Business

The extraordinary, unprecedented and largely unexplained flows of millions of pounds of British luxury cars into states neighbouring Russia continued in February, according to new official data. Some £26m worth of British cars were exported to Azerbaijan in February, according to data from HM Revenue & Customs. The numbers show that in the latest quarter

On today’s episode, Ian King reveals Tesla’s plans to introduce new vehicle models before the second half of next year as Elon Musk’s company reports a dip in sales and net profits. He gets reaction from Daniel Ives, Managing Director at Wedbush Securities. Lloyds Banking Group also reports a dip in profits. Plus, Ryanair’s chief

Tesla’s quarterly revenue has dropped for the first time in almost four years, according to financial result filings, demonstrating why the electric carmaker is cutting prices further along with its cost base. The company, founded and run by Elon Musk, reported revenues of $23.3bn over the first three months of the year, its first quarter.

Bitcoin’s rare halving event has taken place, according to crypto analysis firm CoinGecko. It slashes the number of new Bitcoin entering the market by cutting the rewards earned by Bitcoin miners by 50%. Taking place roughly every four years, it’s designed to cap supply at 21 million by 2140. It means just 450 Bitcoin will

Tesla has recalled more than 3,800 of its Cybertruck models following complaints that the accelerator pedal is at risk of getting stuck, US regulators have announced. The National Highway Traffic Safety Administration (NHTSA) had contacted the carmaker, founded and run by Elon Musk, about the issue earlier in the week. That was after a video

The average cost of car insurance in the UK is now more than £900 according to one comparison website – that up 43% over the space of one year. Ian’s joined by Steve Dukes, Chief Executive of Confused.com to discuss what it means for premiums and payouts. Music investment company Hipgnosis has agreed to a

The price of everyday things - mainly food - is now rising at the lowest level since 2021.   Official data shows inflation eased last month to 3.2% – down from 3.4% – but the fall was slightly less than economists expected. On the Daily, Niall Paterson looks at what’s going on with inflation and what it might mean

Flights arriving into Dubai airport – the world’s busiest for international travel – are being temporarily diverted this evening to other locations as the city-state is hit by major flooding after heavy rainfall. More than 120mm (4.7 inches) of rain came down on Tuesday, which is the typical yearly average in the desert nation –

The FTSE-250 engineering services company John Wood Group is facing fresh calls to launch a strategic review almost a year after the collapse of a £1.7bn takeover bid. Sky News has learnt that Sparta Capital Management has written to Wood chairman Roy Franklin to urge him to explore a US listing or a sale of

Tesla is cutting 10% of its global workforce in a bid to reduce costs and bolster productivity, it has been reported. The electric vehicle maker, founded and run by Elon Musk, was yet to comment on a story earlier on Monday by Electrek that it was to axe about 15,000 personnel. The tech publication said

China ramped up coal power capacity last year, according to new analysis, despite a pledge to “strictly control” the dirtiest fossil fuel. The country added 47.4 Gigawatts (GW) of new coal power in 2023, more than double the amount added by the rest of the world combined. It raises concerns that gains in clean power,

Microsoft is set to open a new artificial intelligence hub in London – and is looking for “exceptional individuals” to work there. The hub will work on Microsoft products that use artificial intelligence (AI) and also carry out research into the technology. It will be based at the US tech giant’s offices in Paddington. The

eBay has dropped fees for the sale of second-hand clothing. The online marketplace has scrapped any charges for the sale of pre-owned clothes as of today, in an effort to keep garments out of landfill. This means it is now free to sell second-hand clothing through the site, even if it has never been worn

Administrators to The Body Shop are drawing up plans to launch a further restructuring process in a bid to salvage a future for one of Britain’s best-known high street brands. Sky News has learnt that insolvency practitioners at FRP Advisory have outlined proposals to launch a company voluntary arrangement (CVA) that would see The Body

House prices slipped by 1% in March following five consecutive months of growth, according to new figures from Halifax. The lender said affordability remained a challenge for potential buyers as recent declines in mortgage rates have stalled. It comes as financial markets become less optimistic about the timing and extent of interest rate cuts by

Google is considering charging users for “premium” internet search results powered by artificial intelligence (AI), according to a report. The tech giant is said to be exploring several ideas about how to use the technology, including incorporating enhanced search tools as part of its premium subscription services. Google‘s main search engine would remain free to

The price of oil has climbed following a Ukrainian drone strike on Russia’s third-largest refinery. The attack on the Taneco facility, in the province of Tatarstan, appears to have been Kyiv’s deepest strike inside Russian territory since the invasion of Ukraine more than two years ago. The strike on Tuesday started a fire which took

The new chief executive of beleaguered Dutch football club Ajax is facing the sack for alleged insider trading. Officials said they intended to fire Alex Kroes after it emerged he bought more than 17,000 shares in the club just a week before his appointment to the role was announced last August. “The supervisory board sought

Energy bills are projected to fall by less than expected this summer and autumn due to an increase in wholesale prices, according to a closely-watched forecast. The energy price cap projection in both quarters – July to September and October to December – has risen by around 7% since predictions made last month. This means

High margins for fuel retailers may mean drivers are still paying over the odds at the pump, according to the competition regulator. In a monitoring report, following its fuel market study of 2022, the Competition and Market Authority (CMA) said fuel margins – the difference between what retailers pay for their fuel and the price