Business

Grant Shapps has suggested the way poverty is presented can be “somewhat misleading” when put to him that rising bills could push 400,000 more children into poverty. Speaking on Sky News’ Ridge on Sunday programme, the transport secretary admitted that rising costs of living are “very substantial”, but questioned estimates of how many people could

The owners of the American basketball team the Cleveland Cavaliers have joined forces with one of the four remaining bidders for Chelsea Football Club as the auction of last season’s Champions League-winners enters its final stages. Sky News can exclusively reveal that Rock Entertainment Group (REG), which owns a string of US sports teams, has

NatWest Group is contemplating an audacious takeover bid for one of Britain’s biggest wealth managers in a move that would represent its biggest corporate acquisition since it was rescued by taxpayers nearly 15 years ago. Sky News has learnt that NatWest is in the early stages of considering an offer for Tilney Smith & Williamson,

The government’s business misconduct watchdog has launched criminal and civil probes into P&O Ferries, adding to pressure on the embattled company. The move comes two weeks after P&O Ferries sacked nearly 800 workers and replaced them with lower-paid crew, a decision that the government called illegal. Business Secretary Kwasi Kwarteng confirmed on Friday afternoon that

The amount of gas flowing into Europe from Russia hit its highest level in four months today, despite threats from the Kremlin to halt all supplies to “unfriendly” countries, potentially wreaking havoc. Friday marks the deadline for countries in the European Union and elsewhere to start paying for their gas in roubles. Failing to comply,

Figures seen by Sky News suggest that the cost of producing energy from wind will be less than half the cost from gas this year, falling to a quarter in 2023. Only yesterday, the prime minister told wind-industry leaders that he has “an insatiable desire to further maximise supply” of wind energy, as part of

A prominent British insurance duo will brave choppy equity markets to launch a £150m fundraising for a new vehicle that will target a merger with a leading industry name. Sky News has learnt that Andy Rear, a former Munich Re executive, and Will Allen, who has worked for the investment bank KBW, plan to unveil

The government’s lead non-executive director has quit with more than a year of his term to run, paving the way for a prominent businessman to inherit one of the most powerful roles in Whitehall. Sky News has learnt that Lord Nash, who was appointed by the prime minister in July 2020, has stepped down from

Germany has declared an “early warning” of a gas supply emergency, in one of the starkest signs yet that the Russian invasion of Ukraine is spilling over into European energy markets. The country said that its warning was intended to prepare for the risk of disruption to, or even the end of, natural gas flows

The boss of P&O Ferries has flatly rejected the government’s final plea to halt the process of making nearly 800 of its workers redundant. In a letter to transport minister Grant Shapps on Tuesday, the company said the process was in its final stages with most workers already accepting severance offers, and changing course now

The typical tenure of a S&P 500 chief executive is just under eight years. In the FTSE 100, it is just under six years. Bear those figures in mind when considering that Fred Smith, the founder and chief executive of the logistics giant FedEx, will have notched up more than 50 years when he steps

We are, the Bank of England governor said on Monday, facing a historic shock to our incomes. In fact, he added, “the shock from energy prices this year will be larger than any single year in the 1970s.” The claim from Andrew Bailey, made at a think tank event in Brussels, is especially striking given

Ministers and the Premier League will be presented with a preferred bid for Chelsea Football Club in three weeks’ time, paving the way for a change of ownership to take place by the end of next month. Sky News has learnt that a letter sent to the four remaining contenders to buy the Blues over

Sycamore Partners, the US- based private equity group, has tabled a £250m offer for the London-listed fashion chain Ted Baker. Sky News has learnt that a proposal valuing Ted Baker at 130p-a-share was submitted in writing in the last few days. It was unclear this weekend whether it had been formally rejected, although City sources

The four contenders vying to buy Chelsea Football Club will submit final bids on April 11, paving the way for a prospective new owner to seek government permission to take over from Roman Abramovich by the end of next month. Sky News has learnt that the remaining contenders have been notified by Raine Group, the

Hundreds of people have demonstrated against P&O Ferries’ sacking of 800 staff at ports across the UK, with some chanting: “P&O, shame on you.” Protesters carrying banners and placards gathered in Dover, Liverpool, and Hull as part of what they called the “fight for justice” for the seafarers dismissed without notice earlier this month. The

A P&O ferry has been detained in Larne, Northern Ireland, according to the Maritime and Coastguard Agency. The agency said the ship, the European Causeway, was held “due to failures on crew familiarisation, vessel documentation and crew training”. In a statement it said: “The vessel will remain under detention until all these issues are resolved

The owners of the Chicago Cubs are drafting in a heavyweight investment bank as they attempt to salvage their bid to buy Chelsea Football Club. Sky News has learnt that the Ricketts family and Ken Griffin, the Citadel hedge fund billionaire, are in talks to appoint Lazard to advise on their offer for the Stamford

The US has inked a landmark deal with the European Union to deliver an additional 15 billion cubic meters (bcm) of liquified natural gas (LNG) this year, and increase its supplies over the coming years, in a bid to wean Europe off of its dependence on Russian energy. Working with international partners, the US will also work to

A string of bidders for Chelsea Football Club including the former US ambassador to the UK have been eliminated from the £3bn auction of last season’s Champions League winners as the hunt intensifies to find Roman Abramovich’s successor as owner. Sky News has learnt that a number of bidders including Woody Johnson, owner of the