Business

HSBC Holdings, one of Britain’s biggest high street banks and Europe’s largest lender by market value, is preparing to kick off a hunt for its next chairman. Sky News has learnt that HSBC’s board has appointed headhunters to orchestrate the recruitment of a successor to Mark Tucker, who has held the post since 2017. City

The owner of the UK’s largest natural gas storage site has warned of depleted stocks by the end of winter due to early cold weather and a lack of wind power. Centrica, which operates the Rough facility in the North Sea, said stocks could be lower compared to previous years due to higher demand. It

Around half the UK’s mortgage holders face paying higher rates over the next three years, the Bank of England has warned, while sounding alarm over the potential impact of Donald Trump’s looming return to the White House. Its latest financial stability report – released twice a year – showed 4.4 million homes were set to

Marks & Spencer (M&S) and the owner of B&Q have expressed an interest in taking over dozens of stores operated by Homebase, the DIY chain which fell into administration this month. Sky News has learnt M&S and Kingfisher are among the retailers which are circling the remaining Homebase estate of close to 50 outlets, ahead

UK car production has slowed, according to industry figures, in the latest sign of a struggling sector. For the eighth month in a row UK car manufacturing fell, according to data from the Society of Motor Manufacturers and Traders (SMMT). October saw 15.3% fewer cars roll off factory lines than the same month a year

Typhoo Tea has entered administration but a buyer could already be poised to take over the struggling firm. Administrators were appointed on Wednesday to the more than 100-year-old tea brand but a potential buyer has already emerged. Consumer goods wholesaler Supreme announced its takeover discussions were “at an advanced stage” but cautioned “there can be

Britain’s biggest airports are joining the growing private sector backlash against Rachel Reeves’s budget, warning that a £1bn business rates bill for the industry will trigger the cancellation of routes to and from the UK and higher costs for passengers. Sky News has obtained a draft letter from Airports UK, which represents more than 50

Supermarket loyalty schemes offer genuine savings for shoppers, according to the competition regulator following an investigation into claims of price manipulation. The Competition and Markets Authority (CMA) said its review of 50,000 loyalty priced products showed that 92% offered genuine savings against the usual price. That was despite 55% of shoppers thinking ‘usual’ prices were

Vauxhall will close its Luton plant in April, the parent company Stellantis announced. More than 1,100 jobs at the van-making factory are at risk, but Stellantis said it is hoping to transfer “hundreds” of jobs to the group’s Vauxhall site in Ellesmere Port. It is now in consultation with unions and employees over the proposals,

There will be no more tax rises or borrowing for the duration of this government’s term, Chancellor Rachel Reeves has said. She told business leaders there will not be another budget like her maiden announcement, which included a rise in employers’ national insurance contributions and the national minimum wage. “I’m not coming back with more

The trend of shop prices falling may be reversing as businesses face higher costs, according to industry data. The pace of price drops slowed this month, according to figures from the British Retail Consortium (BRC). November was the first time in 17 months that the inflation rate was higher than a month earlier. While shop

Barclays has been fined £40m over capital raising that averted its need for taxpayer aid during the 2008 financial crisis. The Financial Conduct Authority (FCA) found that the bank should have disclosed more details to the stock market about the £11.8bn in funding, from Qatari and other sovereign investors, that it had previously described as

The break-up of one of Europe’s biggest classified advertising groups will continue this week with the €500m-plus (£414m) sale of Distilled, a major player in the Irish online ad market. Sky News has learnt that Adevinta, which was previously listed in Oslo and was taken private by Blackstone and Permira, the private equity firms, a

The managing director of Jaguar has hit out at what he called “vile hatred and intolerance” after the car company released a new advert. A 30-second clip posted on the luxury car brand’s X account on Tuesday prompted online backlash after it featured a diverse group of models posing in bright clothes but no vehicles

Potential suitors have again begun circling ITV, Britain’s biggest terrestrial commercial broadcaster, after a prolonged period of share price weakness and renewed questions about its long-term strategic destiny. Sky News has learnt that a number of possible bidders for parts or all of the company, whose biggest shows include Love Island, have in recent weeks

Bosch will cut up to 5,500 jobs as it struggles with slow electric vehicle sales and competition from Chinese imports. It is the latest blow to the European car industry after Volkswagen and Ford announced thousands of job cuts in the last month. Cheaper Chinese-made electric cars have made it trickier for European manufacturers to