Business

The departing boss of Standard Life Aberdeen is to become the stopgap chairman of Britain’s audit regulator as ministers seek a heavyweight figure to push through far-reaching reforms of the profession. Sky News has learnt that the government is preparing to name Keith Skeoch as interim chair of the Financial Reporting Council (FRC) following the

Britain’s biggest listed shopping centre-owner is preparing to ask shareholders for hundreds of millions of pounds to improve its chances of surviving the coronavirus pandemic. Sky News has learnt that Hammerson, which owns the Bullring in Birmingham and London’s Brent Cross mall, is drawing up plans for a rights issue that could raise more than

British Airways pilots have voted to accept a deal that will include job losses and pay cuts to avoid a larger number of redundancies, their union has announced.  The British Airline Pilots Association (Balpa) said there will be around 270 compulsory redundancies and temporary pay cuts starting at 20% and reducing to 8% over two

The younger son of tycoon Rupert Murdoch has resigned from the board of News Corporation, the media empire which his father founded. James Murdoch, 47, cited “disagreements over certain editorial content” published by its news outlets and “other strategic decisions”. The nature of the disagreements and the news outlets have not been disclosed. In January,

More than half of the workforce at Byron, the upmarket burger chain, will this weekend join the army of hospitality industry employees being made redundant because of the COVID-19 crisis. Sky News has learnt that only 20 of Byron’s 51 restaurants will transfer to its new owner, Calveton UK – with just 550 of its

Delaying a further relaxation of lockdown restrictions in England a day before they were due to come into effect has been branded “a hammer blow” by the business community. The postponement means the venues such as bowling alleys and casinos, which were due to reopen on Saturday 1 August will have to wait at least

Some of America’s biggest tech companies have defied the coronavirus pandemic to post better-than-expected financial results. Amazon posted the biggest profit in its 26-year history, while Facebook, Apple and Alphabet all beat estimates. Many brick-and-mortar retailers have struggled during the coronavirus pandemic, with most forced to shut down under rules intended to limit the spread

Tour operator Tui is to shut 166 high street stores in the UK and the Republic of Ireland in the face of the downturn in travel caused by the coronavirus pandemic. Around 350 shops will remain following the closures, which the travel firm said was a result of changes in customer’s shopping habits, with the

Car production in the UK is likely to fall to its lowest level since the 1950s as a consequence of coronavirus, triggering many thousands of redundancies as the industry prepares for the “double-whammy” of a potential no-deal Brexit that would compound record losses this year. Forecasts compiled by the Society of Motor Manufacturers and Traders

Pizza Hut has become the latest restaurant chain to put a financial restructuring on the menu by hiring advisers to explore the possibility of an insolvency agreement that could entail significant job losses. Sky News has learnt that Pizza Hut Restaurants, which employs thousands of people in Britain, has instructed Alvarez & Marsal, the professional

British Airways (BA) has been warned it faces the prospect of strikes as the deadline for tens of thousands of staff to accept new pay deals looms large. The airline had announced at the height of the coronavirus lockdown in April that it could make up to 12,000 staff redundant to help prepare the airline

Holidaymakers in Spain have been given hope after the UK government revealed it is considering setting up regional travel corridors to let those travelling from low-risk areas escape quarantine. Transport minister Baroness Vere of Norbiton confirmed the idea was being investigated after pressure from Madrid over the change to travel advice made by the government

Holiday firm TUI has called on the government to take a more targeted approach to the imposition of coronavirus quarantine measures amid an industry backlash against curbs on travel to Spain. The company’s UK managing director, Andrew Flintham, told Sky News a more “nuanced” attitude was called for after ministers gave just hours’ notice on

Tui has cancelled all holidays to mainland Spain for two weeks after Britain imposed a quarantine on those returning from the country. “TUI UK have taken the decision to cancel all holidays to mainland Spain up to and including Sunday 9 August 2020,” the UK’s biggest tour operator said in a statement. “We know how

Britain’s biggest steel producer is encouraging the government to take a big stake in the company as part of a plan to preserve the long-term future of the vast Port Talbot steelworks in south Wales. Sky News has learnt that Tata Steel has presented proposals to Whitehall in recent weeks aimed at securing a state

British businesses saw their fastest upturn in five years during July as their European counterparts also witnessed growth for the first time since the coronavirus hit, fresh figures indicate. However, despite the encouraging signs, experts have warned that a hoped for V-shaped recovery is not guaranteed given the economic damage caused by the lockdowns aimed