Business

Bahrain’s sovereign wealth fund is gaining full ownership of McLaren Group, one of the most revered names in British premium manufacturing, as part of long-term plans to secure a partnership with a global industry giant. Sky News has learnt that Mumtalakat, the Gulf state’s investment fund, is on the brink of a deal with McLaren’s

Shipping companies have cautiously welcomed the announcement of a US-led multinational naval force to fend off Red Sea attacks, but are still re-routing vessels as the line of impacted crafts grows. The world’s second-largest shipping company, Maersk, said it’s “very positive” to have joint efforts on maritime security, but it needs to see more detail

Behind almost every purchase you make, from Christmas lights to a new car, there is a ship. Almost everything we buy, use, wear, and much of what we eat, spends at least some of its life in a container at sea. These giant craft are the lifeblood of the global economy, circumnavigating the globe to

The government has announced it will put £250m into Transport for London (TfL) next year to invest in new projects. Among the plans, the capital’s public transport network is expected to roll out new trains on the Piccadilly Line – although they won’t be introduced to the network until 2025. TfL welcomed the funding, saying

The owners of Edinburgh Airport have picked bankers to launch an auction next year that could draw bids of £2.5bn. Sky News has learnt that Global Infrastructure Partners (GIP) has hired HSBC and JP Morgan to orchestrate a sale of the Scottish capital’s aviation hub. The process, which is expected to get underway at some

The high street billionaire Mike Ashley is in talks to buy Matchesfashion, the luxury clothing site, in a deal that would crystallise heavy losses for Apax Partners, its private equity backer since 2017. Sky News has learnt that Mr Ashley’s Frasers Group is in detailed negotiations about a deal that could see it take control

Two of the world’s biggest shipping firms have suspended all journeys through the Red Sea following a surge of recent attacks on vessels. Danish giant Maersk said it would “pause” all container shipments until further notice after a near-miss involving its Maersk Gibraltar ship on Thursday. Meanwhile, German firm Hapag-Lloyd said it was also halting

NatWest says an external review has found no evidence of political or other such discrimination in the closure of customer accounts at its Coutts arm, amid the Nigel Farage debanking row. The bank, which commissioned the law firm Travers Smith to investigate the affair, said 84 customer account closures – including all relevant PEP (politically

The energy price cap could be lifted for a set period to help suppliers recover a record £3bn of bad debt accrued through unpaid bills, the industry regulator has announced. Ofgem said on Friday it was consulting on proposals for a one-off cap adjustment of £16 – equivalent to around £1.33 a month – to

Software programmers, IT specialists and chefs could be in shorter supply when an increased minimum salary for skilled worker visas kicks in next year, according to analysis conducted for Sky News. Currently companies sponsoring a skilled worker from overseas for a visa have to pay a minimum salary of £26,200, but that will increase to

The Bank of England has left interest rates on hold for the third successive meeting, insisting that it is determined to keep borrowing costs at their 5.25% level for some time. Unlike the Federal Reserve, which dropped heavy hints at its latest meeting yesterday that it is preparing for multiple cuts in US interest rates

The former boss of BP will forfeit more than £32m in actual and potential pay for “misleading” its board over workplace relationships, the company has announced. It comes after Bernard Looney stepped down as the oil giant’s chief executive in September following allegations that he failed to fully disclose details of romances with colleagues as

The Federal Reserve has again held interest rates – ahead of a Bank of England announcement on Thursday in which it is widely expected to do the same. The US central bank said there was no immediate need for a hike because inflation had “eased over the past year,” as it also suggested borrowing costs

The UK economy took a surprise tumble in October, according to an early official estimate that showed a contraction of 0.3%. The Office for National Statistics (ONS) reported that output in all three main divisions – services, manufacturing and construction – was in negative territory. Economists had expected a flat performance, following on from the

Bosses at Thames Water, the UK’s largest water provider, say the company does not have the money to repay a £190m loan bill due next April. Regulator Ofwat has reiterated concerns over the amount of money the firm has borrowed, as it sits on a £14.7bn debt pile. But senior executives at the company blamed

The pace of wage growth has eased back by more than expected, according to official figures that will please interest rate-setters at the Bank of England. The Office for National Statistics (ONS) reported basic pay was 7.3% higher in the three months to October compared to the same period last year. That was down from

The fast-fashion giant Shein has held talks with the London Stock Exchange about the possibility of staging a blockbuster public listing in the UK, even after filing documents paving the way for a flotation in New York. Sky News has learnt Donald Tang, Shein’s executive chairman, met executives from the LSE and other stakeholders in

Millennials face being trapped for longer on surging rents, according to a report charting the impact of rising bills on various generations. Estate agency Hamptons estimates that Brits will have forked out a record £85.6bn on private rents by the end of the year – more than double the £40bn bill seen in 2010. The

Baroness Michelle Mone says she regrets denying her connection to a PPE firm awarded huge contracts during the pandemic – and which is now being investigated by the National Crime Agency (NCA). Following a silence lasting almost two years, the Ultimo bra tycoon has taken part in a YouTube documentary funded by the same company,

The misuse of copyrighted music by artificial intelligence companies could exploit musicians, a former executive at a leading tech startup has warned. The technology is trained on a huge number of existing songs, which it uses to generate music based on a text prompt. Copyrighted work is already being used to train artificial intelligence models