Loan sharks could bite consumers after Wonga collapse

By Adam Parsons, business correspondent Consumers could be forced to use illegal money lenders or risk piling “psychological” pressure on friends and family if more finance companies follow Wonga into administration. That’s the view of the head of the organisation that represents Britain’s credit industry, the Consumer Credit Trade Association. Greg Stevens told Sky News […]

Trump threatens to pull US out of WTO

President Donald Trump has threatened to pull the United States out of the World Trade Organisation and is ready to impose more tariffs on China. The US last week blocked the reappointment of a judge to the Geneva-based institution, which regulates international trade and helps to resolve disputes between nations. “If they don’t shape up, […]

Viagogo faces court over ‘illegal practices’

Ticket resale site Viagogo is facing court action by the competition watchdog for allegedly breaking consumer protection laws. The Competition and Markets Authority (CMA) said Viagogo had failed to make changes to bring it in line with the law, despite warnings. Following an investigation into the secondary ticketing industry, the CMA began enforcement action against […]

Jacobs snaps up £2bn schools giant Cognita

By Mark Kleinman, City editor A Swiss family office whose investment firepower was partly generated by an international chocolate producer is on the verge of sealing a £2bn takeover of one of Britain’s biggest private school empires. Sky News has learnt that Jacobs Holding, which owns a big stake in the chocolate and cocoa producer […]

Late arrival: Crossrail to miss December opening by year

By Greg Heffer, political reporter The new £15bn Crossrail route in London will open almost a year later than planned after missing its December opening date. Those in charge of the project admitted on Friday that an extension is needed to finish “final infrastructure and extensive testing” to ensure a “safe and reliable railway for […]

Coca-Cola to buy Costa coffee chain for £3.9bn

By Abid Ali, business reporter Leisure group Whitbread has agreed to sell the UK’s biggest coffee chain Costa to Coca-Cola for £3.9bn. Whitbread acquired Costa in 1995 for £19m when it had 39 shops. It now has more than 2,400 outlets and is embarking on an overseas expansion. The leisure group, which owns the Premier […]

Homebase creditors approve plans to close 42 stores

DIY chain Homebase has won approval from creditors to close 42 stores, averting a crisis that could have led to its collapse. Hilco Capital, which bought the chain for £1 in May, hopes its controversial Company Voluntary Arrangement (CVA) will revive Homebase’s fortunes. Its plans were approved by 95.92% of its creditors. The closure of […]

Tape used to plug Space Station air leak

By Ajay Nair, news reporter A small air leak has been detected on the Russian side of the International Space Station, thought to have been caused by a small meteorite. Astronauts are continuing to try and plug the leak but NASA and Russian officials have stressed the six astronauts are not in any danger. The […]