Business

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

A London-listed gold mining group which was prevented from making a loan repayment this week after its Russian lender was sanctioned is lining up advisers to help restructure its borrowings. Sky News has learnt that Petropavlovsk, which has seen its shares plummet in the last year, is preparing to bring in AlixPartners to advise it

Never before has there been an economic experience quite like this. Never before have households around the country faced as severe an increase in their bills as they will this year. The sharp rise in energy bills which kicks in on Friday is perhaps the most obvious of all these price increases. But this is

Energy customers around the country have been struggling to submit gas and electricity meter readings, a day before prices are set to soar when the price cap is raised. Millions of households will see their energy bills rise to a typical £1,971 a year when the cap is changed on 1 April. The 54% increase

The UK economy grew at a rate of 1.3% in the last three months of 2021, a faster pace than first thought and bringing GDP to just below pre-pandemic levels. The Office for National Statistics (ONS) had previously estimated GDP grew by 1.0% between October and December last year. “GDP grew a little stronger than we

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

P&O plans to double the time crew members spend aboard cross-Channel ferries could increase stress and fatigue and compromise safety, according to the author of a report that warned of the dangers of extending tours of duty. Having sacked almost 800 workers without notice earlier this month, P&O plans to extend the tour of duty

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

Babcock International Group, the FTSE-250 government contractor, is in talks to offload the bulk of its emergency aviation services division, which counts Britain’s Air Ambulance fleet among its operations. Sky News has learnt that Babcock is in advanced negotiations with Ancala Partners, a London-based infrastructure investor, about acquiring a substantial chunk of the business it

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

Bosses from ferry companies DFDS and Stena Lines will meet government officials later today following rival P&O’s decision to sack 800 staff. The Department for Transport (DfT) confirmed the meeting but did not say what would be discussed, although it comes amid concerns over chaos at ports during the Easter holidays. A DfT spokesman said:

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

The remaining contenders to buy Chelsea FC have been told they must commit at least £1bn to future investment in the club if they are to succeed in the battle to end Roman Abramovich’s two-decade tenure as owner of last season’s Champions League-winners. Sky News can exclusively reveal that the quartet of bidders which were

Petrol stations have failed to pass on the fuel duty savings announced by the chancellor in his spring statement, new data has shown. According to the AA, petrol prices have fallen just 2.71p, and diesel was down 1.59p, despite Rishi Sunak saying on Wednesday a 5p fuel cut would come into force immediately. Research from

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

Electric vehicle owners will have access to 300,000 public charge points by the end of the decade, the government has said. Some £500m will be invested to hit the target, according to the Department for Transport, which represents a 10-fold increase on the current 30,000 public charge points across the UK. The 2030 deadline is

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