The owner of British Airways has placed its hopes for a return to profitability on strong demand for transatlantic travel after posting a loss for its key summer season. International Airlines Group (IAG) said the gradual lifting of COVID-19 travel restrictions in key markets – culminating in the full reopening of the US travel corridor
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Liberty Steel boss Sanjeev Gupta has been criticised in a report by MPs looking into the crisis that engulfed the company, as well as the future of the wider steel sector. It claimed that the use by Mr Gupta – once known as the “saviour of steel” – of “high risk financial funding practices” was
The Bank of England has surprised investors and economists by leaving interest rates on hold at 0.1% for at least another month. However, the Bank used its quarterly Monetary Policy Report to signal that it was likely to increase borrowing costs in the “coming months”. The decision pushed the pound lower by more than a
The Bank of England will decide today on whether to raise interest rates for the first time in three years. Speculation has been growing that Bank rate will increase from 0.1% to 0.25% in response to rising inflation. The rate was cut to a record low of 0.1% in March last year as lockdowns put
Former Bank of England governor Mark Carney has declared a “watershed” moment in financing the world’s move to net zero following news that $130 trillion of private capital was waiting to be deployed. “Right here right now is where private finance draws the line,” Mark Carney said on “finance day” at the COP26 summit in
Three of Britain’s biggest high street lenders will this week join an alliance aimed at phasing out the world’s dependence on coal power amid a blizzard of efforts by multinationals to demonstrate their green credentials at the COP26 summit. Sky News has learnt that HSBC, Lloyds Banking Group and NatWest Group will be among 10
It may strike some as deeply ironic that, while heads of state, scientists, charities and environmental activists rub shoulders at the COP26 summit, some of the biggest players involved in the transition to net zero are not in Glasgow. While the likes of Turin Polytechnic, Bristol City Council, the Omega Institute for Holistic Studies and
The Rothermere family is on the verge of a £400m pensions agreement that will pave the way for it to delist the publisher of the Daily Mail and i newspapers after nearly a century as a public company. Sky News has learnt that Rothermere Continuation Limited (RCL) is close to agreeing a deal with trustees
Barclays has revealed that its chief executive Jes Staley has stepped down following an investigation by regulators into his dealings with the disgraced financier Jeffrey Epstein. The bank said on Monday that Mr Staley – its chief executive since 2015 – had gone after being given sight of the preliminary conclusions of a probe launched
A husband and wife team who set up an upmarket outdoor pizza-oven company nearly a decade ago are planning to sell a stake in the business in a deal that could propel them into the ranks of Britain’s wealthiest people. Sky News has learnt that Ooni, is based in Scotland, is in talks to hire
G20 world leaders have endorsed a global minimum tax on corporations as part of an agreement on new international tax rules. The move by the leaders of the world’s biggest economies is a step toward building more fairness amid the surging revenues of some multinational businesses. US treasury secretary Janet L Yellen hailed it as
The Racing Post is galloping towards a £500m sale as its owner looks to cash in on a surge in demand for sports betting data. Sky News has learnt that Exponent Private Equity, which acquired the horseracing bible in 2016, is in talks with investment banks about launching an auction of Spotlight Sports Group, potentially
The prime minister has sought to soothe relations between France and the UK, telling journalists en route to the G20 in Rome that France is one of the UK’s “best, oldest, closest friends and allies”. Asked what he would say to President Macron when the pair meet in Rome this weekend, Mr Johnson responded: “[The]
Over 1,300 of the biggest UK-registered companies and financial institutions will soon have to make various climate-related disclosures. The disclosure standards on climate-related risks were voluntary but, following a recommendation in March, they will become mandatory from 6 April next year, subject to parliamentary approval. Those affected will include many of the UK’s largest traded
The energy regulator will conduct a consultation on how it caps bills, as many suppliers continue to struggle with increasing gas prices. Thirteen energy suppliers have gone bust since the beginning of September, beaten by soaring wholesale energy costs and unable to pass costs to customers due to the restrictions of the price caps. According
The economy has always relied on the labour of people whose work is insecure. But the pandemic left vulnerable workers in precarious and short-term employment at an even higher risk of exploitation, according to a new report seen exclusively by Sky News. The research, compiled by charity Focus on Labour Exploitation (FLEX), found that reports
Middle-income earners are likely to be worse off next year due to inflation and tax rises, according to the Institute for Fiscal Studies. IFS director Paul Johnson was delivering the organisation’s analysis of the budget presented by Chancellor Rishi Sunak on Wednesday. Mr Sunak had labelled it a “budget to usher in a new age
The number of cars built in the UK has continued to fall for the third month in a row, dropping to their lowest level for September since 1982. A total of 67,169 cars were produced in Britain last month, a decline of 41.5% year-on-year, according to a new report from the Society of Motor Manufacturers
Here are the key points from Chancellor Rishi Sunak’s budget speech: • The chancellor says there are “challenging” months ahead, adding that inflation in September was 3.1% and is likely to rise further – the OBR expect it to average 4% over the next year • Pressures caused by supply chains and energy crisis will
Rishi Sunak has claimed his budget will deliver a stronger economy “fit for a new age of optimism”. In comments released by the Treasury ahead of the chancellor’s address to MPs in the Commons on Wednesday, Mr Sunak said the budget will commence the “work of preparing for a new economy post-COVID”. “An economy of