China Covid-19 cases hit record high as Beijing postpones ‘reopening’ November 24, 2022 Daily Covid-19 cases in China have hit a record high, cementing a fresh wave of concern that the country will not ‘open up’ after all. Wednesday saw 31,527 cases recorded compared with an April peak of 28,000. The figures are relatively small for the country of 1.4bn people. Beijing’s controversial ‘zero-Covid’ policies were hoped to [...]
UK law firms hit harder by global economic headwinds than US rivals November 17, 2022 Law firms worldwide have seen demand for their services slow over the first half of 2022, according to new research. US law firms are however seeing stronger growth than their British and Australian rivals, the research from Thomson Reuters shows. The situation has seen demand for US law firms’ services continue to grow over [...]
Zurich sets out more ambitious financial goals after posting highest profits since 2008 November 16, 2022 Zurich Insurance today vowed to “build a clear leadership position in the insurance industry” in pledging to pursue more ambitious financial targets over the next three years. The Swiss insurer said it is now aiming to grow its annual earnings per share at a rate of eight per cent each year over the period 2023-25. [...]
HMRC’s Covid fraud taskforce to leave billions unaccounted for November 14, 2022 An HMRC unit set up to tackle Covid fraud is set to leave £3.3bn outstanding when it winds down in March 2023, campaigners have warned. The Taxpayer Protection Taskforce, which was set up by Chancellor Rishi Sunak in March 2021, will be phased out, despite having collected less than 25 per cent of the money [...]
Almost half of firms given loans by British Business Bank would have gone under in pandemic November 11, 2022 Nearly half of the companies supported by a state-owned fund would have gone bust in the pandemic without its support, a new report has found. The British Business Bank’s £1.14bn support to 1,190 firms helped 48 per cent stave off going bust during uncertainty of coronavirus. The evaluation from the BBB said more than 60 [...]
Novavax dials back revenue expectations despite Covid-19 jab success November 9, 2022 Novavax, an American biotech firm, has dialled back its revenue expectations, despite roaring success from its Covid-19 vaccine. In a statement last night, the company announced that it now forecasts full year revenue to be on the low end of its previously forecast range of between $2bn (£1.7bn) and $2.3bn (£2bn). The company, which was [...]
Nervous markets scratch their heads over lockdown pain due to confusing China Covid policy November 7, 2022 Despite a big relief rally at the back end of last week, US markets still couldn’t reverse the losses of the previous three days, closing lower for the first time in three weeks, although for European markets it was a somewhat different story. The DAX finished higher for the fifth week in succession, posting its [...]
China doubles-down on zero-Covid policy November 5, 2022 China is set to continue with its current approach to tackling Covid-19, Chinese government officials said on Saturday. China will persevere with its “dynamic-clearing” approach to tackling Covid, officials from the China National Health Commission told a news conference today. The statements follow claims made by a former Chinese disease control official, at a conference [...]
Canada Goose and Estee Lauder gloomy forecasts amid Covid curbs in China November 2, 2022 Coat maker Canada Goose and make-up seller Estee Lauder both issued stark sales warnings yesterday due to Covid curbs in China. It comes as Chinese authorities have set out a seven-day lockdown in Zhengzhou, impacting the world’s largest iPhone factory. Canada Goose said yesterday that it was slashing its full-year revenue forecast due to pandemic-linked [...]
Pfizer Covid-19 revenue halves but CEO remains bright on outlook November 1, 2022 While Pfizer’s Covid-19 revenue is declining, the pharmaceutical giant has raised its outlook for the whole year after pocketing a collective revenue of $22.6bn (£19.6bn) in the past few months. The Big Pharma firm had the revenue from its Covid-19 vaccine Comirnaty plunge by 65 per cent to $4.4bn (£3.8bn) in the third quarter. However, [...]