The US central bank has raised expectations of a faster recovery from the coronavirus crisis, signalling it will allow the economy to run hot to drive a recovery in employment. The Federal Reserve left its benchmark interest rate pegged to near zero following its latest policy meeting. But the Federal Open Markets Committee (FOMC) guided,
Business
New rules to end ‘rewards for failure’ in boardrooms are to be unveiled by ministers this week with the release of a long-awaited white paper on audit and corporate governance reform. Sky News has learnt that the consultation document, which will be published on Thursday, will propose a further review that could make it mandatory
The payments giant Visa is to hike fees for purchases made by UK-based customers from most of Europe – stoking fears of higher prices and fuelling the argument that Brexit is adding to the cost of trading with the EU. Sky News has learnt that Visa plans to inform its roughly 4000 clients later this
The energy regulator has revealed a crackdown on household suppliers to prevent them hoarding credit balances for customers who pay by direct debit. Ofgem’s examination of the issue, a bugbear of many bill-payers, found that £1.4bn of customers’ money was languishing in the hands of companies in 2018 through overpayment. It said a series of
Focusing efforts on reducing emissions will not be enough to stop the climate change emergency, the Environment Agency chief executive has warned. Sir James Bevan said “even with the ambitious global and national actions we all want to see to reduce emissions, some further climate change is now inevitable”. He added: “That is why as
Thorntons, the chocolate retailer, has announced plans to permanently close its entire UK store estate of 61 sites. The company said its decision, which was now the subject of consultation with employees, would affect 603 workers though it was yet to rule out the possibility of redeploying some of those affected. Thorntons said it was
An online platform that connects entrepreneurs to internationally renowned figures in fields such as business, sport and politics is seeking £20m to finance its global expansion. Sky News understands that Vintro, which counts former chancellor Lord Hammond among its advisory board members, has embarked on a funding round that is expected to close in the
Bitcoin has surged to a new all-time high – with prices breaking £44,000 for the first time. Saturday’s spike came exactly one year after the volatile cryptocurrency lost 50% of its value in the space of two days and fell to £2,873. It has risen 1,431% in the past 12 months. Bitcoin now finds itself
Sir Richard Branson’s Virgin Atlantic Airways is in talks with shareholders and creditors about a further £160m support package just six months after securing a £1.2bn rescue deal. Sky News has learnt that the billionaire tycoon’s flagship company is this weekend close to finalising the new funding, which will include a £100m loan from his
Nearly 50,000 businesses have signed up for the government’s free workplace COVID tests, Health Secretary Matt Hancock has announced. The government claims this is a vital step towards restoring normal life after the pandemic. Tests can give a result within 30 minutes – and NHS Test and Trace analysis suggests they have a specificity of
The owner of All Bar One is facing a shareholder revolt over plans to bolster the guaranteed pay awards of its top executives amid a broader firestorm over corporate governance at the company. Sky News understands that several major institutional investors are planning to oppose Mitchells & Butlers’ (M&B) remuneration policy because it plans to
The UK economy rediscovered a reverse gear in January as renewed coronavirus lockdowns knocked output while trade suffered a Brexit hit, according to official figures. The initial estimate of a 2.9% contraction in gross domestic product (GDP) compared with the previous month, from the Office for National Statistics (ONS), was better than the figure of
MPs have urged the government to set up an adjudicator to stamp about abuses in the UK fashion supply chain – after hearing evidence of underpayment of wages and poor conditions. The Commons Environmental Audit Committee (EAC) said voluntary initiatives by the sector had failed to produce improvements. Introducing a garment trade adjudicator to police
The John Lewis Partnership has revealed it does not expect to reopen all its department stores as coronavirus lockdowns are eased. The company, which also includes the Waitrose supermarket chain in its stable, announced last year that it would not pay a bonus to its staff – known as partners – for the first time
The UK’s data protection laws face being reformed to be more business-friendly as the government aims to spur economic growth following the downturn caused by the COVID-19 pandemic. The digital secretary Oliver Dowden said that Britain should take a “slightly less European approach” to privacy, referencing the EU’s General Data Protection Regulations (GDPR), “by focusing
A former first-class cricketer and international umpire has told Sky News he fears he has lost more than £70,000 in a lockdown investment scam. Barry Dudleston was persuaded to invest more than £50,000 last summer after seeing an advert carrying a fake celebrity endorsement for OFC Markets, an unregulated foreign exchange and crypto-currency trading platform.