Business

More energy suppliers could go bust this winter potentially taking government payments intended for customers with them, the chief executive of British Gas owner Centrica has warned. Chris O’Shea told Sky News that the UK energy market, regulated by Ofgem, offers “wealthy individuals” behind some retail suppliers a “free bet” to speculate, with other bill

Food prices increased at the greatest rate since records began – spurred on by accelerated inflation in the price of meat, eggs and dairy. Food inflation reached 12.4% in the year up to November, the highest rate in the food category since records began in 2005 and up from 11.6% in October. The figures come

The number of mortgages approved by lenders plunged to their lowest monthly level in more than two years during October, according to data from the Bank of England. A total of 58,977 loans were issued last month, down from 65,967 in September. Financial analysts said the figures likely reflected two main factors; the mortgage market

Stock markets in Asia have seen sharp falls while a recent easing in oil prices gained new momentum on Monday in reaction to growing COVID lockdowns and public protests against them in China. Brent crude futures were 3% down on the day at $81 a barrel as investors fretted over demand in the world’s second-largest

A Sky News Climate Show investigation has discovered businesses – and even some households – are switching from mains power to generating electricity from diesel because of soaring energy bills.  This comes at a big environmental cost, while a switch to renewable energy still seems out of reach to many consumers. So how can we

Manchester United co-owner Avram Glazer has spoken for the first time since announcing the club could be for sale. Sky News tracked him down near his home in West Palm Beach, Florida, and he spoke of finding “strategic alternatives” for the club and also responded to criticism by Cristiano Ronaldo. He did not answer when

The amount energy companies can charge for electricity and gas will rise from January but households will be protected from the increase. Ofgem, the energy regulator which limits the amount suppliers can charge for each unit of electricity and gas, increased its cap for the first three months of next year to 67 pence per

Students in England have been skipping meals, attending lectures remotely and taking on more debt in a bid to cope with the rising cost of living, new data shows. The Office for National Statistics found the rate students at English universities are being impacted by the crisis is similar to that of other adults across

A British technology start-up which helps leisure enthusiasts find and book sports venues has secured a new round of funding backed by a former director of the Premier League. Sky News understands that Playfinder, which counts the Football Foundation among its partners, has raised a six-figure sum from investors including Kevin Beeston, who stepped down

Elon Musk’s strategy “does not bode well” for the future of Twitter, an early backer of the billionaire’s SpaceX firm has warned. The social media platform has been in an almost constant state of chaos since the world’s richest man bought it in a $44bn deal last month, with warnings this week that a spike

Tesla is recalling more than 300,000 vehicles in the US because of potential problems with their rear lights. The Texas-based electric vehicle manufacturer said the recall affects some 2023 Model 3 and 2020-2023 Model Y vehicles. Tesla said it has had no reports of any crashes or injuries related to the recall of about 321,000

Twitter has temporarily closed its offices as more staff exodus the troubled social media giant, sparking warnings about the site’s ability to stay online during the World Cup. The move by the company to shut its doors until Monday was apparently triggered by fears that departing employees could “sabotage” the firm. The latest turmoil comes

Here are all the main announcements from Chancellor Jeremy Hunt’s autumn statement to MPs: • Energy bill aid for households extended beyond April for a further year through energy price guarantee, but average annual bill will be £3,000 from current £2,500. Amounts to around £500 support for households. • Additional cost of living payments next

The former Barclays chief Bob Diamond’s investment vehicle is in talks about a roughly-£37m takeover of finnCap, its rival City broker. Sky News has learnt that Panmure Gordon, which Mr Diamond’s Atlas Merchant Capital has controlled since 2017, has proposed an all-cash deal worth just over 20p-per-share. The two companies have been locked in discussions

The cost of milk, cheese and eggs has risen at the fastest rate in 45 years, helping drive overall inflation to its highest level in four decades. Earlier today it was announced there has been a higher-than-expected leap in the rate of inflation, taking it to 11.1% last month. Increases across a range of items

Today’s dramatic US inflation figures raise hopes that the Federal Reserve is winning the fight against the monster. Consumer price inflation in October came in at 7.7% on a year-on-year basis – lower than the 7.9% Wall Street had expected – and at 0.4% on a month-on-month basis which, again, was lower than the 0.6%

Bitcoin hovered just above a two-year low overnight and other cryptocurrencies suffered heavy losses as FTX teetered on the brink of collapse. It had emerged on Wednesday that the Binance exchange had walked away from a non-binding bailout offer of smaller rival FTX – once the sector’s fourth-largest exchange. Binance said: “As a result of

Meta, the owner of Facebook and Instagram, has become the latest big tech player to wield the axe in the tougher global economy, laying off 13% of its workforce. The firm announced on Wednesday it will cut its global headcount by more than 11,000 employees as part of a wider shake-up of the business that

Today, Ian King speaks to the head of consumer insight at Kantar about rising prices in the supermarkets. He also discusses what businesses can do to avoid being a victim of cyber ransoms. Plus, hear from a firm who helps support early stage space tech companies launch their own satellites. :: Listen and subscribe to

Apple is warning customers they will have to wait longer for the latest iPhone models after COVID restrictions were imposed on a contractor’s factory in central China. The company announcement gave no details but said the factory, operated by Foxconn in the central city of Zhengzhou, is “operating at significantly reduced capacity”. “We now expect lower