North Sea oil and gas companies have come under pressure from the government to invest their profits into accelerating domestic energy production as millions of Britons continue to face soaring energy prices. Business Secretary Kwasi Kwarteng has written a letter to firms calling for them to provide a clear plan to spend their profits on
Business
The former auditors of Mike Ashley’s high street empire are in advanced talks about a multimillion-pound fine that would bring an end to a probe into its accounts that has lasted for over five years. Sky News has learnt that the Financial Reporting Council (FRC), the audit regulator, is preparing to hit Grant Thornton with
A Californian private equity firm has edged closer to becoming the new majority-owner of Chelsea Football Club after securing a period of exclusivity to clinch a deal. A group spearheaded by Todd Boehly, the LA Dodgers part-owner, overcame opposition from rival consortia on Friday to land preferred bidder status in the battle to replace Roman
Sir Jim Ratcliffe has tabled a last-minute £4.25bn bid to buy Chelsea. The Ineos boss is understood to have held talks with chairman Bruce Buck on Thursday, and submitted what now represents the biggest offer for the Premier League club on Friday. The 69-year-old businessman explored in detail a possible bid for the Stamford Bridge
Annual house price growth slowed slightly in April, according to new figures from Nationwide Building Society. The 12.1% growth rate marked the 11th consecutive month that annual house price growth remained in double digits, although it was down slightly from the 14.3% growth seen in March. Property values increased by 0.3% month-on-month, meaning that the
A British clean energy start-up which hopes to build the world’s longest undersea cable capable of delivering nearly a tenth of the UK’s electricity is to kick off talks with prospective investors in the £16bn project. Sky News has learnt that Xlinks, which has been founded with the ambition of establishing a cheap and reliable
Sainsbury’s has warned that its profits this year will be hit by soaring inflation and a fall in customers’ disposable incomes. Britain’s second-largest grocer behind Tesco said that its underlying profit before tax in 2022-23 was expected to be between £630m and £690m, compared to the £730m underlying profit it has reported for the year
Facebook’s parent company has reported its weakest revenue growth for a decade but witnessed a recovery in its share price following a torrid 2021 to date for the company. Meta Platforms recorded revenue of $27.9bn between January and March – slightly below what Wall St had expected. The company had warned at the time of
Prices have increased over the past 12 months by 7.9% on average, putting pressure on already stretched household budgets. Inflation is now at its lowest annual rate since March 2022 driven by decreases in transport costs, with the cost of motor fuel decreasing. Price rises for food and other household items, although down from their