It is another “risk off” day in the jargon for stock markets in Europe. Banking stocks, in particular, are falling out of bed. Shares of Deutsche Bank and Commerzbank, Germany’s two largest lenders, have fallen at their worst by 13% and 8% respectively while BNP Paribas and Societe Generale, the first and third-largest banks in
Business
Millions of mobile phone and internet users are facing a price increase of 17.3% on their bills in just a week’s time. Every April, many broadband and mobile firms raise their prices in line with the Consumer Price Index (CPI) plus an additional 3-3.9%. As these price rises are often applied mid-contract, people either have
The Bank of England has revealed it no longer believes the UK will face a technical recession this year, as it raised the interest rate by a further quarter percentage point. The unexpected change to its forecast was contained in the minutes alongside its decision to raise borrowing costs for an eleventh successive time to
The government is cutting benefit payments to some of Britain’s poorest families or threatening them with debt collectors in a raid that is “plunging people into poverty”. More than a million people have had their universal credit payments cut over the past year because they were overpaid tax credits in the past by HMRC. Some
Striking Amazon workers have vowed to step up industrial action following an “insulting” new pay rise. It comes after Amazon announced on Wednesday that it will increase the minimum starting salary of its UK workforce by at least 50p to between £11 and £12 per hour from April. The company said the exact amount will
Delivery giant Just Eat has announced it is to axe 1,700 jobs as it ceases to employ its delivery riders and drivers. The service said it will use entirely gig economy workers to deliver food in the UK, as opposed to the hybrid system of employees and self-employed workers. Delivery staff have been given six
Mozzarella, cornflakes and brie are some of the food products to have more than doubled in price in the last year, new analysis has found. The cost of some everyday groceries has increased by more than 100%, consumer brand Which? found, when it looked at 25,000 food and drink products from eight major supermarkets. Own-brand
As many as eight bids could be made for Manchester United before Wednesday’s deadline for second offers, it is understood. The Glazer family will definitely sell the club, but only for the right price – with £6bn believed to be their valuation. If their asking price is not met, the owners will raise capital to
RMT union members at Network Rail have voted to accept a revised pay offer aimed at resolving a long-running dispute over jobs, pay and conditions. In a turnout of nearly 90%, members voted by 76% to 24% in favour, signalling an end to the bitter row, which led to a series of strikes in recent
Virgin Orbit has begun drawing up detailed contingency plans for its insolvency days after halting its operations and furloughing its workforce. Sky News has learnt that the commercial space satellite venture founded by Sir Richard Branson‘s Virgin Group is working with Alvarez & Marsal (A&M) and Ducera, two restructuring firms, on fallback plans in the
UBS will take over Credit Suisse in a deal aimed at stemming what was fast becoming a global crisis of confidence. Credit Suisse, the 167-year-old embattled lender had been brought to the brink of financial calamity last week, despite securing a $54bn (£44bn) credit line from Switzerland’s central bank. The credit line was agreed in
British banking watchdogs have given their blessing to a takeover of Credit Suisse by its Swiss peer UBS, as financial regulators around the world race to contain the industry’s biggest crisis since 2008. Sky News understands that the Bank of England has indicated to international counterparts and to UBS that it will support the emergency
The British arm of Silicon Valley Bank (SVB UK) has handed out millions of pounds in employee bonuses just days after its insolvency was averted through a Bank of England-orchestrated rescue deal. Sky News has learnt that the payouts to staff including its senior executives were signed off by HSBC, SVB UK’s new owner, earlier
A tumultuous week in the markets ended on an uncertain note – suggesting fears remain after large losses from the collapse of Silicon Valley Bank. The FTSE 100 (Financial Times Stock Exchange) index of the most valued companies on the London Stock Exchange started the day at around the 7,500 mark – better than all
Security guards at Heathrow Airport are to strike over Easter in a dispute over pay, with passengers warned they face “severe delays”. The Unite union said flights using Heathrow Airport will “experience severe delays and disruption this Easter” as the workers stage a 10-day walkout. More than 1,400 security guards employed by Heathrow Airports Ltd
Royal Mail has been referred to the industry regulator by a committee of MPs which has accused the company of failing in its duty to deliver letters six days a week and questioned whether its management is negligent. The Business, Energy and Industrial Strategy (BEIS) Committee declared that the company had “systematically failed to deliver”
The European Central Bank (ECB) has maintained its fight against inflation and imposed a large set of interest rate hikes despite financial market turmoil. Bank balance sheets have suffered because of the effect of interest rate increases, which have contributed to recent crises at Silicon Valley Bank and Credit Suisse. But the central bank –
Job losses are on the horizon at the John Lewis Partnership, which includes Waitrose and John Lewis shops, as the company posted an annual loss of £234m. No detail was given on the location or number of job cuts that will be made. “As we need to become more efficient and productive, that will have
The FTSE 100 and other major European stock markets have taken a beating as concern over the health of US banks crosses the Atlantic. London’s blue chip index lost £75bn in combined market value by the close after suffering its deepest fall, on a points basis, since the early days of the COVID crisis. Sentiment
The government has announced it will keep its cap on energy prices for a further three months as part of Jeremy Hunt’s first full budget. The Energy Price Guarantee (EPG) – which limits the unit cost of gas and electricity that people pay – had been expected to rise to £3,000 next month, meaning another
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