Technology investors and founders representing over £560bn in capital raised and fund assets under management have expressed relief about the rescue of Silicon Valley Bank UK in an open letter to Rishi Sunak and banking regulators. More than 860 industry figures have put their names to the letter, which was coordinated hours after HSBC Holdings
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The government’s savings bank is weighing the appointment of Dax Harkins, its new interim boss, as its next permanent chief executive. Sky News has learnt that National Savings & Investments (NS&I) is lining up Mr Harkins for the top job, with an announcement possible in the coming weeks. Appointments to the NS&I board are made
Men’s belts and electric bikes are in while many CDs and alcopops are out, in the annual update to the basket of goods and services used to calculate inflation. The Office for National Statistics (ONS), which refreshes the basket of more than 700 items each year to reflect changing trends, added 26 and removed 16
The Treasury is this week expected to deliver a £1bn-plus devolution boost to Andy Street, the West Midlands mayor. Sky News understands that the chancellor, Jeremy Hunt, will outline plans for additional funding for the region in his budget on Wednesday. Sources said the plans would include money generated from the disposal of government-owned land,
Markets have not been reassured by HSBC’s purchase of the beleaguered Silicon Valley Bank UK (SVB UK). While the pound is up, to a three-week high of $1.2089, it’s a story of dollar weakness rather than sterling strength as major banks have not made up for the losses sustained on Friday as the crisis unfolded.
British tech firms face a “serious risk” over the collapse of the UK arm of Silicon Valley Bank, the chancellor has warned, but said the government was “working at pace” to limit the damage. Speaking to Sky News’ Sophy Ridge On Sunday programme, Jeremy Hunt said the government and the Bank of England were “absolutely
WhatsApp is right not to back down in its opposition to UK government proposals that could allow encrypted messages to be scanned, online privacy campaigners have said. Robin Wilton, director of internet trust for the Internet Society, told Sky News that any requirements in the upcoming Online Safety Bill that would weaken user privacy would
Elon Musk has made no secret of his desire to colonise Mars, but seemingly not before he’s had a go at running his own community here on Earth. The SpaceX, Tesla, and Twitter owner wants to build a “utopia” called Snailbrook for his workers to live in Texas, reports The Wall Street Journal (WSJ). It
Mark Boggett from Seraphim Space discusses why Britain’s space sector is attracting more investment than any country other than the US and China. Also joining Ian on today’s show are Jette Nygaard-Andersen from the gambling firm Entain and brickmaker Forterra’s chief executive, Stephen Harrison. :: Listen and subscribe to The Ian King Business Podcast here.
China has criticised a Dutch plan to restrict the export of semiconductor equipment – a vital part of the high-tech supply chain. The Netherlands‘ government announced on Wednesday it would introduce limits to “protect national security”, following similar measures brought by the US last year. For the American curbs to be effective, other key suppliers
US motor vehicle safety regulators have opened an investigation into a Tesla model after getting two complaints that the steering wheels can come off while being driven. The National Highway Traffic Safety Administration (NHTSA) says the probe will look into Tesla’s Model Y SUV after the cars were delivered to customers in both cases with
BMW, the German car manufacturer, is applying the finishing touches to plans to invest hundreds of millions of pounds into its Oxford plant, securing future production of the iconic Mini in Britain. Sky News has learnt that BMW hopes to announce its decision later in the spring, with one industry insider saying on Wednesday that
Support for energy bills from the government is expected to continue for three months from April, protecting consumers from an average increase of £500. Sky News understands the chancellor will cancel a reduction in support that would have seen typical annual bills rise from £2,500 to £3,000. In recent days, the government has asked energy
Ian King speaks to AJ Bell about how more British companies are listing on the US stock market. Plus, hear from the pharmaceutical company Indivior’s chief executive about efforts to tackle an opioid crisis. And find out more about the Black Founders Fund – a scheme aimed at tackling the lack of black talent in
Energy suppliers have been asked to prepare for government support to households to be maintained at the current level in April, ahead of a final decision expected to be announced in the budget. Sky News understands the government has asked suppliers to prepare for two scenarios; the current effective cap of £2,500 for typical annual
TikTok videos using hashtags previously identified as hosting eating-disorder content are continuing to attract views, new research by the Centre for Countering Digital Hate has found. A December report by the campaign group identified “coded” hashtags where users could access potentially harmful videos promoting restrictive diets and so-called “thinspo” content, designed to encourage harmful weight
Looking at recent headlines, one could be forgiven that there is a host of UK-listed companies packing their bags and preparing to head to New York. Today brought news that CRH, the world’s biggest supplier of building materials, is moving its main listing from London to New York – in the process depriving the FTSE
The American company behind brands such as Reebok and Ted Baker is among the suitors weighing bids for Hunter Boot, the royal warrant-holding footwear brand. Sky News understands that Authentic Brands Group (ABG), which also has a stake in David Beckham’s branded products portfolio, has expressed an interest in a deal with Hunter. It was
The cryptocurrency firm chaired by Lord Hammond, the former chancellor, is in talks to recruit a new finance chief amid heightened scrutiny of the industry’s financial controls. Sky News understands that Copper is targeting the appointment of Sam Goh, an executive at Onfido, the digital identity company, as its chief financial officer. Industry insiders said
Shares in Manchester United have fallen by more than 12% following a report that the club’s owners want bidders to raise their offers if the team is to be sold. A source had told the Financial Times on Saturday that the Glazer family was not happy with the sums on the table following the conclusion