Business

Western allies have agreed to remove selected Russian banks from the SWIFT global financial messaging system. In a joint statement, leader of the European Union, UK, US, and Canada, said the move was in response to Vladimir Putin’s decision to invade Ukraine late last week. The group said: “We stand with the Ukrainian government and

McColl’s Retail Group, one of Britain’s biggest convenience store chains, is racing to secure new funding to stave off a collapse that could put thousands of jobs at risk. Sky News has learnt that McColl’s is working with advisers on attempts to find a buyer or third parties willing to inject fresh capital into the

British Airways has suffered a major outage, causing several flights to be cancelled and leaving passengers stuck on planes after landing at Heathrow. The airline’s website and app were down for hours on Friday evening, leaving customers unable to check in online or book flights. The airline confirmed that the outage was not due to

Asian shares have rallied slightly driven by a US rebound as some analysts said the sanctions imposed by the West against Russia over the invasion of Ukraine were not as strong as markets had feared. Global share prices plummeted sharply on Thursday after Vladimir Putin unleashed a military assault on the neighbouring country. While the

After the damp squib that was the modest package of sanctions unveiled by Boris Johnson on Tuesday, this evening’s latest salvo certainly had a bit more weight. The intention to impose an asset freeze on Russian banks, including the country’s second largest lender VTB, is meaningful. VTB, along with its largest rival Sberbank, is a

Cutting Russia off from the SWIFT global payments system would be one of the toughest sanctions the West could impose. But it would also involve pain for foreign banks and other creditors that do business with the country. The system, which has its headquarters in Belgium, is used by more than 11,000 financial institutions in

The full scale invasion of Ukraine by Russia has sparked a rush for safe haven assets and sent the cost of Brent crude oil above $100 a barrel for the first time since September 2014. Fears of a wider conflict, additional sanctions and higher inflation arising from president Putin’s order to attack prompted a rush

The governor of the Bank of England has warned that large wage rises and price-setting to reflect surging inflation risk embedding rising costs in the economy, resulting in “slow activity and increased unemployment”. Andrew Bailey told the Treasury committee of MPs that the so-called second round effects of the energy-led rise in living costs were

Barclays is to freeze millions of pounds in share awards to its former chief executive as he contests the findings of a regulatory probe into his relationship with Jeffrey Epstein. Sky News has learnt that the British bank’s board has decided not to allow a chunk of shares granted to Mr Staley several years ago

Stock markets are plunging and Brent crude oil costs are nearing $100 a barrel as the crisis over Ukraine deteriorates. Brent, the international benchmark, was trading above $97 – its highest level since 2014 – and market experts said there would be an inevitable spike to above $100 in the event of a full invasion

Trade unions have lashed out at the government’s decision to limit statutory sick pay for workers who fall ill with COVID-19. Those sick with coronavirus will be forced to wait until the fourth day of their illness before they can claim statutory sick pay, which provides workers with £96.35 per week for up to 28

The average price tag for a home has shot up by almost £8,000 in the space of a month as the easing in the COVID crisis sparks renewed interest in city living, according to a report. The Rightmove website said its measure of asking prices stood at a record level of £348,804 following the jump

An American investment giant is plotting a £5bn takeover of Motor Fuel Group (MFG), Britain’s biggest independent operator of petrol forecourts. Sky News has learnt that Fortress Investment Group is drawing up plans to bid for MFG after losing out in a hotly contested auction of Wm Morrison, the supermarket chain, last year. By coincidence,

A former subpostmistress contemplated suicide and suffered post-traumatic stress disorder after being subjected to a “kangaroo court” process for alleged false accounting. Grandmother Jennifer O’Dell, 72, told Sky News that she still experiences night terrors after being accused of stealing by the Post Office and threatened with legal action in 2009. Speaking after giving evidence

A former boss of Amazon UK is being lined up as the next president of the CBI, Britain’s most influential employers’ group. Sky News has learnt that the CBI was due to ratify Brian McBride’s appointment as Lord Bilimoria’s successor at a board meeting on Friday afternoon. Mr McBride, who chairs the rail ticket booking

Britain is currently in the grips of its worst storm in nearly 30 years, with rare red warnings issued for large swathes of the country. Schools have been closed, and at least 80,000 homes are without power. So what can you do if Storm Eunice directly impacts you? Will my insurance cover damage to my

Retail sales rebounded in January after falling in December, posting their biggest monthly rise since the shops reopened last spring. Despite rising prices due to inflation, volumes jumped by 1.9% last month following a drop of 4% in December, according to the Office for National Statistics (ONS), triggered by surging rates of Covid-19. The figures

As Storm Eunice barrels towards the South West of England, the UK’s energy watchdog has issued an initial report on the impact of Storm Arwen last November, which left more than a million homes without power. Ofgem found that network operators were hard to reach in the aftermath of the storm, with many customers waiting

The hospitality sector has issued a plea for the chancellor to extend VAT support beyond April as rising inflation threatens to inflict more damage on an industry among those worst hit by coronavirus restrictions. UKHospitality said on Thursday that the COVID pandemic had resulted in almost £115bn of lost sales since March 2020 for its

Aldi, named recently by Which? as the UK’s cheapest supermarket, has now been declared the worst for online order substitutions by the consumer group. A report covering grocery deliveries, which have shot up in demand over the past two years because of the COVID-19 pandemic, also found that substitute foods across the sector did not