Business

A buyer has been found for the collapsed Silicon Valley Bank, the bank whose downfall heralded the financial unrest still being felt across the banking world. First Citizen Bank, self-described as one of America’s largest family-controlled banks, has bought SVB from US regulator the Federal Deposit Insurance Corporation (FDIC) which took over the lender earlier

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

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

Germany’s largest bank has become the focus in a new wave of selling across banking and wider financial stocks, less than a week after the forced takeover of Credit Suisse. Deutsche Bank shares were down 11% on the day at one stage, in volatile trading, after a sharp jump in the cost of insuring against

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

The Bank of England has revealed it no longer believes the UK will face a technical recession this year, as it raised the interest rate by a further quarter percentage point. The unexpected change to its forecast was contained in the minutes alongside its decision to raise borrowing costs for an eleventh successive time to

The government is cutting benefit payments to some of Britain’s poorest families or threatening them with debt collectors in a raid that is “plunging people into poverty”.  More than a million people have had their universal credit payments cut over the past year because they were overpaid tax credits in the past by HMRC. Some

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

Mozzarella, cornflakes and brie are some of the food products to have more than doubled in price in the last year, new analysis has found. The cost of some everyday groceries has increased by more than 100%, consumer brand Which? found, when it looked at 25,000 food and drink products from eight major supermarkets. Own-brand

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

The problems of the financial system today are perhaps best summarised by the title of the Oscar-winning film “Everything Everywhere All at Once”. Lots of noise, lots of small explosions, lots of confusion and idiosyncratic episodes happening throughout the developed world, which seem to amount to a chaotic mess. To top it off, some of

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 Swiss government will hold a news conference later after UBS made a takeover offer for embattled Credit Suisse, local media reports. The possible emergency rescue comes after the authorities raced over the weekend to secure the rescue of the 167-year-old bank, which is among the world’s largest wealth managers, in a move hoped to

The British arm of Silicon Valley Bank (SVB UK) has handed out millions of pounds in employee bonuses just days after its insolvency was averted through a Bank of England-orchestrated rescue deal. Sky News has learnt that the payouts to staff including its senior executives were signed off by HSBC, SVB UK’s new owner, earlier

Ann Summers boss Jacqueline Gold has died at the age of 62, her family has said. The multi-millionaire businesswoman, who passed away with her family at her side on Thursday evening after seven years of treatment for breast cancer, was hailed an “absolute warrior” by her sister. It comes just two months after the death

A tumultuous week in the markets ended on an uncertain note – suggesting fears remain after large losses from the collapse of Silicon Valley Bank. The FTSE 100 (Financial Times Stock Exchange) index of the most valued companies on the London Stock Exchange started the day at around the 7,500 mark – better than all

More than 1,000 Passport Office staff across the UK will strike for five weeks in an escalation of a dispute over pay, jobs and conditions. Members of the Public and Commercial Services (PCS) union working at passport offices in Durham, Glasgow, Liverpool, Newport, Peterborough and Southport will walk out from 3 April to 5 May.