America’s central bank has confirmed that it is to start scaling back its emergency support for the US economy. The US Federal Reserve said that it will start reducing its $120bn a month programme of bond purchases by $15bn a month, which should mean they will end altogether by June. It comes a day before
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Former Bank of England governor Mark Carney has declared a “watershed” moment in financing the world’s move to net zero following news that $130 trillion of private capital was waiting to be deployed. “Right here right now is where private finance draws the line,” Mark Carney said on “finance day” at the COP26 summit in
Three of Britain’s biggest high street lenders will this week join an alliance aimed at phasing out the world’s dependence on coal power amid a blizzard of efforts by multinationals to demonstrate their green credentials at the COP26 summit. Sky News has learnt that HSBC, Lloyds Banking Group and NatWest Group will be among 10
The owner of the Paddy Power and Betfair brands has revealed a £60m hit from a “run of customer-friendly” sports betting results last month, saying it will be partly responsible for a cut to its full-year financial guidance. Flutter Entertainment, which is the world’s largest online betting group, saw its shares tumble 7% at Tuesday’s
The Rothermere family is on the verge of a £400m pensions agreement that will pave the way for it to delist the publisher of the Daily Mail and i newspapers after nearly a century as a public company. Sky News has learnt that Rothermere Continuation Limited (RCL) is close to agreeing a deal with trustees
Barclays has revealed that its chief executive Jes Staley has stepped down following an investigation by regulators into his dealings with the disgraced financier Jeffrey Epstein. The bank said on Monday that Mr Staley – its chief executive since 2015 – had gone after being given sight of the preliminary conclusions of a probe launched
A husband and wife team who set up an upmarket outdoor pizza-oven company nearly a decade ago are planning to sell a stake in the business in a deal that could propel them into the ranks of Britain’s wealthiest people. Sky News has learnt that Ooni, is based in Scotland, is in talks to hire
Over 1,300 of the biggest UK-registered companies and financial institutions will soon have to make various climate-related disclosures. The disclosure standards on climate-related risks were voluntary but, following a recommendation in March, they will become mandatory from 6 April next year, subject to parliamentary approval. Those affected will include many of the UK’s largest traded
G20 world leaders have endorsed a global minimum tax on corporations as part of an agreement on new international tax rules. The move by the leaders of the world’s biggest economies is a step toward building more fairness amid the surging revenues of some multinational businesses. US treasury secretary Janet L Yellen hailed it as
The Racing Post is galloping towards a £500m sale as its owner looks to cash in on a surge in demand for sports betting data. Sky News has learnt that Exponent Private Equity, which acquired the horseracing bible in 2016, is in talks with investment banks about launching an auction of Spotlight Sports Group, potentially
The prime minister has sought to soothe relations between France and the UK, telling journalists en route to the G20 in Rome that France is one of the UK’s “best, oldest, closest friends and allies”. Asked what he would say to President Macron when the pair meet in Rome this weekend, Mr Johnson responded: “[The]
The government is accelerating contingency plans for the collapse of Bulb, Britain’s seventh-biggest domestic energy supplier – a demise that would mark by far the biggest insolvency of the crisis engulfing the sector. Sky News has learnt that ministers and officials, along with the industry regulator Ofgem, believe that Bulb – which has around 1.7
The economy has always relied on the labour of people whose work is insecure. But the pandemic left vulnerable workers in precarious and short-term employment at an even higher risk of exploitation, according to a new report seen exclusively by Sky News. The research, compiled by charity Focus on Labour Exploitation (FLEX), found that reports
A Czech-based billionaire who owns big stakes in Royal Mail and J Sainsbury is within days of agreeing the purchase of a big stake in West Ham United Football Club that could lead to a full takeover. Sky News has learnt that Daniel Kretinsky, who owns the Czech top-flight side Sparta Prague, is in advanced
The number of cars built in the UK has continued to fall for the third month in a row, dropping to their lowest level for September since 1982. A total of 67,169 cars were produced in Britain last month, a decline of 41.5% year-on-year, according to a new report from the Society of Motor Manufacturers
Here are the key points from Chancellor Rishi Sunak’s budget speech: • The chancellor says there are “challenging” months ahead, adding that inflation in September was 3.1% and is likely to rise further – the OBR expect it to average 4% over the next year • Pressures caused by supply chains and energy crisis will