Business

Oil titan Shell has announced that it will exit all of its joint ventures with Gazprom, an energy company controlled by the Russian state, following BP’s decision to pull out of the country yesterday. “We are shocked by the loss of life in Ukraine, which we deplore, resulting from a senseless act of military aggression

The value of Russia’s currency has plunged to an all-time low after Western nations imposed new sanctions on the country for its invasion of Ukraine. The rouble was down nearly 30% against the US dollar at one point, dropping as low as 119 per dollar in early Asian trading, passing its previous low of 90

BP is to offload its 19.75% stake in state-owned Russian oil giant Rosneft “with immediate effect” following the invasion of Ukraine. The firm’s chief executive Bernard Looney is also resigning from Rosneft’s board along with its other Rosneft director Bob Dudley, it said in a statement. The statement said Russia’s invasion of Ukraine “caused us

Western allies have agreed to remove selected Russian banks from the SWIFT global financial messaging system. In a joint statement, leader of the European Union, UK, US, and Canada, said the move was in response to Vladimir Putin’s decision to invade Ukraine late last week. The group said: “We stand with the Ukrainian government and

McColl’s Retail Group, one of Britain’s biggest convenience store chains, is racing to secure new funding to stave off a collapse that could put thousands of jobs at risk. Sky News has learnt that McColl’s is working with advisers on attempts to find a buyer or third parties willing to inject fresh capital into the

UK flights to and over Russia have been banned by the country’s civil aviation authority in retaliation for a British ban on Aeroflot in UK airports and airspace. Rosaviatsiya said that all flights by the UK carriers to Russia as well as transit flights are banned from Friday. It is acting, it said, in response

UEFA has moved the Champions League final to Paris after Russia’s invasion of Ukraine. The final was set to be played at the Gazprom Arena in the Russian city of St Petersburg on 28 May, but has been moved to the Stade de France in Paris instead. The decision to move the football showpiece event

Asian shares have rallied slightly driven by a US rebound as some analysts said the sanctions imposed by the West against Russia over the invasion of Ukraine were not as strong as markets had feared. Global share prices plummeted sharply on Thursday after Vladimir Putin unleashed a military assault on the neighbouring country. While the

After the damp squib that was the modest package of sanctions unveiled by Boris Johnson on Tuesday, this evening’s latest salvo certainly had a bit more weight. The intention to impose an asset freeze on Russian banks, including the country’s second largest lender VTB, is meaningful. VTB, along with its largest rival Sberbank, is a

The full scale invasion of Ukraine by Russia has sparked a rush for safe haven assets and sent the cost of Brent crude oil above $100 a barrel for the first time since September 2014. Fears of a wider conflict, additional sanctions and higher inflation arising from president Putin’s order to attack prompted a rush

The governor of the Bank of England has warned that large wage rises and price-setting to reflect surging inflation risk embedding rising costs in the economy, resulting in “slow activity and increased unemployment”. Andrew Bailey told the Treasury committee of MPs that the so-called second round effects of the energy-led rise in living costs were

Barclays has revealed a leap in annual profits to £8.4bn and that share awards currently worth around £19m to former CEO Jes Staley have been frozen, as he contests the findings of a regulatory probe into his relationship with Jeffrey Epstein. The bank confirmed a story by Sky News on Tuesday when it said the

Barclays is to freeze millions of pounds in share awards to its former chief executive as he contests the findings of a regulatory probe into his relationship with Jeffrey Epstein. Sky News has learnt that the British bank’s board has decided not to allow a chunk of shares granted to Mr Staley several years ago

Stock markets are plunging and Brent crude oil costs are nearing $100 a barrel as the crisis over Ukraine deteriorates. Brent, the international benchmark, was trading above $97 – its highest level since 2014 – and market experts said there would be an inevitable spike to above $100 in the event of a full invasion

Trade unions have lashed out at the government’s decision to limit statutory sick pay for workers who fall ill with COVID-19. Those sick with coronavirus will be forced to wait until the fourth day of their illness before they can claim statutory sick pay, which provides workers with £96.35 per week for up to 28

The average price tag for a home has shot up by almost £8,000 in the space of a month as the easing in the COVID crisis sparks renewed interest in city living, according to a report. The Rightmove website said its measure of asking prices stood at a record level of £348,804 following the jump

An American investment giant is plotting a £5bn takeover of Motor Fuel Group (MFG), Britain’s biggest independent operator of petrol forecourts. Sky News has learnt that Fortress Investment Group is drawing up plans to bid for MFG after losing out in a hotly contested auction of Wm Morrison, the supermarket chain, last year. By coincidence,

Britain is currently in the grips of its worst storm in nearly 30 years, with rare red warnings issued for large swathes of the country. Schools have been closed, and at least 80,000 homes are without power. So what can you do if Storm Eunice directly impacts you? Will my insurance cover damage to my

A former boss of Amazon UK is being lined up as the next president of the CBI, Britain’s most influential employers’ group. Sky News has learnt that the CBI was due to ratify Brian McBride’s appointment as Lord Bilimoria’s successor at a board meeting on Friday afternoon. Mr McBride, who chairs the rail ticket booking

Retail sales rebounded in January after falling in December, posting their biggest monthly rise since the shops reopened last spring. Despite rising prices due to inflation, volumes jumped by 1.9% last month following a drop of 4% in December, according to the Office for National Statistics (ONS), triggered by surging rates of Covid-19. The figures