Business

Defence chiefs are in talks about a move to take over one of Britain’s oldest steelmakers in an attempt to shore up the supply chain of Britain’s nuclear submarine fleet. Sky News has learnt that the Ministry of Defence (MoD) is holding preliminary discussions about acquiring control of Sheffield Forgemasters, which traces its roots back

Boris Johnson and European Commission president Ursula von der Leyen are to hold emergency talks as negotiations on a post-Brexit trade deal go down to the wire. With time for an agreement rapidly running out, the two sides’ chief negotiators announced on Friday they were putting the talks on “pause” to allow political leaders to

Brexit trade talks between the UK and the EU have been put on hold after the two sides said “conditions for an agreement are not met”. The bloc’s chief negotiator Michel Barnier said he and Downing Street’s David Frost had agreed to “pause” talks on a deal while they brief their principals on the state

Primark’s owner says autumn COVID-19 lockdowns have resulted in an estimated £430m hit to sales but insists the fashion chain remains on track to deliver improved profits. Associated British Foods (ABF) said in an update ahead of its AGM that only 34 of its stores across Europe remained closed amid continued coronavirus disruption to trading

Ryanair has ordered 75 new Boeing 737 MAX jets as the aircraft prepares for a return to the skies – and the Irish carrier sets its sights on a recovery in aviation next year. The airline announced the deal weeks after US regulators cleared the MAX to fly again following two deadly crashes, with European

Three of the UK’s ‘big four’ supermarket chains have now confirmed plans to return a total of almost £1.3bn in coronavirus aid to the public purse. Sainsbury’s revealed on Thursday morning it was to discuss with officials how it could hand back an expected £440m – following in the footsteps of rivals Tesco and Morrisons

Tesco’s decision to return £585m in business rates relief immediately created waves in the City. Within minutes of the announcement hitting screens at 7am, the chief financial officer of another FTSE 100 retailer was contacting an adviser in the Square Mile to ask whether his business should do the same. He was told: “There are

Shoppers have been waiting in virtual queues for over an hour as they rush to snap up deals on the Debenhams website after the chain’s collapse. The department store chain is being wound down after JD Sports pulled out of talks on a rescue takeover, placing 12,000 jobs at risk in a horror week for UK

Debenhams is to be wound down after JD Sports pulled out of talks on a rescue takeover, placing 12,000 jobs at risk in a horror week for UK retail. The decision was taken after a sale process, initiated by administrators when the troubled 242-year old department store collapsed in April, was officially concluded leaving it

Some 13,000 retail jobs are hanging in the balance after high street giant Arcadia collapsed into administration. Sir Philip Green’s retail empire operates from 444 sites in the UK and 22 overseas as well as online – and currently has more than 9,000 staff on furlough. The workforce now faces an uncertain future, though no

Sir Philip Green’s sprawling retail empire has collapsed in the worst single corporate failure of the COVID-19 crisis to date, leaving 13,000 jobs hanging in the balance. Sky News exclusively revealed on Friday how Arcadia Group was on the brink of appointing administrators from Deloitte following the failure of talks over a £30m loan to

Mike Ashley’s Frasers Group says it would be interested in participating in the sale process should Sir Philip Green’s Topshop empire collapse. The company released a statement to the City on Monday morning to confirm a story by Sky News that it had offered Arcadia Group a £50m loan to avert it calling in the

Standard Life Aberdeen is preparing to further unwind the legacy of its former chief by putting a platform which services independent financial advisers on the block. Sky News has learnt that the asset management giant is to launch an auction of Parmenion, which manages roughly £6.5bn of investments on behalf of IFAs, according to its

Farmers have been left struggling to cover costs as wool prices have plummeted during the coronavirus pandemic.  Shepherd Stuart Fletcher was forced to throw his harvest onto compost after the price of wool fell by 50%. Mr Fletcher, who runs a farm in East Sussex, said it would cost more in fuel to transport the

Mike Ashley is offering a £50m lifeline to keep Arcadia Group afloat amid a looming tussle between the high street’s biggest beasts for control of Sir Philip Green’s TopShop empire. Sky News has learnt that Mr Ashley’s Frasers Group has drawn up plans for an emergency loan to Arcadia just hours before its board appoints