Business

A union has welcomed the government taking over a troubled steel company, but is warning that payment for workers must be a top priority. Speciality Steels UK – which employs almost 1,500 people – was pushed into compulsory liquidation on Thursday, and is the third-largest producer in the country. It is part of the Liberty…

TikTok is putting hundreds of jobs at risk in the UK, as it turns to artificial intelligence to assess problematic content. The video-sharing app said a global restructuring is taking place that means it is “concentrating operations in fewer locations”. Layoffs are set to affect those working in its trust and safety departments, who focus…

The Coca-Cola Company is brewing up a sale of Costa, Britain’s biggest high street coffee chain, more than six years after acquiring the business in a move aimed at helping it reduce its reliance on sugary soft drinks. Sky News can exclusively reveal that Coca-Cola is working with bankers to hold exploratory talks about a…

Leading British industrialist Lord Paul has died aged 94. The Indian-born founder of the UK-based steel and engineering Caparo group had been in hospital in recent days following a period of illness, Indian media reported. He died in London surrounded by members of his family. India’s Prime Minister Narendra Modi was among those who paid…

Sanjeev Gupta, the metals tycoon who saw his main UK business forced into insolvency this week, is facing a struggle to secure the funding required for a competitive bid to regain control of it. Sky News understands that an asset-based loan from BlackRock, the world’s biggest asset manager, would be expensive for Mr Gupta, with…

US stocks have fallen for five days running as traders nervously await a speech from Federal Reserve chairman Jerome Powell. Central bankers are gathering for an annual summit in Jackson Hole, Wyoming, where Mr Powell could indicate whether interest rates will be cut soon. The Fed hasn’t reduced the cost of borrowing since December –…

One of the UK’s last remaining steel companies has been pushed into compulsory liquidation – and will fall into government control. Speciality Steels UK (SSUK), part of the Liberty Steel empire owned by metals tycoon Sanjeev Gupta, employs nearly 1,500 people at sites in Rotherham and several other locations across South Yorkshire. Behind Tata Steel…

Every week, we interview top chefs from around the UK, hearing about their cheap food hacks, views on the industry and more. Today, we speak to Tim Brindley, head chef at Toum off Regent Street in London… The best budget bite in London is… Padella in Borough Market – famous for fresh, handmade pasta at…

Troll-like Labubu dolls have taken over the consumer world. Their creator, Pop Mart, has reported a near 400% net profit so far this year, while some have spent thousands on the toys second-hand. The frenzy over the furry dolls has led to huge queues outside the Chinese retailer’s stores, and even forced the company to…

The metals tycoon Sanjeev Gupta is plotting to hand control of his remaining UK steel operations to his family in a bid to stave off their collapse into compulsory liquidation and a government-orchestrated fire-sale. Sky News has learnt that Mr Gupta is proposing to refinance the business through a pre-pack administration that would result in…