Business

A pair of Wall Street banking giants have hired lawyers to represent them in the escalating battle for the future of Thames Water. Sky News has learnt that JP Morgan and Bank of America, which hold financial instruments in Thames Water’s capital structure known as swaps, have engaged Simpson Thacher to advise them on their

Rachel Reeves will this weekend be told by some of Britain’s biggest hospitality groups that the tax hikes imposed in last month’s Budget risk triggering a tsunami of job losses across the sector. Sky News has learnt that dozens of bosses from pub, restaurant and hotel operators have agreed to sign a letter to the

In a significant legal victory, thousands of Bolt drivers have been recognised as workers, securing rights to paid holidays and a minimum wage. This landmark ruling, handed down by an employment tribunal on Friday, is expected to see more than £200m in compensation awarded to 15,000 drivers represented by law firm Leigh Day. The tribunal

The baby formula market is a “broken system” that needs urgent government intervention, according to a leading charity.   Feed UK welcomed the Competition and Markets Authority report that calls for change in the formula milk industry aimed at easing financial pressures on parents struggling to afford it. Clare Murphy, co-director of charity Feed, said: “The

The advisory firm which managed the insolvency of Bulb Energy in 2021 is kicking off a hunt for new backers in a process that could value it at about $2bn (£1.5bn). Sky News has learnt that Teneo, which is based in the US, has begun approaching prospective investors in recent days to gauge their appetite

The baby formula market needs to be shaken up to help parents struggling to afford it, according to the UK’s Competition and Markets Authority (CMA).  Its interim report concluded there are “limited incentives” for the industry to compete on prices and that parents have suffered the consequences of high prices. Among its recommendations is a

The Bank of England has forecast Rachel Reeves’ first budget as chancellor will increase inflation by up to half a percentage point over the next two years, contributing to a slower decline in interest rates than previously thought. Announcing a widely anticipated 0.25 percentage point cut in the base rate to 4.75%, the Bank’s Monetary

The US central bank has cut interest rates for the second time in a row as the independent agency’s future becomes uncertain under a second Donald Trump presidency. The Federal Reserve, known as the Fed, has brought rates down to 4.5% to 4.75%. Unlike the UK, the US interest rate is a range to guide

Donald Trump’s victory was secured on an unequivocal promise to stretched American households that he would “end inflation”, but markets and economists are anticipating his second term will do the opposite. A combination of corporate tax cuts, government borrowing, lower migration and swingeing tariffs on overseas imports are all expected to heat up the American

London Underground drivers have been suspended planned strikes over pay after saying they received an “improved offer”. Members of Aslef were due to walk out on Thursday and again next Tuesday – which would have heavily impacted Tube services. The Rail, Maritime and Transport union had already called off strikes by its members after resolving

NatWest Group, the high street banking group, has struck what is thought to be the UK’s biggest-ever deal to outsource pension payments to a specialist insurance company. Sky News has learnt that pension trustees at NatWest, which is on track to become wholly owned by private sector investors after more than 15 years in partial

Whitbread, the FTSE-100 owner of the Premier Inn hotel chain, has kicked off the search for a successor to Adam Crozier, its chairman. Sky News has learnt that headhunters acting for Whitbread have begun sounding out possible candidates for the post. Mr Crozier, who has chaired the company since 2018, is expected to step down

A £15bn merger between two of the UK’s biggest mobile networks could get the green light – if they stick to their commitments to invest in the country’s infrastructure, the competition watchdog has said. The Competition and Markets Authority (CMA) said the merger of Vodafone and Three had “the potential to be pro-competitive for the

Business leaders expressed frustration with ministers on Monday amid a growing budget backlash that bosses said would trigger an “avalanche of costs” and leave them with no choice but to slash investment and increase prices. Sky News has learnt that bosses of large retail and hospitality companies and trade associations told Jonathan Reynolds, the business

The group of financial heavyweights offering Britain’s biggest water supplier a £1.5bn lifeline is calling on the company’s other backers to accept the plan in a last-ditch bid to save the utility. Thames Water has been fighting to stay afloat since March when its investors declined to give it more money, raising the prospect of

Ryanair – Europe’s largest budget airline – has reported a significant profit decline and scaled back its growth expectations amid challenges from Boeing aircraft delivery delays, lowered fares, and consumer spending pressures. For the six-month period ending in September, Ryanair’s net profit dropped by 18% to £1.5bn, down from the same period last year. The

Two of Britain’s biggest food retailers will this week face pressure to publicly disclose whether they expect a fresh spike in prices next year as the industry grapples with huge tax hikes imposed in last week’s budget. Sky News understands that Marks & Spencer (M&S), which will unveil half-year earnings on Wednesday, and J Sainsbury,

The former Conservative chancellor Nadhim Zahawi is in talks to smooth the path to a takeover of The Daily Telegraph being led by the New York-based media investor Dovid Efune. Sky News has learnt that Mr Zahawi has been working for several weeks with LionTree, Mr Efune’s investment banking adviser, on the deal, which is

Britain’s biggest energy retailers have told ministers that they will provide more than £500m of extra help for households as the government tries to deflect criticism over the winter fuel payments row. Sky News has learnt that EnergyUK, the industry body, is planning to make a joint announcement with the Department for Energy Security and

The Premier League is drawing up plans to present its clubs with fresh proposals for a financial settlement with the English Football League (EFL) as soon as next month. Sky News has learnt that a meeting of the top flight’s shareholders on November 22 is expected to include a discussion on a range of new