Business

A member of Liechtenstein’s royal family is joining the ranks of backers of Octopus Energy, the £7.2bn utility which has become one of Britain’s most valuable companies. Sky News has learnt that Lightrock, which is chaired by Prince Max Von Liechtenstein but based in London, is acquiring an undisclosed stake in the UK’s second-largest domestic

The headquarters of Toyota Motor has been visited in Japan as part of an investigation into official safety certifications that is affecting models across five major carmakers in the country. Hours after Toyota’s embattled chairman issued an apology for cheating tests on seven models, officials from Japan’s transport ministry descended on the offices in Toyota

Shein, the online fashion behemoth, is on the verge of taking a huge stride towards a London flotation that would value it at about £50bn and rank among the most significant – and contentious – deals in the UK’s capital markets for years. Sky News can exclusively reveal that Shein, which was founded in China

Tesla shareholders have been urged to vote against plans to pay its chief executive Elon Musk up to $56bn (£44bn). The compensation package, if approved, would be the biggest ever for a chief executive in the US. However, proxy advisory firm Institutional Shareholder Services (ISS) has warned the amount is “excessive” and said it would

The housing market is showing signs of “resilience” with prices rising slightly, according to new figures from the UK’s largest building society. Nationwide said house prices were up 0.4% in May, compared to April. It said the average cost of a home was now £264,249 – with year-on-year prices also increasing by 1.3%. The figures

Can a lender end your fixed-rate deal early? This was the crux of a question asked by Money blog reader Michelle from Kent… “I bought my first flat in April 2023 with a two-year fixed-rate mortgage. I got the deal with the help of a broker, who has now contacted me saying my deal is

The British supercar maker McLaren Group has bolstered its board with a trio of appointments including the former boss of Rolls-Royce Motor Cars. Sky News can reveal that Torsten Muller-Otvos was recruited as a non-executive director of the Surrey-based company earlier this month. Chaired by the former Diageo chief Paul Walsh, McLaren has also recruited

The rate of price rises in UK shops has returned to “normal levels”, according to new industry figures. Overall annual shop price inflation eased to 0.6% in May, down from 0.8% in April, the British Retail Consortium (BRC) and NielsenIQ said. The figure is the lowest since November 2021. Please use Chrome browser for a

An Indian pharmaceutical group is closing in on a deal to snap up Nicotinell, the anti-smoking aid, from Haleon, its FTSE-100 parent company. Sky News has learnt that Hyderabad-based Dr Reddy’s Laboratories could be within days of acquiring the brand and a number of lesser-known European products from Haleon. Sources said a deal was likely

The reason for the fall in the household energy price cap is pretty straightforward – wholesale electricity and gas prices have fallen since the price cap was last set in February this year. Wholesale gas and electricity prices make up by far the biggest proportion of the energy bills – £720 of the current £1,690

Kabosu, the dog behind the “doge” meme, has died at the age of 18 after enjoying more than a decade of internet fame. The Japanese shiba inu had been suffering from leukaemia and liver disease. “To all of you who loved Kabosu, on the morning of the 24 May, Kabosu crossed the rainbow bridge. Thank

The average annual energy bill will be £506 cheaper than a year ago from July, the sector’s regulator has announced. The energy price cap – which limits what can be charged per unit of energy – is due to fall from the month after next. It means the average annual bill will be £1,568 a

Plans for a multibillion pound mass market sale of the government’s stake in NatWest Group have been derailed by Rishi Sunak’s decision to call a summer general election. Sky News can reveal that a proposed retail offer of shares in the taxpayer-backed bank will be scuppered by the timing of the poll. The Treasury has

The International Monetary Fund (IMF) has said the UK economy is heading for a “soft landing” but reiterated its message to Jeremy Hunt that he should not have cut national insurance at the last two fiscal events. In its annual check-up on the state of Britain’s economy, the Washington-based Fund also warned of a black

The rate of price rises has dropped to 2.3% in April – the lowest in nearly three years and closer to the Bank of England’s target, according to official data. Inflation is at a low not seen since July 2021, the Office for National Statistics (ONS) said. Money latest: Do Sunak and Hunt deserve any

Sajid Javid, the former chancellor of the exchequer, has been approached about taking a role at Shein, the online fashion giant which is progressing plans for London’s biggest stock market float for years. Sky News has learnt that Mr Javid is among a number of senior City figures who have held talks with Donald Tang,

Marks & Spencer’s website and app has not been working for several hours, with a message telling shoppers “you can’t shop with us right now”. “We’re working hard to be back online as soon as possible,” it adds. All the menus and images have disappeared apart from one showing a model in a green jacket.

The Body Shop’s administrators are to launch an auction of the chain after concluding that an alternative restructuring of one of Britain’s best-known high street retailers was not viable. Sky News has learnt that FRP Advisory, which has been overseeing the collapsed business since January, is to begin formally sounding out potential buyers in the

The new British boss of Wefox, one of Europe’s biggest insurance technology companies, has warned investors that it could face collapse within months as it contends with a slew of regulatory and financial challenges. Sky News has learnt that Wefox believes it could become insolvent by the summer unless it can secure the sale of

People who lost their money in FTX, once one of the biggest cryptocurrency exchanges in the world, are to be paid back, with interest. Billions were lost when the cryptocurrency exchange headed by convicted fraudster Sam Bankman Fried went bust in November 2022, with an estimated one million customers losing funds. Money latest: Struggling iconic