Drug maker Pfizer, known for making Viagra, to shut Cambridge office, putting up to 120 jobs at risk December 3, 2015 Drug maker Pfizer has today announced that it is closing one of its research sites in Cambridge. The decision to shut the Neusentis facility at Granta Park, which is part of the company's wider plans to reduce its investment in pain research, puts up to 120 jobs on the line. A statement from the company said: "Scientific research is [...]
Moody’s: US and European tobacco industry poised for rise in operating profits in 2016 December 3, 2015 The US and European tobacco industry will see a rise in operating profits in 2016 despite a drop in cigarette sales, according to the latest forecasts by Moody’s Investors Service. The ratings’ agency predicts a four to five per cent rise in operating profits next year in both the US and Europe, even as cigarette [...]
UK house prices: Stamp duty reforms have saved homebuyers £1.9bn since last year December 3, 2015 The chancellor’s stamp duty reforms may have added to the bill for high-end homes. But for the vast majority who have bought homes under £1m, the measures have represented huge savings. UK homebuyers have collectively saved £1.9bn since the old slab system was abolished last December and replaced with a more progressive tax system, figures [...]
Landlords opting to be companies after Osborne shakes up buy-to-let with stamp duty hikes and mortgage interest claim caps December 3, 2015 The Chancellor's recent changes to the buy-to-let rules have caused landlords to rush to incorporate. According to figures released today by Kent Reliance, a quarter of the demand for buy-to-let mortgage finance the banking company receives now comes through limited companies. Across the total buy-to-let market, Kent Reliance predicts that 56,800 buy-to-let loans will be issued [...]
Saudi Arabia set to come under fire at OPEC meeting but not expected to back down over production levels December 3, 2015 Smaller nations are expected to put further pressure on Saudi Arabia to reduce oil production levels later today when cartel members meeting in Vienna. OPEC made the historic decision to maintained its production levels last year despite a more than 50 per cent fall in price over the past 18 months. City A.M. understands Saudi Arabia [...]
House price growth to slow across the country in 2016 December 3, 2015 ANNUAL house price growth nationally is expected to slow to between 4 per cent and 6 per cent by the end of 2016, according to economists at the Halifax. The slowdown is being blamed on the increasing difficulty in getting on the housing ladder, as well as the looming prospect of an interest rate rise [...]
UK banks lend £700m to small businesses using government’s funding for lending scheme December 3, 2015 UK banks lent £700m to small businesses between July and September using the government’s funding for lending scheme (FLS), new figures from the Bank of England showed yesterday. The FLS, which was launched in 2012 to incentivise extra lending, was extended by two years to 2018 this week. Lending to small firms contracted in 2014, leading to criticism of FLS, [...]
At the close: FTSE 100 closes down after the European Central Bank is more dovish than expected December 3, 2015 The FTSE 100 index closed lower on Thursday, alongside other European indices, after the European Central Bank's (ECB) measures disappointed markets. The index closed 2.27 per cent down, at 6,275 points, while the German Dax ended 3.58 per cent lower at 10,789 points and France's CAC 40 shut 3.58 per cent down at 4,730 points. The [...]
Star Wars economics: How destroying the Death Star created a financial crisis across the Galactic Empire after Return of the Jedi December 3, 2015 Luke Skywalker, Han Solo and the rest of the Rebel Alliance may have triumphed in defeating the Galactic Empire's overlord Lord Palpatine, but with freedom would have come financial collapse. As government infrastructure projects go, Death Stars are rather pricey. The cost of building two – both destroyed within four years by the end of Return of the Jedi – stands [...]
Market Tech Holdings sees Camden Market empire jump in value to £870m December 3, 2015 Camden Market owner Market Tech Holdings said its sprawling 14-acre north London estate has jumped by 15 per cent in value, in its first set of half-year results since floating on Aim in December last year. The company, which is now eyeing a move to London’s main market, said its total investment and property portfolio [...]