Business

Shares in Tesla have taken a hit after the electric vehicle maker published a 45% decline in quarterly profits and warned cost reduction targets were off track. The stock fell 8% in after-hours trade, leaving it on track for a decline of almost 50% in the year to date, following the release of its second

Utilita, one of Britain’s top ten energy suppliers, is plotting to raise tens of millions of pounds to fund projects aimed at meeting net zero targets. Sky News has learnt that Utilita, which last season sponsored the Premier League football club Luton Town, has hired Alexa Capital to advise on the equity injection. Sources close

The Bank of England has revealed disruption to some major financial transactions due to a “global payments issue”. In a statement, the Bank said its high value CHAPS service – which handles payments worth hundreds of billions of pounds each day – was affected and that had resulted in delays. They usually involve transactions between

Much is known about JD Vance, Donald Trump’s running mate, not least his past criticism of the Republican presidential candidate, his tough working class upbringing and his time in the US Marine Corps. What the business world is more interested in, though, is the Ohio senator’s previous career in venture capital and his views on

Elon Musk has said California’s new gender identification law was the “final straw” and that he is moving the SpaceX and X headquarters to Texas. The billionaire posted on X on Tuesday that he plans to move SpaceX from Hawthorne, California, to Starbase, Texas, and X to Austin from San Francisco. The new law, signed

The Scottish government has announced plans for a multi-million-pound package of support to help secure the future of the beleaguered Ferguson Marine shipyard. Up to £14.2m will be invested over two years if the proposal passes detailed legal, financial and commercial scrutiny, which is expected to be completed by the autumn. The support comes as

A total of 1.6 million children are now affected by the two-child benefit cap as the Labour government faces pressure to lift it. The Conservative government introduced the cap, which prevents parents from claiming child tax credit or Universal Credit for more than two children for those born after April 2017. Politics live: Streeting orders

A fight for better pay among workers at South Korea tech giant Samsung will now result in an indefinite strike, according to a top union official. A walkout over pay and conditions by members of the National Samsung Electronics Union (NSEU) in the country began on Monday. But a row over the apparent effectiveness of

Google has admitted its greenhouse gas emissions have risen 48% over the past five years – largely because of artificial intelligence – scuppering its climate aims. AI systems require intense levels of computational power, and this has piled pressure on the tech giant’s data centres around the world. In its latest environmental report, Google went

An online crafts retailer which saw sales boom during COVID-19 lockdowns is exploring a cut-price sale. Sky News understands that Lovecrafts, which is chaired by the media veteran Sir Peter Bazalgette, is working with Interpath Advisory on a sale. Founded in 2012, Lovecrafts is backed by leading growth investors including Highland Ventures, Balderton Capital and

Sanctions imposed against Russia over its invasion of Ukraine have failed to achieve any of their aims, the country’s ambassador has told Sky News. Andrey Kelin was speaking to Sky News as an investigation by Sky’s Ed Conway revealed glaring loopholes in the restrictions regime, which has allowed British companies – legally – to help

Drivers are being warned that fuel prices are on the rise again amid rising oil costs and suggestions that motorists are still getting a raw deal. The AA declared on Tuesday that a 10-week run of falling pump prices had come to an end. The motoring group said that while average costs were still locked

Since 1992 the Premier League has been funnelling previously unimagined wealth to the elite players, coaches and clubs of English football.  For almost as long as it has existed, however, those running the league have battled to maintain the commercial and competitive balance on which its success is based. Competition is its essence, predictability a

Manchester City are taking legal action against the Premier League over its financial rules. The legal challenge, in the form of arbitration, will be heard on Monday, according to The Times. Sky News reported in February the competition was facing legal battles and had been warned by a club that changes to rules governing commercial

Apple, Meta and Google’s parent company are being investigated by the European Union under new laws designed to clamp down on the market power of the world’s tech giants. The Digital Markets Act (DMA) came into force at the beginning of March and aims to tackle “gatekeeping” behaviour among tech giants. If the companies are

Bahrain’s sovereign wealth fund has completed a deal to take full ownership of McLaren Group, one of the most revered names in British manufacturing, after years of negotiations to put the company on a stable long-term footing. Sky News understands that McLaren will announce later on Friday that the recapitalisation of the supercar manufacturer and

Ian is joined by Rebecca Klar, technology and policy reporter at The Hill, to talk about the US government suing Apple for allegedly maintaining an illegal monopoly on smartphones. Also, hear the latest as the Bank of England votes to keep interest rates unchanged for another month at 5.25%. Meanwhile, thousands of women may be

The United States Justice Department has filed an antitrust lawsuit against Apple, accusing the tech giant of engineering an illegal monopoly in smartphones that boxes out competitors. The lawsuit, filed in federal court in New Jersey, alleges that Apple has monopoly power and uses its control over the iPhone to “engage in a broad, sustained,

Shares in Reddit will make their market debut later on Thursday after a sale valuing the social media platform at $6.4bn (£5bn). The company’s initial public offering (IPO) was priced at the top of its targeted range of $31 to $34 per share on Wednesday night, raising $748m. Reddit and its existing shareholders sold 22

Wood Group, the London-listed oil sector engineer, is cutting hundreds of jobs nearly a year after talks about a takeover collapsed. Sky News understands that the company is expected to announce next week alongside its full-year results that it has launched a new cost efficiency programme that sources said would affect white-collar workers globally. One