Business

J Sainsbury, Britain’s second-biggest supermarket chain, is in advanced talks to sell its banking arm nearly a year after kicking off an auction of the division. Sky News has learnt that the grocer is nearing an agreement to sell Sainsbury’s Bank to Centerbridge Partners, a US-based private equity firm. The discussions are said to be

The UK food and drink sector has called for a temporary visa class to be established for urgently required workers, such as lorry drivers. A new cross-industry report has urged the government to institute a so-called COVID-19 Recovery Visa that would last for 12 months, in order to help alleviate the workforce shortages that are

A former adviser to Boris Johnson is drawing up plans to list a new infrastructure investment company tied to his ambition to lead a consolidation drive in Britain’s vast corporate pensions sector. Sky News has learnt that Edi Truell’s Pension SuperFund (PSF) is pursuing the flotation of a long-term assets vehicle that could, over time,

The spending limit for contactless payments will increase to £100 from 15 October, the government has said. Currently, contactless spending is capped at £45, allowing shoppers to pay by tapping their card and without entering a PIN. The decision to raise the limit was made by the Treasury and the Financial Conduct Authority following a

Labour shortages at meat processing plants have resulted in a surplus of 70,000 pigs on farms, the industry’s trade body has warned. The surplus is growing by 15,000 a week and farmers are weeks away from having to destroy perfectly healthy pigs, according to Zoe Davies, chief executive of the National Pig Association. It is

Virgin Money, one of Britain’s biggest retail banks, is to close its charitable giving arm in a cost-cutting move that risks a backlash from fundraisers across the country. Sky News has learnt that the company plans to announce next week that it has decided to close Virgin Money Giving, 12 years after it was set

UK car production fell to its lowest July level in 65 years last month thanks to the global chip shortage and the “pingdemic”, industry figures show. Just 53,438 vehicles rolled off production lines in Britain, down by 37.6% on last year, according to the Society of Motor Manufacturers and Traders (SMMT). It represented the worst

The UK’s competition watchdog has warned PCR test providers to “immediately review their practices” or face enforcement action if they treat customers unfairly. In an open letter, the Competition and Markets Authority (CMA) warns companies within the sector that their actions could breach consumer protection law and suggests the Department of Health and Social Care

Takeaway delivery platform Just Eat has announced plans to create more than 1,000 customer service roles at its new office near Sunderland. The company, which is part of the Amsterdam-based Just Eat Takeaway group, is bringing work in-house that was previously outsourced to third party operators in Bulgaria and the Philippines. It said it had

McDonald’s has been forced to pull milkshakes and bottled drinks from its menu due to supply chain issues, it said in a statement on Monday night. The fast food chain, which operates some 1,300 restaurants across the UK, has become the latest victim of supply chain disruptions that are currently roiling England, Scotland, and Wales.

The government has given UK firms an extra year to comply with post-Brexit product safety marking rules after pressure from business groups. Companies had faced a 1 January 2022 deadline to switch from Europe’s CE mark to the new UK conformity assessed (UKCA) standard for most products but this will be pushed back to 2023.

Shares in supermarket giant Sainsbury’s surged on Monday morning following reports that US private equity firm Apollo was considering a bid of more than £7bn for the chain. The supermarket’s stock jumped more than 10% in early trading as the market digested the news, first reported in The Sunday Times. Private equity firms are currently

An online marketplace which counts one of Britain’s most prominent retail executives among its backers is to join rush of technology companies listing on the London Stock Exchange. Sky News has learnt that Fruugo, which was founded in 2006, is preparing to launch an initial public offering (IPO) as soon as this autumn. Bankers from

John Flint, the former HSBC Holdings chief executive, is in talks with Whitehall officials about becoming the inaugural boss of the government’s new £22bn UK Infrastructure Bank (UKIB). Sky News has learnt that Mr Flint, who left HSBC two years ago, is among the leading candidates to run the new lender. The UKIB has been

The $40bn takeover of UK chip designer Arm Holdings by US tech giant Nvidia faces an in-depth probe after regulators found the deal could weaken rivals and stifle innovation. Britain’s Competition and Markets Authority (CMA) said it could ultimately mean more expensive or lower quality products in cutting edge technologies. These include fields such as

During the last 17 months we have become almost inured to the terrifying increases in government borrowing incurred in grappling with the pandemic. The government borrowed £303bn during the 2020-21 financial year, a peacetime record, equivalent to 14.5% of UK GDP. Yet something interesting has been happening during the current financial year. Please use Chrome

Shares in Marks & Spencer have surged after it bumped up its profit outlook following “encouraging” sales – but admitted stores are still struggling to recover after lockdowns. The retailer pointed to clothing and home sales – increasingly made online – bouncing back to just below pre-pandemic levels as well as a big boost to

Retail suffered a washout last month as the end of the Euro 2020 tournament combined with wet weather were blamed for a sharp fall in sales. Experts also pointed to the likely impact of rising COVID-19 case numbers prompting people to self-isolate as well as the global chip shortages holding back computer and phone supply.

A £7bn bid for the supermarket chain Morrisons by US private equity firm Clayton Dubilier & Rice has been backed by the supermarket’s board, edging the company towards a takeover of the Bradford-based grocer. The offer by CD&R tops a rival bid by a private equity-backed consortium of £6.7bn, and is the latest development in

A leading cleaning products maker has warned of a profits slump as it counts the cost of higher raw material costs and HGV driver shortages. UK-based McBride, which makes own-label goods from detergents to dishwasher tablets on behalf of retailers, said it was starting to see “distribution challenges” – particularly in the UK and Germany.