Business

The Chinese conglomerate which bought the Thomas Cook brand after its collapse last year is plotting an imminent relaunch of one of the most prominent names in the British travel industry. Sky News has learnt that Fosun, which had been a big shareholder in Thomas Cook for several years prior to the company’s demise, is

Britain’s chief Brexit negotiator has said Europe should “take our position seriously” ahead of a new round of crucial trade negotiations. David Frost, who will lead the UK’s post-Brexit trade talks as well as serving as the prime minister’s national security adviser, will meet the EU’s chief negotiator Michel Barnier in London next week. The

Publicans are demanding the urgent reopening of bars across Ireland, which is now the only country in the EU imposing their closure for health reasons. Ireland‘s pubs were shut in March, as coronavirus case numbers began to rise. On 29 June, pubs that could serve a “substantial meal” valued at €9 (£8) were allowed to

The government has parachuted in investment bankers to help thrash out a rescue plan for Britain’s biggest steel producer after months of talks over a deal that could preserve thousands of jobs. Sky News has learnt that Credit Suisse has been asked by the Treasury to advise on talks with Tata Steel, which owns the

US President Donald Trump has congratulated himself on a “much better than expected” unemployment rate in August. Mr Trump was tweeting on Friday after the US Department of Labor announced that the US unemployment rate had fallen from 10.2% in July to 8.4%. He wrote: “Great Jobs Numbers! 1.37 Million Jobs Added In August. Unemployment

Virgin Atlantic says its £1.2bn rescue deal has been completed but that another 1,150 jobs will be cut across all functions. The news confirms a report by Sky’s City editor Mark Kleinman on Thursday night and comes less than four months after the carrier axed 3,150 roles and ended its Gatwick Airport operations. Chief executive

Airport testing is not a “silver bullet” that will end the need for quarantining, the transport secretary has told Sky News. Grant Shapps suggested the government was looking at cutting the amount of time travellers returning from higher-risk countries need to self-isolate for from 14 days to seven. Ministers are facing pressure from airports and

More than 100 million discounted meals have been claimed for under the government’s Eat Out To Help Out scheme, the chancellor has said. Rishi Sunak said the scheme had helped to protect 1.8 million hospitality jobs since it began on the first Monday in August. It provided diners with a state-funded 50% discount on food

Costa Coffee has announced a shake-up putting up to 1,650 jobs at risk as it struggles to recover after the lockdown. The company said it planned to axe the role of assistant store manager across its UK business. “The ongoing impact of COVID-19 remains challenging for Costa Coffee and has required the business to make

Britain’s biggest airport could axe a quarter of its frontline staff after months of talks with trade unions about employee pay and conditions failed to land an agreement. Sky News has learnt that Heathrow Airport informed union officials on Wednesday afternoon that it was issuing a formal Section 188 notice, triggering a 45-day consultation period

House prices have reached a new record high after bouncing back from falls earlier this year with the biggest rise since 2004 last month, according to figures from Nationwide. Prices rose by 2% in August compared to the previous month or 3.7% compared to a year ago, adding to evidence of a rapid recovery after

The first week of September is when many Britons traditionally swap the holidays for hard grind. Not this year. While many of us are back at work after the holidays most of us are not going back to work. For those fortunate enough to be able to work from home – around 40% of the

Advisers to Debenhams have asked prospective bidders to table offers for the business on Tuesday as they seek to salvage a future for the 242 year-old department store chain. Sky News understands that Lazard, the investment bank running the sale process, wants interested parties to submit bids by 5pm. The deadline comes as Debenhams’ administrator,

Two of the putative bidders for the AA are in talks about joining forces in a move that could undermine shareholders’ hopes of a hotly contested bidding war for Britain’s biggest breakdown recovery service. Sky News has learnt that Warburg Pincus is holding preliminary discussions about partnering with a consortium comprising two other buyout firms

The former chief executive of Saga, the over-50s insurance and travel provider, is to stage a stunning comeback as part of a £150m capital-raising to shore up its coronavirus-hit balance sheet. Sky News has learnt that Sir Roger de Haan, who sold Saga for £1.3bn in 2004, is to inject up to £100m into the

The Bank of England is “not out of firepower” if it is needed to offer further support to the coronavirus-battered economy, governor Andrew Bailey has said. Mr Bailey has already overseen a £300bn expansion of the Bank’s money-printing scheme – known as quantitative easing (QE) – and a cut in interest rates to a record