The first cannabis company to stage an IPO on the London Stock Exchange will this week install a City veteran as its chairman and unveil a multimillion pound fundraising. The first cannabis company to stage an IPO on the London Stock Exchange will this week install a City veteran as its chairman and unveil a
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Adidas has reported a drop in sales but better than expected profits in the wake of its high-profile split from shamed rapper and fashion designer Kanye West. The sportwear company said the loss of his Yeezy trainers brand was “hurting” the business but it pointed to some of the pain being eliminated by a recovery
The billionaire petrochemicals tycoon Sir Jim Ratcliffe is proposing a full buyout of Manchester United Football Club after three years if he succeeds with a £5bn offer to take control of the Old Trafford outfit. Sky News has learnt that the Ineos billionaire’s takeover bid includes put-and-call arrangements which would become exercisable in 2026, and
The parent company of British Airways has raised its forecast for annual operating profits due to stronger bookings, saying it expects capacity to be at 97% of the 2019 pre-pandemic year. International Airlines Group (IAG), which also counts Iberia and Aer Lingus among its stable of brands, said its focus on restoring earnings on key
The crisis-hit CBI has drafted in a business ethics consultancy to aid a review of its culture four weeks before a meeting of its membership that will determine its future. Sky News can reveal that Rain Newton-Smith, the new CBI director-general, has signed off the appointment of Principia following an exodus of corporate backers two
Apple has beat Wall Street expectations and market trends in reporting increased iPhone sales in its second quarter results. Both revenues and profits were above investor predictions as a record number of iPhones were sold for the second three month period in its financial year. Sales for the year ending 1 April dropped overall –
Another US regional lender has revealed talks to shore up its finances after its share price was clobbered amid the crisis of confidence to hit the country’s banking sector. Three lenders – Silicon Valley Bank, Signature Bank and First Republic – have failed this year on the back of balance sheet pressure caused by rising
Diesel drivers are being “ripped-off” at the pumps to the tune of around 16p per litre, according to a motoring group. The RAC, along with others, has long argued that British motorists and businesses are paying over the odds for the fuel – the engine behind the UK economy – fanning the flames of inflation
Shakespeare and the Spice Girls were used by environmental protestors to repeatedly disrupt the Barclays annual general meeting (AGM) in central London on Wednesday morning. Activists from Extinction Rebellion, Fossil Free London and Climate Choir were protesting the UK high street bank’s investment in new fossil fuel projects despite heavy security at the AGM venue.
The UK financial watchdog will announce plans to change the rules on bringing companies into public ownership after a series of high profile businesses snubbed the London Stock Exchange. The Financial Conduct Authority (FCA) will on Wednesday publish proposed changes to rules on listing companies on the London Stock Exchange. It hopes to make regulation
BP profits eased to $5bn (£4bn) in the first quarter of the year, but the rewards for shareholders are being stepped up. Underlying replacement cost profit between January and March compared to $6.2bn in the same period last year but $4.8bn achieved in the previous three months. The figure was $700m higher than financial analysts
Food prices increased by a record high of 15.7% last month as pressure continues to mount on household finances. Fresh food prices saw a record jump of 17.8% year-on-year for April, while the price of ambient products, such as tinned goods and other store-cupboard items, went up 12.9%. The latest figures come as the average
US bank First Republic’s assets will be taken over by JP Morgan after it became the third American lender to fail in two months. JP Morgan has agreed a deal with regulators to acquire the “substantial majority” of First Republic’s assets, including $173 billion (£138bn) of loans. The California Department of Financial Protection and Innovation
Vue International, the independent cinema giant, will this week name the former boss of Very, the online shopping group, to its board. Sky News understands that Henry Birch, who was also chief executive of casino operator Rank Group and William Hill Online, will join Vue as a non-executive director. Katrina Cliffe, a former American Express
The fashion retailer Superdry is in advanced talks about a near-£15m share sale as it races to shore up its balance sheet amid tough trading conditions. Sky News has learnt that the chain, headed by founder Julian Dunkerton, could unveil a cash call as soon as next week after discussions with City investors. The move
The sportswear tycoon Dave Whelan is heading for a showdown with landlords over plans for an overhaul of his Fitness First gyms empire that would involve site closures and steep rent cuts. Sky News has learnt that Mr Whelan, best-known as the former owner of Wigan Athletic Football Club, is working with advisers on a
Manchester United could become the most expensive sports team in the world, after a Qatari businessman entered a record-breaking offer as the bidding window slammed closed. Sheikh Jassim bin Hamad, who chairs the Qatar Islamic Bank, submitted his final offer for the club on Friday, Sky News understands, with the figure offered thought to be
For some time now, the City has been doing some soul-searching over its future. There was a lot of speculation around the time of Brexit that, deprived of the “passport” that enabled UK-based firms to do business in the EU without having permission from each individual country regulator, there would be heavy job losses in
The number of people taking “breathing space” from their debt problems has soared by more than a third year-on-year, official data shows. There were 23,179 registrations for the relief in the first three months of 2023, up 34% from the same period in 2022, according to Insolvency Service figures. Of this total, 22,770 were standard
The world’s largest economy slowed sharply in the first quarter of the year, according to the first official estimate which has raised fears of recession ahead. Growth was measured at an annualised rate of 1.1% between January and March, the Commerce Department said. Economists had been expecting a figure of 2%. The slump followed growth
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