Business

A group of trading nations known as BRICS, which is hoping to rival the G7, is set to grow in size after inviting six new countries to join – including Iran and Saudi Arabia. BRICS – which has, until now, comprised of Brazil, Russia, India, China, and South Africa – announced the proposed expansion at

The US tech firm that dominates the market for chips used in artificial intelligence (AI) has delighted investors with a doubling in quarterly revenue, promising more of the same in future. Nvidia shares gained almost 10% in after-hours trading in New York on Wednesday night when it revealed a string of numbers that beat analysts’

Energy bills are to rise higher than last year for millions this winter, despite the energy price cap falling, a think tank has said. Withdrawn energy supports and a rise in the daily standing charge will mean winter bill costs going up for one in three English households, the Resolution Foundation said. That’s despite the

NatWest has said former boss Dame Alison Rose, who quit last month over her handling of Nigel Farage’s bank account closure, could receive a pay package worth more than £2.4m. Dame Alison resigned last month, abruptly ending her four-year tenure, amid government pressure on her position. It followed her admission that she had discussed the

Falling house prices and record wage growth has meant houses have become more affordable on paper, but the rising cost of borrowing has cancelled out any benefit. The cost of a typical UK home is 6.7 times average earnings, down from a peak of 7.3 last summer, according to analysis from the country’s biggest mortgage

The UK’s competition regulator has launched a fresh investigation into Microsoft’s proposed £55bn takeover of Call of Duty maker Activision Blizzard after the tech firm offered a new remedy in a bid to get the deal over the line. The Competition and Markets Authority (CMA) confirmed on Tuesday that it stood by its final decision

Shares in UK housebuilders have taken a fresh hit on the latest woes to hit the sector including a profit warning from a major player. Crest Nicholson shares plunged almost 15% at the start of Monday’s trading after it slashed adjusted pre-tax profit expectations for the year to October by more than 40% to £50m.

There are potential early signs that the labour market is losing some of its inflationary heat, in a shift that could give the Bank of England reason to pause its cycle of interest rate hikes. Data from a jobs search website suggested that vacancies and advertised starting salaries both fell in July – the first

Ben Stokes, the England Test cricket captain, and former team-mate Stuart Broad are among a group of leading sportsmen backing a new venture capital fund targeting a distinctive position in the crowded arena of early-stage investments. Sky News can reveal that two of the pivotal figures in England’s recent Ashes series recovery to draw the

Direct Line Group, the struggling motor insurer, has approached one of the most senior executives at rival Aviva to become its new boss. Sky News has learnt that the FTSE-250 group, whose brands include Churchill and Green Flag, has been holding talks with Adam Winslow about taking over as its CEO. This weekend, insurance industry

Thousands of train drivers at 16 operators are to take further strike action next month as part of a year-long dispute. Members of the ASLEF train drivers union have announced walkouts on Friday 1 September and overtime bans on Saturday 2 September, disrupting services across Britain. So far in the dispute, which has been ongoing

The CBI, the embattled business lobbying group, is to close a swathe of its overseas offices as part of a cost-cutting drive aimed at ensuring its survival. Sky News has learnt the CBI has informed staff it is to axe its operations in Beijing, Delhi and Washington DC in the coming months. The move will

The energy price cap is set to fall again resulting in cheaper electricity and gas bills, according to a closely-watched forecast. Energy bills in the final three months of 2023 are projected to drop before increasing in 2024, according to research firm Cornwall Insight, as they expect strikes at Australian gas facilities will bring up

The banking sector is being warned it faces penalties if it does not secure free access to cash for the UK population, including businesses, following waves of branch closures over more than a decade. Hours after Sky News revealed the Financial Conduct Authority (FCA) was to be given powers to fine banks that fail to

Major banks face being fined if they fail to provide free access to cash withdrawals within three miles of consumers and businesses under new rules to be set out by ministers. Sky News has learnt that the Treasury is to publish guidelines within days setting out expectations for banks’ future provision of cash deposit and

Jamie Oliver and his wife Jools have paid themselves £6.8m in dividends after his firms’ total profits rose by almost a fifth. The Jamie Oliver Group said earnings were boosted by the celebrity chef’s TV series Jamie’s £1 Wonders, which Channel 4 launched in response to the cost of living crisis. An average of 1.4

There are “genuine grounds for hope” for the future of high street retailer Wilko, according to the GMB union, after the company entered administration, endangering 12,500 jobs. The union met with administrators PwC as part of the formal consultation process and confirmed there had been “expressions of interest” from prospective buyers. Those potential purchasers are

A man who famously made a fortune by predicting the collapse of the US housing market in 2008 now appears to be suggesting that two major stock markets will tumble in value. Michael Burry, the hedge fund boss featured in The Big Short, in which he was played by Christian Bale, held negative options on

Grocery price inflation has eased for the fifth month in a row – as the cost of some staples come down. Closely watched data from Kantar Worldpanel, which tracks supermarket sales and bills, found that while the expense of a food shop is still higher than last year, the pace of price rises has been

DIY retailer B&Q has apologised after two books titled “White Supremacy” were included in a product listing photograph on its website. The books featured in a listing for a wooden radiator cover. B&Q has apologised and said the product was offered by a third-party seller which it has now suspended. The DIY retailer has also