Business

Some of America’s biggest tech companies have defied the coronavirus pandemic to post better-than-expected financial results. Amazon posted the biggest profit in its 26-year history, while Facebook, Apple and Alphabet all beat estimates. Many brick-and-mortar retailers have struggled during the coronavirus pandemic, with most forced to shut down under rules intended to limit the spread

Tour operator Tui is to shut 166 high street stores in the UK and the Republic of Ireland in the face of the downturn in travel caused by the coronavirus pandemic. Around 350 shops will remain following the closures, which the travel firm said was a result of changes in customer’s shopping habits, with the

Car production in the UK is likely to fall to its lowest level since the 1950s as a consequence of coronavirus, triggering many thousands of redundancies as the industry prepares for the “double-whammy” of a potential no-deal Brexit that would compound record losses this year. Forecasts compiled by the Society of Motor Manufacturers and Traders

Pizza Hut has become the latest restaurant chain to put a financial restructuring on the menu by hiring advisers to explore the possibility of an insolvency agreement that could entail significant job losses. Sky News has learnt that Pizza Hut Restaurants, which employs thousands of people in Britain, has instructed Alvarez & Marsal, the professional

British Airways (BA) has been warned it faces the prospect of strikes as the deadline for tens of thousands of staff to accept new pay deals looms large. The airline had announced at the height of the coronavirus lockdown in April that it could make up to 12,000 staff redundant to help prepare the airline

Holidaymakers in Spain have been given hope after the UK government revealed it is considering setting up regional travel corridors to let those travelling from low-risk areas escape quarantine. Transport minister Baroness Vere of Norbiton confirmed the idea was being investigated after pressure from Madrid over the change to travel advice made by the government

Holiday firm TUI has called on the government to take a more targeted approach to the imposition of coronavirus quarantine measures amid an industry backlash against curbs on travel to Spain. The company’s UK managing director, Andrew Flintham, told Sky News a more “nuanced” attitude was called for after ministers gave just hours’ notice on

Tui has cancelled all holidays to mainland Spain for two weeks after Britain imposed a quarantine on those returning from the country. “TUI UK have taken the decision to cancel all holidays to mainland Spain up to and including Sunday 9 August 2020,” the UK’s biggest tour operator said in a statement. “We know how

Britain’s biggest steel producer is encouraging the government to take a big stake in the company as part of a plan to preserve the long-term future of the vast Port Talbot steelworks in south Wales. Sky News has learnt that Tata Steel has presented proposals to Whitehall in recent weeks aimed at securing a state

British businesses saw their fastest upturn in five years during July as their European counterparts also witnessed growth for the first time since the coronavirus hit, fresh figures indicate. However, despite the encouraging signs, experts have warned that a hoped for V-shaped recovery is not guaranteed given the economic damage caused by the lockdowns aimed

At first glance, retail sales figures for June released by the Office for National Statistics reveal the pattern of recovery that business and the Treasury have been praying for – a V-shaped return to pre-coronavirus levels. The total volume of sales bounced back by a striking 13.9%, just 0.6% down on pre-lockdown levels in February

British Gas owner Centrica is to sell off its US energy retail arm in a $3.6bn (£2.8 bn) deal as it seeks to revive its flagging fortunes and focus on its home markets in the UK and Ireland. Direct Energy, which was bought by the British company in 2000 and is one of North America’s

Overall retail sales have returned to a similar level to before the coronavirus pandemic after two months of increases, official figures show. However, latest data released by the Office for National Statistics (ONS) reveals a mixed picture for different store types. In June, the volume of retail sales increased by 13.9% when compared with the

The number of Americans filing claims for unemployment benefits has risen for the first time in nearly four months as a resurgent coronavirus took its toll on the US economy, official figures suggest. The US Labour department reported that 1.4 million people had filed claims last week – up from 1.3 million the previous week

The UK must “face the possibility” that it will not agree a deal on its future relationship with the EU by the end of the year. Chief negotiator David Frost said that with less than six months to go until the end of the Brexit transition period, the UK must “continue preparing for all possible

The UK pilots’ union says it is reluctantly recommending its members at British Airways (BA) accept a deal to avert more than 1,200 job losses. BALPA said an agreement, following almost three months of negotiations with the airline, was the best that could be achieved and still result in about 270 compulsory redundancies. Sky News