Business

Defence and aerospace technology firm Meggitt has agreed a £6.3bn takeover deal by US firm Parker-Hannifin. The FTSE 250 company confirmed an offer from the US engineering technology giant valuing Meggitt at 800p per share. It said the move represents a 70% premium on the share value of the company at the end of trading

A former Unilever executive is being lined up to take the helm of the Whitehall agency which oversees taxpayers’ interests in businesses including the Post Office, NatWest Group and Channel 4. Sky News has learnt that Vindi Banga, who sits on the board of GlaxoSmithKline and chairs the cancer charity Marie Curie, is expected to

There are fears “many thousands” of people will lose their jobs as the furlough scheme is gradually phased out – and the government is being urged to ensure those made redundant are given help to retrain. Changes from today mean employers will be asked to contribute 20% towards the salaries of those whose wages are

An electric vehicle (EV) manufacturer backed by Amazon and Ford is in talks with ministers about building a giant factory in the UK that could include a big state support package. Sky News has learnt that Rivian, which is also backed by the Ford Motor Company and many of the biggest investors in Silicon Valley,

The UK is “closing in on” striking an agreement in principle with New Zealand, the international trade secretary has said. Liz Truss said “great progress” had been made in the sixth round of discussions between the two sides, which took place from 19 to 30 July. “We’re closing in on an agreement in principle, with

Up to a quarter of supermarket milk deliveries by the UK’s biggest dairy supplier have been unable to get through because of a shortage of lorry drivers. Speaking to Sky News, managing director of Arla Foods UK Ash Amirahmadi warned of a “summer of disruption” unless bold action is taken by the government to tackle

NatWest has restored shareholder dividends after swinging back into profit, significantly beating expectations. The state-backed bank posted a pre-tax profit of £2.5bn for the six months to June, compared with a loss of £770m the year before. It makes NatWest the latest bank to smash forecasts, following on from both Barclays and Lloyds earlier this

The US economy has recovered to surpass its pre-pandemic peak according to official figures – though growth was slower than expected in the latest quarter. Robust consumer spending fuelled by vaccinations and government stimulus helped gross domestic product (GDP) grow at an annualised rate of 6.5% in the April-June period, according to the bureau of

The competition watchdog has imposed fines totalling £100m in the latest case of so-called price gouging that saw patients lose access to a free drug on the NHS. The Competition and Markets Authority (CMA) found that pharmaceutical company Advanz charged “excessive and unfair prices” for supplying liothyronine tablets, which are used to treat thyroid hormone

Travel bosses have hailed the loosening of COVID rules for US and EU travellers as a move that would “get global Britain back in business”. Shares in British Airways owner International Airlines Group rose more than 3% while there were also rises for easyJet, Ryanair, Tui and engine maker Rolls-Royce. Cruise operators Carnival and Saga

Airlines are putting pressure on the government to exempt fully-vaccinated Americans and EU visitors from quarantine on their arrival to the UK. Amid widespread reports ministers could announce such a move as early as Wednesday, British Airways and Virgin Atlantic – as well as Heathrow Airport – have claimed a recent trial demonstrates how international

Morrisons’ largest shareholder has said it is “not inclined” to back a £6.3bn takeover deal agreed by the supermarket’s board. Investment firm Silchester, which holds a 15.1% stake in the group, said the board should allow more time for offers to emerge that might better the bid from the consortium led by Fortress Investment Group.

Tesla has shrugged off the global chip shortage to notch up quarterly profits of more than $1bn for the first time. The electric car maker led by Elon Musk said it achieved the milestone despite supply chain challenges as it “worked extremely hard to keep production running as close to full capacity as possible”. It

Kwasi Kwarteng, the business secretary, has ordered officials to launch a national security probe into the £2.6bn takeover of Ultra Electronics, a key supplier of military technology, by Cobham, the former London-listed defence group. Sky News has learnt that Mr Kwarteng has told civil servants at the Department for Business, Energy and Industrial Strategy (BEIS)

Ryanair has raised its passenger forecast following a recovery in summer bookings but reported a sharper first quarter loss, saying the coronavirus crisis “wreaked havoc” on Easter demand. Europe’s largest airline by passenger numbers said it now expected to fly between 90 and 100 million people in its current financial year to the end of

Zopa, one of Britain’s biggest digital financial services providers, is in talks with investors about a £100m capital injection that will put it on course to become the country’s latest fintech ‘unicorn’. Sky News has learnt that Zopa has hired JP Morgan, the Wall Street investment bank, to advise on what is expected to be