Business

More than £215m in furlough payments have been returned to the government by employers. While the reimbursement will go some way to helping the UK’s leaders with the management of the coronavirus crisis, the figure pales in comparison to the £3.5bn officials think was paid out in error or to fraudsters. Data released by HM

Some of the biggest banks in the world have been accused of allowing criminals to launder dirty money, according to an investigation based on leaked internal reports. Over 2,100 suspicious activity reports (SARs) covering more than $2 trillion (£1.5tn) in transactions were leaked to BuzzFeed News and shared with the International Consortium of Investigative Journalists

Donald Trump says he has given his “blessing” to a proposed deal that could prevent TikTok from being banned in the US. He told reporters at the White House he is backing a deal with Oracle and Walmart that would create a new company to oversee TikTok’s US operations. Mr Trump said the new company

The Wall Street bank Goldman Sachs is to snub the £2bn flotation of one of Britain’s fastest-growing technology companies amid US prosecutors’ efforts to extradite its biggest investor. Sky News has learnt that Goldman has declined to seek a role on the initial public offering (IPO) of Darktrace, a leading player in the provision of

Travel and hospitality stocks have been hit by fears of a second lockdown, as the number of UK coronavirus cases increases. Airlines were the worst-hit: International Airlines Group, which owns British Airways, Aer Lingus and Iberia, closed down 14.6%. EasyJet closed down almost 9.2%, Ryanair was down almost 4% and Wizz Air was down 5%.

Britain’s biggest banks are in talks to set up a new vehicle that would take charge of recovering tens of billions of pounds of COVID-19 debts as lenders seek to avoid a public relations crisis when the emergency loans fall due next year. Sky News has learnt that the main banking lobby group, UK Finance,

Retailers continued their slow recovery during August, as sales volumes increased by 0.8% compared with July, according to the Office for National Statistics (ONS). The figures show August was the fourth consecutive month of growth, also showing a 4% increase compared with February, before the country faced the full impact of the coronavirus pandemic. The

Britain’s economy is “less weak” than previously expected but a recent rise in COVID-19 cases could take its toll on activity, the Bank of England has said. It now sees GDP being 7% smaller in the current quarter than it was prior to the pandemic – not as bad as it had previously feared. But

John Lewis Partnership has confirmed it will not pay a staff bonus next year after it posted a half-year loss of £635m. It is the first time in more than 60 years that workers at the employee-owned business will not receive a pay-out, which was last axed after in 1948 in the aftermath of the

Britain’s best-known film studio is to deliver a boost to the country’s embattled movie and tourism industries by unveiling expansion plans that will include a blockbuster visitor attraction. Sky News has learnt that Pinewood Group, which has played host to many instalments of the James Bond and Star Wars franchises, will announce proposals on Thursday

The long-term economic cost of the COVID-19 pandemic may amount to $7trn (£5.3trn) – around $900 (£690) for every man woman and child on the planet – the OECD warned today. In its latest set of global forecasts, the Organisation for Economic Co-operation and Development (OECD) said that the world may never regain the economic

Thomas Cook is back selling holidays almost a year after its dramatic collapse which forced the UK authorities to repatriate 150,000 holidaymakers and put 9,000 people out of a job. Sky News revealed last week how a former major shareholder, which snapped up the fallen travel brand for £11m, was to relaunch Thomas Cook as

Britain’s unemployment rate rose to 4.1% in the three months to July as the total number of jobless rose by 62,000, the Office for National Statistics said. The jobless rate was up from 3.9% a month earlier – but is still yet to be fully illustrative of the economic crisis with the Treasury’s soon-to-end furlough

New Look’s biggest landlords will vote against the fashion retailer’s latest rescue plan on Tuesday, throwing its survival into further doubt amid the UK’s deepening high street crisis. Sky News has learnt that British Land, which owns 19 New Look stores, and Landsec, which owns 10, will oppose its planned company voluntary arrangement (CVA) in

UK-based chip designer Arm Holdings is to be sold to America’s Nvidia in a deal worth up to $40bn (£31bn). The new owner said Arm – which licenses its chip designs for use by major electronics brands such as Apple – would remain based in Cambridge and its site expanded. Chip maker Nvidia is buying

The British perfume brand Jo Malone has “deeply apologised” to Star Wars actor John Boyega after he was cut out of the Chinese version of an advert he helped create. Originally, the commercial featured the London-born star walking around Peckham, the neighbourhood where he grew up. The video, entitled London Gent, also made reference to