging rates of Covid-19. The figures
As Storm Eunice barrels towards the South West of England, the UK’s energy watchdog has issued an initial report on the impact of Storm Arwen last November, which left more than a million homes without power. Ofgem found that network operators were hard to reach in the aftermath of the storm, with many customers waiting
The hospitality sector has issued a plea for the chancellor to extend VAT support beyond April as rising inflation threatens to inflict more damage on an industry among those worst hit by coronavirus restrictions. UKHospitality said on Thursday that the COVID pandemic had resulted in almost £115bn of lost sales since March 2020 for its