Business

The crisis enveloping Thames Water has deepened after its holding company announced it had been unable to meet debt repayments. Kemble Water said it missed an interest payment that was due on Tuesday. The firm said it had asked its lenders to take no immediate action so as to “provide a stable platform while all

House prices slipped by 1% in March following five consecutive months of growth, according to new figures from Halifax. The lender said affordability remained a challenge for potential buyers as recent declines in mortgage rates have stalled. It comes as financial markets become less optimistic about the timing and extent of interest rate cuts by

British billionaire Joe Lewis has avoided a jail sentence after admitting he orchestrated an insider trading scheme that helped those around him make millions. The former Tottenham Hotspur owner, who lives in the Bahamas, tipped off his girlfriend, friends, and two of his private pilots with inside information on four publicly-traded companies, which they used

The Dutch banking giant ING has been thrust into a pivotal role in determining the future of stricken Thames Water’s parent company amid growing expectations that lenders will agree a loan extension ahead of a repayment deadline this month. Sky News has learnt that ING is among the lenders due to be repaid £190m by

The leading representative body for small businesses in Britain has criticised the City watchdog over its approach to a ‘super-complaint’ about lenders’ demand for personal guarantees. Sky News has obtained a letter from Martin McTague, national chair of the Federation of Small Businesses (FSB), to the Financial Conduct Authority (FCA) competition chief Sheldon Mills in

The Post Office’s IT helpdesk was instructing Fujitsu, the maker of faulty accounting software, to change sub-postmaster accounts more than a decade ago, according to leaked recordings. Two secret audio recordings with Post Office officials, obtained by Sky News, demonstrate how much the government-owned company knew about flaws with the Horizon IT programme, used by

The Abu Dhabi-backed vehicle which faces being thwarted in its bid to buy The Daily Telegraph is lining up advisers to determine the fate of the right-leaning British newspaper. Sky News has learnt that Raine Group, which is best-known in Britain for its roles in recent deals involving Manchester United and Chelsea football clubs, is

Taylor Swift has made it on to a list of the world’s billionaires, according to Forbes, as her Eras Tour spanning 152 shows and five continents generated more than $1bn (£800m) in revenue. The 34-year-old superstar, who stole the show at this year’s Grammy Awards by winning album of the year for the fourth time,

A New York-listed car dealer is plotting a bid for the UK operations of Inchcape. Sky News has learned that AutoNation, which has a market capitalisation of nearly $7bn (£5.5bn), is among the suitors circling the business since Inchcape confirmed in January it was conducting a strategic review. AutoNation is said to be at the

With the window for April Fool’s Day pranks now closed, we round up some of the more creative and canny jokes. Search and rescue sheep deployed on Dartmoor Anyone getting into trouble while hiking on the Bank Holiday could be aided by a rescue sheep, Dartmoor Search and Rescue Team announced. They are equipped with

The owner of Formula One (F1) motor racing will unveil a £3.5bn takeover of MotoGP’s parent company early this week. Sky News has learnt that Greg Maffei, the president and chief executive of Liberty Media Corporation, is expected to announce the motorsport industry’s most significant corporate deal for years during a trip to Madrid as

This Easter, chocolate lovers will no doubt have noticed they had to pay more for their eggs. Now, the cost of chocolate could soar after changing climate patterns hit cocoa supplies in west Africa. Seasonal dusty winds from the Sahara have been severe in recent months, blocking out the sunlight needed for cocoa bean pods

Adnams, one of the most historic names in British brewing, is to explore an outright sale amid a funding squeeze across the industry which has triggered a growing wave of insolvencies. Sky News has learnt that Adnams has begun contacting prospective investors and buyers after hiring advisers earlier this year to shore up its finances.

The CBI, the business lobbying group, has negotiated an extension of its overdraft in a fresh move to shore up its balance sheet after a year in which it came close to collapse. Sky News has learnt that in recent weeks the CBI and a syndicate of high street lenders have agreed an increase in

More than £1m of unexplained transactions were transferred in to Post Office profit at the height of the Horizon scandal, leaked documents have showed. The papers seen by Sky News show a snapshot of transfers from a Post Office “miscellaneous client” suspense account over a four year period, up to 2014. A suspense account is

Disgraced crypto entrepreneur Sam Bankman-Fried has been sentenced to 25 years in prison after being convicted of stealing billions of dollars from his customers. He was the chief executive of FTX, which suddenly went bankrupt in November 2022 – leaving millions of users frozen out of their accounts and unable to make withdrawals. The 32-year-old

Sam Bankman-Fried was breathlessly described as a wunderkind – a boy wonder transforming the world of finance. Renowned for his messy hair and unkempt appearance, he graced the covers of Forbes and Fortune, who pondered whether he could become the next Warren Buffett. The 32-year-old was the founder of FTX, which had quickly become the

Millions of people are being urged to send meter readings to their energy supplier this weekend to ensure they don’t overpay. The regulator’s price cap drops 12.3% on Monday 1 April, from a typical £1,928 per year for a dual-fuel household to £1,690 – an average saving of about £20 per month. Money blog –

The competition regulator has urged UK fashion businesses to give accurate information about how environmentally friendly their clothes are after three fast-fashion firms signed a new agreement. The Competition and Markets Authority (CMA) had initiated an investigation into Boohoo, ASOS and George by Asda over concerns about the way products were marketed as eco-friendly. Its

Up to eight million UK jobs are at risk from the rise of artificial intelligence (AI), according to a report warning that the low-skilled would be worst affected. The effects of generative AI are already being widely felt as 11% of tasks done by workers are currently exposed, the Institute for Public Policy Research (IPPR)