Business

A shortage of new models has helped drive a near-record leap in sales of used cars, according to industry figures. The Society of Motor Manufacturers and Traders (SMMT) reported that 2,167,504 vehicles changed hands during the second quarter of the year – up 6.6% on 2019 pre-pandemic levels. The body said it was the best

One of Britain’s biggest convenience store groups is plotting a £30m cash call to accelerate the expansion of its partnership with Morrisons, the supermarket giant. Sky News has learnt that McColl’s Retail Group has approached institutional investors about a placing to raise almost as much as its existing £40m market capitalisation. McColl’s could be forced

Sir Richard Branson’s Virgin Atlantic Airways is plotting a surprise flotation on the London Stock Exchange as it pins its hopes on a rapid rebound in transatlantic travel. Sky News has learnt that Virgin Atlantic has been holding talks with institutional investors about making its public market debut just five months after landing a fresh

Jobs growth in the US exceeded expectations last month while unemployment fell in a further sign the economy continues to bounce back from the turmoil of the coronavirus pandemic. So-called nonfarm payrolls increased by 943,000 in July, official employment figures showed, which was above the 860,000 forecasted by economists. Hotels and restaurants reopening for business

Football Manager players will no longer be able to manage ‘Manchester United’, following a settlement between the club and the games developer Sports Interactive. Instead, from FM22 onwards, the Manchester United football club will be renamed “Manchester UFC” or “Man UFC”, the games maker announced on Friday. Fans of the game and the club have

A takeover bid for the supermarket chain Morrisons by a private equity-backed consortium has been increased to £6.7bn following speculation of a rival offer. The group led by Fortress Investment Group has increased its previous financial pitch for the Bradford-based grocer, which had been agreed by management, by £400m. It said it upped the offer

The creators of the long-running and often controversial cartoon South Park have penned a new deal to bring 14 more movies to screens. Matt Stone and Trey Parker have also seen their show renewed through to a 30th season in a deal thought to be worth about $900 million (£650 million). The pair will make

Around 15 million families will see their energy bills soar by up to £139 after the regulator hiked the price cap by the biggest increase yet. The sharp rise, which will impact half the population, is driven by a rise of more than 50% in wholesale fuel costs over the last six months with gas

A row has broken out over the “naming and shaming” of companies which fail to meet minimum pay rules, with the John Lewis Partnership (JLP) understood to be furious after it was identified as an offender. The Department for Business (BEIS) released a list of 191 firms it wanted to publicly call out for failing

Britain’s economy continues to rebound but is losing some of the earlier momentum in the face of inflationary pressures, fresh figures indicate. Growth among UK service companies, which make up the lion’s share of UK economic output, slowed to its lowest levels since March although is still strong, according to an influential poll. The sector

A UK businessman with precious stock on the container ship Ever Given has spoken of his relief that the ship has finally arrived in the UK, four months later than scheduled. The vessel, one of the largest of its kind in the world, docked at Felixstowe to offload cargo following one of the most extraordinary

Fewer contacts of people with coronavirus will be told to isolate by the NHS COVID-19 app after an update today. The “logic” which underpins how close contacts are identified and notified will be changed following a review into the NHS COVID-19 app by the health secretary, the Department for Health and Social Care says. Live

Defence and aerospace technology firm Meggitt has agreed a £6.3bn takeover deal by US firm Parker-Hannifin. The FTSE 250 company confirmed an offer from the US engineering technology giant valuing Meggitt at 800p per share. It said the move represents a 70% premium on the share value of the company at the end of trading

A former Unilever executive is being lined up to take the helm of the Whitehall agency which oversees taxpayers’ interests in businesses including the Post Office, NatWest Group and Channel 4. Sky News has learnt that Vindi Banga, who sits on the board of GlaxoSmithKline and chairs the cancer charity Marie Curie, is expected to

There are fears “many thousands” of people will lose their jobs as the furlough scheme is gradually phased out – and the government is being urged to ensure those made redundant are given help to retrain. Changes from today mean employers will be asked to contribute 20% towards the salaries of those whose wages are

The UK is “closing in on” striking an agreement in principle with New Zealand, the international trade secretary has said. Liz Truss said “great progress” had been made in the sixth round of discussions between the two sides, which took place from 19 to 30 July. “We’re closing in on an agreement in principle, with

Up to a quarter of supermarket milk deliveries by the UK’s biggest dairy supplier have been unable to get through because of a shortage of lorry drivers. Speaking to Sky News, managing director of Arla Foods UK Ash Amirahmadi warned of a “summer of disruption” unless bold action is taken by the government to tackle

Amazon’s new boss is facing a sales slowdown as the breakneck pace of expansion fuelled by stay-at-home shopping eases. Andy Jassy, who took over from founder Jeff Bezos earlier this month, saw shares fall 7% in after-hours trading as his first set of results as chief executive revealed revenues short of Wall Street expectations. Second

Between 1.1 million to 1.6 million workers remain on full or partial furlough as taxpayer aid for the wage support scheme prepares to be eased further, according to official estimates. A survey by the Office for National Statistics (ONS) showed that businesses continued to claim COVID-19 salary aid on behalf of between 4% and 5%

The competition watchdog has imposed fines totalling £100m in the latest case of so-called price gouging that saw patients lose access to a free drug on the NHS. The Competition and Markets Authority (CMA) found that pharmaceutical company Advanz charged “excessive and unfair prices” for supplying liothyronine tablets, which are used to treat thyroid hormone