Business

A deal that will create the country’s biggest mobile phone operator has been struck by Vodafone and the owner of Three UK, CK Hutchison. The combined group, which will comprise only their respective UK operations, will be majority-owned by Vodafone with 51% of the equity. The deal, if approved by regulators, will create a group

Cineworld’s London-listed holding company is preparing to file for administration as part of a comprehensive financial restructuring that will wipe out its shareholders. Sky News understands that the multinational cinema operator is lining up AlixPartners to act as administrator to help effect a transfer of ownership to its lenders. An announcement is expected to be

Next weekend’s security staff strikes at Heathrow have been postponed as Unite, the union, considers a pay offer. Last week security staff at the UK’s largest airport announced an escalation of strike action, with walkouts to take place nearly every weekend from mid-June to the end of August. Two thousand staff were due to strike

Basic wage increases picked up pace at a higher rate than expected in the 12 months to April, according to the latest official figures. The Office for National Statistics (ONS) said average earnings, excluding bonuses, grew at 7.2% over the 12 months – up from the 6.7% recorded in March and higher than the 6.9%

HSBC’s UK boss has warned that mortgage costs have further to rise but it is “trying to limit the pain”. Ian Stuart told Sky’s Ian King Live it had 300,000 customers coming off fixed rate deals this year and admitted they faced a shock in the current market. “If you took a mortgage maybe two

The prime minister is lining up a technology entrepreneur who co-founded the music industry business Songkick to spearhead a £100m government taskforce set up to forge Britain’s future artificial intelligence capability. Sky News has learnt that Ian Hogarth, who is now an investor in dozens of start-ups, is a leading candidate to chair the Foundation

Homeowners are being hit with a “Tory mortgage penalty” of £7,000, Labour has claimed, with interest rates triple what they were two years ago. Pat McFadden, shadow chief secretary to the Treasury, blamed what he called the “reckless economic gamble” taken by Liz Truss and Kwasi Kwarteng during their short stint in power. Labour’s analysis

The crisis-hit hedge fund Odey Asset Management has offloaded its stake in AO, the London-listed electrical goods retailer, suggesting that it may be unable to stall a fire-sale of assets amid a wave of sexual misconduct allegations against its founder. Sky News has learnt that the firm set up by Crispin Odey was the seller

Greggs says it wants to open new stores in Cornwall and the South West of England – in a move that could put the bakery chain toe-to-toe with traditional Cornish pasty makers. The company’s boss, Roisin Currie, says the company is on track to open 150 new shops nationwide this year – and could open

The government has wobbled on the oil and gas windfall tax, reflecting a growing government concern about the effect of the 75% marginal rate on a sector that supports over 200,000 jobs. It is worth pointing out that the promised relief is dependent on fossil fuel prices falling beyond a certain level for two consecutive

The government is scaling back the windfall tax on bumper oil and gas profits in response to fossil fuel companies warning they are cutting back on investment. Prices had reached historic highs following the invasion of Ukraine, resulting in record profits for oil and gas producers such as Shell and BP. The windfall tax –

The City watchdog is investigating the hedge fund founded by Crispin Odey as he faces renewed allegations of sexual misconduct. The Financial Conduct Authority (FCA) was understood to be considering the expansion of an existing inquiry focusing on corporate governance at Odey Asset Management after the Financial Times claimed that he had faced a string

The former owners of The Daily Telegraph have tabled a proposal to restructure its debt to Britain’s biggest high street lender in a last-ditch attempt to regain control of the right-wing newspaper. Sky News has learnt that the Barclay family submitted an offer to Lloyds Banking Group on Wednesday that would have entailed the bank

The Daily Telegraph newspaper has inched closer to a sale after Lloyds Banking Group seized control of its parent firm over unpaid loans and placed it in the hands of receivers. Sky News has previously reported how the bank was understood to have undertaken the drastic move and was in the process of appointing investment

Britain’s biggest high street lender is lining up bankers to launch a £600m auction of the Telegraph newspapers and The Spectator magazine within days amid a bitter row with the titles’ long-standing owners. Sky News has learnt that Lloyds Banking Group is being advised by Lazard on its options for some of Britain’s best-known media

Britain will have the highest inflation of any major developed economy this year but should narrowly avoid recession, the Organisation for Economic Co-operation and Development (OECD) has said in its latest set of forecasts. The Paris-based OECD – a club of rich countries – said that inflation in Britain will be higher in 2023 than

The CBI faced ridicule hours before a vote on its future on Tuesday after a senior executive hailed its “transparent” handling of the misconduct crisis which has left it facing collapse – despite blocking the media and resigned members from watching a pivotal general meeting. Sky News has seen an email sent by Henry Aldridge,

British Airways (BA) has revealed all its staff who are paid in the UK have been caught up in a cyber incident that has exposed personal data including bank and contact details to hackers. It emerged last week that a so-called zero-day vulnerability – a flaw – in the file transfer system MOVEit, produced by

The embattled CBI business lobby group faces another threat – this time in the form of rival business group and challenger the British Chambers of Commerce (BCC). The group has founded a new lobbying body, the Business Council, with some of the UK’s biggest businesses. Founding members of the new body include Heathrow Airport, oil

Apple is expected to announce a mixed reality headset – its first brand-new product for eight years – at its annual event for developers. The tech giant’s WWDC showcase is usually reserved for software reveals – notably the next major updates for its iPhones, iPads, and Macs – but this year fresh hardware is on