Business

The world’s largest offshore wind developer has scaled back development targets and announced hundreds of job cuts as the renewable industry struggles under the pressure of rising costs. Orsted, the company developing the Norfolk coast windfarm, Hornsea 3, also suspended shareholder payments in an effort to strengthen its balance sheet. In common with the industry

Videos have emerged of people driving Teslas while wearing what appear to be virtual reality headsets, with the US transport secretary issuing a warning. A video posted on X showed a Tesla driver who seemed to be gesturing with his hands while using Apple’s recently released Vision Pro headsets. The device, which was released last

Police investigating allegations of serious misconduct, including sexual assault, at the Confederation of British Industry (CBI) say they are “not able to progress further criminally” with 11 claims looked at to date. Sky News has learned that City of London Police currently has just one matter that officers are continuing to examine. The business lobby

Apple shares slumped in after-hours trading – driven by disappointing iPhone sales in China and a warning that future revenues will fall well short of expectations on Wall Street. The gloomy market reaction overshadowed an otherwise strong financial performance in Apple’s first fiscal quarter. In the three months to 30 December, the tech giant reported

In today’s episode, Ian King speaks with Dan Ives – managing director of the brokerage and advisory firm Wedbush Securities – to discuss Microsoft’s revenues and AI. Ian Johnston, global pharmaceutical correspondent at the Financial Times, discusses sales of popular weight loss drug ‘Wegvoy’, made by Novo Nordisk – as they say their sales almost

Facebook is 20 years old today. On 4 February 2004 Mark Zuckerberg launched ‘thefacebook.com’ from his Harvard dormitory. Two decades later, many users struggle to remember a time they weren’t scrolling through its news feed – or that of its social media sibling, Instagram. While allowing us to find long-lost friends and family, and supporting

Elon Musk must give up a compensation package awarded by Tesla’s board of directors that is potentially worth more than $55bn (£43.4bn), a judge has ruled. The Delaware court decision comes five years after a shareholder lawsuit targeted the Tesla chief executive and the directors. The company is incorporated in the state, with oversight for

The slow-motion collapse of Evergrande, the world’s most indebted company, entered what is likely to be its final stage on Monday when a Hong Kong court ordered its liquidation. The property developer, which has more than $300bn worth of liabilities, has been approaching this point ever since, in December 2021, it first missed a bond

A Hong Kong court has ordered the liquidation of China Evergrande, the real estate firm with more than $300bn (£236.1bn) of debts, amid deepening fears for the territory’s wider corporate health. Justice Linda Chan ruled Evergrande had been unable to offer a concrete restructuring plan to creditors – more than two years after defaulting on

A promise by the incoming National Lottery operator to slash the price of a ticket from £2 to £1 is under review. Allwyn has also said delayed plans for new draw-based games will impact sales and the amount of money it can give to good causes in the early part of its 10-year licence. The

Just three weeks into 2024, one of the most eye-catching developments in financial markets has been a surge in issuance of corporate debt – the activity by which companies raise money selling bonds to investors. According to data from London Stock Exchange Group, investment-grade companies have issued $153bn (£120bn) worth of bonds this month, the

Manchester City have been overtaken in an annual global football club money ranking, with an old foe from Spain reclaiming the top spot. The 27th edition of the Deloitte Football Money League placed Real Madrid at the head of the pack for the first time since 2017-18, with Premier League clubs losing ground in the

On today’s show, we’ve got the latest reports about potential cutbacks at fund manager abrdn. Ian King speaks to Carina Namih, partner at Plural, about a new €400m (£342m) fund to back the next generation of start-ups. Yoko Spirig, co-founder and chief executive of Ledgy, discusses research showing almost three-quarters of UK tech companies would

Millions will be cut off from gas and electricity services this winter, as new research from Citizens Advice details the extent to which households are affected by the inability to afford prepayment power top-ups. The independent, state-funded advice service has said its advisers are helping more people than ever who cannot pay for energy. This

Google has started construction on a new $1bn (£789m) data centre in the UK, it has been revealed. The announcement was made at the World Economic Forum in Davos, where Chancellor Jeremy Hunt has been meeting company bosses as part of a bid to “champion British excellence in tech”. The new facility is to be

Samsung will integrate Google’s generative artificial intelligence (AI) technology into its next generation of Galaxy smartphones. The South Korean firm unveiled the S24 series and boasted of an array of new features powered by AI on Wednesday. “We will reshape the technology landscape, we will open a new chapter without barriers to unleash your potential,”

The annual rate of inflation has surprisingly risen, official figures show. The consumer price index (CPI) measure of inflation stood at 4% in the year to December, according to the Office for National Statistics (ONS). A fall, to 3.8%, had been expected by economists polled by Reuters. But instead inflation rose from 3.9% in the

A plan to boost the security of critical imports has been revealed by the government following a host of disruptions to global supply chains. The Department for Business and Trade said it had been working with key industry groups for several weeks to identify products the country could not do without and should be “safeguarded”.

A supplier of heat pumps and other domestic energy technology to European consumers has secured more than £100m of new funding, weeks after pledging to create thousands of jobs in Britain. Sky News understands that Aira Group, which was established by the founder of prominent battery start-up Northvolt, will say on Tuesday that it has

The world’s five richest men have more than doubled their fortunes to £688bn in three years – while the wealth of the poorest 60% has fallen, according to Oxfam. It says the first trillionaire could emerge within a decade but that poverty won’t be eradicated for 229 years. The charity’s report, Inequality Inc, comes as