Business

The former head of Tesco has been announced as the new chairman of the John Lewis Partnership, one of the biggest and most high-pressure jobs in retail. Jason Tarry was at Tesco for 33 years and served as UK and Ireland chief executive for his final six years at the supermarket. Money latest:Restaurant chain ditches

Santander UK, Britain’s fifth-biggest high street bank, is cancelling its membership of a key lending standards body because of the duplication of regulatory standards to which the industry is required to adhere. Sky News has learnt that the Spanish-owned bank served notice last week of its intention to quit the Lending Standards Board, citing the

English cricket chiefs will next week take another step towards a radical revamp of the sport’s ownership structure by launching plans to sell stakes in The Hundred’s eight franchises. Sky News has learnt that the England and Wales Cricket Board (ECB) will interview bankers in the coming days as they prepare to raise funds by

Employees across the country have today been granted the legal right to request flexible working from the day they enter a new job. Previously, the right was only applicable if someone had worked for their employer for 26 weeks or more. The Flexible Working (Amendment) Regulations 2023 gained Royal Assent in July as Kevin Hollinrake,

The crisis enveloping Thames Water has deepened after its holding company announced it had been unable to meet debt repayments. Kemble Water said it missed an interest payment that was due on Tuesday. The firm said it had asked its lenders to take no immediate action so as to “provide a stable platform while all

Administrators to The Body Shop are drawing up plans to launch a further restructuring process in a bid to salvage a future for one of Britain’s best-known high street brands. Sky News has learnt that insolvency practitioners at FRP Advisory have outlined proposals to launch a company voluntary arrangement (CVA) that would see The Body

House prices slipped by 1% in March following five consecutive months of growth, according to new figures from Halifax. The lender said affordability remained a challenge for potential buyers as recent declines in mortgage rates have stalled. It comes as financial markets become less optimistic about the timing and extent of interest rate cuts by

The Dutch banking giant ING has been thrust into a pivotal role in determining the future of stricken Thames Water’s parent company amid growing expectations that lenders will agree a loan extension ahead of a repayment deadline this month. Sky News has learnt that ING is among the lenders due to be repaid £190m by

A planned merger between Vodafone and Three is in doubt after the competition watchdog said it would launch a major investigation into the deal. The Competition and Markets Authority (CMA) said the move was being taken after the firms failed to offer any measures to ease its concerns that mobile phone users could face higher

The Post Office’s IT helpdesk was instructing Fujitsu, the maker of faulty accounting software, to change sub-postmaster accounts more than a decade ago, according to leaked recordings. Two secret audio recordings with Post Office officials, obtained by Sky News, demonstrate how much the government-owned company knew about flaws with the Horizon IT programme, used by

Tesla has reported a sharp fall in worldwide sales amid increased competition and slowing demand for electric vehicles. The carmaker said it delivered 386,810 vehicles during the first quarter of the year – down nearly 9% on the 423,000 it shipped from January to March last year. It marks the first year-on-year quarterly sales decline

Taylor Swift has made it on to a list of the world’s billionaires, according to Forbes, as her Eras Tour spanning 152 shows and five continents generated more than $1bn (£800m) in revenue. The 34-year-old superstar, who stole the show at this year’s Grammy Awards by winning album of the year for the fourth time,

The annual rate of shop price inflation almost halved in March, according to new industry figures. Falling food costs and competition between retailers contributed to the rate easing to 1.3% last month – down from 2.5% in February, the British Retail Consortium (BRC)-Nielsen Shop Price Index found. Annual shop price growth is now at its

A New York-listed car dealer is plotting a bid for the UK operations of Inchcape. Sky News has learned that AutoNation, which has a market capitalisation of nearly $7bn (£5.5bn), is among the suitors circling the business since Inchcape confirmed in January it was conducting a strategic review. AutoNation is said to be at the

The owner of Formula One (F1) motor racing will unveil a £3.5bn takeover of MotoGP’s parent company early this week. Sky News has learnt that Greg Maffei, the president and chief executive of Liberty Media Corporation, is expected to announce the motorsport industry’s most significant corporate deal for years during a trip to Madrid as

This Easter, chocolate lovers will no doubt have noticed they had to pay more for their eggs. Now, the cost of chocolate could soar after changing climate patterns hit cocoa supplies in west Africa. Seasonal dusty winds from the Sahara have been severe in recent months, blocking out the sunlight needed for cocoa bean pods