Business

US inflation dropped to 6% over the 12 months to February, complicating the picture for interest rates as banks and stock markets feel the hit from the Silicon Valley Bank (SVB) collapse. The US Bureau of Labor Statistics (BLS) said the consumer price index (CPI), the measure of inflation, was down from 6.4% in the

McLaren Group, the supercar manufacturer and Formula One team-owner, has received a £70m funding boost from investors in the first stage of a wider capital-raising plan. Sky News has learnt that the Surrey-based automotive group has been handed the funding by a group of its existing shareholders. Sources said the share sale was part of

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

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

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.

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

Britain’s power system operator has, for the first time ever, ordered two of five emergency coal-fired generators to produce electricity to help prevent the lights going out. National Grid ESO made the announcement hours after it activated contingency plans as a precaution over fears supplies may struggle to keep up with demand during the current

Manchester United bidders are due to meet with the club in the next two weeks and gain access to accounts – enabling offers to end the ownership of the Glazers. Sky News understands the two declared bids are now progressing two weeks after the deadline to declare interest – from Qatari hopeful Sheikh Jassim bin

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

The Chinese owner of Thomas Cook is plotting an outright sale of the British holiday brand three years after it rescued the name from corporate ignominy. Sky News has learnt that Fosun Tourism Group is in preliminary discussions with a number of potential purchasers of the online travel agent (OTA). Fosun, which is part of

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

Household bills could rise if the government further delays its plan to rid the power network of polluting fossil fuels by 2035, the National Audit Office (NAO) has warned. Energy officials committed to the target almost 18 months ago, but their plan to deliver it was delayed by the energy crisis as they focussed instead

Drivers leasing new electric cars are being overcharged by hundreds of pounds each month, it has been claimed. Companies have been accused of failing to reflect the strong resale value of cleaner cars when they set their prices, according to clean transport campaign group Transport & Environment (T&E). The monthly cost is typically based on

Shares in Manchester United have fallen by as much as 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

The food system “remains resilient”, the environment secretary has insisted, as she conceded fruit and vegetable shortages will likely continue for another two to four weeks. Responding to an urgent question in the House of Commons as the crisis leaves some supermarket shelves bare, Therese Coffey said: “I am led to believe by my officials

A British company that burns wood to create electricity is the latest power giant to post soaring annual profits amid the energy crisis of 2022. Gas prices reached record highs last year as Russia squeezed supplies to Europe in response to sanctions for its invasion of Ukraine, accelerating the shift away from fossil fuels and