Retail suffered a washout last month as the end of the Euro 2020 tournament combined with wet weather were blamed for a sharp fall in sales. Experts also pointed to the likely impact of rising COVID-19 case numbers prompting people to self-isolate as well as the global chip shortages holding back computer and phone supply.
Business
A £7bn bid for the supermarket chain Morrisons by US private equity firm Clayton Dubilier & Rice has been backed by the supermarket’s board, edging the company towards a takeover of the Bradford-based grocer. The offer by CD&R tops a rival bid by a private equity-backed consortium of £6.7bn, and is the latest development in
Stock markets have fallen sharply after signs that the US Federal Reserve could start pulling away emergency support for the world’s biggest economy later this year. In London, the FTSE 100 was down by more than 160 points – or about 2% – in early trading following the publication of minutes of the Fed’s latest
The UK government has ordered regulators to investigate the acquisition of British defence firm Ultra Electronics by a US private equity firm on the grounds of national security. Ultra, which sells radars and other hi-tech electrical systems to the British military among others, is being bought by rival Cobham, which was acquired last year by
The July inflation measure normally used to set the following year’s rail fare increases has been recorded at 3.8% – the highest for ten years. Figures published by the Office for National Statistics (ONS) showed the retail prices index (RPI) measure of inflation slipped back compared to June’s 3.9%. But it was the highest reading
Nando’s has been forced to temporarily close around 50 restaurants after suffering chicken shortages due to supply chain disruptions across England, Wales, and Scotland. The peri-peri chicken maker, which operates some 400 sites around the country, also said it would lend some of its staff to its suppliers to help “get things moving” again after its business
The number of job vacancies has topped 1 million for the first time ever as the economy recovers from the pandemic, the Office for National Statistics (ONS) said. Figures published by the ONS also showed the number of employees on payrolls rose by 182,000 last month – though was still 201,000 below pre-crisis levels. Meanwhile
Britain’s biggest private sector retirement scheme has won a tussle over the value of its remaining stake in Hermes, the prominent City asset manager. Sky News has learnt that Federated Hermes, the Pittsburgh-based group which bought 60% of Hermes in 2018, has agreed to pay the BT Pensions Scheme about £115m for a further 29.5%
Ticket re-sale sites such as viagogo and Stubhub should face a tough new licensing regime which could see companies that break the rules shut down, the UK competition watchdog has said. The Competition and Markets Authority (CMA) said it had taken strong action in recent years to protect customers but there was a limit to
The way “green” electricity tariffs are sold to millions of households is to be reviewed by the government amid concerns that their environmental benefits could be overstated. Energy companies are able to market deals in this way even if some of the energy they supply comes from fossil fuels – because they offset this by
Asda and National Express are among a number of firms set to offer rewards to young people getting a COVID jab. Free Now taxis, lastminute.com and Better leisure centres will also offer incentives for those booking in for a vaccine. Uber, Bolt and Deliveroo have already said they will offer discounted rides and meals for
India is set to spend 100trn rupees (£972bn) on a national infrastructure plan to boost economic growth and help the country meet its climate goals. Speaking as part of Independence Day celebrations in Delhi, Prime Minister Narendra Modi said the programme will “create job opportunities for hundreds of thousands of young people”. “It will help
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