Markets have not been reassured by HSBC’s purchase of the beleaguered Silicon Valley Bank UK (SVB UK). While the pound is up, to a three-week high of $1.2089, it’s a story of dollar weakness rather than sterling strength as major banks have not made up for the losses sustained on Friday as the crisis unfolded.
Business
Elon Musk has made no secret of his desire to colonise Mars, but seemingly not before he’s had a go at running his own community here on Earth. The SpaceX, Tesla, and Twitter owner wants to build a “utopia” called Snailbrook for his workers to live in Texas, reports The Wall Street Journal (WSJ). It
Mark Boggett from Seraphim Space discusses why Britain’s space sector is attracting more investment than any country other than the US and China. Also joining Ian on today’s show are Jette Nygaard-Andersen from the gambling firm Entain and brickmaker Forterra’s chief executive, Stephen Harrison. :: Listen and subscribe to The Ian King Business Podcast here.
China has criticised a Dutch plan to restrict the export of semiconductor equipment – a vital part of the high-tech supply chain. The Netherlands‘ government announced on Wednesday it would introduce limits to “protect national security”, following similar measures brought by the US last year. For the American curbs to be effective, other key suppliers
US motor vehicle safety regulators have opened an investigation into a Tesla model after getting two complaints that the steering wheels can come off while being driven. The National Highway Traffic Safety Administration (NHTSA) says the probe will look into Tesla’s Model Y SUV after the cars were delivered to customers in both cases with
Twitter boss Elon Musk has backpedalled after publicly mocking an employee on the social media platform. Twitter worker Haraldur Thorleifsson wasn’t sure whether he had been sacked by the company after finding himself locked out of his work computer, along with 200 others. Unable to get a clear answer as to whether he was still
Ian King speaks to AJ Bell about how more British companies are listing on the US stock market. Plus, hear from the pharmaceutical company Indivior’s chief executive about efforts to tackle an opioid crisis. And find out more about the Black Founders Fund – a scheme aimed at tackling the lack of black talent in
Energy suppliers have been asked to prepare for government support to households to be maintained at the current level in April, ahead of a final decision expected to be announced in the budget. Sky News understands the government has asked suppliers to prepare for two scenarios; the current effective cap of £2,500 for typical annual
The Chinese owner of Thomas Cook is plotting an outright sale of the British holiday brand three years after it rescued the name from corporate ignominy. Sky News has learnt that Fosun Tourism Group is in preliminary discussions with a number of potential purchasers of the online travel agent (OTA). Fosun, which is part of
TikTok videos using hashtags previously identified as hosting eating-disorder content are continuing to attract views, new research by the Centre for Countering Digital Hate has found. A December report by the campaign group identified “coded” hashtags where users could access potentially harmful videos promoting restrictive diets and so-called “thinspo” content, designed to encourage harmful weight
Looking at recent headlines, one could be forgiven that there is a host of UK-listed companies packing their bags and preparing to head to New York. Today brought news that CRH, the world’s biggest supplier of building materials, is moving its main listing from London to New York – in the process depriving the FTSE
The American company behind brands such as Reebok and Ted Baker is among the suitors weighing bids for Hunter Boot, the royal warrant-holding footwear brand. Sky News understands that Authentic Brands Group (ABG), which also has a stake in David Beckham’s branded products portfolio, has expressed an interest in a deal with Hunter. It was
The cryptocurrency firm chaired by Lord Hammond, the former chancellor, is in talks to recruit a new finance chief amid heightened scrutiny of the industry’s financial controls. Sky News understands that Copper is targeting the appointment of Sam Goh, an executive at Onfido, the digital identity company, as its chief financial officer. Industry insiders said
Shares in Manchester United have fallen by more than 12% following a report that the club’s owners want bidders to raise their offers if the team is to be sold. A source had told the Financial Times on Saturday that the Glazer family was not happy with the sums on the table following the conclusion
Let’s get the policy stuff out of the way first. Labour has an economic growth target. They want to achieve the highest sustainable growth per head rate of the seven major industrialised economies. They say that unless we do something to change the path of British economic growth we will end up poorer than Poland
Ian King speaks to our business correspondent about the new energy price cap and what it means for households. Plus hear from EY’s UK chief economist about how cost of living pressures are expected to intensify regional divisions. And the CEO of bodycam maker Reveal Media joins the show to discuss why the technology is
Ofgem has lowered its cap on the amount energy companies can charge for gas and electricity but it’s not all good news. Even though wholesale energy prices have been falling, households will see their bills go up from April as the government support that has been shielding us from the worst of the energy crisis
The energy regulator has reduced the cap on the amount they can charge customers but bills are still expected to increase. Ofgem has today announced the cap on the amount households pay on electricity and gas bills will drop to £3,280 from 1 April. It’s a decrease from the previous cap of £4,279 effective from
In the aftermath of Russia’s invasion of Ukraine, Western leaders heralded a sanctions regime that would cripple the country’s war machine. Joe Biden claimed Russia’s economy would be “cut in half”, while Boris Johnson spoke of squeezing it “piece by piece.” A year has passed, but that great promise has been slow to deliver. Please
A British company that burns wood to create electricity is the latest power giant to post soaring annual profits amid the energy crisis of 2022. Gas prices reached record highs as Russia gradually shut down its pipelines to Europe after they were hit with sanctions for its invasion of Ukraine, accelerating the shift away from