Malaysia Airlines Offers Passenger Refunds

Malaysia Airlines is to refund fares for passengers no longer wishing to travel on the carrier, Sky News has confirmed. Previously booked passengers due to fly up to and including July 25 can seek a refund without incurring any penalty. The decision...

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Shire Agrees To £32bn AbbVie Takeover Deal

The board of UK drug firm Shire has agreed to a £32bn takeover deal by American rival AbbVie, it has been confirmed. Shire said the merger would see its shareholders entitled to £24.44 cash for each share. The announcement comes on the deadline day...

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Top City Banker To Pay £450,000 FCA Penalty

By Mark Kleinman, City Editor One of the City's top financiers is poised to pay a £450,000 fine after deciding to accept a market abuse ruling by the Financial Conduct Authority (FCA). Sky News understands that Ian Hannam, a banker who became known...

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Microsoft Cuts 18,000 Jobs In Nokia Cull

Microsoft has confirmed plans to "eliminate" up to 18,000 jobs worldwide as part of efforts to simplify the company's operations and cut costs. The announcement was made in an email to staff entitled 'Starting to Evolve Our Organization and Culture'...

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Bestway To Buy Co-op Pharmacy Arm For £620m

The embattled Co-operative Group has agreed to sell its pharmacy division to Bestway for £620m. In a statement, the Co-op said the sale would be completed in October, following the successful separation of the division from the parent group. The sale...

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Retail Banks Face Competitiveness Probe

The competition watchdog has confirmed it is consulting on a provisional decision to launch an in-depth investigation into the retail banking sector. The Competition and Markets Authority (CMA) said essential parts of the UK market lack effective competitiveness....

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Real Madrid Tops Sports Teams Rich List

European football clubs continue to dominate a rich list of world sport teams, with Champions League winners Real Madrid in the top spot. According to the annual Forbes list, the Spanish side is worth $3.44bn (£1.75bn) having reached the semi-finals...

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Shale Gas Terminal 'Saves' Grangemouth

The owners of the Grangemouth terminal, threatened with closure last year, say its future has been secured by a Goverment loan to help build a shale gas facility. Ineos says the promise of £230m  would allow it to raise funds to invest...

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Liberty Global Swoops For BSkyB's ITV Stake

By Mark Kleinman, City Editor The owner of Virgin Media has confirmed its purchase of a minority stake in ITV in a deal that seals BSkyB's effective exit from an investment made nearly eight years ago. In a statement to the London Stock Exchange,...

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Banks Summoned Over 'Doomsday' Stress Tests

By Mark Kleinman, City Editor Britain's biggest lenders have been summoned to the Bank of England (BoE) as the industry prepares to undergo a searching test of its ability to withstand a sterling and housing market crash. Sky News has learnt that...

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China GDP Growth Accelerates To 7.5% In Q2

The Chinese economy is showing signs of accelerating again after its slowdown from the double-digit GDP growth of the past decade. Targeted stimulus measures were being credited by analysts for 2% growth in the second quarter - giving the country a...

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Watchdog Warning On Price Comparison Sites

Some price comparison websites are failing to meet regulatory standards, according to the Financial Conduct Authority (FCA). The City regulator found operators in the general insurance sector, which includes property and vehicle cover, were not meeting...

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MPs Demand £22bn In Unpaid Debts Be Collected

A report by MPs has slammed the Government for failing to chase down at least £22bn of debts owed to the Treasury. The Public Accounts Committee was reacting to an earlier study by the National Audit Office which calculated, that of March last year, £15bn was...

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IFS: Recession Has Hit Young Adults Hardest

Young people have "borne the brunt of the recession" with their pay and job prospects hit much harder than older generations, a leading economic think tank has said. The Institute for Fiscal Studies (IFS) found that among those aged 22-30 household...

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Payday Loan Caps To Cut The Cost Of Borrowing

The City regulator is to impose caps on payday loans from January to tackle abuses in the quick-credit market, in a move set to cost the industry 42% of its annual revenue. The headline measure was a limit in the overall cost of a loan, which the Financial...

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Energy Complaints Soar To All-Time High

Ofgem's Energy Market Probe 'Will Restore Trust' Updated: 1:22pm UK, Thursday 26 June 2014 Ofgem has announced an investigation in the energy market, to ensure there are no barriers to effective competition. The regulator said it has referred the...

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£1.1bn To Fight Terror And Cyber Threats

RAF's New Fighter Jet Misses Air Show Debut Updated: 5:11pm UK, Sunday 13 July 2014 By Alistair Bunkall, Defence Correspondent The Royal Air Force's expensive new fighter jet has failed to make its long-awaited UK debut after a fire grounded the...

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Shire 'Welcomes Higher Abbvie £31.3bn Bid'

The board of London-listed pharmaceutical firm Shire confirmed on Monday it had entered "detailed" discussions with US firm Abbvie after receiving an improved takeover offer of £31.3bn. Shire said it was ready to recommend a deal which would value...

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Shareholders Slam £23m Burberry Boss Pay Deal

More than half of shareholders at the annual general meeting (AGM) for luxury retailer Burberry have rejected a pay deal worth up to £23.6m for the chief executive. Some 52% of votes cast in the non-binding ballot did not support the remuneration report...

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Cable Plots Tougher Foreign Takeover Rules

By Mark Kleinman, City Editor Vince Cable is to set out new proposals to force buyers of key British companies to make watertight commitments aimed at protecting jobs and research budgets. The Business Secretary is expected to detail plans that...

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Chinese Takeaway For £900m PizzaExpress Chain

Cable Plots Tougher Foreign Takeover Rules Updated: 12:07am UK, Sunday 13 July 2014 By Mark Kleinman, City Editor Vince Cable is to set out new proposals to force buyers of key British companies to make watertight commitments aimed at protecting...

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