Business

British Airways owner IAG has returned to quarterly profitability for the first time since the coronavirus pandemic, but blamed Heathrow for its current “operational challenges”. IAG chief executive Luis Gallego said the group’s best performing airlines were Iberia and Vueling, which were boosted by a recovery in the Spanish domestic market and routes to Latin

Up to 40% of households could be drawn into fuel poverty by soaring energy prices this winter, the boss of one of the UK’s largest energy providers has told Sky News. Rising wholesale gas prices, fuelled by the war in Ukraine, mean the domestic energy price cap is forecast to increase from the current £1,971

Train drivers at nine rail companies will strike on 13 August, the Aslef union has announced, as passengers faced further disruption today due to industrial action. Only around one in five trains ran on Wednesday, on about half the network, with some areas having no trains all day. Picket lines were mounted outside stations as

The UK could face “very high prices” with experts warning household bills could rise to £3,850 this winter due to electricity supply shortages – but the lights will stay on, the National Grid has said. Households are already paying £1,971 per year for energy bills after the price cap was increased in April The cap

Shop price inflation rose to 4.4% in July, up from 3.1% in June, according to new figures. The rise is the highest since the British Retail Consortium started its index in 2005. Food inflation was up 7%, compared to 5.6% in June. This was partly due to a 8% rise in fresh food inflation, up

The world’s lender of last resort has appealed for central banks to raise interest rates and for governments to take a responsible stance with public finances while warning of a harder impact from the global inflation shock. The International Monetary Fund (IMF) used its updated World Economic Outlook to take another red pen to growth

Heathrow Airport and easyJet, two of the air industry players affected by this year’s flight chaos, have revealed large financial hits while outlining how they are coping during the summer rush. The low-cost carrier said cancellations and delays caused by staff shortages at airports and in the air had cost it £133m over its latest

Ryanair has warned that rising fuel prices will increase costs despite reporting a first-quarter profit. The airline industry has been impacted by significant disruption at airports and the Ukraine war but the budget airliner reported profits after tax of €170m (£145m) in Q1 (April to June 2022) against net losses of €273m (£233m). Passenger numbers

Barclays is taking a stake in Copper, one of the most prominent names in the fast-evolving cryptocurrency sector, even as the industry continues to be rocked by a swathe of bankruptcies. Sky News has learnt that the UK-based bank is among a crop of new investors joining a funding round for Copper, which counts former

The Insolvency Service has written to Lex Greensill and other former directors of the supply chain finance group which bore his name as it intensifies a probe that could trigger formal proceedings to disqualify them as company directors. Sky News has learnt that the unit which investigates corporate collapses in Britain has submitted a series

More than 40,000 rail workers will strike next week after talks failed to resolve a dispute over pay, jobs, and conditions. Members of two unions will walk out on Wednesday, 27 July, affecting rail services across the country – the latest industrial action adding to the country’s transport woes. Who is going on strike? Members

Twitter has missed its expected earnings, partially blaming the disappointing financial results on Elon Musk’s botched takeover of the social media network. The world’s richest man said he was pulling out of a deal this month to buy the tech firm for $44bn (£36.6bn), and the company is suing him to try to force him

The British arm of EY, the accountancy firm, has drafted in one of the City’s top investment banks to advise on an impending $80bn break-up that will shake up the global accountancy profession. Sky News has learnt that EY’s UK board has asked Rothschild to advise on the implications of a separation of its audit

London Southend Airport has contacted airlines offering to host flights being cancelled by busier airports. It comes after weeks of disruption across the aviation sector with post-COVID demand booming and many airports and airlines unable to cope. Speaking to Sky News, the boss of Southend Airport Glyn Jones said the past few months had been

Retail sales dipped by 0.1% in June 2022, less than experts had expected but continuing a downward trajectory that reflects an economy grappling with record food and fuel prices. Non-food stores, such as clothing and household goods, which slumped by 4.7% and 3.7% respectively, were hit particularly hard, according to data from the Office of

Regulators have told airlines that they must treat passengers better when dealing with disruption. In a joint letter to carriers. the Competition and Markets Authority (CMA) and the Civil Aviation Authority (CAA) said passengers “could experience significant harm unless airlines meet their obligations”. They said some airlines were not doing enough to avoid “engaging in

Government borrowing was £22.9bn last month, the second-highest June borrowing since monthly records began in 1993. The Office for National Statistics said that borrowing was £4.1bn more in June than the same month a year ago. It hit £22.9bn over the month as spending rose by £9bn to £86bn, mainly because interest payments increased by

The start of the big summer holiday getaway at Heathrow Airport is no longer facing the imminent threat of disruption from a strike by staff at a plane refuelling company. The Unite union had said its members at Aviation Fuel Services (AFS) would walk out from 5am on Thursday until the same time on Sunday

Late-summer strikes by 115,000 Royal Mail workers have moved a step closer after an overwhelming vote in favour of walkouts, threatening massive disruption to postal deliveries across the country. The Communication Workers Union (CWU) said 97.6% of members who voted backed strikes in a 77% turnout, threatening the biggest strike action in the so-called summer

The rate of inflation has hit a fresh 40-year high, placing further strain on household budgets as the cost of living crisis mounts. British consumer price inflation reached an annual rate of 9.4% in June, up from May’s reading of 9.1%, the Office for National Statistics (ONS) said. It means Britain had the highest rate