Shire Agrees To £32bn AbbVie Takeover Deal

The board of UK drug firm Shire has agreed to a £32bn takeover deal by American rival AbbVie, it has been confirmed. Shire said the merger would see its shareholders entitled to £24.44 cash for each share. The announcement comes on the deadline day...

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Malaysia Airlines Offers Passenger Refunds

Malaysia Airlines is to refund fares for passengers no longer wishing to travel on the carrier, Sky News has confirmed. Previously booked passengers due to fly up to and including July 25 can seek a refund without incurring any penalty. The decision...

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Top City Banker To Pay £450,000 FCA Penalty

By Mark Kleinman, City Editor One of the City's top financiers is poised to pay a £450,000 fine after deciding to accept a market abuse ruling by the Financial Conduct Authority (FCA). Sky News understands that Ian Hannam, a banker who became known...

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Bestway To Buy Co-op Pharmacy Arm For £620m

The embattled Co-operative Group has agreed to sell its pharmacy division to Bestway for £620m. In a statement, the Co-op said the sale would be completed in October, following the successful separation of the division from the parent group. The sale...

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Retail Banks Face Competitiveness Probe

The competition watchdog has confirmed it is consulting on a provisional decision to launch an in-depth investigation into the retail banking sector. The Competition and Markets Authority (CMA) said essential parts of the UK market lack effective competitiveness....

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Microsoft Cuts 18,000 Jobs In Nokia Cull

Microsoft has confirmed plans to "eliminate" up to 18,000 jobs worldwide as part of efforts to simplify the company's operations and cut costs. The announcement was made in an email to staff entitled 'Starting to Evolve Our Organization and Culture'...

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Putin: Sanctions Could Cause 'Serious Damage'

Vladimir Putin has warned a fresh wave of sanctions will take US relations with Russia to "a dead end" and damage America's business interests. The US and the EU have stepped up measures over what is viewed as Russia's interference in Ukraine. President...

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Shale Gas Terminal 'Saves' Grangemouth

The owners of the Grangemouth terminal, threatened with closure last year, say its future has been secured by a Goverment loan to help build a shale gas facility. Ineos says the promise of £230m would allow it to raise funds to invest in a...

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Eurostar Growth Takes World Cup Penalty

Eurostar has blamed football's World Cup for a slowdown in passenger and revenue growth. The Channel Tunnel high-speed train operator said demand was affected by a rising number of people choosing to stay at home to watch the tournament in Brazil in...

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Watchdog Warning On Price Comparison Sites

Some price comparison websites are failing to meet regulatory standards, according to the Financial Conduct Authority (FCA). The City regulator found operators in the general insurance sector, which includes property and vehicle cover, were not meeting...

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Economy: Weakest Pay Growth For Five Years

Official figures show pay is growing at its weakest level for five years, hightening renewed concerns over the cost of living. The Office for National Statistics' (ONS) latest monthly update on jobs and pay showed an improving picture for employment,...

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Banks To Overhaul Gold-Fix Amid Rigging Fears

By Mark Kleinman, City Editor The banks which set the global price of gold are to open the process to independent scrutiny amid evidence that it has been subject to the same manipulation as other crucial financial benchmarks. Sky News can exclusively...

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IFS: Recession Has Hit Young Adults Hardest

Young people have "borne the brunt of the recession" with their pay and job prospects hit much harder than older generations, a leading economic think tank has said. The Institute for Fiscal Studies (IFS) found that among those aged 22-30 household...

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Payday Loan Caps To Cut The Cost Of Borrowing

The City regulator is to impose caps on payday loans from January to tackle abuses in the quick-credit market, in a move set to cost the industry £420m of its annual revenue. The headline measure was a limit in the overall cost of a loan, which the...

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Inflation Jump 'May Be Down To Good Weather'

Inflation rose by more than forecast last month - possibly driven by retailers delaying summer sales because of good weather. Figures released by the Office for National Statistics showed the annual pace of inflation rose in June to 1.9% from 1.5% in...

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Energy Complaints Soar To All-Time High

Ofgem's Energy Market Probe 'Will Restore Trust' Updated: 1:22pm UK, Thursday 26 June 2014 Ofgem has announced an investigation in the energy market, to ensure there are no barriers to effective competition. The regulator said it has referred the...

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£1.1bn To Fight Terror And Cyber Threats

RAF's New Fighter Jet Misses Air Show Debut Updated: 5:11pm UK, Sunday 13 July 2014 By Alistair Bunkall, Defence Correspondent The Royal Air Force's expensive new fighter jet has failed to make its long-awaited UK debut after a fire grounded the...

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Shire 'Welcomes £31.3bn Bid From AbbVie'

The board of London-listed pharmaceutical firm Shire has confirmed it has entered "detailed" discussions with US firm Abbvie after receiving an improved takeover offer of £31.3bn. Shire said it was ready to recommend a deal which would value it at £53.20...

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Shareholders Slam £23m Burberry Boss Pay Deal

More than half of shareholders at the annual general meeting (AGM) for luxury retailer Burberry have rejected a pay deal worth up to £23.6m for the chief executive. Some 52% of votes cast in the non-binding ballot did not support the remuneration report...

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Cable Plots Tougher Foreign Takeover Rules

By Mark Kleinman, City Editor Vince Cable is to set out new proposals to force buyers of key British companies to make watertight commitments aimed at protecting jobs and research budgets. The Business Secretary is expected to detail plans that...

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Chinese Takeaway For £900m PizzaExpress Chain

Cable Plots Tougher Foreign Takeover Rules Updated: 12:07am UK, Sunday 13 July 2014 By Mark Kleinman, City Editor Vince Cable is to set out new proposals to force buyers of key British companies to make watertight commitments aimed at protecting...

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