Business

Virgin Orbit has pushed back the deadline for rescue bids as the commercial satellite venture founded by Sir Richard Branson scrambles to avert bankruptcy. Sky News has learnt that the company and its advisers have told would-be buyers of the company that they must now submit final offers by May 19, several days later than

For all its seaside delights, Margate in Kent is one of the most deprived parts of the UK. Amid the cost of living crisis, many families are struggling to make ends meet. Falling ill can become a headlong plunge into poverty – as Kyra Lloyd, a 25-year-old shop assistant, discovered when she began experiencing agonising

The governor of the Bank of England has told Sky News he expects inflation to fall “rapidly” in just weeks – but warned two thirds of the pain from interest rate rises is yet to come. Andrew Bailey made the comments after interest rates were increased for a record-breaking 12th successive time, lifting the cost

The Bank of England has raised interest rates for a record-breaking 12th successive meeting, lifting the cost of borrowing to 4.5% and warning that inflation would be higher this year than it previously anticipated. The Bank’s Monetary Policy Committee said that there would be no recession this year, upgrading its economic growth forecasts by more

It’s an ugly word for an ugly phenomenon. ‘Greedflation’ is the new buzzword in economics. The thesis is quite simple. While a certain chunk of the inflation we’re currently living through can undoubtedly be put down to higher energy prices and a chunk put down to higher wages as employers pass those costs onto their

John Lewis chair Dame Sharon White has been left bruised but is not fighting an immediate battle for her future following a vote of confidence among staff. She came under pressure after the employee-owned business posted annual losses worth hundreds of millions and potential solutions to the company’s financial difficulties proved controversial. The 61 staff,

Ryanair has ended a price feud with Boeing to confirm a deal for 300 new planes which, the no frills carrier said, was a record US order by an Irish company. Europe’s largest airline by passenger numbers said it was buying 150 737 MAX 10 aircraft with an option for a further 150 for delivery

One of Britain’s biggest companies has warned that the UK risks squandering its lead in one of the most important green technologies because of the government’s reluctance to support its companies. Johnson Matthey, the chemicals and metals company which is currently responsible for most of the world’s catalytic convertors, told Sky News it has intellectual

Ministers will this week take a further step towards imposing obligations on regulators to promote the competitiveness of Britain’s financial services industry. Sky News understands that the Treasury will publish a call for proposals on Tuesday that will seek ideas for ways to measure watchdogs’ compliance with the new requirements. The move to solicit suggestions

The chief executive of Royal Mail is in advanced talks to leave the company just weeks after his credibility was questioned by MPs investigating the performance of the former state-owned monopoly. Sky News has learnt that the board of International Distributions Services (IDS), Royal Mail’s London-listed owner, could announce as soon as this week that

The first cannabis company to stage an IPO on the London Stock Exchange will this week install a City veteran as its chairman and unveil a multimillion pound fundraising. The first cannabis company to stage an IPO on the London Stock Exchange will this week install a City veteran as its chairman and unveil a

The billionaire petrochemicals tycoon Sir Jim Ratcliffe is proposing a full buyout of Manchester United Football Club after three years if he succeeds with a £5bn offer to take control of the Old Trafford outfit. Sky News has learnt that the Ineos billionaire’s takeover bid includes put-and-call arrangements which would become exercisable in 2026, and

Adidas has reported a drop in sales but better than expected profits in the wake of its high-profile split from shamed rapper and fashion designer Kanye West. The sportwear company said the loss of his Yeezy trainers brand was “hurting” the business but it pointed to some of the pain being eliminated by a recovery

The crisis-hit CBI has drafted in a business ethics consultancy to aid a review of its culture four weeks before a meeting of its membership that will determine its future. Sky News can reveal that Rain Newton-Smith, the new CBI director-general, has signed off the appointment of Principia following an exodus of corporate backers two

BP is exploring a sale of two of the companies owned by its early-stage ventures arm in a move which could raise tens of millions of pounds. Sky News has learnt that the FTSE 100 company’s Launchpad division has begun contacting prospective buyers of Lytt and Onyx Insight in recent weeks. Lytt transforms large amounts

The parent company of British Airways has raised its forecast for annual operating profits due to stronger bookings, saying it expects capacity to be at 97% of the 2019 pre-pandemic year. International Airlines Group (IAG), which also counts Iberia and Aer Lingus among its stable of brands, said its focus on restoring earnings on key

Apple has beat Wall Street expectations and market trends in reporting increased iPhone sales in its second quarter results. Both revenues and profits were above investor predictions as a record number of iPhones were sold for the second three month period in its financial year. Sales for the year ending 1 April dropped overall –

Another US regional lender has revealed talks to shore up its finances after its share price was clobbered amid the crisis of confidence to hit the country’s banking sector. Three lenders – Silicon Valley Bank, Signature Bank and First Republic – have failed this year on the back of balance sheet pressure caused by rising

Shakespeare and the Spice Girls were used by environmental protestors to repeatedly disrupt the Barclays annual general meeting (AGM) in central London on Wednesday morning. Activists from Extinction Rebellion, Fossil Free London and Climate Choir were protesting the UK high street bank’s investment in new fossil fuel projects despite heavy security at the AGM venue.

Diesel drivers are being “ripped-off” at the pumps to the tune of around 16p per litre, according to a motoring group. The RAC, along with others, has long argued that British motorists and businesses are paying over the odds for the fuel – the engine behind the UK economy – fanning the flames of inflation