FTSE 100 Suffers Worst Week In Three Years

More than £110bn has been wiped off the value of Britain's leading companies as the FTSE 100 suffered its worst week in three years. The index closed down 161.07 points on Friday, a loss of 2.49%, making an overall drop of 6.6% since Monday - the...

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Treasury To Unveil 'Landmark' Bank Agreement

By Mark Kleinman, City Editor Ministers will next week hail a "landmark" deal with Britain's nine biggest lenders to offer millions of consumers a new fee-free basic bank account. Sky News has learnt that the Treasury will announce on Monday that...

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UK Flights Chaos After Traffic Control Glitch

More than 100 flights have been cancelled and many others delayed after a major computer failure grounded planes in London and the South. A glitch at the state-of-the-art UK air traffic control centre headquarters in Swanwick, Hampshire, caused severe...

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Russia Raises Interest Rate Amid Economic Woes

The Bank of Russia has increased its key interest rate to 10.5%, to help spur the economy amid sanctions and sliding oil prices. The bank raised the rate from the previous figure of 9.5%. It confirmed it would also continue to raise the rate even...

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MPs Summon FCA Bosses Over Insurance Probe

By Mark Kleinman, City Editor Two City watchdog executives who were criticised on Wednesday over the disclosure of a probe into the insurance industry are expected to give evidence on the crisis to a powerful panel of MPs. Sky News understands that...

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Water Bills To Fall By £20 Over Next 5 Years

Household water bills are to fall by around £20 over the next five years. The 5% drop, excluding inflation, would see average bills come down from £396 to...

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Miliband To Set Out Labour's Stall On Economy

By Jon Craig, Chief Political Correspondent Ed Miliband is to unveil a new policy to balance Britain's books in an attempt to repair the damage to his credibility when he failed to mention the deficit in his party conference speech. In a speech on...

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HSBC Sacks Top Foreign Exchange Trader

The London-based HSBC head of foreign exchange trading for Europe, the Middle East and Africa has been sacked. Stuart Scott was dismissed from his role on Tuesday, according to sources. HSBC declined to comment. The dismissal comes in the wake...

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Costa Coffee Sales Continue To Climb

The owner of the Costa coffee chain has seen its total sales rise by 17% in the last quarter. Whitbread said in addition to total sales rising by almost a fifth, UK like-for-like revenue was up 5.2%. The company added that it now remains confident...

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Athens Stock Exchange Drops 15% On New Fears

Athens Stock Exchange Drops 15% On New Fears We use cookies to give you the best experience. If you do nothing we'll assume that it's ok. Close The stock exchange in Athens is set for its biggest one-day fall since 1987 ...

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Tesco Refuses Executives Appeal Over Sacking

By Mark Kleinman, City Editor A number of senior managers who left Tesco after profits were overstated by £263m have been told by the retailer that they have no right to appeal over their departures. Sky News has learnt that Tesco has informed lawyers...

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Top Executives Quit Woodford Funds Venture

By Mark Kleinman, City Editor Two of the executives who were instrumental in backing Neil Woodford, the UK's best-known fund manager, have quit his asset management start-up less than a year after its launch. Sky News has learnt that Nick Hamilton,...

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Borrowers Could Handle Rate Rise, Says BoE

Home borrowers could handle rate rises, according to the Bank of England. Gradual increases would not have "unusually large effects" on household spending, it said. The bank does warn a rate rise to 2.5% would see the number of families struggling...

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Don't Panic: Bank Keen Not To Alarm Borrowers

Don't panic! That's the broad gist of the Bank of England's latest analysis on the impact of higher interest rates. And in case you were in any doubt, it has published a handy infographic explaining precisely why not. If interest rates rose by 2%,...

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Tesco Issues Full-Year Profit Warning

Struggling supermarket giant Tesco has issued a profit warning, and said full-year results would be some 30% below expectations. In a trading update, Britain's biggest grocer said profit to the year ending February 2015 would not exceed £1.4bn. Previous...

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Bank's Warning To Families If Rate Rise Leaps

The number of families struggling to keep up with their mortgage payments could almost double when interest rates start rising again, the Bank of England is expected to warn. New research by the central bank estimates there are 360,000 UK households...

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Wonga Braces For FCA Cap With Lower-Cost Loan

By Mark Kleinman, City Editor Britain's biggest payday lender has begun secret trials of lower-cost loans just weeks before a deadline set by the City regulator to comply with a new crackdown on the industry. Sky News has learnt that Wonga has in...

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Nuisance Calls A 'Modern-Day Menace' - Report

Company bosses should be held accountable for nuisance calls made to customers, according to a Government task force. The expert panel said more than a billion unwanted calls are estimated to be made every year and are causing considerable distress...

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Treasury Heavyweight Leads Race For Ofcom Job

By Mark Kleinman, City Editor A top civil servant is in line to become the next head of the communications regulator Ofcom, Sky News can exclusively reveal. Sharon White, the Second Permanent Secretary to the Treasury, is understood to have been...

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Cable Intervenes In Premier 'Pay To Stay' Row

The Business Secretary is asking regulators to examine so-called "pay to stay" demands of suppliers to major firms. Vince Cable took to Twitter to denounce such practices as "wrong" in the wake of revelations the maker of Mr Kipling cakes and...

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US Jobless Rate Steady Despite Massive Hiring

US job creation smashed estimates last month with 321,000 new positions, although the jobless rate remained static. The Labor Department said it was the strongest monthly performance in almost three years and wages also increased - a development...

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