Business

Jupiter, one of Britain’s best-known fund managers, is on alert for a takeover approach amid a frenzy of dealmaking activity across the global asset management industry. Sky News has learnt that Jupiter’s board, which is chaired by Nichola Pease, has hired the advisory firm Robey Warshaw to fortify its defences against a potential bid. City

The future of LV= was thrown into confusion this evening when members of the UK’s second largest mutual life insurer narrowly rejected a takeover by private equity group Bain Capital. The board of LV=, which was formerly known as Liverpool Victoria, had urged its 1.16 million members to support the £530million takeover. However, with 75% of

US inflation has hit a 39-year high in the latest sign of a cost of living squeeze for consumers in the world’s biggest economy. Figures from America’s Bureau of Labor Statistics (BLS) showed consumer price index (CPI) inflation hit 6.8% last month, the biggest year-on-year surge in prices since June 1982. The reading, which was

The company behind the controversial Cambo oil field has said work on the project is being paused – after oil giant Shell pulled out last week. Siccar Point, which owns 70% of the North Sea project off Shetland, said it would now “evaluate next steps”. The project has become a focal point for campaigners seeking

Chancellor Rishi Sunak has warned of “bumps on our road to recovery” as new figures showed growth stalled even before the arrival of the Omicron variant. GDP grew by just 0.1% in October, well short of the 0.4% expected by economists and a big slowdown on September’s 0.6% expansion, the Office for National Statistics (ONS)

The government is facing increasing calls to step in and support businesses affected by new “plan B” COVID measures – which include working from home guidance and vaccine passports for some venues. Trade union GMB said it backed the reintroduction of a furlough scheme if the new measures threaten jobs. Industry body UK Hospitality has

The prospect of new Plan B COVID-19 restrictions has sent the pound to a one-year low and stirred dismay in the leisure and travel sectors. Sterling dropped below $1.32 against the US dollar to its lowest level since December last year while the UK currency also slid against the euro. In stock markets, travel and

The energy regulator Ofgem has been accused of sleepwalking into the price crisis that has seen a third of the UK’s household suppliers collapse, with a charity warning of a £2.6bn bill to be footed by consumers. Citizens Advice said analysis of the cost of the 26 corporate failures to date, which forced millions of

The UK will phase out 2G and 3G mobile services by 2033 to release radio waves for 5G and 6G, the government has announced. Culture Secretary Nadine Dorries said: “5G technology is already revolutionising people’s lives and businesses – connecting people across the UK with faster mobile data and making businesses more productive. “Today we

Asda has joined Tesco, its biggest rival, in facing the prospect of strike action ahead of the key Christmas trading season. The GMB union said it was launching a consultative ballot – due to close on 20 December – over the supermarket chain’s decision not to give distribution staff a “meaningful” pay offer. It added

A so-called “flash crash” for Bitcoin over the weekend has wiped out positions worth $2bn and left market experts pondering whether a wider reset for value has set in. The world’s largest cryptocurrency lost over a fifth of its value at one stage, taking the market capitalisation back below $1trn, after a broader flight from

Inflation looks set to “comfortably exceed 5%” next spring as a likely energy bill hike for millions of households takes effect, the Bank of England’s deputy governor has said. Ben Broadbent made the remarks amid questions about whether the Bank may act soon to tackle rising prices with an interest rate hike – or be

Paul Pester, the former TSB Bank chief executive, is joining Britain’s fintech frenzy by launching the first UK-based social networking app enabling friends and family members to share money. Sky News has learnt that Mr Pester has teamed up with Anthony Thomson, the Metro Bank and Atom Bank founder, and former CompareTheMarket chief Matthew Donaldson

Airline operators have said the return of pre-departure coronavirus tests for all international arrivals to the UK will be a “devastating blow for aviation and tourism”. The rule is being introduced to tackle the spread of the Omicron variant and applies to all travellers over the age of 12 visiting the UK or returning from

Jan du Plessis, the former chairman of BT Group and a host of other FTSE-100 companies, is a leading candidate to chair Britain’s audit watchdog as it prepares for a radical shift in its oversight of corporate Britain. Sky News has learnt that Mr du Plessis, who stepped down as BT’s chairman this week after

The parent company of Boots, Britain’s biggest high street chemist, is to explore a sale of the business next year that could value it at well over £5bn. Sky News has learnt that Walgreens Boots Alliance (WBA) is lining up Goldman Sachs, the Wall Street bank, to advise it on a review of options that

A member of the Bank of England committee which sets interest rates has backtracked on his support for a hike, saying he wants to see data on how the new Omicron COVID variant affects the UK’s economic recovery. Michael Saunders warned that a delay in raising rates could result in a more painful tightening being

America’s Federal Trade Commission (FTC) is suing to block the $40bn takeover of UK chip designer Arm Holdings by America’s Nvidia. The US watchdog said the deal would give Nvidia, one of the world’s largest chip companies, control over technology and designs that rival firms rely on to develop their own chips. It is the

The EU has fined banks, including Barclays, NatWest and HSBC, a total of €344m (£293m) for roles in an alleged foreign exchange spot trading cartel on a chatroom named “Sterling Lads”. The European Commission said the UK-based banks agreed to settle the case, alongside UBS which avoided a penalty because it had blown the whistle

The company slated to manufacture tens of millions of Novavax coronavirus vaccines at its plant on Teesside has announced a £400m expansion plan for the site. Fujifilm Diosynth Biotechnologies said its proposed investment would more than double the Billingham operation’s existing development and manufacturing footprint, “creating the largest multi-modal biopharmaceutical manufacturing site in the UK”.