GSK blood cancer drug pulled from US market in major blow November 23, 2022 GlaxoSmithKline’s (GSK) blood cancer drug has been pulled from the US market, in a major blow to the British pharmaceutical giant’s reputation as it seeks to build out its oncology offering. The London-listed firm announced yesterday that the US Food and Drug Administration (FDA) had requested the company to withdraw the market authorisation for the [...]
British defence titans boosted by global tensions November 22, 2022 Britain’s defence titans are benefiting heavily from the volatility sweeping the geopolitical stage, with profits on the rise, full-year outlooks cemented and blockbuster contracts in the pipeline. London-listed defence engineer Babcock today posted a underlying operating profit of £121.7m for the six-months ended to the end of September, compared to £115.3m a year earlier. Meanwhile [...]
Chancellor’s R&D tax relief cut for startups jeopardises UK innovation funding November 22, 2022 Most of the UK’s spending on research and development (R&D) hangs on the shoulders of businesses, leaving a sour taste in the mouths of startups following the Chancellor’s latest budget. The business sector contributed £44bn – the equivalent of 71 per cent – of R&D funding in 2020, followed by universities, which pumped in £13.9bn, [...]
Avon Protection shrinks losses as defence sector floods with cash November 22, 2022 Avon Protection, which makes protection gear for the military, police and fire fighters, has managed to shrink its losses as the defence sector is flooded with government cash. The British company has wound down losses to $2.1m, from nearly $30m a year ago. Avon’s revenue rose 8.6 per cent to $263.5m in the year to [...]
Cost of living crisis shocks AO World as electrical retailer’s losses swell November 22, 2022 Electricals retailer AO World has been shaken by the cost of living crisis sweeping the UK in recent months, as its revenue plunges and losses take hold. The London-listed company had already rolled out a streamlining operation, including shutting up shop in Germany, in a bid to slash overheads and shield revenue from rising inflation [...]
City Moves: Who’s switching jobs in the Square Mile? November 22, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Newton Newton Investment Management, part of BNY Mellon Investment Management, has bolstered its board with a fresh chair. Ex-Fidelity Investments Japan CEO Judy Marlinski, currently an independent non-executive board member, stepped into the new role earlier this [...]
Merck inks £1.1bn deal for cancer drug developer Imago November 21, 2022 American pharmaceutical giant Merck has today inked a $1.35bn (£1.14bn) deal for cancer drug developer Imago BioSciences. The offer of $36 (£30.4bn) a share represents a nearly 107 per cent premium on the company’s last closing price. The deal is intended to bolster Merck’s portfolio of blood disorder treatments, with onlookers expecting the company’s blockbuster [...]
UK housebuilding stocks to remain sturdy despite falling house prices November 21, 2022 Housebuilders are expected to avoid any significant share price tumbles ahead of a forecast house price plunge in the UK, according to analysts at brokerage Jefferies. In a research note today, Jefferies analysts doubled down on UK housebuilders continuing to bring value for shareholders, despite an anticipated dip in house prices and sales as mortgage [...]
Europe’s largest battery storage system unveiled in the UK amid net zero push November 21, 2022 Europe’s largest battery energy storage system by megawatts per hour will be officially online from today, marking a new era in power diversification in the UK. Harmony Energy Income Trust, which invests in battery energy storage assets in Britain, today unveiled its first portfolio project of 196 MWh in Pillswood, East Yorkshire – which uses [...]
Virgin Money shares soar after handing staff 10 per cent pay rise November 21, 2022 Virgin Money shares have jumped today after the company handed out 10 per cent pay rises to most of its 7,500 staff. The pay bump comes on top of a £1,000 one-off payment in August to help combat the cost of living crisis. Staff will receive around nine and 11 per cent extra across two [...]
