Business

Uniper, the crisis-hit German gas trader that owns seven UK power stations, has warned shareholders it faces “possible insolvency” unless they back an additional state bailout worth more than €50bn (£44.6bn). Chief executive Klaus-Dieter Maubach told investors ahead of a crucial vote on Monday that they risked losing their entire investments in the company if

Construction businesses are going bust at their fastest rate in a decade, driving the number of company insolvencies to its highest level since the financial crisis. Rising material costs, staff shortages and plummeting consumer demand are weighing on businesses, forcing them to squeeze their margins to unsustainable levels. Official figures show that in the second

Pubs, clubs and bars in England and Wales could be allowed to open for longer to celebrate the King’s coronation. The government has said it will consult on extending licensing hours from 11pm until 1am on 5, 6, and 7 May across the Bank Holiday weekend. The Home Office said the move will provide “an

Rishi Sunak has abandoned his predecessor’s plan to intervene in global energy markets by spending billions of pounds on foreign gas imports. Sky News has learnt that Liz Truss’s Energy Supply Taskforce (EST), which was launched in September, is being scrapped. Headed by Madelaine McTernan, who was director-general of the government’s COVID-19 Vaccine Taskforce, the

A deal between train companies and rail unions is “achievable”, Mick Lynch, the head of the RMT union, has said as the biggest day of transport strikes causes travel misery for commuters. A meeting, convened by Huw Merriman, the rail minister, was held on Thursday to try and resolve the bitter dispute over pay, jobs

There was a surprise fall in retail sales last month as shoppers remained cautious given the squeeze on budgets from inflation in the run-up to Christmas. The Office for National Statistics (ONS) reported a fall in sales volumes of 0.3% compared to October when the effects of fuel sales were excluded. Economists had expected to

Workers at Rolls-Royce Motor Cars’ Goodwood factory are to receive a pay award worth up to 17.6% after negotiations between the luxury automaker and Unite the union. In all, 1,200 production workers at the West Sussex plant are to receive a salary boost of 10% and a one-off payment of £2,000 from January, avoiding the

The Bank of England has revealed a 0.5 percentage point interest rate increase – its ninth consecutive rise as it maintains its battle against inflation. The decision, by its monetary policy committee (MPC), took the bank rate to 3.5% – a fresh high not seen since the 2008 financial crisis. The move, however, represented a

The South African owner of women’s fashion brands Phase Eight and Hobbs has ignited a furious row with one of the City’s leading insolvency practitioners after its effort to buy Joules was thwarted by a last-ditch rival bid. Sky News has learnt that The Foschini Group (TFG) has written to Interpath Advisory, which was appointed

The rules limiting the volume of liquids allowed on planes and requiring electronics to be taken out of hand luggage in security are to change. The government has set a deadline of June 2024 for major UK airports to install new security technology, which will make obsolete the rule to bring no more than 100ml

A London-listed advertising technology provider has caved into shareholder pressure and abandoned plans to recalibrate a multimillion-pound executive pay scheme. Sky News has learnt that Tremor International has withdrawn two resolutions that were scheduled to be voted on at its annual meeting on Wednesday. They related to a repricing of share options and an increase

Money stolen by the former boss of one of the world’s biggest cryptocurrency exchanges was being sent to political candidates to gain influence and impact policy in Washington DC, it has been alleged. Sam Bankman-Fried, the founder of FTX, has been charged by the US Securities and Exchange Commission (SEC). The US attorney leading the

The UK recorded its second largest fall in real wage growth since records began in 2001 during October and the unemployment rate rose, according to new official jobs figures which also highlight the growing impact of strikes on the economy. The Office for National Statistics (ONS) reported that wage growth was 4.2% weaker when the

Rail strikes will go ahead this week after union members voted to reject an offer from Network Rail. Members of the RMT union will walk out on 13, 14 and 16 and 17 December. More strikes are planned from 6pm on Christmas Eve to 5.59am on 27 December. It was expected that the offer would

The economy returned to growth in October, according to early official figures which experts suggest could be the last to show expansion for some time. The Office for National Statistics (ONS) reported growth of 0.5% – following a contraction of 0.6% in September which was largely put down to disruption to usual activity because of

Britain’s biggest retailer is preparing to kick off a search for a new chairman, firing the starting gun on a race to fill one of the FTSE-100’s most prestigious boardroom posts. Sky News has learnt that Tesco is drawing up plans to begin identifying a replacement for John Allan, who will step down in 2024.