American consumers faced rising prices last month but the pace of that rise has slowed, according to official figures released on Wednesday. The US Department of Labor said that consumer prices were up 0.5% from June to July, compared with the previous monthly increase of 0.9%. Compared with the same time last year, however, they
Business
The John Lewis Partnership says it is to create 500 new jobs as it takes control of a massive distribution centre to meet an expansion in online sales. The owner of the John Lewis department store chain and Waitrose supermarkets said it had signed an agreement with Tesco to lease a one million sq ft
The battle for British pharmaceutical firm Vectura will not go to auction, after one of the two hopefuls said at the last minute that it would not increase its bid. US private equity firm Carlyle had made the first move for the Wiltshire-based FTSE 250-listed firm, which makes inhaled medicines and devices to treat respiratory
A top figure in the haulage industry has told Sky News that deploying army personnel to help tackle the HGV driver shortage “will not scratch the surface” of the UK’s delivery crisis. A Government spokesperson said: “The recent pandemic has proven that the UK has a large, diverse and highly resilient food supply chain that
Retail sales continued to grow in July when compared with the same month last year – although they are still below pre-pandemic levels. Total sales in July were up 6.4% on a year ago, with online sales growing at a rate of just 0.6% compared to the 41% jump seen a year ago when coronavirus
Global oil prices took a further pounding on Monday as the market ponders the chance of a coronavirus-driven slump in demand in the world’s second-largest economy. Analysts cited a toxic cocktail of reasons for the latest sell-off, which first surfaced at the end of last month. The international benchmark, Brent crude, suffered its worst weekly
One of Britain’s biggest convenience store groups is plotting a £30m cash call to accelerate the expansion of its partnership with Morrisons, the supermarket giant. Sky News has learnt that McColl’s Retail Group has approached institutional investors about a placing to raise almost as much as its existing £40m market capitalisation. McColl’s could be forced
Sir Richard Branson’s Virgin Atlantic Airways is plotting a surprise flotation on the London Stock Exchange as it pins its hopes on a rapid rebound in transatlantic travel. Sky News has learnt that Virgin Atlantic has been holding talks with institutional investors about making its public market debut just five months after landing a fresh
Jobs growth in the US exceeded expectations last month while unemployment fell in a further sign the economy continues to bounce back from the turmoil of the coronavirus pandemic. So-called nonfarm payrolls increased by 943,000 in July, official employment figures showed, which was above the 860,000 forecasted by economists. Hotels and restaurants reopening for business
Football Manager players will no longer be able to manage ‘Manchester United’, following a settlement between the club and the games developer Sports Interactive. Instead, from FM22 onwards, the Manchester United football club will be renamed “Manchester UFC” or “Man UFC”, the games maker announced on Friday. Fans of the game and the club have
A takeover bid for the supermarket chain Morrisons by a private equity-backed consortium has been increased to £6.7bn following speculation of a rival offer. The group led by Fortress Investment Group has increased its previous financial pitch for the Bradford-based grocer, which had been agreed by management, by £400m. It said it upped the offer
The creators of the long-running and often controversial cartoon South Park have penned a new deal to bring 14 more movies to screens. Matt Stone and Trey Parker have also seen their show renewed through to a 30th season in a deal thought to be worth about $900 million (£650 million). The pair will make
Andrew Bailey is about to go on holiday. But as the Bank of England governor’s mind turns to writing postcards, he knows he will soon be sending a more austere note to Rishi Sunak. If inflation exceeds the Bank’s target rate of 2% by more than one percentage point in either direction, the governor is
The Bank of England has warned inflation will increase further this year to double the target rate, but insisted rising prices will only be temporary as it kept interest rates on hold. The monetary policy committee (MPC) also kept in place measures to support the economy, despite some calls for them to be cut to cool
A row has broken out over the “naming and shaming” of companies which fail to meet minimum pay rules, with the John Lewis Partnership (JLP) understood to be furious after it was identified as an offender. The Department for Business (BEIS) released a list of 191 firms it wanted to publicly call out for failing
Britain’s economy continues to rebound but is losing some of the earlier momentum in the face of inflationary pressures, fresh figures indicate. Growth among UK service companies, which make up the lion’s share of UK economic output, slowed to its lowest levels since March although is still strong, according to an influential poll. The sector
A UK businessman with precious stock on the container ship Ever Given has spoken of his relief that the ship has finally arrived in the UK, four months later than scheduled. The vessel, one of the largest of its kind in the world, docked at Felixstowe to offload cargo following one of the most extraordinary
Young people benefit from being in the office, Chancellor Rishi Sunak has said, as he highlighted its positive influence on his own early career. Stressing the value of being physically in the workplace, the cabinet minister doubted he would have forged the links with mentors who had helped him if he had relied on Teams
Fewer contacts of people with coronavirus will be told to isolate by the NHS COVID-19 app after an update today. The “logic” which underpins how close contacts are identified and notified will be changed following a review into the NHS COVID-19 app by the health secretary, the Department for Health and Social Care says. Live
Defence and aerospace technology firm Meggitt has agreed a £6.3bn takeover deal by US firm Parker-Hannifin. The FTSE 250 company confirmed an offer from the US engineering technology giant valuing Meggitt at 800p per share. It said the move represents a 70% premium on the share value of the company at the end of trading