Business

Cigarette maker Philip Morris International says it will buy Vectura Group as part of an expansion beyond tobacco and nicotine. The deal values Vectura at £1.05bn and its shareholders will get 150p per share in cash, the British pharmaceutical company said in a joint statement with Philip Morris (PMI). Vectura had agreed to a £958m

The economy grew by 0.8% in May but remains 3.1% below its pre-pandemic peak, according to the Office for National Statistics. The figure was just over half of the 1.5% growth predicted by economists and it was also lower than the 2% growth seen in April, when restrictions eased for non-essential retailers, hairdressers, pubs and

One of the world’s biggest buyout firms is weighing a spectacular £5.5bn takeover bid for Wm Morrison, Britain’s fourth-largest supermarket chain by market share. Sky News has learnt that Clayton Dubilier & Rice (CD&R) is in the early stages of evaluating an offer for the grocer, a move that would send fresh shockwaves through the

AstraZeneca and the EU have both claimed victory in a court ruling over the supply of COVID-19 vaccines. The two sides have had a rocky relationship over the past few months, with the European Union accusing the vaccine maker of not producing supplies fast enough. AstraZeneca was contracted to do its best to deliver 300

The prospect of a full-scale investor revolt at JD Sports Fashion grew on Friday when another leading adviser warned shareholders over bonuses awarded to its bosses despite refusing to repay government support. Sky News has learnt that the Investment Association’s influential IVIS service has ‘red-topped’ JD Sports over votes on bonus payments and its future

A leading business group is forecasting the UK economy could bounce back from COVID sooner than expected, and Ian King is joined by the CBI’s chief economist. Also today, the coronavirus pandemic forces the cancellation of the Notting Hill Carnival for a second year; and as England and Scotland meet in Euro 2020, Ian asks

A wealth management platform which works with a fifth of Britain’s financial advisers has drawn takeover interest from a blank cheque company set up by Bernard Arnault, one of the world’s richest men. Sky News has learnt that Pegasus Europe, an Amsterdam-listed special purpose acquisition company (SPAC), was among the parties which tabled bids for

Almost since Channel 4 launched 38 years ago, with the first episode of Countdown, there has been speculation that it is facing privatisation. In January 1983, just two months after the channel launched, Kevin Goldstein-Jackson – the executive who helped launch hits like Tales of the Unexpected and who later headed the ITV franchise operator

Bridgepoint, the private equity firm, is to take a big stake in Itsu, the Asian fast-food chain – a deal that will revive one of the UK casual dining industry’s most successful partnerships. Sky News has learnt that Bridgepoint is putting the finishing touches to a deal, with an announcement possible as soon as Monday.

Tesco, the UK’s largest supermarket chain, has admitted it faces a shortage of drivers for its lorries as the haulage industry warns of a widespread UK delivery crisis ahead. Ken Murphy, Tesco’s chief executive, told a call with analysts after the company’s first quarter results that it was “working hard” to address its shortfall through

A sharp fall in demand for groceries, as pubs and restaurants reopened to indoor customers, has driven a decline in retail sales volumes. The Office for National Statistics charted a surprise 1.4% fall in retail sales between April and May. Economists had predicted growth of 1.6% on the back of a 9% surge the previous

The UK’s economy will bounce back to pre-COVID levels by the end of 2021 despite the end of lockdown being delayed, the CBI has forecast – a year earlier than expected. However, the business group has warned of devastation for some still-closed sectors if they are not given more support. The CBI has upgraded its

Ted Baker, the formal and occasion wear retailer, has reported a slump in annual sales during the coronavirus pandemic but argued it is now better placed to navigate continuing disruption. The fashion chain reported a deepening pre-tax loss of £107.7m for the year to the end of January on the back of a £77.6m sum

WhatsApp has launched its first global marketing campaign in reaction to a public backlash against a privacy policy announcement. The messaging platform says the campaign is designed to reiterate its “commitment to privacy”. It comes after months of uncertainty around the Facebook-owned app after its updated privacy policy sparked confusion and concern among some users

Passenger numbers plummeted by 223 million last year, as a result of the COVID-19 outbreak, new figures show. Only around 74 million people travelled through UK airports in 2020 – less than a quarter of the 297 million from the year before, data from the Civil Aviation Authority reveals. The airport which saw the largest

Aer Lingus has announced a number of regional flights have been cancelled after one of its operators ceased trading. The Irish airline was forced to cancel several flights from Dublin and Belfast City airports to UK cities after Stobart Air collapsed on Friday night. Those who have booked flights are advised not to go to

Sir Richard Branson is in advanced talks about a multibillion dollar merger to take Virgin Orbit, his satellite launch company, on to the US public markets. Sky News can reveal that Virgin Orbit is close to finalising a deal to combine with NextGen Acquisition II, a special purpose acquisition company (SPAC) set up by George

World leaders have arrived in Cornwall for this weekend’s G7 summit, as Boris Johnson looks to strike deals on COVID vaccines, girls’ education and the environment. In one of the most high-profile moments of his premiership so far, the prime minister will chair meetings of the world’s leading democracies at Carbis Bay. Follow live updates

Britain’s economy grew by 2.3% in April as the high street and hospitality sector reopened, official figures show. That meant that GDP was a record 27.6% larger compared with the same month last year when the nation was in the grip of the first coronavirus lockdown. Chancellor Rishi Sunak hailed it as a “promising sign

Unveiling BT’s full year results, last month, the company’s chief executive, Philip Jansen, made clear he felt the shares were a long term investment. For the second consecutive year, he announced an increase in spending in fibre rollout, disappointing some shareholders who would rather have seen BT focusing on returns in the shorter run rather