Business

The price of oil has climbed following a Ukrainian drone strike on Russia’s third-largest refinery. The attack on the Taneco facility, in the province of Tatarstan, appears to have been Kyiv’s deepest strike inside Russian territory since the invasion of Ukraine more than two years ago. The strike on Tuesday started a fire which took

Energy bills are projected to fall by less than expected this summer and autumn due to an increase in wholesale prices, according to a closely-watched forecast. The energy price cap projection in both quarters – July to September and October to December – has risen by around 7% since predictions made last month. This means

High margins for fuel retailers may mean drivers are still paying over the odds at the pump, according to the competition regulator. In a monitoring report, following its fuel market study of 2022, the Competition and Market Authority (CMA) said fuel margins – the difference between what retailers pay for their fuel and the price

Shares in former US president Donald Trump’s media firm have soared on their stock market debut in New York, leaving his majority holding worth more than $5bn (£4bn) on paper. Trump Media & Technology Group (TMTG), the vehicle for his social media rival to X called Truth Social, gained 40% when trading got under way

Apple, Meta and Google’s parent company are being investigated by the European Union under new laws designed to clamp down on the market power of the world’s tech giants. The Digital Markets Act (DMA) came into force at the beginning of March and aims to tackle “gatekeeping” behaviour among tech giants. If the companies are

Bahrain’s sovereign wealth fund has completed a deal to take full ownership of McLaren Group, one of the most revered names in British manufacturing, after years of negotiations to put the company on a stable long-term footing. Sky News understands that McLaren will announce later on Friday that the recapitalisation of the supercar manufacturer and

Ian is joined by Rebecca Klar, technology and policy reporter at The Hill, to talk about the US government suing Apple for allegedly maintaining an illegal monopoly on smartphones. Also, hear the latest as the Bank of England votes to keep interest rates unchanged for another month at 5.25%. Meanwhile, thousands of women may be

Shares in Reddit will make their market debut later on Thursday after a sale valuing the social media platform at $6.4bn (£5bn). The company’s initial public offering (IPO) was priced at the top of its targeted range of $31 to $34 per share on Wednesday night, raising $748m. Reddit and its existing shareholders sold 22

Wood Group, the London-listed oil sector engineer, is cutting hundreds of jobs nearly a year after talks about a takeover collapsed. Sky News understands that the company is expected to announce next week alongside its full-year results that it has launched a new cost efficiency programme that sources said would affect white-collar workers globally. One

The rate of inflation slowed sharply to an annual rate of 3.4% in February, according to official figures. Data from the Office for National Statistics (ONS) showed an easing from the 4% rate recorded the previous month. It marks further progress in the battle against energy-led price growth that followed Russia’s war in Ukraine and

Japan’s central bank has signalled progress in its efforts to boost the country’s economy by ending vast swathes of a massive stimulus programme. Policymakers in the country, which has struggled for decades to achieve price growth to bolster activity, took the decision eight years ago to impose a negative interest rate of -0.1%. The aim

Britain’s car industry has insisted that an unprecedented 2,000% increase in vehicle exports to Azerbaijan has nothing to with Russia and is explained by the fact that the former Soviet state is a “flourishing market in its own right”. Sky analysis has found that the British car sector sent another £40m worth of cars to

Five episodes of GB News programmes that were presented by Tory MPs have been found by Ofcom to have breached broadcasting rules. Two episodes of Jacob Rees-Mogg’s State of the Nation, two episodes of Friday Morning with Esther and Phil – hosted by former pensions minister Esther McVey and her husband Philip Davies, a longstanding

Bitcoin has suffered a sharp pullback from record highs. The world’s biggest cryptocurrency fell to $66,885 in the early hours of Friday – down 9%. Only yesterday, the digital asset had been touching an unprecedented price of $74,000. Image: Bitcoin’s price over the past week. Pic: CoinGecko It is difficult to pinpoint a single reason

An Australian computer scientist is not ‘Satoshi Nakamoto’, the pseudonym attributed to the unknown person widely credited with inventing Bitcoin, a High Court judge has ruled. Dr Craig Wright, who claimed he was Satoshi, was sued by the Crypto Open Patent Alliance (Copa), a non-profit group that includes cryptocurrency firms. During the five-week trial, the

The battle for the Telegraph titles has been a story of high principle, low politics and raw commerce. The proposed takeover by Abu Dhabi-backed RedBird-IMI, 75% financed by the UAE vice-president Sheikh Mansour, was opposed on a clear point of media ethics; that British national newspapers should never be controlled by a foreign state. It’s

Airbnb says it is banning the use of indoor security cameras in its rental properties around the globe from next month. The company said in the past it has allowed the use of indoor security cameras in common areas like hallways and living rooms but is clamping down on their use in order to “continue

The value of Bitcoin has reached a new high, just days after the previous record was broken. On Monday morning one Bitcoin, the best-known cryptocurrency, could buy $72,219 (£56,303). Money blog:Major lenders increase mortgage rates – what’s going on? The price of the digital asset has grown 51% in the last month alone as the

China has set an ambitious growth target of around 5% for 2024 as it aims to boost its flagging economy. Chinese Premier Li Qiang made the announcement at the opening of the country’s annual meeting of the National People’s Congress on Tuesday, in a speech that prioritised both security and the economy. Mr Li said

Apple has been fined €1.8bn (£1.54bn) by the EU for favouring its own music streaming service rather than rivals. Apple didn’t fully inform their device users there were alternative and cheaper subscription services for more than a decade, said the EU executive, the European Commission. As a result, iPhone and iPad users paid “significantly higher