Business

Oil prices have topped $80 a barrel for the first time in three years – likely adding to pressure on motorists when the higher cost filters through to pumps. Brent crude rose for a sixth day in a row as concerns over supply coincide with more countries, such as Japan, easing COVID-19 restrictions, which is

The first round of talks on the UK joining a trans-Pacific trade bloc gets under way today. Britain will join a virtual meeting with the members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The 11 members of the free-trade agreement are: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore

A long-running legal claim against one of Britain’s biggest banks over allegations that its business customers unnecessarily paid hundreds of millions of pounds in fees and interest will be expanded this week with the addition of hundreds of new claimants. Sky News has learnt that RGL Management, which is managing the legal action against Clydesdale

Petrol retailers hoping for a return to normal after motorists drained pumps over the weekend have faced yet more forecourt queues – as parts of the economy started to feel the strain. In some areas, up to 90% of pumps ran dry, according to industry estimates – and there was little sign of the panic-buying

Few in the battalions of big business in Britain endured a tougher pandemic than Rolls-Royce. Around half of the aircraft engine maker’s revenues come from civil aviation and these in turn depend in no small part on the number of hours that its engines are actually in the air. Flying hours account, in total, for

Royal Dutch Shell’s household energy supply business has taken on the customers of failed rival Green Supplier, according to the industry’s regulator, amid fears more small providers will collapse amid the record surge in energy costs. Ofgem confirmed on Monday morning that Shell Energy had won a competitive process to take in the 255,000 households

The government is facing calls to prioritise essential workers as some petrol supplies run dry amid impacts of a shortage of lorry drivers. Long queues were reported overnight and some petrol brands are seeing as many as 90% of their sites running dry, according to the Petrol Retailers Association. London Mayor Sadiq Khan said designated

An early investor in Spotify, the digital music service, is in talks to lead a huge funding round being assembled by one of Europe’s biggest digital banks. Sky News has learnt that Dragoneer Investment Group has been in discussions about injecting a substantial sum of money into N26, which is based in Germany. The investment

Rolls-Royce Holdings has clinched a £1.5bn sale of one of its largest subsidiaries, a deal that will catapult the aircraft engine-maker towards the £2bn disposal target it set out in an attempt to rebuild its balance sheet after the pandemic. Sky News has learnt that Rolls-Royce will announce the sale of ITP Aero, a Basque

Applications for a high street voucher scheme have opened in a bid to boost businesses that have been impacted by COVID-19. The programme in Northern Ireland aims to help industries such as retail and hospitality recover from the pandemic, and encourage shoppers to visit local businesses. All residents aged 18 or over are able to

Accountancy firm Grant Thornton has been fined £2.34m after an investigation found “serious lack of competence” in its audits of cake chain Patisserie Valerie. The audits carried out in 2015, 2016, and 2017 gave the company a clean bill of health – before it disclosed potential fraud in 2018 and subsequently collapsed, resulting in the

Aldi has revealed plans to create 2,000 jobs over the next two years as it reported a dip in annual profits partly blamed on the pandemic. The German-owned discount supermarket said it would invest £1.3bn, adding 100 new stores and a logistics centre in Leicestershire, as it aims to ramp up further its share of

IWG, the serviced offices giant behind Regus and Spaces, is exploring a multibillion pound break-up that would involve splitting it into several distinct companies. Sky News has learnt that Mark Dixon, IWG’s founder and chief executive, is in the early stages of examining a series of corporate actions that he believes would crystallise significant value

A British technology company which enabled ordinary investors to access a deluge of corporate cash calls during the COVID-19 crisis will this week name one of the City’s biggest heavyweights as its first chairman. Sky News has learnt that PrimaryBid has recruited Sir Donald Brydon to fill the role, in what will be regarded as

Panicked motorists have caused lengthy queues at petrol stations and caused some pumps to run dry – the latest consequence of a shortage of HGV drivers which is causing widespread disruption in the UK. The government insists the country has “ample fuel stocks” but it has not stopped long lines of cars forming after forecourts

The government has cleared the way for a visa change that will allow thousands of lorry drivers to drive in the UK. The temporary measures would allow foreign HGV drivers to plug the gaps that have been blamed for causing queues at petrol pumps and shortages in some food items. On Friday, ministers met for