Business

Britain’s biggest water company is this weekend corralling its shareholders to support a major capital injection as it prepares to publish delayed annual accounts. Sky News has learnt that Thames Water has secured backing from investors including Omers, the Canadian pension fund, and the Universities Superannuation Scheme (USS) for a commitment to provide new equity. Further

BT Group has kicked off a formal search for a successor to Philip Jansen, its chief executive, as he weighs a number of job opportunities in the US. Sky News has learnt that BT is working with the search firm Spencer Stuart on a process to identify a successor to Mr Jansen, who took on

Wilko, one of Britain’s biggest discount retailers, is racing to secure a cash injection as it prepares to launch a financial restructuring aimed at securing its future. Sky News has learnt that Wilko, which is owned by its founding family and employs about 12,000 people, is working with advisers to raise tens of millions of

The Empire Cinemas chain has entered administration, leading to the loss of 150 jobs and the closure of six cinemas. Eight of the 14 cinemas in the group – under the Empire Cinemas and Tivoli brands – will remain open. But the locations that have been closed with immediate effect are: • Bishop’s Stortford• Catterick

Sky News has been testing the limits of Artificial Intelligence to see what effect it could have on the future of journalism. Our experiment with having computers research, write and edit the news gave us mixed results – from pitching sensible stories about affordable housing to the bizarre claim that spilling milk can help the

Money markets have begun to price in a Bank of England interest rate of 6.5%. The interest rate on ten year government bonds (the gilt yield as it’s sometimes called) exceeded the peak it hit after the mini-budget of September last year – that one which provoked a crisis in many parts of the bond

Higher wages are the “biggest driver of price rises” for two-thirds of businesses, according to the findings of a report which will do nothing to ease worries at the Bank of England that inflation is coming under control. The British Chambers of Commerce’s (BCC) economic survey of its members, covering April to June, showed that

The UK is now the only country in the G7 group of rich nations still dealing with rising inflation, the Organisation for Economic Co-operation and Development (OECD) has said. The Paris-based OECD – a club of 38 rich countries – said inflation in the UK rose to 7.9% in May, up from 7.8% in April,

The water industry regulator has admitted investors in crisis-hit Thames Water have become “more concerned about the turnaround of the company”, as it seeks £1bn to help shore up its immediate financial future. Ofwat chief executive David Black told a Lords committee that while talks were continuing, new shareholders may have to be sought if

More than half of broadband customers in the UK continue to experience problems with their service, a survey has found, despite providers raising prices by more than the rate of inflation. The findings are part of the latest “broadband satisfaction survey” from consumer group Which?, which found that 53% of those asked had connection issues

The bosses of the country’s four main lenders are facing pressure to raise “measly” easy access savings rates. The Treasury Committee of MPs said it had written to the chief executives of NatWest, Lloyds, HSBC UK and Barclays to demand that savers are fairly rewarded. Lenders have been accused of being quick to reflect Bank

The average mortgage rate for a five-year fixed deal has risen to 6.01%, according to a financial information company. Meanwhile, the average two-year fixed rate mortgage has increased to 6.47%, Moneyfacts said. The previous average for a five-year rate was 5.97% on Monday, while the two-year deal was 6.42%. A five-year fixed deal is at

​​​​​​​Disruption to rail journeys are expected across the country this week as train drivers refuse to work overtime for six days. ASLEF announced last month that its members would withdraw non-contractual overtime, known as rest-day working, with 16 of the country’s 35 rail operators from Monday 3 July to Saturday 8 July. Train companies affected

A manufacturer of sustainable packaging backed by Diageo, the global spirits giant, will this week unveil a new round of funding to enable the delivery of a commercially scalable production line. Sky News has learnt that Pulpex, which produced the first Johnnie Walker whisky bottle made entirely from paper-based products in 2021, will announce on