Business

BP has signalled an accelerated effort to bring down costs ahead, refusing to rule out further job losses as artificial intelligence (AI) technology helps drive efficiencies. The company, which revealed in January that it was to axe almost 8,000 workers and contractors globally as part of a cost-cutting plan, said alongside its second quarter results…

The City watchdog has provisionally banned former star fund manager Neil Woodford and fined him and his former fund company almost £46m. The Financial Conduct Authority (FCA) said it planned to prevent Mr Woodford from holding senior manager roles and managing funds. The watchdog also aimed to fine him £5.89m and Woodford Investment Management (WIM)…

Permission for the first vertical space launch from UK soil by a British rocket company has been granted by the air safety regulator. The licence from the Civil Aviation Authority (CAA) gives Glasgow-based Skyrora the green light to launch its Skylark L rocket from the SaxaVord Spaceport in the Shetland Islands. “Skyrora is proud to…

👉 Listen to Sky News Daily on your podcast app 👈 If you bought a car as far back as 2007 with a loan organised through your car dealership, you could be eligible for a payout. The regulator, the Financial Conduct Authority, is consulting on a compensation scheme – and it’s thought up to 40%…

Asher Bird spends just 12.5% of his earnings on rent and utilities each month. He has an investment portfolio, money goals and a trusty financial planning diary. But he’s not a millionaire – he’s a seven-year-old. “I didn’t grow up with a whole lot of financial education and so going out into the real world,…

Asda is in talks about a £400m deal to offload some of its supermarket real estate assets to a giant investment house as it looks to plough more funding into its turnaround plans. Sky News has learnt that Blue Owl Capital, the New York-listed asset management group, has emerged as the frontrunner to buy roughly…

Tesla’s board has signed off a $29bn (£21.8bn) share award to Elon Musk after a court blocked an earlier package worth almost double that sum. The new award, which amounts to 96 million new shares, is not just about keeping the electric vehicle (EV) firm’s founder in the driving seat as chief executive. The new…

Bank stocks have enjoyed a boost as traders digest the Supreme Court’s ruling on the car finance scandal. Some of the country’s most exposed lenders, including Lloyds and Close Brothers, saw their share prices jump by 7.55% and 21.62% respectively. It came after the court delivered a reprieve from a possible £44bn compensation bill. Money…

Martin Lewis says motorists who were mis-sold car finance are likely to receive “hundreds, not thousands of pounds” – with regulators launching a consultation on a new compensation scheme. The founder of MoneySavingExpert.com believes it is “very likely” that about 40% of Britons who entered personal contact purchase or hire purchase agreements between 2007 and…

Thousands of motorists who bought cars on finance before 2021 could be set for payouts as the Financial Conduct Authority (FCA) has said it will consult on a compensation scheme. In a statement released on Sunday, the FCA said its review of the past use of motor finance “has shown that many firms were not…