Business

Stock markets in Asia have dropped sharply during trading on Monday amid fears the US economy may be heading for a recession. Japan’s Nikkei 225 share index fell by as much as 10% at one point, while the market’s broader TOPIX index also fell 8%. South Korea’s KOSPI index also dropped more than 8% on

The founder of Itsu and Pret A Manger is joining the board of Knoops, the fast-growing retailer of chocolate-based drinks. Sky News understands that Knoops, which is in the process of raising £5m to fund its expansion, will announce that Julian Metcalfe – a shareholder in the company – is to become a non-executive director.

The Post Office Horizon IT scandal may well be “the worst miscarriage of justice in recent British legal history”. Jason Beer KC, counsel to the inquiry which has been investigating the scandal, did not put it this way lightly. After four hard-fought years, senior executives reduced to tears, and countless heartbreaking stories of the damage

Wingstop, the quick-service chicken chain which is Britain’s fastest-growing restaurant operator, is hoisting a “for sale” sign over its UK business. Sky News has learnt that the company, which is majority-owned by the trio of entrepreneurs who brought it to Britain in 2018, has hired Goldman Sachs to find new owners. City sources said the

A very nasty summer sell-off has been under way now in stock markets around the world for the last 48 hours – and nervous investors got another reason to carry on selling on Friday. The US non-farm payroll figures – essentially a measure of how many jobs were added to the US economy last month

Labour has pulled £1.3bn of investment in tech and AI projects promised by the Tories. The Department for Science, Innovation and Technology (DSIT) said the funding committed by the previous Conservative administration was not allocated in its budget and so will not proceed. It included £800m for the creation of a next-generation exascale supercomputer at

The first interest rate cut since the start of the COVID pandemic is good news – but experts are warning of a hard slog back towards more comfortable borrowing cost levels. The Bank of England had raised Bank rate 14 consecutive times from December 2021 to try and keep a lid on a surge in

The Bank of England has cut interest rates by a quarter percentage point to 5%. The Bank’s nine-member Monetary Policy Committee (MPC) voted five to four to bring borrowing costs down, bringing to an end the joint-longest plateau for rates since the Bank was granted independence in 1997. Lower interest rates will instantly be reflected

The Bank of England will implement its first interest rate cut since 2020 at midday on Thursday, if financial markets and many economists are right, hours after the US central bank signalled it could act next month. The Federal Reserve held its benchmark rate in the 5.25%-5.50% range on Wednesday evening but downgraded its view

Tax rises will likely be announced in the autumn budget, chancellor Rachel Reeves has admitted. She said Labour would stick to its election manifesto pledge not to raise national insurance, income tax or VAT. During the election campaign, Labour candidates avoided answering questions on whether other taxes would be increased – and the Conservatives warned

Wizz Air has been named the worst performing airline for customer service by a leading consumer group. Which? said the low-cost carrier ranked the lowest “by far” in a poll of around 1,000 adults. Those surveyed were quizzed on how well airlines performed across eight areas of customer service, including how easy it was to

A new scheme offering settlements of £600,000 to victims of the Post Office scandal has been unveiled by the government. Ministers said it would help sub-postmasters traumatised by the scandal, in which faulty IT software called Horizon led hundreds of staff to be falsely accused of stealing from branches, receive financial support without “unnecessary bureaucracy”.

Rachel Reeves has accused her predecessor of hiding a “£22bn funding gap” for the current financial year, announcing a series of “tough decisions” to compensate. The chancellor told MPs that the investigation she ordered into the spending plans Labour inherited following the election found a Conservative “cover-up” that “put party ahead of country”. Her statement,

Rachel Reeves has scrapped some winter fuel payments, along with a raft of other government programmes and policies to plug a projected government overspend of £22bn. The chancellor said those not in receipt of pension credit will no longer receive the extra money as she repeatedly told MPs: “If we cannot afford it, we cannot

Rachel Reeves will signal Labour’s plans to cut government departments and the Civil Service as the new administration looks to accuse Rishi Sunak of “covering up” problems with the economy. The chancellor is set to speak to the House of Commons on Monday following a review of the government finances after taking office at the

Eddie Jordan, the former Formula One team-owner, has launched a multimillion pound legal fight against HSBC over its alleged mis-selling of a complex bond in which he invested. Sky News has learnt that Mr Jordan, who became one of Grand Prix motor racing’s most flamboyant and successful figures during a stint at the helm of

Cineworld has confirmed six cinemas will close as part of plans to cut jobs and save money, as the company struggles with debt. The cinemas will shut in “late September 2024” if the cost-cutting plans get legal approval. They are: • Glasgow Parkhead; • Bedford; • Hinckley; • Loughborough; • Yate; • Swindon – Regent

A London-listed building products company which was bailed out by investors during the pandemic is weighing a further cash call in the wake of a stinging profit warning. Sky News has learnt that SIG, which has a market value of just over £300m, is considering raising up to nearly half that amount through an equity-raise

Chancellor Rachel Reeves has promised to “fix” the “mess” the Conservative government left in the economy, amid reports of a £20bn “black hole” in the public finances. Ms Reeves, who is currently on a visit to the G20 in Brazil, told broadcasters she aimed to tell the world that the UK “is open for business”

Competition among fuel retailers is “failing consumers” because drivers are still paying too much to fill up, according to regulators. In an update on its monitoring of the fuel market, the Competition and Markets Authority (CMA) said the cost to all motorists from the previously identified increase in retail fuel margins since 2019 was over