Business

A former head of the group that enables the top oil-producing countries to cooperate and influence the global oil market has been charged with bribery offences.  Diezani Alison-Madueke, the ex-president of the Organisation of the Petroleum Exporting Countries (OPEC) and a key figure in the Nigerian government between 2010 and 2015, was charged after a

Government borrowing came in lower than expected last month despite a hit from the highest debt interest payments ever seen for the month of July. The Office for National Statistics (ONS) said the interest payable on central government debt was £7.7bn while borrowing during the month was the fifth highest for the month of July

Shares in UK housebuilders have taken a fresh hit on the latest woes to hit the sector including a profit warning from a major player. Crest Nicholson shares plunged almost 15% at the start of Monday’s trading after it slashed adjusted pre-tax profit expectations for the year to October by more than 40% to £50m.

There are potential early signs that the labour market is losing some of its inflationary heat, in a shift that could give the Bank of England reason to pause its cycle of interest rate hikes. Data from a jobs search website suggested that vacancies and advertised starting salaries both fell in July – the first

Ben Stokes, the England Test cricket captain, and former team-mate Stuart Broad are among a group of leading sportsmen backing a new venture capital fund targeting a distinctive position in the crowded arena of early-stage investments. Sky News can reveal that two of the pivotal figures in England’s recent Ashes series recovery to draw the

Direct Line Group, the struggling motor insurer, has approached one of the most senior executives at rival Aviva to become its new boss. Sky News has learnt that the FTSE-250 group, whose brands include Churchill and Green Flag, has been holding talks with Adam Winslow about taking over as its CEO. This weekend, insurance industry

Thousands of train drivers at 16 operators are to take further strike action next month as part of a year-long dispute. Members of the ASLEF train drivers union have announced walkouts on Friday 1 September and overtime bans on Saturday 2 September, disrupting services across Britain. So far in the dispute, which has been ongoing

Nearly three out of five drivers (58%) want to see cameras that detect illegally loud vehicles rolled out across the UK, according to a new survey. The poll, commissioned by the RAC found that 22% of the 1,424 motorists asked were against the idea, with a similar proportion (20%) unsure. The Department for Transport (DfT)

For some time now there has been a growing air of confidence around BAE Systems. That was underlined when, earlier this year, the UK’s biggest defence contractor reported a record order book. And it was further emphasised when, today, BAE announced it is spending $5.55bn (£4.35bn) on the aerospace division of the US packaging giant

Profit at UK companies has grown slightly, the latest official figures show, suggesting widespread price hikes were not solely to increase profits. There have been concerns this year about so-called “greedflation” – with companies accused of driving up inflation by increasing prices for profit. However, new figures from the Office for National Statistics (ONS) show

A Labour frontbencher has failed to deny claims the party has watered down its key commitment to strengthen workers’ rights. The Financial Times alleged leader Sir Keir Starmer has scaled back this commitment in an attempt to appease corporate backers, including by diluting his pledge to bolster the rights of gig workers. This would mean

The banking sector is being warned it faces penalties if it does not secure free access to cash for the UK population, including businesses, following waves of branch closures over more than a decade. Hours after Sky News revealed the Financial Conduct Authority (FCA) was to be given powers to fine banks that fail to

Retail sales fell for only the second time this year as wet weather led to a surprise 1.2% drop, official figures show. It’s a steep fall from growth of 0.6% in June, according to data from the Office for National Statistics (ONS). A contraction of 0.5% had been forecast. Growth in how much people were

Chinese authorities have unveiled fresh measures aimed at propping up investor confidence in the country’s stock market. The main securities regulator, the China Securities Regulatory Commission, said it would introduce a number of measures aimed making it easier to trade. These include cuts in the cost of trading, via a reduction in the handling fees

There are “genuine grounds for hope” for the future of high street retailer Wilko, according to the GMB union, after the company entered administration, endangering 12,500 jobs. The union met with administrators PwC as part of the formal consultation process and confirmed there had been “expressions of interest” from prospective buyers. Those potential purchasers are

The CBI, the embattled business lobbying group, is to close a swathe of its overseas offices as part of a cost-cutting drive aimed at ensuring its survival. Sky News has learnt the CBI has informed staff it is to axe its operations in Beijing, Delhi and Washington DC in the coming months. The move will