Business

BlackRock, the world’s biggest asset manager, is backing a controversial bid by the metals tycoon Sanjeev Gupta to retain control of his faltering UK steel empire. Sky News has learnt that executives at BlackRock have authorised the issuance of a financing support letter which could enable Mr Gupta to continue to exert a grip on…

Watchmaker Swatch has apologised and pulled ads featuring an Asian male model pulling the corners of his eyes backwards following accusations of racism. Images for the Swatch Essentials collection were criticised for the “slanted eye” pose, especially in China, with many commentators saying they appeared to mimic racist taunts. The Swiss company has apologised in…

An AI-powered market research firm which has counted Unilever and Vodafone among its clients is on the brink of collapse. Sky News understands that Streetbees, which was founded in 2015, has filed a notice of intention to appoint the professional services firm FRP Advisory as administrator. Sources said that a buyer was being lined up…

A company which makes miniaturised electric versions of classic cars has secured a rescue deal led by an American merchant banking group. Sky News understands that the future of Hedley Studios – formerly known as The Little Car Company – has been salvaged through a pre-pack administration deal. FRP Advisory is understood to have acted…

Fashion brand Topshop celebrated its relaunch with its first catwalk in seven years. The company’s website promised everyone was invited as models strutted down a runway on Trafalgar Square in front of noughties fashion icons Cara Delevingne and Adwoa Aboah and the London Mayor Sir Sadiq Khan. The label has been operating on the online…

The metals tycoon Sanjeev Gupta is this weekend plotting a controversial deal to salvage his remaining UK steel operations and avert their collapse into compulsory liquidation – a move that would put close to 1,500 jobs at risk. Sky News has learnt that Mr Gupta is in talks about a so-called connected pre-pack administration of…

The private equity firm set up by Jared Kushner, President Donald Trump’s son-in-law, is to take a stake in OakNorth, the British-based lender which has set its sights on a rapid expansion in the US. Sky News has learnt that Affinity Partners, which has amassed billions of dollars in assets under management, has signed a…

The smell of yeast still hangs in the air at the Vivergo plant in Hull but the machines have fallen quiet.  More than 100 lorries usually pass through here each day, carrying 3,000 tonnes of wheat. It is milled, fermented and distilled. The final product is bioethanol, a renewable fuel that is then blended into…

Lola’s Cupcakes, the bakery chain which has become a familiar presence at commuter rail stations and in major shopping centres, is in advanced talks about a sale valuing it at more than £25m. Sky News has learnt that Finsbury Food, the speciality bakery business which was listed on the London Stock Exchange until being taken…

Every week, our Money team interviews top chefs from around the UK, hearing about their cheap food hacks, views on the industry and more. Today, they speak to Roger Pizey, head pastry chef at Fortnum and Mason… A supermarket takeaway dessert I love is… Tesco’s finest meringue nests. I suppose in themselves they’re not really…