Tesla chief executive Elon Musk has said he will not sell any more of his stock in the company for two years. Mr Musk, who founded the electric vehicle-maker, was speaking on a Twitter Spaces audio chat when he said the economy is likely to be in a “serious recession” next year. Tesla’s board is
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Snug, a British sofa manufacturer, is in talks about a sale four years after its launch. Sky News understands that Snug, which was founded by Rob Bridgman, is working with the accountancy firm Evelyn Partners to find a buyer before the end of the year. Sources said a deadline of 23 December had been set
As a symbol of the year in crypto, the sight of Sam Bankman-Fried being hustled out of court in Nassau to a blacked-out SUV that would take him to an airfield, and an extradition flight to New York, takes some beating. For the highest-profile player in cryptocurrency, 2022 has come to an abrupt and unforgiving
Rishi Sunak and Ursula von der Leyen have insisted they will work together to find a solution to the row over the Northern Ireland Protocol, as pressure grows to break the diplomatic deadlock. In a call on Thursday, the prime minister and the European Commission president discussed the post-Brexit trading arrangements in Northern Ireland. A
Cryptocurrency trading is “too dangerous” to remain outside mainstream financial regulation and could pose “a systemic problem” without action, the deputy governor of the Bank of England has warned. Speaking for the first time since the founder of the crypto trading platform FTX was arrested and charged with massive fraud, Sir Jon Cunliffe told Sky
Regulated rail fares in England will increase by up to 5.9% from 5 March next year, the Department for Transport (DfT) has announced. The increase is being imposed to support “crucial investment and the financial stability” of the railway, the department said. Transport Secretary Mark Harper said: “This is the biggest-ever government intervention in rail
The average UK property is £17,500 more expensive now than a year ago though house price growth has slowed and London properties are nearly 25% cheaper than five years ago, according to data from property website Zoopla. House prices have risen 7.5% over the past year, though the increase has slowed in the past three
An insolvent solar farms empire which received hundreds of millions of pounds in funding from a debt-laden English local authority is being put up for sale. Sky News has learnt that Interpath Advisory, which was appointed administrator to Toucan Energy last month, will confirm on Friday that KPMG, the accountancy firm, has been hired to
Given the drama of 2022, there is no guessing what 2023 will throw at us. Still, that needn’t stop us having a shot, so without further ado, here are some of the charts that might help tell the story of 2023. 1. The gas divergence One of the most curious things about 2022 was that
Government borrowing reached the highest amount for November since records began in 1993, official data shows. Last month, net public sector borrowing – excluding public sector banks – totalled £22bn, according to figures from the Office for National Statistics (ONS). The figure was up by £13.9bn compared to November 2021 and nearly £9bn higher than
The London-listed advertising technology company whose directors include Rebekah Brooks, the boss of The Sun newspaper’s publisher, has kicked off talks that could lead to it being sold. Sky News has learnt that Tremor International, whose shares have halved in the last 12 months, is working with bankers at Goldman Sachs to solicit takeover interest.
When looking back at the year gone by, it is rather hard to know where to start. The death of a monarch, war in mainland Europe, the shortest running prime minister of all time. It has been an extraordinary 12 months of news, especially for the economy. Rather than running through the whole thing in
The business secretary has ordered an investment firm backed by sanctioned Russian oligarchs to sell regional broadband provider Upp, citing national security concerns. Grant Shapps ruled that the ownership of LetterOne, known as L1, was a national security risk. Its investors include the sanctioned Russian businessman Mikhail Fridman. The decision was made under the provisions
The founder of Xpediator, a London-listed logistics company, is hatching a plan to take it private. Sky News understands that Stephen Blyth, who stepped down as Xpediator’s chief executive in 2020, has assembled financial backing for a takeover offer. The identity of Mr Blyth’s backers and the price at which a bid would be pitched
Visits to high streets slumped last week, according to industry data showing a “key” impact from rail strikes amid wider evidence of a hit to the economy from the industrial action. Springboard reported that shopper numbers across Britain fell 4.6% last week versus the week before amid the disruption to public transport – also blamed
Construction businesses are going bust at their fastest rate in a decade, driving the number of company insolvencies to its highest level since the financial crisis. Rising material costs, staff shortages and plummeting consumer demand are weighing on businesses, forcing them to squeeze their margins to unsustainable levels. Official figures show that in the second
Pubs, clubs and bars in England and Wales could be allowed to open for longer to celebrate the King’s coronation. The government has said it will consult on extending licensing hours from 11pm until 1am on 5, 6, and 7 May across the Bank Holiday weekend. The Home Office said the move will provide “an
The former head of the Bank of England’s governing body is to chair the bulk of Goldman Sachs’ operations outside the US – one of the most influential jobs at the Wall Street titan. Sky News has learnt that Sir Bradley Fried, who stepped down as chair of the Court of the Bank of England only
Rishi Sunak has abandoned his predecessor’s plan to intervene in global energy markets by spending billions of pounds on foreign gas imports. Sky News has learnt that Liz Truss’s Energy Supply Taskforce (EST), which was launched in September, is being scrapped. Headed by Madelaine McTernan, who was director-general of the government’s COVID-19 Vaccine Taskforce, the
There was a surprise fall in retail sales last month as shoppers remained cautious given the squeeze on budgets from inflation in the run-up to Christmas. The Office for National Statistics (ONS) reported a fall in sales volumes of 0.3% compared to October when the effects of fuel sales were excluded. Economists had expected to
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