Business

The parent company of British Airways has raised its forecast for annual operating profits due to stronger bookings, saying it expects capacity to be at 97% of the 2019 pre-pandemic year. International Airlines Group (IAG), which also counts Iberia and Aer Lingus among its stable of brands, said its focus on restoring earnings on key

The crisis-hit CBI has drafted in a business ethics consultancy to aid a review of its culture four weeks before a meeting of its membership that will determine its future. Sky News can reveal that Rain Newton-Smith, the new CBI director-general, has signed off the appointment of Principia following an exodus of corporate backers two

British tomatoes will likely remain scarce until the end of April or even early May, the UK’s largest grower has warned. It comes after Tesco and Aldi became the latest supermarkets to place limits on some fruit and vegetables customers can buy due to supply shortages. The soaring cost of energy, and fertiliser also derived

British Steel has revealed it is to cut 260 jobs, almost 7% of its workforce, despite continuing government funding talks with its Chinese owners. It was announced that the losses would be felt at its Scunthorpe plant through the closure of its coking ovens – used to turn coal into the high-temperature product needed to

Government officials will this week fly to China in an effort to convince the owner of British Steel to finalise plans for a state funding package amid hundreds of job cuts at the company. Sky News has learnt that civil servants from the Department for Business and Trade are travelling to meet executives from Jingye

Public borrowing in the financial year to date is £30.6bn less than predicted by the Office for Budget Responsibility (OBR), according to the last set of official figures before next month’s budget. The Office for National Statistics (ONS) reported a £5.4bn surplus for the chancellor in January – aided by the highest January figure for

The global payment giants Mastercard and Visa are facing the latest in a string of multibillion-pound competition lawsuits with the launch of a potentially vast class action claim on behalf of British companies. Sky News has learnt that Harcus Parker, a London-based commercial litigation law firm, is close to filing what it believes will be

The steel tycoon Sanjeev Gupta has sparked a row over the administration of one of his biggest British customers after launching an attempt to take control of it. Sky News has learnt that Mr Gupta’s GFG Alliance has acquired control of a Singapore-based company called Aartee Group Pte Limited which is an indirect shareholder in

Planet Organic, the organic supermarket chain, has drafted in City advisers to explore a possible sale. Sky News has learnt that Planet Organic, which was founded in 1995 by Renee Elliot, is working with Interpath on a review of its strategic options. A source close to the process said this weekend that the company was

Railway engineering workers are set to take part in a series of 48-hour strikes next month due to a pay dispute. The action comes after the workers at infrastructure group Balfour Beatty overwhelmingly rejected the company’s offer of a 5.5% increase in pay. Members of the Rail, Maritime and Transport (RMT) union will take strike

Tesco, Britain’s biggest supermarket chain, is to kick off a review of its presence in the UK banking sector – a move that could lead to a sale of the business. Sky News has learnt that the grocery giant is lining up Goldman Sachs to advise on the future of Tesco Bank, which launched in

Charging customers higher electricity prices has helped the UK wing of the French state-owned energy giant turn a profit. While an overall loss was recorded at EDF (Électricité de France) earnings rose at its UK operations, it said in its 2022 annual results. Core profits in the UK electricity-producing entity hit £1.12bn, up from a

Retail sales rose in January, surprising economists after a two month fall, according to official figures. Sales were expected to fall 0.3% according to a Reuters poll of economist forecasts, but data from the Office of National Statistics (ONS) showed the numbers were better than the loss in December. But there was an overall fall