Business

TikTok has been fined £12.7m for breaches of data protection law, including using the personal data of children aged under 13 without parental consent. The UK Information Commissioner’s Office said the Chinese-owned video app had not done enough to check that its users were over 13 and it had also not done enough to remove

The surprise production cuts announced by OPEC+ at the weekend appear to have been motivated by a number of factors. The most obvious is that OPEC+ is clearly unhappy with the price at which oil has been trading. Brent crude has been below $90 a barrel since mid-November and, during the last few weeks, has

Oil prices are up almost 5% after Saudi Arabia and other major producers vowed to cut production. Brent crude, the international oil benchmark, was up 4.85% early on Monday to $83.77 per barrel after it was announced that production would be cut by 1.15 million barrels per day from May until the end of the

The private equity backer of Café Rouge’s parent company has joined a host of suitors hoping to dine out on Princes Foods, the company behind some of Britain’s most popular tinned foods. Sky News understands that Epiris, which counts restaurant operator Big Table and the auctioneer Bonhams among its investments, is among the parties weighing

Sir Richard Branson’s cruise-line venture is seeking hundreds of millions of dollars in fresh funding even as the Virgin Group founder faces financial turbulence in other parts of his business empire. Sky News has learnt that Virgin Voyages is in the early stages of plans to raise a substantial sum of money from new and

Hundreds of thousands of small businesses could face “tough decisions” following changes to the energy support scheme, according to the Federation of Small Businesses. The Energy Bills Discount scheme has been introduced to provide UK businesses, charities and the public sector support with energy bills. This scheme for non-domestic energy users will see discounts provided

The British Beer and Pub Association is warning that the average energy bill for a pub will rise by £18,400 a year when the Energy Bill Relief Scheme ends. Landlords say this will put many pubs out of business. Warwick Heskins, 54, has been a publican for 23 years. In 2014 he took charge of

House prices fell by 3.1% year-on-year in March, marking the biggest annual decline since July 2009, Nationwide Building Society said. The figures also showed a monthly price fall of 0.8% – the seventh consecutive fall – which leaves prices 4.6% below their August peak. Robert Gardner, Nationwide’s chief economist, said: “The housing market reached a

The government has frozen plans to accelerate the rise in the state pension age. Work and Pensions Secretary Mel Stride confirmed the move following newspaper reports that suggested the government was erring over the plans. The age at which the state pension is payable currently stands at 66, and by the end of 2028, it

The UK’s private sector has shrunk for the eighth consecutive quarter. That is according to data from the Confederation for British Industry, which said its latest snapshot of the sector showed “signs of green shoots” – with projections that UK industry will return to growth in the next quarter. The organisation’s lead economist, Alpesh Paleja,

The union representing Royal Mail’s frontline staff is on the verge on announcing new strike dates, Sky News understands, should a final push to end their long-running dispute fail. A Communication Workers Union (CWU) source said talks at the conciliation service Acas were scheduled for Thursday but fresh walkouts could be called the following day

Adidas has withdrawn its opposition to a three-line Black Lives Matter (BLM) trademark. The German sports design giant had asked the US Trademark Office to reject a trademark application by Black Lives Matter, which featured three parallel lines, just two days before the U-turn. “Adidas will withdraw its opposition to the Black Lives Matter Global

How worried should we be about the banks? It’s a question that’s been hanging over the financial system since the collapse in the space of a fortnight of three moderate American banks, including Silicon Valley Bank (SVB), followed by Swiss behemoth Credit Suisse. The spectacle of regulators, political leaders and bankers spending sleepless weekends managing

The Bank of England governor has told MPs the regulator is currently in a period of “very heightened tension and alertness”. However, speaking to the Treasury Committee on Tuesday, Andrew Bailey said the country is not in a period comparable to the financial crash of 2018 – but that vigilance is needed. He said: “I

Next is in advanced talks to buy Cath Kidston in its latest swoop on a prominent but troubled retail brand. Sky News has learnt that the FTSE-100 chain, which has a market value of close to £8.7bn, could wrap up a deal to acquire the modern vintage label as soon as Tuesday. Banking sources said

More than 94,000 prepayment meters were installed in homes in Britain throughout 2022, government figures show. The meters were installed by energy providers such as British Gas, Scottish Power and OVO Energy using court-sought warrants and without customer consent. Those three providers were behind 70% of installations, the government said, and fitted 66,187 devices under

A loyalty app which counts Barclays and Lloyds Banking Group among its shareholders has secured a £9m funding lifeline. Sky News understands that existing investors in Loyalty Angels, which trades as Bink, have agreed to provide £7.5m in new capital. They have also indicated that they will agree to underwrite a further £1.5m of investment,

Manchester United received a fresh Qatari bid overnight – as the battle to purchase the Premier League giants intensifies. Sheikh Jassim bin Hamad Al Thani made the offer after asking for a deadline extension on Wednesday. He joins Sir Jim Ratcliffe’s INEOS, who made his own second formal bid for the club, and comes after

The renowned activist investor Elliott Management is plotting a takeover of large chunks of Cineworld, the stricken London-listed cinema operator. Sky News has learnt that Elliott is interested in acquiring Cineworld’s operations in eastern Europe and Israel. While Elliott is also understood to have explored a bid for the whole of the ailing group, its

The company behind a group of well-known outdoor sports clothing brands is racing to find a buyer months after the collapse of a deal to reverse it into a London-listed cash shell. Sky News has learnt that FRP Advisory, the professional services firm, has been drafted in to find a buyer for Internet Fusion Group