Business

The chief executive of Ofwat is to step down within months as Britain’s embattled water regulator prepares to be abolished by ministers. Sky News has learnt that David Black is preparing to leave Ofwat following discussions with its board, led by chairman Iain Coucher. The timing of Mr Black’s exit was unclear on Tuesday afternoon,…

Every week, we answer your financial problems or consumer disputes – you can email moneyblog@sky.uk with yours. Our latest problem, available to newsletter subscribers first, is from cjenk, who asks… My partner bought a nearly new car from a garage three months ago, it has since become undrivable with both the garage and the finance…

British Land, the FTSE 250 commercial property company, has hired lawyers to scrutinise rescue deals for the high street retailers Poundland and River Island. Sky News has learnt that Hogan Lovells, the City law firm, has been instructed by British Land to seek further information on restructuring plans that the two chains say are necessary…

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…