Lord John Sainsbury of Preston Candover – the former chairman of the supermarket chain – has died aged 94. The supermarket’s current chairman and chief executive announced the death of the Baron on Friday evening, saying he had lived a “remarkable life”. Martin Scicluna said: “We are all deeply saddened to learn of the death
Business
The high street retailer WH Smith has been plunged into a major pay row with investors amid heightened tensions over boardroom rewards as Britain grapples with a deepening crisis over pressure on household bills. Sky News has learnt that three of the main proxy advisers which issue guidance to City shareholders ahead of annual meetings
Britain’s economy grew stronger than expected in November before the Omicron variant struck, bouncing back for the first time above pre-pandemic levels. The Office for National Statistics (ONS) said gross domestic product (GDP) had risen 0.9% during the month, up from a just 0.1% rise in October. Analysts had predicted a 0.4% rise in November.
Customers can expect to pay more for electrical and tech goods in 2022 with price increases “inevitable”, the boss of Currys has told Sky News. Speaking to Ian King Live, group chief executive Alex Baldock pointed to rising costs ranging from components and transport through to wages. However, he said the electrical retail giant would
Facebook in the UK is being sued for billions of pounds amid claims more than 44 million users had their data exploited. Competition law expert Dr Liza Lovdahl Gormsen has launched the class-action lawsuit against Facebook’s parent firm, Meta, at the Competition Appeal Tribunal, accusing the technology giant of abusing its market dominance, and seeking
An estimated 3% of the UK workforce was off work in late December while a fifth of businesses reported increased cancellations over the past month amid the surge in the Omicron variant, according to data released by the Office for National Statistics (ONS). The number-crunchers reported that 21% of firms had seen a rise in
Ovo Energy, the UK’s third-biggest gas and electricity supplier, is to cut a quarter of its workforce as part of a restructuring aimed at saving costs amid the deepening industry crisis. Sky News has learnt that Ovo could announce details of its plans as soon as Thursday, with roughly 1,700 out of 6,200 roles expected
Former directors of Thomas Cook, one of Britain’s biggest travel companies, are to be formally cleared of wrongdoing by the government’s bankruptcy watchdog after a probe lasting more than two years. Sky News has learnt that the Insolvency Service has concluded its investigation into the collapse of Thomas Cook, which was forced into compulsory liquidation
UK households have experienced the biggest slump in their financial wellbeing as a surge in the cost of living takes its toll, a new survey suggests. A quarterly household finance index compiled by Scottish Widows fell to 40.1 in the final quarter of last year, down from 44.0 in the third quarter. It was the
Two of the world’s biggest buyout firms have joined forces to pursue a multibillion pound takeover of Boots, Britain’s largest high street chain of chemists. Sky News has learnt that Bain Capital and CVC Capital Partners are assembling a joint bid for the retail behemoth, which trades from more than 2000 stores and employs over
SSE, one of Britain’s largest energy companies, has had to apologise after it advised customers to do star jumps, cuddle pets and eat porridge to stay warm in a blog post. OVO Energy owns SSE and said they are “embarrassed” by the blog, which was sent to customers “containing energy-saving tips”. The post has been
Bitcoin has fallen below $40,000 (£29,480) to hit its lowest level since August amid a wider sell off in risk assets – including some of the tech sector’s top names. The world’s biggest cryptocurrency briefly dipped to as low as $39,558 (£29,154) as it fell by more than 5% on Monday, adding to a slide
WH Smith has kicked off a search for a new chairman as the high street and travel hub-focused retailer continues to grapple with the impact of the pandemic. Sky News understands that headhunters advising the chain have begun approaching prospective replacements for Henry Staunton, who has chaired the business since 2013. Mr Staunton, a former
Thursday night usually marks the start of the weekend for workers in the United Arab Emirates – but not anymore. For years, the UAE has joined many Islamic countries in having Friday and Saturday as days off. But as a new year begins, the country has officially introduced a Western-style working week that will run
Oil and gas companies operating in the UK’s North Sea are expected to report “near record” income in 2021 and 2022 as the price of energy skyrockets. Wood Mackenzie analysis says that UK oil and gas operators are projected to record around $17bn in cash flow for last year, and approximately $18bn this year. Such
The British company which has orchestrated a torrent of retail share placings for cash-strapped companies during the pandemic is in advanced talks to sell a big stake to the world’s largest technology investor. Sky News has learnt that PrimaryBid is close to finalising the details of a $150m (£110m) funding round that will be led