Business

Britain’s fourth-biggest household energy supplier has poached a senior executive from Monzo, the digital bank, as it explores options that could lead to a change of ownership. Sky News understands that OVO has recruited James Davies, who has worked for companies including William Hill and Purplebricks, the online estate agent, to become its new chief

A residential energy services provider backed by leading City investors has secured a £50m funding boost from one of the world’s biggest pension funds. Sky News understands that Hometree, which counts Legal & General (L&G) among its investors, will this week announce that it has agreed a mezzanine debt facility with a subsidiary of Canada

Ratan Tata, the former chair of India’s oldest conglomerate, and of Tata Steel and Jaguar Land Rover, has died aged 86. Tata Sons chair Natarajan Chandrasekaran confirmed Mr Tata had died and described him as his “friend, mentor, and guide” in a statement. India’s Prime Minister Narendra Modi said Mr Tata was “a visionary business

The price of oil has hit a six-week high amid fears over the escalating conflict in the Middle East. The market value of the benchmark Brent crude increased to almost $80 (£61) a barrel on Monday, following last week’s gains of 9.1%. Israel’s actions against Hamas in Gaza, Hezbollah in Lebanon, the Houthis in Yemen

Israel is fighting on at least four fronts, threatening a war across the oil-rich Middle East, but there is no great sense of fear yet as far as financial markets are concerned. Israel’s actions against Hamas in Gaza, Hezbollah in Lebanon, the Houthis in Yemen and the ultimate sponsors of these groups, Iran, has proved

Elon Musk has lashed out at the UK after reports he had been snubbed by a government investment summit.  The tech billionaire hasn’t been invited to the summit next month after his posts on his X platform regarding the violent riots in the UK last month, according to a BBC report. In response, he made

One of the City’s most prominent fund management groups is heaping fresh pressure on the environmental record of Britain’s water industry by calling for suppliers to take steps to curtail the spread of antimicrobial resistance (AMR). Sky News understands that Royal London Asset Management (RLAM), which manages £169bn in assets, is calling on the UK’s

The gap between how much money the state takes in and its spending will triple in the next 50 years, according to independent forecasters. Public debt will rise due to an ageing and ill population as well as climate change, the fiscal watchdog the Office for Budget Responsibility (OBR) has said. The ratio between debt

Manchester United’s losses grew to £113.2m last season due to the cost of selling a stake to Sir Jim Ratcliffe and investment in players failing to translate into Premier League success. It followed net losses in the previous two years of £28.7m and £115.5m, putting a spotlight on the club’s compliance with football’s profit and

A bid for The Daily Telegraph spearheaded by the owner of The New York Sun has raised the extraordinary possibility of a return to the British newspaper group for Conrad Black, its former proprietor. Sky News can reveal that Lord Black – who is listed as a contributing editor to and founding director of the

A slump in oil prices could lead to further reductions at the fuel pumps but any benefit risks being stripped away next month as the chancellor seeks ways to bolster the public finances. A barrel of Brent crude, the international benchmark, slipped below $70 for the first time since December 2021 on Tuesday afternoon. The

The European Court of Justice has ordered Apple to pay $13bn (£11bn) in back taxes to Ireland following the conclusion of a long-running legal fight that the country did not bring. The European Commission brought the action in 2016, to the fury of both Apple and Ireland‘s government, on the grounds that the EU member

Apple is launching its latest iPhone in what is billed to be its biggest release of the year. As well as the iPhone 16 being rumoured to come in a new range of colours, it should also be capable of running Apple Intelligence, the company’s new AI. Apple Intelligence will eventually be embedded throughout the

GE, one of the world’s best-known conglomerates has swooped to buy a British climate technology start-up in its quest to reduce the aviation industry’s environmental impact. Sky News has learnt that GE Aerospace has struck a deal to buy Satavia, a Cambridge-based company which helps to mitigate the warming effect of aircraft contrail clouds. Founded

The number of mortgages approved reached a near two-year high, according to Bank of England figures, as hopes of cheaper borrowing encouraged would-be buyers. Mortgage approvals increased to 62,000 in July, a level not seen since September 2022, a sign that buyers were waiting for hopes of reduced interest rates and the associated lower mortgage

The owner of Ted Baker will on Wednesday announce that it has struck a deal with an American group to re-establish an online presence in the UK, days after its remaining retail stores were shut for good. Sky News has learnt that Authentic, which has owned Ted Baker since 2022, has struck a deal with

Brazil has awarded special protected status to Scotch whisky – with the UK’s trade secretary toasting the decision by visiting a distillery in Scotland. Brazil legally recognised Scotch whisky during the UK’s pre-election period in June and the move is expected to give distillers better access to South America’s largest economy. The Department for Business

Dozens of Ted Baker stores will shut for the last time this week amid growing doubts over a future licensing partnership with the retail tycoon Mike Ashley. Sky News understands that talks between Mr Ashley’s Frasers Group and Authentic, Ted Baker’s owner, have stalled three months after it appeared that an agreement was imminent. Administrators

The UK inflation rate is up for the first time this year. Prices went up by 2.2% in the year until July – moving the rate above the Bank of England target of 2%. Experts had expected an uptick as energy prices are falling by less than they did a year ago. The increase doesn’t

General Motors is being accused of collecting data about the “bad” habits of drivers and selling it on to insurers.  The state of Texas is suing the car company over the allegations, claiming it installed technology on more than 14 million vehicles to collect data about drivers. The lawsuit alleges GM – which manufactures brands