Business

Oil prices are up almost 5% after Saudi Arabia and other major producers vowed to cut production. Brent crude, the international oil benchmark, was up 4.85% early on Monday to $83.77 per barrel after it was announced that production would be cut by 1.15 million barrels per day from May until the end of the

House prices fell by 3.1% year-on-year in March, marking the biggest annual decline since July 2009, Nationwide Building Society said. The figures also showed a monthly price fall of 0.8% – the seventh consecutive fall – which leaves prices 4.6% below their August peak. Robert Gardner, Nationwide’s chief economist, said: “The housing market reached a

Three energy suppliers have lost a High Court challenge over the government’s handling of the sale of rival Bulb. Bulb was placed in special administration in November 2021 and, almost a year later, Octopus Energy announced it had reached a deal to buy the firm and take on its 1.6 million customers. It was later

The grocery chain Planet Organic has put insolvency practitioners on standby as it races to find new backers in a bid to secure its future. Sky News has learnt that the company filed a notice of intention to appoint administrators on Thursday – a move which provides it with breathing space from creditors as it

Ian King is joined by Steve Scrimshaw, vice president of Siemens Energy UK & Ireland, to discuss the government’s plans to drive what it hopes will be a revolution in the UK’s energy sector. The chief executive and co-founder of BrewDog James Watt speaks to Ian about an investment competition being launched. And Jeremy de

Quantexa, a British data analytics company, is bucking the recent trend of technology company valuations by raising a new round of funding that will hand it coveted ‘unicorn’ status. Sky News has learnt that Quantexa has secured backing from a syndicate of investors including a Singaporean sovereign wealth fund. An industry source said the fundraising

TalkTalk, the broadband provider, has hired bankers to oversee a sale of its business-to-business division in a deal that analysts believe could fetch more than £200m. Sky News has learnt that the company, which is privately owned, is in the early stages of a process to sell TalkTalk Business Direct, which serves more than 80,000

Manchester United received a fresh Qatari bid overnight – as the battle to purchase the Premier League giants intensifies. Sheikh Jassim bin Hamad Al Thani made the offer after asking for a deadline extension on Wednesday. He joins Sir Jim Ratcliffe’s INEOS, who made his own second formal bid for the club, and comes after

Britain’s competition watchdog has provisionally dropped concerns that Microsoft’s proposed takeover of Activision Blizzard would damage the UK console gaming market. The Competition and Markets Authority (CMA) last month warned the £56.7bn deal could result in higher prices, fewer choices or less innovation for UK gamers. However, it said its latest findings have now indicated

Many verified Twitter users are set to lose their blue ticks at the beginning of next month. The social media platform has said that on 1 April it will start removing its “legacy” verified checkmarks. These cover most blue-tick accounts that are not government officials or organisations – meaning many musicians, actors, journalists, authors, among

Millions of mobile phone and internet users are facing a price increase of 17.3% on their bills in just a week’s time. Every April, many broadband and mobile firms raise their prices in line with the Consumer Price Index (CPI) plus an additional 3-3.9%. As these price rises are often applied mid-contract, people either have

Ziglu, a British cryptocurrency business, is exploring a cut-price sale nearly a year after agreeing an ultimately aborted takeover by Robinhood, the American fintech giant. Sky News has learnt that Ziglu, which offers crypto trading to thousands of customers, is in the process of hiring investment bankers to oversee a sale. City sources said the

Cenkos Securities and finnCap Group, the London-listed brokers, are in advanced talks to merge in an all-share deal that will create the City’s biggest dedicated investment bank serving small-cap growth companies. Sky News has learnt that Cenkos and finnCap are close to agreeing a tie-up. An announcement from both companies is likely as soon as

The surprise increase in inflation will give policymakers pause for thought. Just days ago, inflation appeared to be coming down nicely and some were talking down the chances of another interest rate hike. However, February’s inflation data shows that the scale of the inflation challenge cannot be underestimated. Although economists – and the Bank of

“Substantial” government spending on energy bills support has sent public borrowing to an all-time February record, according to official figures. The Office for National Statistics (ONS) said the £16.7bn budget deficit was the highest for the month since records began in 1993. The total is up £9.7bn on February 2022 and greater than the £11.7bn

A Swiss regulator’s decision to prioritise shareholder value over certain bondholders in the forced takeover of Credit Suisse could result in legal action, a law firm has warned. Quinn Emanuel Urquhart & Sullivan said a call for so-called AT1 bondholders would likely be held on Wednesday. Holdings worth £14bn were wiped out under terms of

UBS will take over Credit Suisse in a deal aimed at stemming what was fast becoming a global crisis of confidence. Credit Suisse, the 167-year-old embattled lender had been brought to the brink of financial calamity last week, despite securing a $54bn (£44bn) credit line from Switzerland’s central bank. The credit line was agreed in

Microsoft has revealed an AI “copilot for work” that can write your emails and allow you to catch up on skipped meetings. The tech giant is bringing the ChatGPT-like assistant to all of its Office apps, including Word, Teams, and Outlook. A recorded video showed the bot summarising calls, taking notes during meetings, and answering

Atom Bank, the app-based lender, has kicked off a search for a new chair as preparations for a long-awaited public listing of its shares gather pace. Sky News has learnt that Atom Bank has hired Spencer Stuart, the headhunting firm, to identify a successor to Bridget Rosewell, who has chaired it since 2018. City sources

Banking stocks are enduring fresh, steep losses on Wednesday as concern over the health of US banks crosses the Atlantic. Credit Suisse shares plunged to new record lows following comments by its largest investor that it could not provide the Swiss bank with more financial assistance. Switzerland’s second-largest bank, no stranger to crisis over the