Business

Some of the world’s biggest oil companies are currently paying negative tax on their fossil fuel extraction and production operations in the North Sea. Official data published by the UK government-backed Extractive Industries Transparency Initiative shows that in the tax year 2019-20, ExxonMobil received £117m in total from HMRC, Shell got £110m, and BP received

Gatwick Airport has accused the government of failing to take advantage of the UK’s “world-leading” coronavirus vaccination programme while revealing “very low” passenger numbers. The UK’s second-largest airport said it handled just 569,000 people during the first six months of 2021 and made a loss of almost £245m over the period despite operating costs being

The board of British pharmaceutical firm Vectura has backed a takeover offer from tobacco giant Philip Morris International (PMI), despite lobbying from health groups. PMI, the company behind Marlboro cigarettes, had offered 165p per share – or around £1.1bn – for the Wiltshire-based firm, which makes inhaled medicines and devices to treat respiratory illnesses such

The UK economy grew by 4.8% in the second quarter of the year, according to official figures charting the fightback from the last lockdowns imposed on households and businesses to tackle the coronavirus crisis. The data from the Office for National Statistics (ONS) had been expected to show a hit in the final month as

American consumers faced rising prices last month but the pace of that rise has slowed, according to official figures released on Wednesday. The US Department of Labor said that consumer prices were up 0.5% from June to July, compared with the previous monthly increase of 0.9%. Compared with the same time last year, however, they

The John Lewis Partnership says it is to create 500 new jobs as it takes control of a massive distribution centre to meet an expansion in online sales. The owner of the John Lewis department store chain and Waitrose supermarkets said it had signed an agreement with Tesco to lease a one million sq ft

The battle for British pharmaceutical firm Vectura will not go to auction, after one of the two hopefuls said at the last minute that it would not increase its bid. US private equity firm Carlyle had made the first move for the Wiltshire-based FTSE 250-listed firm, which makes inhaled medicines and devices to treat respiratory

A top figure in the haulage industry has told Sky News that deploying army personnel to help tackle the HGV driver shortage “will not scratch the surface” of the UK’s delivery crisis. A Government spokesperson said: “The recent pandemic has proven that the UK has a large, diverse and highly resilient food supply chain that

BioNTech has reported a reversal in its financial fortunes after it developed one of the most widely-used coronavirus vaccines. The German pharmaceutical company worked with Pfizer to create the vaccine, with more than a billion doses supplied to over 100 countries or territories. Along with the AstraZeneca jab, it has been used in the UK

One of the parties interested in making a counter offer for Morrisons has been granted more time to ‘put-up or shut-up’. US private equity group Clayton, Dubilier & Rice (CD&R) had made the request for additional time on Friday – ahead of a Takeover Panel deadline for any counter bids to have been submitted. The

One of Britain’s biggest convenience store groups is plotting a £30m cash call to accelerate the expansion of its partnership with Morrisons, the supermarket giant. Sky News has learnt that McColl’s Retail Group has approached institutional investors about a placing to raise almost as much as its existing £40m market capitalisation. McColl’s could be forced

Sir Richard Branson’s Virgin Atlantic Airways is plotting a surprise flotation on the London Stock Exchange as it pins its hopes on a rapid rebound in transatlantic travel. Sky News has learnt that Virgin Atlantic has been holding talks with institutional investors about making its public market debut just five months after landing a fresh

Jobs growth in the US exceeded expectations last month while unemployment fell in a further sign the economy continues to bounce back from the turmoil of the coronavirus pandemic. So-called nonfarm payrolls increased by 943,000 in July, official employment figures showed, which was above the 860,000 forecasted by economists. Hotels and restaurants reopening for business

Football Manager players will no longer be able to manage ‘Manchester United’, following a settlement between the club and the games developer Sports Interactive. Instead, from FM22 onwards, the Manchester United football club will be renamed “Manchester UFC” or “Man UFC”, the games maker announced on Friday. Fans of the game and the club have

A takeover bid for the supermarket chain Morrisons by a private equity-backed consortium has been increased to £6.7bn following speculation of a rival offer. The group led by Fortress Investment Group has increased its previous financial pitch for the Bradford-based grocer, which had been agreed by management, by £400m. It said it upped the offer

Around 15 million families will see their energy bills soar by up to £139 after the regulator hiked the price cap by the biggest increase yet. The sharp rise, which will impact half the population, is driven by a rise of more than 50% in wholesale fuel costs over the last six months with gas

The Bank of England has warned inflation will increase further this year to double the target rate, but insisted rising prices will only be temporary as it kept interest rates on hold. The monetary policy committee (MPC) also kept in place measures to support the economy, despite some calls for them to be cut to cool

Sports Direct founder Mike Ashley is to step down as head of his retail empire and hand the baton to his prospective son-in-law, it has been announced. The tycoon confirmed plans he will leave his role as chief executive of Frasers Group next year, as the business revealed its latest full-year trading figures. Mr Ashley

Boris Johnson and Rishi Sunak will on Thursday challenge UK-based investors to invest in more “British success stories” in order to fuel the economy’s post-pandemic recovery. Sky News has learnt that the prime minister and chancellor will issue a joint rallying cry aimed at “igniting an Investment Big Bang” that would “unlock the hundreds of

The staycation frenzy gripping Britain’s tourism industry is spurring a £600m merger of two of the country’s biggest holiday park operators. Sky News has learnt that Away Resorts is buying rival Aria Resorts, which operates 14 sites across the UK, in a deal that could be confirmed as soon as Wednesday. Sources said that Away,