Business

The owner of the Premier Inn hotels chain faces a pay row for a second successive year after voting advisors opposed its decision to award bonuses to executives despite receiving government support during the pandemic. Sky News understands that Whitbread, the FTSE-100 leisure group, is engaged in discussions with leading investors aimed at heading off

Shell’s North Sea Jackdaw gas field has received final regulatory approval. It comes as the government tries to boost domestic energy output in an effort to shield the UK from the market volatility caused by Russia’s invasion of Ukraine. Business and Energy Secretary Kwasi Kwarteng said: “Jackdaw gas field – originally licensed in 1970 –

The energy price cap in Britain could rise to over £2,900 for the first time in January next year, according to analysts. Cornwall Insight said the price cap – the mechanism that sets a limit on the amount suppliers can charge for gas and electricity and on the daily standing charge – is forecast to

Frasers Group, the shopping empire founded by Mike Ashley that owns House of Fraser and Sports Direct, has swooped in to save Missguided from collapse. The company has acquired the embattled online retailer for £20m. Frasers Group bought all of the related intellectual property of the women’s fashion brand after Missguided announced on Monday it

Ofcom is investigating Royal Mail’s failure to meet delivery targets during 2021-22. The regulator said: “Ofcom takes compliance with quality of service targets very seriously. “Our investigation, on behalf of postal users, will gather evidence to understand the reasons behind this substantial lapse in performance, and determine whether Royal Mail has breached its requirements.” Royal

Deutsche Bank has been raided for the second time in less than a month, this time over a $1tn greenwashing scandal that has rocked the bank. Regulators in Germany claim that DWS, the bank’s asset management arm, sold investment products worth $1tn as more environmentally friendly and “sustainable” than they actually were. The former DWS

Mortgage borrowing fell by more than 36% in April when compared with the previous month, in yet another signal that the red-hot housing market in the UK is starting to lose momentum amid rising inflation and a cost of living crisis. The Bank of England said on Tuesday that net mortgage borrowing decreased to £4.1bn

TUI has cancelled more flights over the next month as a union warned the issues at airports across the UK “could get worse this summer before they get better”. The German airline apologised for the disruption over the past few days and said that “due to ongoing challenges” a “small number” of extra flights from

Average petrol prices have reached a new record high of 173.02p a litre, figures show, after an EU ban on Russian oil imports. Fuel prices have been setting record highs every few days in recent weeks, as the supply of gasoline dries up at a time when demand is starting to gain speed. The increase

A former senior partner at one of the world’s biggest consulting firms has been picked as the next chair of Britain’s competition watchdog. Sky News has learnt that Marcus Bokkerink, who retired from Boston Consulting Group in 2020, will be named on Tuesday as the government’s preferred choice to lead the Competition and Markets Authority (CMA).

The government has cut ties with troubled P&O Ferries after the company sacked nearly 800 workers without notice. In light of the mass redundancies back in March, the Home Office said a contract between UK Border Force and P&O Ferries would be cancelled “with immediate effect”. A Home Office spokesperson said: “In response to P&O

British Airways check-in staff at Heathrow airport will be balloted for strike action next month in a dispute over pay. Unite, the union, said that the workers had a 10% pay cut imposed on them during the coronavirus pandemic but bosses have refused to reverse this, despite restoring their own pay to pre-pandemic levels. The

Roman Abramovich has completed the sale of Chelsea Football Club to a group led by American businessman Todd Boehly and investment firm Clearlake Capital. Mr Boehly, 48, fought off 11 serious rivals to clinch the £4.25bn deal. In a statement, the club said sanctions imposed on Mr Abramovich following Russia’s invasion of Ukraine had presented