Business

The price of oil has hit a six-week high amid fears over the escalating conflict in the Middle East. The market value of the benchmark Brent crude increased to almost $80 (£61) a barrel on Monday, following last week’s gains of 9.1%. Israel’s actions against Hamas in Gaza, Hezbollah in Lebanon, the Houthis in Yemen

Israel is fighting on at least four fronts, threatening a war across the oil-rich Middle East, but there is no great sense of fear yet as far as financial markets are concerned. Israel’s actions against Hamas in Gaza, Hezbollah in Lebanon, the Houthis in Yemen and the ultimate sponsors of these groups, Iran, has proved

The managing director of Harrods has accused his former boss Mohamed Al Fayed of presiding over “a toxic culture of secrecy, intimidation, fear of repercussion and sexual misconduct”. Five women have alleged they were raped by Fayed, who died last year at the age of 94, with several others alleging sexual misconduct. In a written

Jaguar Land Rover (JLR) has revealed a further £500m investment in its Halewood plant on Merseyside to bolster future production of all-electric cars at the site. The country’s largest automotive manufacturer, which revealed plans in 2023 to produce the first emission-free model at Halewood in early 2025, is now targeting a timeframe later that year.

Police have arrested three people and seized more than £100,000 wrapped in nappies as part of an investigation into the sale of fake airbags. City of London Police carried out early morning raids in Leyton and Ilford, east London, seizing 500 counterfeit airbags and £140,000 in cash. Around £110,000 was hidden in nappies in a

The UK’s public sector debt has hit 100% of the value of the country’s annual economic output for the first time since the 1960s, according to official figures released ahead of the chancellor’s maiden budget. The Office for National Statistics (ONS) said, in a preliminary estimate, that the figure had risen from the 99.3% figure

One of the City’s most prominent fund management groups is heaping fresh pressure on the environmental record of Britain’s water industry by calling for suppliers to take steps to curtail the spread of antimicrobial resistance (AMR). Sky News understands that Royal London Asset Management (RLAM), which manages £169bn in assets, is calling on the UK’s

The gap between how much money the state takes in and its spending will triple in the next 50 years, according to independent forecasters. Public debt will rise due to an ageing and ill population as well as climate change, the fiscal watchdog the Office for Budget Responsibility (OBR) has said. The ratio between debt

Manchester United’s losses grew to £113.2m last season due to the cost of selling a stake to Sir Jim Ratcliffe and investment in players failing to translate into Premier League success. It followed net losses in the previous two years of £28.7m and £115.5m, putting a spotlight on the club’s compliance with football’s profit and

A bid for The Daily Telegraph spearheaded by the owner of The New York Sun has raised the extraordinary possibility of a return to the British newspaper group for Conrad Black, its former proprietor. Sky News can reveal that Lord Black – who is listed as a contributing editor to and founding director of the

A slump in oil prices could lead to further reductions at the fuel pumps but any benefit risks being stripped away next month as the chancellor seeks ways to bolster the public finances. A barrel of Brent crude, the international benchmark, slipped below $70 for the first time since December 2021 on Tuesday afternoon. The

The European Court of Justice has ordered Apple to pay $13bn (£11bn) in back taxes to Ireland following the conclusion of a long-running legal fight that the country did not bring. The European Commission brought the action in 2016, to the fury of both Apple and Ireland‘s government, on the grounds that the EU member

Roughly £5.5bn of potential state revenue has been lost due to tax evasion, according to the government spending watchdog. The vast majority of evasion took place in small businesses which can “easily exploit” weaknesses in government systems, the National Audit Office (NAO) said. But the body that collects tax – HM Revenue and Customs (HMRC)

More than 100 Body Shop stores have been saved from closure after a deal was struck to rescue one of Britain’s best known high street chains. The well-known retailer was bought out of administration by a consortium led by “Cosmetics King” Mike Jatania. The millionaire tycoon’s investment firm Aurea announced the completion of the acquisition

GE, one of the world’s best-known conglomerates has swooped to buy a British climate technology start-up in its quest to reduce the aviation industry’s environmental impact. Sky News has learnt that GE Aerospace has struck a deal to buy Satavia, a Cambridge-based company which helps to mitigate the warming effect of aircraft contrail clouds. Founded

The number of mortgages approved reached a near two-year high, according to Bank of England figures, as hopes of cheaper borrowing encouraged would-be buyers. Mortgage approvals increased to 62,000 in July, a level not seen since September 2022, a sign that buyers were waiting for hopes of reduced interest rates and the associated lower mortgage

House prices are now growing at the fastest annual rate in nearly two years, the UK’s largest building society has said, with rises expected to continue. In the year up to August, houses became 2.4% more valuable with the average property costing £265,375, according to Nationwide. But prices are still below the all-time highs recorded

The government will not defend the legal challenges brought against plans to develop the UK’s largest untapped oil and gas field and a second North Sea site. Rosebank, 80 miles west of Shetland, contains around 300 million barrels of oil and is the UK’s last major undeveloped oil site. It is twice the size of

The owner of Ted Baker will on Wednesday announce that it has struck a deal with an American group to re-establish an online presence in the UK, days after its remaining retail stores were shut for good. Sky News has learnt that Authentic, which has owned Ted Baker since 2022, has struck a deal with

Brazil has awarded special protected status to Scotch whisky – with the UK’s trade secretary toasting the decision by visiting a distillery in Scotland. Brazil legally recognised Scotch whisky during the UK’s pre-election period in June and the move is expected to give distillers better access to South America’s largest economy. The Department for Business