Business

The UK’s largest supermarket chain has reported a strong Christmas for sales in the face of “growing cost pressures and supply chain challenges”. Tesco reported a 2.7% rise in like-for-like sales for its core UK and Ireland grocery business during the six weeks to 8 January compared to the same period last year. It raised

US inflation has hit 7% for the first time in 40 years in the latest sign of the cost of living pressures squeezing consumers across the globe. Surging prices for used cars – up 37% on the same period last year – and higher rental costs helped drive the consumer price index (CPI) measure up

One of the biggest names in UK retail has raised its annual profit expectations despite a fall in sales during its core Christmas trading period. Sainsbury’s, the UK’s second-largest supermarket chain by market share, reported grocery-led sales growth for the festive season covering the six weeks to 8 January when compared to the same pre-pandemic

The World Bank has warned of a “pronounced slowdown” in global growth as threats from new COVID-19 variants and cost of living pressures bite. It also pointed to the risks of debt and income inequality as it stressed in particular the risk to emerging and developing economies. The warning came as separate figures showed inflation

Heathrow Airport has called for all coronavirus testing to be dropped for fully-vaccinated people while revealing that “at least” 600,000 passengers cancelled flights during the key holiday month of December. The UK’s largest airport said “swiftly imposed” action during the month to tackle the Omicron variant in the run-up to the festive season prompted uncertainty

A residential energy supplier part-owned by a Cheshire local authority is lining up administrators amid suggestions that it could collapse as soon as this week. Sky News has learnt that Together Energy, which serves about 170,000 homes, is preparing to call in insolvency practitioners from FRP Advisory, the London-listed restructuring firm. One energy industry executive

Aldi says it enjoyed a record Christmas with sales boosted by “half a million new shoppers in December” as the wider grocery sector gears up for a tougher year as household budgets are squeezed by surging inflation. The UK’s fifth-largest supermarket chain said sales in December rose by 0.4% compared to the previous year, when

WH Smith has kicked off a search for a new chairman as the high street and travel hub-focused retailer continues to grapple with the impact of the pandemic. Sky News understands that headhunters advising the chain have begun approaching prospective replacements for Henry Staunton, who has chaired the business since 2013. Mr Staunton, a former

The British company which has orchestrated a torrent of retail share placings for cash-strapped companies during the pandemic is in advanced talks to sell a big stake to the world’s largest technology investor. Sky News has learnt that PrimaryBid is close to finalising the details of a $150m (£110m) funding round that will be led

Eyewitness: Remembering a job done By James Matthews, Scotland correspondent Hunterston is a human story too. It showed in the gathering of around a dozen former employees who lined the approach road to watch this nuclear power station, their station, breathe its last. The 40-second rapid release of steam into the cold January air was

The US jobs recovery stalled at the end of last year even as official figures confirmed annual record growth in employment numbers. Closely-watched data from America’s bureau of labour statistics (BLS) showed the world’s biggest economy added 199,000 jobs in December – well short of the 400,000 figure pencilled in by forecasters. Experts said a

Oil and gas companies operating in the UK’s North Sea are expected to report “near record” income in 2021 and 2022 as the price of energy skyrockets. Wood Mackenzie analysis says that UK oil and gas operators are projected to record around $17bn in cash flow for last year, and approximately $18bn this year. Such

When energy prices rise Natasha and Gary Waterhouse notice. In the last four years their lives have been turned upside down. Shortly after they were married Natasha had to have a tumour removed from her spinal column which damaged nerves and left her mobility compromised. She had to stop working and, after trying to juggle

The scrapping of pre-departure coronavirus testing for people arriving in the UK has resulted in a leap in interest in international travel, companies have reported. The measure, which was introduced in the run-up to Christmas to combat the Omicron variant, will be withdrawn from 4am on Friday across the UK now Scotland has decided to

The UK car industry says growing demand for electric cars was the only “bright spot” for the sector last year as a string of coronavirus crisis-related challenges combined to knock sales. The Society of Motor Manufacturers and Traders (SMMT) reported a rise of just 1% in overall new car sales during 2021 compared to the

A local authority-backed energy supplier with 170,000 customers faces collapsing within weeks as a last-ditch search for new funding nears its end. Sky News has learnt that Together Energy, which is 50%-owned by Warrington Borough Council, is likely to run out of money later in January without an emergency capital injection. A source close to

Business Secretary Kwasi Kwarteng will hold further talks with energy suppliers on Wednesday as the government continues to explore ways of softening the blow of a forecast 50% increase to household energy bills. A third round of talks between industry and ministers in the week since the Christmas break comes after Boris Johnson said he

Key workers across several industries that keep the country running will be required to take COVID tests daily, the prime minister has announced. Boris Johnson said 100,000 workers “from food processing to transport to Border Force” will have to test every day they are in work from 10 January. The government will send lateral flow

Shop prices climbed at their fastest rate for nearly three years last month and the increase looks set to accelerate, according to a monthly report published by the retail industry. Figures from the British Retail Consortium (BRC) showed prices in December were 0.8% up compared with a year earlier, the highest rate since March 2019.

David Bowie’s back catalogue has been sold to Warner Music Group in a deal reported to be worth hundreds of millions of dollars. The deal covers songs from the 26 studio albums released within the star’s life as well as the posthumous album Toy, and two he made with the band Tin Machine. It spans