Business

A loyalty app which counts Barclays and Lloyds Banking Group among its shareholders has secured a £9m funding lifeline. Sky News understands that existing investors in Loyalty Angels, which trades as Bink, have agreed to provide £7.5m in new capital. They have also indicated that they will agree to underwrite a further £1.5m of investment,

Manchester United received a fresh Qatari bid overnight – as the battle to purchase the Premier League giants intensifies. Sheikh Jassim bin Hamad Al Thani made the offer after asking for a deadline extension on Wednesday. He joins Sir Jim Ratcliffe’s INEOS, who made his own second formal bid for the club, and comes after

The renowned activist investor Elliott Management is plotting a takeover of large chunks of Cineworld, the stricken London-listed cinema operator. Sky News has learnt that Elliott is interested in acquiring Cineworld’s operations in eastern Europe and Israel. While Elliott is also understood to have explored a bid for the whole of the ailing group, its

The company behind a group of well-known outdoor sports clothing brands is racing to find a buyer months after the collapse of a deal to reverse it into a London-listed cash shell. Sky News has learnt that FRP Advisory, the professional services firm, has been drafted in to find a buyer for Internet Fusion Group

It is another “risk off” day in the jargon for stock markets in Europe. Banking stocks, in particular, are falling out of bed. Shares of Deutsche Bank and Commerzbank, Germany’s two largest lenders, have fallen at their worst by 13% and 8% respectively while BNP Paribas and Societe Generale, the first and third-largest banks in

Millions of mobile phone and internet users are facing a price increase of 17.3% on their bills in just a week’s time. Every April, many broadband and mobile firms raise their prices in line with the Consumer Price Index (CPI) plus an additional 3-3.9%. As these price rises are often applied mid-contract, people either have

British billionaire Sir Jim Ratcliffe and his chemicals firm INEOS have submitted a revised bid for Manchester United, Sky News has been told. It comes after the deadline for bids was extended on Wednesday. Qatar‘s Sheikh Jassim bin Hamad and Sir Jim had both submitted requests for more time to fine-tune their submissions ahead of

There was some unexpected good news buried in the documents released by the Bank of England alongside its interest rate decision today. Only a month ago the Bank had expected that the UK would face a technical recession this year with the economy shrinking in the first and second quarters of the year (a formal

Striking Amazon workers have vowed to step up industrial action following an “insulting” new pay rise. It comes after Amazon announced on Wednesday that it will increase the minimum starting salary of its UK workforce by at least 50p to between £11 and £12 per hour from April. The company said the exact amount will

Delivery giant Just Eat has announced it is to axe 1,700 jobs as it ceases to employ its delivery riders and drivers. The service said it will use entirely gig economy workers to deliver food in the UK, as opposed to the hybrid system of employees and self-employed workers. Delivery staff have been given six

The rate of inflation has taken a surprise leap, driven by a rising cost of alcoholic drinks in pubs and food – partly a consequence of the recent salad shortage. The Office for National Statistics (ONS) calculated the consumer prices index (CPI) measure of inflation at 10.4% over the 12 months to February. That was

A Swiss regulator’s decision to prioritise shareholder value over certain bondholders in the forced takeover of Credit Suisse could result in legal action, a law firm has warned. Quinn Emanuel Urquhart & Sullivan said a call for so-called AT1 bondholders would likely be held on Wednesday. Holdings worth £14bn were wiped out under terms of

As many as eight bids could be made for Manchester United before Wednesday’s deadline for second offers, it is understood. The Glazer family will definitely sell the club, but only for the right price – with £6bn believed to be their valuation. If their asking price is not met, the owners will raise capital to

Virgin Orbit has begun drawing up detailed contingency plans for its insolvency days after halting its operations and furloughing its workforce. Sky News has learnt that the commercial space satellite venture founded by Sir Richard Branson‘s Virgin Group is working with Alvarez & Marsal (A&M) and Ducera, two restructuring firms, on fallback plans in the

UBS will take over Credit Suisse in a deal aimed at stemming what was fast becoming a global crisis of confidence. Credit Suisse, the 167-year-old embattled lender had been brought to the brink of financial calamity last week, despite securing a $54bn (£44bn) credit line from Switzerland’s central bank. The credit line was agreed in

The retail giant John Lewis may dilute its 100% employee ownership to raise fresh investment. The change to the partnership model would signal a major departure for the company, which runs the department store chain and Waitrose supermarkets. The firm warned of job cuts and told staff it will not hand out a bonus for