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Airline says it has accepted offer from Apollo Global Management after rival bidder Castlelake walks awayEasyJet has formally agreed to a £5.7bn takeover from US private equity firm Apollo Global Management.The airline announced it had accepted a firm offer on Thursday after a ri

GMB says that as a top-rated ethical company, UK’s largest energy firm should welcome involvement of unionsWorkers are pushing for union recognition at the UK’s largest energy company, Octopus Energy, known as a progressive organisation with a focus on renewable energy.The GMB un

Louise Haigh says taxpayer money must benefit local communities amid backlash from environmental groupsMinisters will scrap the requirement for companies to prove their green and progressive values before they are awarded government contracts, and instead ask firms to prove they will help young people back into work.As part of a government push to reduce the number of people not in education, employment or training (Neets) in the UK and boost regional growth, public sector buyers will

Ben Cohen says his ice cream company has been silenced by corporate ownership – and a boycott of Magnum brands could force a saleBen & Jerry’s ice cream in the tub is still great, but the brand’s newest chocolate-covered ice cream bar on a stick?“It ain’t the same,” Ben Cohen, th

CEO’s pay packet surges to £791,000 as union says public ‘sick of obscene pay’ and bosses ‘feathering own nests’Wessex Water awarded its chief executive an above-inflation pay increase even as the company was banned from paying bonuses because of sewage spills, it has emerged.Ruth Jefferson received a 14% base salary increase in October, from £590,000 to £670,000, before other benefits, according to accounts published this month. It was far above the 3.5% given to workers, and put her

One UK man whose bill is usually less than £1 says he ‘almost had a heart attack’ when he saw £5.8bn invoicePeople always suspected big tech was greedy, but not quite like this. Patrons of Amazon Web Services have been landed with panic-inducing monthly bills running as high as $1.5tn for subscriptions that usually cost less than the price of a cup of coffee.From Bangalore to Bolsover, the bills have been causing alarm after a computer glitch resulted in the astronomical invoices being

Exclusive: Andrew Bailey says he does not regret meeting Reform UK leader to discuss cryptocurrency regulationThe Bank of England governor has said he would have put off a meeting with Nigel Farage last autumn had the Reform UK leader’s £5m gift from a crypto billionaire been under investigation at the time.Andrew Bailey said he did not regret meeting Farage to discuss the Bank’s plans for cryptocurrency regulation last September, months before the controversial donation from the Thail

Organisation’s experts say pledge puts pressure on UK public finances and ‘adds significant fiscal risks’Labour should ditch the triple-lock pensions promise to help tackle the UK’s straitened public finances, the Organisation for Economic Cooperation and Development has urged.In its latest survey of the UK economy, the Paris-based club of industrialised nations added its voice to those calling for an end to the pledge, which uprates the state pension each year by whichever is the high

Thames Water says it has £515m cash in the bank as its debts swell to £18.5bnGood morning, and welcome to our rolling coverage of business, the financial markets and the world economy.China grew 4.3% in the quarter to 30 June, one of the slowest rates on record, as sluggish domestic demand outweighed a surge in exports.While operationally the business is improving, we are also working with our creditors, regulators and government to complete our recapitalisation.10am BST: Eurozone indu

Exclusive: Work and pensions secretary signals possible reform to welfare as ministers await key reviewsLabour must stop “simply writing a cheque” for health and disability benefit claimants and will provide more job support instead, the work and pensions secretary has said.Pat McFadden said the government was preparing to launch a renewed effort at welfare reform with a focus on encouraging more people with health conditions to get into work and off benefits. Continue reading...

Watchdog says about 1,700 people were affected during a price surge triggered by the Middle East crisisHeating oil customers whose deliveries were cancelled when the war in the Middle East caused a price surge are to receive compensation of up to £350 each following an investigation by the UK competition watchdog.As the crisis unfolded, the Competition and Markets Authority (CMA) said it was investigating heating oil suppliers after complaints that existing orders were being scrapped,

Treasury says shoppers will get a ‘fairer deal’ as new rules for BNPL credit are introduced on WednesdayMillions of shoppers will enjoy more rights and protections from Wednesday as new rules for “buy now, pay later” take effect in the UK.The government said it was delivering on its commitment to end the buy now, pay later “wild west”. Continue reading...