Business

The government is preparing to nationalise Gazprom’s British supply arm within days amid a stand-off between the Russian state-controlled energy firm and a Wall Street banking giant. Sky News has learnt that ministers are drawing up plans to take Gazprom Marketing & Trading Retail (GM&T) into public hands if it fails to reassure financial counterparties

The owners of the American basketball team the Cleveland Cavaliers have joined forces with one of the four remaining bidders for Chelsea Football Club as the auction of last season’s Champions League-winners enters its final stages. Sky News can exclusively reveal that Rock Entertainment Group (REG), which owns a string of US sports teams, has

NatWest Group is contemplating an audacious takeover bid for one of Britain’s biggest wealth managers in a move that would represent its biggest corporate acquisition since it was rescued by taxpayers nearly 15 years ago. Sky News has learnt that NatWest is in the early stages of considering an offer for Tilney Smith & Williamson,

The government’s business misconduct watchdog has launched criminal and civil probes into P&O Ferries, adding to pressure on the embattled company. The move comes two weeks after P&O Ferries sacked nearly 800 workers and replaced them with lower-paid crew, a decision that the government called illegal. Business Secretary Kwasi Kwarteng confirmed on Friday afternoon that

A London-listed gold mining group which was prevented from making a loan repayment this week after its Russian lender was sanctioned is lining up advisers to help restructure its borrowings. Sky News has learnt that Petropavlovsk, which has seen its shares plummet in the last year, is preparing to bring in AlixPartners to advise it

Household energy bills prices are likely to rise even higher this autumn as the war in Ukraine deepens the gas crisis, the boss of one of the UK’s largest energy companies has told Sky News. Greg Jackson, founder and chief executive of Octopus, which has more than two million direct customers, said volatility in wholesale

Community volunteers have shared their concern about the cost of living crisis and its impact on children. One mother told Sky News her two sons had gone hungry in the past. Another group – offering free hot meals – estimated more than half of the children they are feeding are malnourished. And Sky News has

The UK economy grew at a rate of 1.3% in the last three months of 2021, a faster pace than first thought and bringing GDP to just below pre-pandemic levels. The Office for National Statistics (ONS) had previously estimated GDP grew by 1.0% between October and December last year. “GDP grew a little stronger than we

The government’s lead non-executive director has quit with more than a year of his term to run, paving the way for a prominent businessman to inherit one of the most powerful roles in Whitehall. Sky News has learnt that Lord Nash, who was appointed by the prime minister in July 2020, has stepped down from

P&O plans to double the time crew members spend aboard cross-Channel ferries could increase stress and fatigue and compromise safety, according to the author of a report that warned of the dangers of extending tours of duty. Having sacked almost 800 workers without notice earlier this month, P&O plans to extend the tour of duty

The boss of P&O Ferries has flatly rejected the government’s final plea to halt the process of making nearly 800 of its workers redundant. In a letter to transport minister Grant Shapps on Tuesday, the company said the process was in its final stages with most workers already accepting severance offers, and changing course now

Babcock International Group, the FTSE-250 government contractor, is in talks to offload the bulk of its emergency aviation services division, which counts Britain’s Air Ambulance fleet among its operations. Sky News has learnt that Babcock is in advanced negotiations with Ancala Partners, a London-based infrastructure investor, about acquiring a substantial chunk of the business it

A second P&O ferry, the Pride of Kent, is being detained after it failed safety checks by authorities amid the backlash over the company’s decision to replace 800 seafarers with lower-paid crew. The Maritime and Coastguard Agency (MCA) made the revelation as a new crewmember aboard a P&O vessel told Sky News there was an

Bosses from ferry companies DFDS and Stena Lines will meet government officials later today following rival P&O’s decision to sack 800 staff. The Department for Transport (DfT) confirmed the meeting but did not say what would be discussed, although it comes amid concerns over chaos at ports during the Easter holidays. A DfT spokesman said:

The four contenders vying to buy Chelsea Football Club will submit final bids on April 11, paving the way for a prospective new owner to seek government permission to take over from Roman Abramovich by the end of next month. Sky News has learnt that the remaining contenders have been notified by Raine Group, the

Hundreds of people have demonstrated against P&O Ferries’ sacking of 800 staff at ports across the UK, with some chanting: “P&O, shame on you.” Protesters carrying banners and placards gathered in Dover, Liverpool, and Hull as part of what they called the “fight for justice” for the seafarers dismissed without notice earlier this month. The

The remaining contenders to buy Chelsea FC have been told they must commit at least £1bn to future investment in the club if they are to succeed in the battle to end Roman Abramovich’s two-decade tenure as owner of last season’s Champions League-winners. Sky News can exclusively reveal that the quartet of bidders which were

A P&O ferry has been detained in Larne, Northern Ireland, according to the Maritime and Coastguard Agency. The agency said the ship, the European Causeway, was held “due to failures on crew familiarisation, vessel documentation and crew training”. In a statement it said: “The vessel will remain under detention until all these issues are resolved

The owners of the Chicago Cubs are drafting in a heavyweight investment bank as they attempt to salvage their bid to buy Chelsea Football Club. Sky News has learnt that the Ricketts family and Ken Griffin, the Citadel hedge fund billionaire, are in talks to appoint Lazard to advise on their offer for the Stamford

Transport Secretary Grant Shapps has said the boss of P&O Ferries should quit for his “brazen, breathtaking arrogance” in admitting “breaking the law” in sacking staff. The cabinet minister also said he would change the law to force a U-turn and prevent the ferry operator paying below minimum wage to its crews. It comes after