Business

The water industry watchdog is probing payments to the bosses of a string of suppliers following the revelation that Yorkshire Water’s offshore parent company had handed its chief executive more than £1m in previously undisclosed fees. Sky News has learnt that Ofwat, which is to be abolished by the government in the coming years, wrote…

Consumer confidence has reached its highest point this year – driven by the Bank of England’s interest rate cuts. The long-running GfK Consumer Confidence Index shows an improvement in how Britons have felt about their personal finances over the past 12 months, as well as in the year ahead. August’s overall index score rose by…

The British-based bank Shawbrook is in talks to buy ThinCats, a lender to medium-sized businesses, in a deal worth about £180m. Sky News has learnt that the two companies are in exclusive discussions about a deal following an auction of ThinCats conducted by bankers at Fenchurch Advisory Partners. Sources said the exclusivity period was due…

The owners of New Look, the high street fashion retailer, have picked bankers to oversee a strategic review which is expected to see the company change hands next year. Sky News has learnt that Rothschild has been appointed in recent days to advise New Look and its shareholders on a potential exit. The investment bank’s…

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 –…