Business

The British competition watchdog has blocked Microsoft’s bid to buy video game maker Activision Blizzard. The Competition and Markets Authority (CMA) stopped the $68.7bn (£55bn) deal due to concerns that it would stifle competition in the cloud gaming market. In its final report on Wednesday, the CMA said that the move was “the only effective

The Bank of England’s chief economist has urged people to accept they are poorer, warning that inflation risks remaining stubbornly high. Huw Pill told a podcast that people and businesses have responded to higher bills and costs by asking for higher wages or charging their customers more money. His remarks echoed warnings from Bank governor

The chief executive of Ted Baker is close to leaving the company six months after it was taken over by a giant American brands and entertainment conglomerate. Sky News has learnt that Rachel Osborne, who took the helm at the British retailer in the midst of a governance and accounting crisis in 2020, is expected

Renee Elliott, the founder of Planet Organic, is returning to spearhead a rescue deal for the supermarket chain she launched in 1995. Sky News has learnt that Ms Elliott has agreed to lead a takeover of Planet Organic in a deal expected to be finalised on Tuesday. City sources said she had assembled backing from

Prime Minister Rishi Sunak has been challenged by the chairman of Burberry over the scrapping of VAT refunds for tourists. Gerry Murphy, who heads the luxury retailer, said that the “spectacular own goal” had made Britain the “least attractive” shopping destination in Europe. The conversation took place at a Business Connect conference, which saw around

A former chief executive of Asda has sealed a rescue deal for an online butcher which counts Fortnum & Mason and Harrods among its customers. Sky News understands that Andy Clarke, who left the supermarket giant in 2016, has agreed a transaction to buy Farmison & Co, which collapsed into administration earlier this month. Mr

More than 20 ministers will attend a summit with corporate chiefs on Monday as Rishi Sunak attempts to mount a fresh private sector charm offensive. Sky News has obtained a full list of ministers who are due to attend Business Connect, an event being held at central London venue to discuss issues such as skills,

Some of Britain’s biggest companies are this weekend scrambling to fill the void left by the crisis at the CBI as they consider backing a new body being set up after talks with Conservative and Labour officials. Sky News has learnt that businesses from across a range of sectors including banking, insurance, retail and telecoms

A flood of companies announced they were either leaving the CBI or suspending their membership after a series of allegations of sexual misconduct against staff. The rush for the exit door came after the Guardian newspaper reported that a second woman had made a rape allegation – against two male CBI co-workers. Here are some

If one were to compile a list of some of the most prestigious blue-chip UK employers, it would probably include NatWest, BP, Shell, Aviva, the John Lewis Partnership, Virgin Media O2, WPP, Phoenix Group, BT, PwC, EY, Schroders and AstraZeneca. Were that list to be enhanced with prestigious foreign-owned businesses that are major employers in

The most bitter UK industrial dispute of the last year is on the verge of being settled as the union representing 112,000 frontline Royal Mail workers agrees to recommend the terms of a peace deal. The company and Communication Workers Union (CWU) have been at each others’ throats for more than 11 months but agreed

A privately owned company which sells airport transfers and travel insurance is exploring a stock market flotation that could help to breathe fresh life into the City’s moribund IPO pipeline. Sky News has learnt that Holiday Extras, which was founded in 1983 by Gerry Pack, is drawing up plans for a possible future listing. Travel

The scandal-hit CBI, Britain’s biggest employers’ group, says it has passed fresh information to the police relating to a report of a “serious criminal offence”. The body said it was “liaising closely” with officers as it remains mired by allegations of historic workplace misconduct. They culminated in chief executive Tony Danker being sacked earlier this

About 1,400 security officers at Heathrow Airport will strike for eight days next month. Unite said the staff will walk out from 4 to 6 May, 9 to 10 May and 25 to 27 May in a dispute over pay – causing “inevitable disruption and delays” to passengers arriving for the King’s coronation. The union’s

The government has made it its primary aim to halve inflation by the end of the year but things aren’t quite going to plan. Britain has shot up the leader board and now has western Europe’s highest rate of consumer price inflation. Economists were expecting the headline rate to fall from 10.4% to 9.8% in

Netflix has announced its long-threatened crack down on password sharing is to begin imminently. The streaming giant, which announced fewer than expected subscribers for the first three months of the year, is launching a series of initiatives to boost revenue and retain subscribers. The password sharing crackdown has been trialled by the company but has

The number of companies entering insolvency hit its highest level for more than three years in March, according to official figures. Commentators blamed a combination of higher interest rates and wider inflation for the 16% increase recorded last month across England and Wales. The Insolvency Service reported 2,457 corporate insolvencies – up from 1,784 in

Energy firms installing prepayment meters will be required to try to contact a customer at least ten times and conduct a “site welfare visit” before forcibly conducting the installation, new guidelines will say. Energy company workers will also be required to wear body cameras or sound recorders to make sure new energy regulator rules that

Sega Sammy, the gaming firm behind Sonic the Hedgehog, has agreed a deal to buy rival Rovio Entertainment – best known for Angry Birds. The pair confirmed that the Japanese firm would pay €706m (£625m) for Rovio just days after takeover talks were revealed. The acquisition comes as Sega seeks to accelerate its growth in

Barclays is joining the ranks of global investment banks taking the axe to jobs amid a slowdown in dealmaking and stock market flotations. Sky News has learnt that the British lender will this week cut more than 100 roles in its investment bank, with sources saying the layoffs would not be confined to a single