Business

Sainsbury’s has claimed to be passing on rising costs to shoppers at a slower rate than its competitors, saying its decision is partly responsible for a dip in first-half profits. The UK’s second-biggest supermarket chain by market share, which also owns Argos, updated on its progress as the “big four”, also including Tesco, Morrisons and

BT Group is expected to increase a multibillion-pound cost-savings target on Thursday as it seeks to counter the inflationary headwinds buffeting the UK economy. Sky News has learnt that Philip Jansen, BT chief executive, is poised to use the telecom giant’s half-results announcement to outline plans to find a further £500m of savings by the

Food inflation surged to a record 11.6% in October – with staple items including tea bags, milk and sugar all seeing significant price rises, according to a retail body. Overall, shops increased prices by 6.6% in the 12 months to October – the highest level since records began in 2005. But fresh food has been

Boris Johnson is in talks with one of Hollywood’s most prominent talent agencies about a lucrative speaking deal following his aborted run for a second stint as Britain’s prime minister. Sky News has learned that Mr Johnson has been holding detailed talks with Endeavor, the group founded by American businessman Ari Emanuel. Sources said that

BP has credited strong natural gas trading for strong quarterly profits of £7.1bn, which have fanned the flames around demands for stiffer windfall taxes. The oil and gas giant revealed third quarter profits of $8.2bn compared to $3.3bn in the same period a year earlier – boosted by high prices resulting from the impact of

Instagram has said it has resolved a “bug” after thousands of users suddenly had their accounts suspended. Users around the world have posted on other social media platforms on Monday to ask why they have been locked out of their profiles, having received a message saying: “We suspended your account on October 31, 2022. “We’re

Wheat and other wholesale food costs have risen sharply after Russia withdraws from an export deal designed to ensure crucial supplies flow from war-torn Ukraine. Wheat futures jumped almost 6% on Monday while corn rose more than 2% – reflecting renewed concerns around shortages that have dogged markets since Moscow’s decision to invade its neighbour

The next operator of the National Lottery is in talks to buy the incumbent, Camelot, in a £100m deal that would pave the way for the removal of the latter’s final legal challenge against the industry regulator. Sky News has learnt that Allwyn Entertainment is in advanced discussions with Camelot’s Canadian owner about a takeover

Octopus Energy has sealed its deal to buy Bulb, a collapsed energy rival that has been funded by billions of pounds in government support for nearly a year. Octopus said it is taking on Bulb’s 1.5 million customers “bringing an end to taxpayer losses and uncertainty for Bulb customers and employees”. It added: “Octopus is

A veteran investment banker is being lined up to chair one of Britain’s biggest car parts manufacturers as it prepares for a newly independent life as a standalone listed company. Sky News has learnt that Simon Mackenzie-Smith, a prominent City figure during a long career at Bank of America Merrill Lynch, is close to being

At first glance, there is nothing altogether unusual about the train. Sitting on the platform at Spandau station in the suburbs of Berlin, it looks much the same as every other one. But do not be fooled, for this train, manufactured by French group Alstom, is very special indeed. It runs not on electricity or

The head of NatWest, which is state-controlled, has defended the amount of tax that big banks pay. Alison Rose, the chief executive, said banks were taxed more than “any other sector” and more than the financial service sectors in other countries. Speaking on Ian King Live, Ms Rose said: “On taxes, the banking sector already

Shares in Amazon fell as the company expected slower Christmas sales and increased expenses. Shares fell nearly 20% as inflation and interest rate costs threatened to eat up profits. The world’s largest online retailer forecast comparatively weak growth for the next three months, typically the busiest Christmas period. The lacklustre forecast came at the same

The gap between housing benefit and the actual cost of private rent has risen by 40% in just five months, Sky News has learned. Figures from the homeless charity Crisis and Zoopla show that affordable homes in England, for those on housing allowance, have declined by more than a third. It means only 8% of

Shell has reported operating profits of $9.5bn (£8.19bn) for the third quarter of this year, lower than that of the three months before but still more than double the same period in 2021. The London-listed energy giant reported two consecutive quarters of record profit in the first half of the year at a time of

Elon Musk has been seen entering Twitter HQ – carrying what appears to be a sink. Mr Musk tweeted a video showing himself walking into the building in San Francisco a day after reports that he could close his $44bn takeover of the site by the end of this week. The 51-year-old captioned the video:

Ford has announced the end of the UK’s best selling car – the Fiesta. By the end of June next year, no more Fiestas are to be produced in the manufacturer’s factory in Cologne, Germany. The Fiesta was the UK’s best-selling car with 4,804,098 sold, according to data from the Society of Motor Manufacturers and

The pound hit a six-week high as Rishi Sunak became prime minister today, another sign of the markets welcoming the country’s new leader. Sterling was up 1.8% against the dollar at $1.147, having risen by 1.92% to $1.150 earlier in the day – the highest level since 15 September. On Friday afternoon the pound had

The price of low-cost everyday grocery items has increased 17% in the 12 months to September, data from the Office of National Statistics (ONS) has shown, more than the average rate of food and drink inflation. The figures, based on web-scraped supermarket data for 30 everyday grocery items, showed the cost of items had already

The financial markets appear to have welcomed news that Rishi Sunak will be the UK’s next prime minister. The pound was up 0.15% against the US dollar just moments after Sir Graham Brady, chairman of the 1922 committee, said that only one valid nomination had been received for the top job. On Friday afternoon, the