Business

Elon Musk has subpoenaed his friend and former Twitter chief executive Jack Dorsey as he tries to back out of his $44bn (£37bn) deal to buy the social media company, according to a court document. The Tesla chief – the richest man in the world – announced his plan to buy Twitter in April, but

UK inflation is set to top 18% in January – the highest point in more than 40 years and nine times the Bank of England’s target – due to rocketing wholesale gas prices, a global investment bank has forecast. Citi has predicted the retail energy price cap would surge to £4,567 in January and then

Sony PlayStation is being sued for £5 billion by nine million claimants amid accusations it “ripped people off” with overpriced games and in-game purchases. The legal claim is a collective action against the gaming company, brought by consumer rights champion Alex Neill. It accuses the company of breach of competition law by abusing its market

Almost 2,000 workers have walked out of their jobs at the UK’s largest container port on the first day of an eight-day workers strike, in the latest round of industrial action hitting various sectors of the economy. The strike at Felixstowe port on the east coast rounds off a week that saw various strikes by

Spiralling energy costs are driving cafes, restaurants and independent shops all around the country to the edge of survival, according to an industry body. The Federation of Small Businesses director Martin McTague told The Independent that soaring bills, combined with reduced consumer spending as shoppers grapple with their own household bills, is forcing thousands of

The founder of Matalan is preparing for a fresh tussle with the retailer’s lenders over its ownership ahead of a deadline for refinancing £350m in debt. Sky News has learnt that John Hargreaves, who reinstated himself as Matalan chairman last month, has in recent days proposed injecting tens of millions of pounds into the business.

Only around one in five trains across the UK will operate today, as tens of thousands of workers go on strike again in the latest round of industrial action to hit the rail network. Members of the Rail, Maritime and Transport Workers (RMT) union and the Transport Salaried Staffs’ Association (TSSA) will both strike once

Cineworld, the world’s second-largest cinema chain, is preparing to file for bankruptcy within weeks, the Wall Street Journal reports, after struggling to rebuild attendance following the COVID pandemic. The UK-based group, which operates in 10 countries with 751 sites and more than 9,000 screens, has engaged lawyers from Kirkland & Ellis LLP and consultants from

Following the pandemic, visitors were just starting to return this summer to the Portsmouth Historic Dockyard, a naval museum that includes attractions such as Vice-Admiral Lord Nelson’s flagship HMS Victory, when the cultural centre received its next blow. Chief executive Hannah Prowse was informed that the site’s energy bill would be going up next year

Consumer confidence is at an all-time low in light of “acute concerns” about the soaring cost of living and bleak economic outlook, according to new research. GfK’s Consumer Confidence Barometer, which has run since 1974, provides a monthly snapshot of the public mood on crucial economic issues. The group’s index decreased by three points in

An Ofgem director has quit over the electricity and gas regulator’s decision to change the way it calculates the energy price cap, which she said will lead to much higher bills. The regulator confirmed to Sky News that Christine Farnish had stepped down from the board after disagreeing with the rest of its members over

One of the most prominent figures in Britain’s professional services industry is lining up private equity backing for a £1.5bn offer for the accountancy firm he co-founded. Sky News understands that John Connolly, the former chief executive of Deloitte’s UK firm, is working with TowerBrook Capital Partners and Warburg Pincus on a bid for Azets.

Britain’s rate of inflation has surged to a fresh 40-year high, heaping yet more pain on cash-strapped households as the cost of living crisis deepens. The Consumer Prices Index (CPI) rose to 10.1% in the 12 months to July, up from 9.4% in June and remaining at the highest level since February 1982, the Office

Workers have suffered a record real-term pay slump in the face of soaring prices, official data reveals. Regular wages, excluding bonuses, plunged an average of 4.1% on the year in the three months to June when inflation is taken into account, according to the Office for National Statistics (ONS). It is the highest fall since

The American consumer goods group which owns Reebok and an interest in David Beckham’s branded products portfolio is close to unveiling a cut-price £200m takeover of Ted Baker, the London-listed fashion retailer. Sky News has learnt that the board of Ted Baker is preparing to recommend a 110p-a-share offer from Authentic Brands Group (ABG), run

Credit Sir Keir Starmer for at least trying to come up with a costed plan to tackle the UK’s burgeoning household energy bill crisis. It’s more than Boris Johnson’s zombie government, or the two people vying to succeed him, have done. That said, Labour’s proposals to freeze the energy price cap at the present £1,971

Sir Keir Starmer has pledged that people will not “pay a penny more” on their winter energy bills as he prepares to unveil Labour’s plan for easing the cost of living crisis. Before a full announcement on Monday, the Labour leader says his party’s £29bn energy plan will save the typical family £1,000 immediately, get

Saudi oil giant Aramco has revealed profits of $48.4bn (£40bn) for the second quarter of 2022 – a 90% year-on-year increase. The sum has broken the firm’s quarterly profit record set in May, with soaring energy prices driven by Vladimir Putin’s invasion of Ukraine resulting in windfalls to oil producers. The $48.4bn figure is higher

The family which jointly founded one of Britain’s biggest leisure empires is finalising a £300m-plus deal to retake control of Butlin’s, the holiday camps chain. Sky News has learnt that a vehicle connected to the Harris family, which helped to establish Bourne Leisure in the 1960s, is close to signing a transaction with Blackstone, the

Personal finance expert Gemma Godfrey has been answering your questions on the cost of living and money saving dilemmas: Could your pension contribution be put to better use for things like paying your bills? Mark A: Hello, I’m 37 years young and started a pension late. I had approximately £35,000 in there. With the world