Business

The CBI faces a deadline next September to refinance millions of pounds of funding put in place to avert its collapse during the autumn. Sky News has learnt that a seven-figure facility put in place with banks will expire at the end of the third quarter next year. While the size of the facility is

An Abu Dhabi state-backed vehicle has moved closer to taking full control of The Daily Telegraph just hours after the launch of a regulatory probe that prevents it from removing key journalists from their posts. Sky News has learnt that RedBird IMI has given the newspaper’s board and the government notice of its intention to

The CBI is urging members to swallow a further rise in fees even as the lobby group battles to regain its former standing among political and business leaders. Sky News understands that CBI members will be asked at its annual meeting next week to approve a 5% rise in their subscription costs. It comes less

The government is to prohibit the removal or transfer of key Daily Telegraph journalists during a public interest probe into the newspaper’s prospective takeover by a state-backed Abu Dhabi investor. Sky News has learnt that Lucy Frazer, the culture secretary, is preparing to make an interim enforcement order (IEO) that will impose a set of

Shareholders in Lloyds Banking Group could reap a windfall worth more than £500m early next year following a deal that will see it repaid loans in full by the owners of The Daily Telegraph. Sky News has learnt Britain’s biggest high street lender will be in a position to write back more than £500m on

The culture secretary has launched an investigation into the takeover of The Daily Telegraph by a state-backed Abu Dhabi-based fund. An inquiry by communications watchdog Ofcom and competition regulator the Competition and Markets Authority (CMA) has been triggered by Lucy Frazer, confirming reporting by Sky News. Ms Frazer on Thursday issued a public interest intervention

The culture secretary will on Thursday launch a probe into the takeover of The Daily Telegraph by a state-backed Abu Dhabi-based fund. Sky News has learnt that Lucy Frazer plans to issue a Public Interest Intervention Notice (PIIN) that will trigger an inquiry by Ofcom and the Competition and Markets Authority into RedBird IMI’s prospective

Nottingham City Council has declared itself effectively bankrupt after issuing a section 114 notice. The Labour-run local authority confirmed the announcement on Wednesday, saying its chief financial officer had decided it “isn’t able to deliver a balanced budget for this year, which is a legal requirement”. As a result of the section 114 notice, all

ASLEF’s train drivers are to stage a number of strikes and overtime bans next month in their long-running dispute over pay. Union members at 16 train operating companies in England will walk out on different days between 2 and 8 December. Additionally, all members will refuse to work any overtime from 1 December to 9

Suppliers of branded goods including baked beans and pet food have “pushed up prices by more than their costs”, according to the competition watchdog. The Competition and Markets Authority (CMA) has been examining 10 product categories in a bid to see if shoppers, already struggling amid the continuing cost of living crisis, are being ripped

The National Grid is to pay some households to cut their energy use after activating its blackout prevention scheme during the current cold snap. Eligible properties with smart meters will be offered cash and other rewards in return for cutting their usage between 5pm and 6.30pm on Wednesday evening, it has been announced. It marks

The former chair of collapsed retail chain Wilko has told MPs that the retailer “ran out of cash” before its turnaround efforts were able to take effect. The business and trade committee heard Lisa Wilkinson explain a host of challenges, not least from high rents and other costs. She said a crucial loan fell through

A £100m campaign urging households and businesses to use less water will be funded from customers’ bills, Ofwat has said. The regulator’s chief executive David Black told MPs that if the measures worked it would be cheaper than building additional major new sources of supply. Firms are under increasing pressure to both reduce demand and

Metro Bank is in talks to offload a £3bn mortgage portfolio to Barclays as part of a broader financial restructuring aimed at saving the smaller high street lender from collapse. Sky News has learnt that Metro Bank has entered exclusive talks with Barclays to sell the residential mortgage book in a move that would strengthen

The former CNN president Jeff Zucker will fly into London this week amid mounting controversy over the Abu Dhabi-backed takeover of The Daily Telegraph he is spearheading. Sky News understands that Mr Zucker, the boss of RedBird IMI, will hold meetings with key stakeholders as expectations grow that the government will launch a public interest

Nearly half of women transport workers have been sexually harassed at work, according to a new survey. The Rail, Maritime and Transport (RMT) Union questioned 1,400 female workers across rail, bus, metro and passenger ferry operations. It found four in 10 have been victims of such distressing behaviour in the last year, with incidents including