Business

British Airways chief executive Alex Cruz is stepping down from the role with immediate effect, owner International Airlines Group (IAG) said. IAG boss Luis Gallego said the shake-up came as the company navigated “the worst crisis faced in our industry” – which has seen demand crushed by the coronavirus crisis and thousands of jobs axed.

Administrators to one of Britain’s biggest care home operations have resumed a delayed break-up of the group by entering talks to sell its business in Northern Ireland. Sky News understands that Alvarez & Marsal, which has been overseeing the bankrupt parent company of Four Seasons Health Care (FSHC) for almost 18 months, has begun a

The expansion of the government’s job support scheme will put close to one million roles at risk and is like throwing whole sections of the economy on the “scrapheap”, Labour has said. The shadow business secretary, Ed Miliband, also said fewer than one in 15 jobs in shut-down businesses stand to benefit from the move.

One of Britain’s leading industrial groups is lining up a move to recruit Sir Andrew Parker, the former head of MI5, to its board. Sky News has learnt that Babcock International Group is in advanced talks to appoint Sir Andrew as a non-executive director, in the latest stage of a boardroom overhaul. The recruitment of

Vue International, one of Britain’s biggest cinema operators, has called in City advisers to help see it through the biggest financial crisis in the industry’s history. Sky News has learnt that Vue has appointed Deloitte to work on options to shore up its balance sheet, days after rival Cineworld saw its shares crash after announcing

Workers at businesses forced to shut due to stricter lockdown measures will have two-thirds of their salaries paid by the government. Chancellor Rishi Sunak unveiled the expansion of the Job Support Scheme, which is a successor to the furlough scheme, saying: “It will provide a safety net for businesses across the UK who are required

The economy grew 2.1% in August but remained 9.2% below its February level, official figures show. The Office for National Statistics figures showed the manufacturing sector grew by 0.7% (still 8.5% below February’s figure) and construction grew by 3% (10.8% below February). The services sector grew by 2.4% (9.6% below February). Image: Chancellor Rishi Sunak will be

More than a thousand consultants from Deloitte are now working on Test and Trace, according to newly-released documents that underline the scale of the government’s reliance on the private sector. According to documents released by the Department of Health and Social Care (DHSC) under Freedom of Information rules, there are currently 1,114 consultants from the

Low-cost carrier easyJet said it expects a £845m loss this year due to the pandemic in what will mark the first full-year loss in its history. The company painted a bleak outlook as it forecast a significant drop in capacity for 2021 and called on the Government to help the embattled aviation sector. Sky News

The owner of Manchester, Stansted and East Midlands airports is to cut nearly 900 jobs as the furlough scheme ends. Manchester Airports Group (MAG) said demand for travel had slumped by 90% since March with prospects for a revival fading as coronavirus case numbers rise and little progress on introducing airport testing for UK passengers.

Taxpayers face losses of as much as £26bn on coronavirus “bounce back” loans that cannot be repaid or are the subject of fraud, the spending watchdog has found. The scheme provides rapid access to 100% government-backed finance worth up to £50,000 to struggling small firms, with fewer checks than other COVID-19 business loan initiatives. It

Financial products based on the price of Bitcoin and other cryptocurrencies are to be banned from sale to retail consumers by the City watchdog. The Financial Conduct Authority (FCA) said consumers were at risk of “sudden and unexpected losses” from the investments and that the ban would save them about £53m a year. It said

Jaguar Land Rover says it has restored a two-shift production pattern at its UK plants following a welcome lift to global sales. The carmaker, which has cut thousands of jobs since late last year amid a slowdown in demand exacerbated by the COVID-19 crisis, credited cranking up its factories on the gradual clearance of excess

The pain was etched on Mooky Greidinger’s face as he explained why the company he leads, Cineworld, has today announced plans to temporarily close its cinemas in the UK, Ireland and the United States. Mr Greidinger, whose grandfather opened his first cinema 90 years ago, said he had no alternative to a tough decision that

Cineworld has confirmed plans to temporarily bring the curtain down on its UK and US cinemas because of continuing disruption from the coronavirus pandemic. The company said its decision affects 45,000 staff, almost 6,000 of them in the UK, leaving their future employment hanging in the balance as it was yet to explain its plans

London’s transport regulator has banned one of the capital’s most prominent ride-hailing services, days after Uber Technologies was awarded a new licence following a legal challenge. Sky News has learnt that Ola, an Indian group which only began operating in London in February, has been told that its licence will not be renewed because of