Thames Water has won court approval to proceed with the next phase of securing a £3 billion emergency loan, with a hearing to seek approval from creditors scheduled for four days in the first week of February. The troubled utility told the High Court that without the loan it would run out of cash by … Read more
The Royal Mail group is set to pass into the hands of foreign investors, but the State will retain a “golden share” in the company. This means the the government will have to approve any key changes to Royal Mail’s ownership, head office location and tax residency. This is something the government does with companies … Read more
Closing statements are being presented to the Post Office Horizon IT inquiry and lawyers for key figures have submitted their final arguments. Ancient Post Office Boss Paula Vennells says in her own written statement posted online that she is “devastated” that information “was not shared with her” about the faulty Horizon IT system. It is … Read more
This is a crucial week for the water industry. Regulator Ofwat will make its “final determination” on Thursday on how bills will rise over the next five years. Before that, Britain’s largest company Thames water hopes to gain court approval for a £3bn bridging loan to avoid running out of cash in the spring. Together … Read more
The private equity firm surrounding Boots the Chemist’s parent company is assembling funding from a syndicate of banks for a possible buyout deal worth more than $10 billion. Sky News has learned that Sycamore Partners is arranging debt financing for a deal to buy Walgreens Boots Alliance, with Bank of America, JP Morgan and Wells … Read more
The economy remained in reverse gear in October, according to official figures covering the month before the government’s first budget. The Office for National Statistics (ONS) said output fell 0.1% following the 0.1% fall recorded the previous month. It was the first time since the COVID pandemic that the economy contracted for two consecutive months. … Read more
NatWest Group is to give its CEO a potential multi-million pound raise as it becomes fully privately owned again after almost 17 years in state hands. Sky News has learned that the chair of the bank’s remuneration committee, Lena Wilson, is consulting with major institutional shareholders over an overhaul of its board remuneration policy. Details … Read more
The Prime Minister and Chancellor were in sync as they reacted to the GDP figures released on Friday morning. “Disappointing,” said the Prime Minister’s spokesperson, echoing Rachel Reeves» the words two hours earlier. THE The British economy has contracted for one second monthcontracting by 0.1% in October. Money Blog: Latest Updates Please use Chrome browser … Read more
Another leading technology company is being swallowed up in a transatlantic takeover that will underline the scale of the raid on some of Britain’s most promising companies. Sky News has learned that Demica, one of the UK’s largest supply chain finance providers, has agreed a deal with FIS, the New York-listed tech giant, valued at … Read more
The publisher of the Daily Telegraph will offer hundreds of staff a £500 bonus this month as uncertainty over its ownership is expected to stretch into a third calendar year. Sky News saw an email sent on Thursday from Anna Jones, chief executive of Telegraph Media Group, in which she informed employees they would receive … Read more