Business

British tech billionaire Mike Lynch is missing off Sicily’s coast after a yacht sank, Sky News understands. One person is dead and six others are missing after a UK-flagged superyacht named Bayesian sank off the coast of Sicily in a storm. Follow live: Superyacht sinks latest Sky News also understands the yacht is owned by

The housing market experienced a surge in activity following the Bank of England’s recent decision to cut interest rates, according to a leading property website. Estate agents reported a 19% jump in enquiries about properties for sale after 1 August, when compared with the same period last year, research by Rightmove found. It came after

Dozens of Ted Baker stores will shut for the last time this week amid growing doubts over a future licensing partnership with the retail tycoon Mike Ashley. Sky News understands that talks between Mr Ashley’s Frasers Group and Authentic, Ted Baker’s owner, have stalled three months after it appeared that an agreement was imminent. Administrators

The private equity backer of Six Nations Rugby is plotting to buy a stake in one of Britain’s biggest audit firms – a deal which could have ramifications across the professional services sector. Sky News has learnt that CVC Capital Partners is among the buyout firms preparing to table bids for a controlling stake in

Hundreds of Border Force officers at Heathrow Airport go on strike from the end of the month. The 650 members of the Public and Commercial Services (PCS) union will be on strike from August 31 to September 3, then working-to-rule and refusing to work overtime until September 22. The long-running dispute centres on enforced changes

The accounting giant PwC has been fined £15m by the financial conduct regulator in its first-ever financial penalty on an audit firm. One of the so-called big four accounting firms, PwC was said by the Financial Conduct Authority (FCA) to have missed a number of audit red flags and failed to act immediately to report

British retailers saw sales rise last month after a boost from Euro 2024 and summer discounting, official figures show, in a further sign of a growing economy. The Office for National Statistics (ONS) said retail sales grew 0.5% last month, after contracting 0.9% in June. Money blog: Fines for parents taking children out of school

Ed Sheeran has bought a 1.4% stake in Ipswich Town, it has been revealed. The singer – who has sponsored the team’s shirts since 2021 – has signed on as a “passive” investor and will not become a board member, the football club confirmed. However, as part of the deal, Sheeran will receive perks such

The boss of mobile phone firm Three has hit out at the UK’s “abysmal” 5G speeds and availability. Chief executive Robert Finnegan made the comments as he urged regulators to approve the company’s planned merger with Vodafone – arguing the £15bn move would pave the way for better investment in network infrastructure. It came as

The UK economy grew 0.6% over three months, official figures show.  But there was no growth at all in June, the Office for National Statistics said, as businesses delayed purchases until after the general election. Gross domestic product (GDP) – the measure of everything produced in the UK – expanded from April to June. This

Annual inflation in the US fell to 2.9% last month, officials have said – heightening expectations that the Federal Reserve will cut interest rates in September. The figure, which is down from 3% in June, is the lowest since March 2021 and was below market expectations. Analysts have widely forecast that easing inflation in the

The pace at which prices are rising has sped up, according to official figures. The rate of inflation grew to 2.2% in July, up from 2% a month earlier, data from the Office for National Statistics showed. It is the first time since December last year that the rate has increased, rather than fallen. But

Starbucks has suddenly replaced its chief executive after the company suffered a bigger-than-expected drop in sales. The coffee chain’s board announced on Tuesday that Laxman Narasimhan had departed the firm “effective immediately”. They said Brian Niccol – the boss of burrito chain Chipotle – would soon take his place. It comes following mounting pressure and

Heathrow Airport has claimed it has suffered a 90,000 decline in passenger numbers on routes affected by a new £10-per-person government scheme. Bosses described the electronic travel authorisation (ETA) system, which was introduced by the Conservative government in November 2023, as “devastating for our hub competitiveness”. The digital permits are required for nationals of seven

The threat of more than 100 riots across the country led to a 10% drop in hospitality sales, an industry body has said. The expectation of further far-right violence last Wednesday, which failed to materialise after more than a week of rioting, meant many shops, pubs and restaurants closed early and town centres emptied. The

Sir Charles Dunstone, the entrepreneur behind the TalkTalk broadband empire, has struck a £400m deal with its lenders to avert the threat of a debt default. Sky News has learnt that TalkTalk will announce later on Monday that its shareholders – who include Sir Charles – have agreed to inject £65m into the company immediately.

Coffee shop chain Pret A Manger has announced some staff members will wear body-worn cameras as a new safety measure.  The company confirmed to Sky News that six shops across London started trialling the new technology last month, which will only be worn by team leaders and managers. It said the cameras will only be

A music-streaming service whose shareholders include Simon Cowell, Kylie Minogue and Robbie Williams is racing to raise millions of pounds within weeks. Sky News has learnt that ROXi has appointed Begbies Traynor Group, the professional services firm, to work alongside Rockefeller Capital Management on the hunt for new capital. Founded in 2014, ROXi described itself

Britain’s most influential small business group is urging the home secretary to ensure swift support for SMEs affected by the wave of rioting which has swept Britain in the last ten days. In a letter to Yvette Cooper, a copy of which has been seen by Sky News, the Federation of Small Businesses (FSB) called

The government has “no time to waste” in punishing “disgraced” water companies, the Liberal Democrats have said after obtaining new data on firms breaching permits for sewage spills. The nine water companies in England breached their environmental permits 695 times last year, often due to pumping raw sewage into waterways without permission, a Freedom of