The new chief executive of J Sainsbury is plotting a sale of its banking arm as ultra-low interest rates diminish the prospects of making a meaningful return from the business. Sky News has learnt that Sainsbury’s has begun sounding out potential buyers of the unit, which boasts more than 2m customers across a range of
Business
The petrol stations giant founded by two of Britain’s most successful sibling-entrepreneurs is about to take a big step towards addressing doubts about its corporate governance by naming a slate of independent board members. Sky News has learnt that John Carey, a former BP executive, is in advanced talks to join EG Group as a
British Airways owner IAG says demand for air travel is unlikely to fully recover before 2023. International Airlines Group, which also owns Iberia, Aer Lingus and Vueling, said its total operating loss in the three months to the end of September was €1.9bn (£1.7bn) including exceptional items such as fuel hedging and restructuring costs. For
Pizza Express has said it is cutting around 1,300 jobs across the UK – on top of 1,100 already announced this summer. The restaurant chain said recent trading had worsened in the face of tightened COVID-19 restrictions. Managing director Zoe Bowley said: “Our aim throughout these extremely challenging times has been to keep our team
Thousands of jobseekers are being scammed in a surge of fake job adverts, as fraudsters exploit the rise in unemployment. Reports of fake listings soared by 70 percent between March and October, according to SAFERjobs, an organisation that tracks employment fraud. Since the pandemic began, it has received 750 reports of job scams, which aim
Lloyds Banking Group has posted a better-than-expected third quarter profit as it reaps the benefits of a boom in demand for mortgages. The bank reported a pre-tax profit of just over £1bn for the period between July and September – almost twice what was expected by analysts. Britain’s biggest domestic lender received its biggest quarterly
Chancellor Rishi Sunak will set out a one-year review of the government’s spending plans next month as he seeks to tackle the economic crisis caused by coronavirus. The Treasury has announced a 2021-22 Spending Review will be published on 25 November, as the government prioritises its response to COVID-19 and strives to protect jobs. It
The FTSE 100 has fallen to its lowest level in six months as fears grow that the UK may need a national lockdown to limit the spread of COVID-19. The index fell 1.9% in the first few hours of Wednesday trading, while the domestically-focused FTSE 250 lost 1.5% to hit its lowest point in more
Aston Martin Lagonda says Mercedes is to own up to fifth of its shares under plans to turn around its fortunes. The maker of James Bond’s favourite car said it was to expand the investment partnership between the pair through greater access to the German company’s hybrid and electric technology in exchange for a shareholding
HSBC has warned it could start charging for “basic banking services” after reporting a 35% fall in pre-tax profits for the three months to the end of September. With interest rates so low, Europe’s biggest bank by assets is finding it difficult to charge more for loans than it pays out to depositors. The bank said
The footwear retailer Clarks is kicking off talks with landlords about store closures and rent cuts, reviving tensions between high street shop-owners and tenants which have been thrust into sharp focus during the COVID-19 crisis. Sky News understands that Clarks and its advisers are meeting with landlords this week to discuss a restructuring that would
The aircraft industry has pleaded for a testing regime for travellers as new figures show its third quarter was the worst on record. There were no orders for new aircraft in the month of September and just 13 orders placed during the financial quarter, a decline of 91.4% on the same quarter last year. July
A British technology company that has helped retail investors access billions of pounds of corporate cash calls during the COVID-19 pandemic will this week unveil a fundraising of its own that will catapult it into the top echelons of UK fintech start-ups. Sky News has learnt that PrimaryBid will announce on Monday that it has
Small breweries in Britain are warning that hundreds of jobs are at risk over government plans to cut tax relief. The Society of Independent Brewers (SIBA) described the proposals as “madness” during a period when many businesses are on the brink of collapse. Under the plans, up to 150 small breweries would have to pay
A £15bn National Renewal Fund targeted at more than 20,000 “growth economy” companies needs to be set up if Britain is to avert an “economic catastrophe” triggered by the coronavirus pandemic, the eminent historian Sir Anthony Seldon warns this weekend. Sky News has seen a report produced by Sir Anthony and the Business Growth Fund,
Caffe Nero is considering an insolvency mechanism to restructure its financial liabilities as the coronavirus crisis continues to inflict pain on high Street hospitality businesses. Sky News has learnt that the chain, which is one of Britain’s biggest coffee shop operators, is examining a company voluntary arrangement (CVA) as an option to reduce its rent