Investors flee UK funds amid recession, pulling over £1bn from market December 8, 2022 Investors have fled UK-focused funds in recent weeks, pulling more than £1bn from the market as the country plunges into a recession, according to a study. Fears that the economic downturn will last longer in the UK than elsewhere have plagued the investor community, according to fund flows data provider Calastone yesterday. Most European funds [...]
Loosening Covid-19 laws in China will not be economy’s silver bullet, says ING December 7, 2022 The loosening of strict Covid-19 restrictions in China Is unlikely to be the silver bullet the local economy needs, according to banking giant ING. China announced today that it is further relaxing its pandemic measures, meaning only those working in high-risk positions and located in elderly homes, hospitals, child care and primary schools will need proof of [...]
GSK and Sanofi shares jump with investor fears soothed by Zantac ruling December 7, 2022 Shares in GlaxoSmithKline (GSK) and Sanofi jumped today, after thousands of claims apart of the Zantac lawsuit were dismissed. Investors’ fears were soothed yesterday when US district judge Robin Rosenberg rejected 50,000 claims in federal court for not being based on sound science. GSK’s shares jumped around eight per cent to 1,498.00p per share in [...]
UK and Japan join forces on chip supply with Taiwan ties feeling ‘risky’ in China conflict December 7, 2022 The UK and Japan have pledged to improve the resilience of their semiconductor supply chains, as part of a freshly inked partnership between nations. In a statement today, the UK government said the partnership – which will oversee a combined IT sector worth more than £406bn – will further cement foundations for trade and investment [...]
Stagecoach revenue grows by £100m in 12 months but fuel costs eat into profits December 7, 2022 Stagecoach’s revenue has jumped by nearly £100m in the past 12-months, but profits have taken a hit as fuel costs spike. The bus operator pocketed nearly £670m in the six months to the end of October, up from around £580m in the same period a year ago. However, operating and pre-tax profits have taken a [...]
UK house prices fall in sharpest drop since 2008 crash December 7, 2022 House price growth has continued to cool in the UK, with last month representing the sharpest decline in value since 2008. The average cost of a home now stands at £285,579, after falling by 2.3 per cent in November, according to Halifax today – which began tracking house prices in 1983. Growth rates have slowed [...]
City Moves: Who’s switching jobs in the Square Mile? December 7, 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. The Bank of London The Bank of London has poached its new chief financial officer from Metro Bank. Banking veteran Marc Jenkins, who will also join the executive management committee, spent two years as deputy and acting [...]
CMA concerned £94m hearing implant merger will stoke higher prices for NHS December 6, 2022 A merger between two hearing implant suppliers has raised concerns within the UK’s competition watchdog, which said a deal could risk higher prices for the NHS and less choice for patients. Should Cochlear and Demant’s £94m deal for Otican Medical go ahead, it would mean the combined group would control between 90 and 100 per [...]
Mangata Networks to create over 550 UK jobs with satellite manufacturing site December 6, 2022 Telecoms company Mangata Networks is set to create up to 575 new jobs in the UK, as it plots a multi-million-pound satellite manufacturing site in Scotland. The move forms part of a nearly £84m grant, of which £54.5m has been injected by the Scottish government’s research and development body. The Glasgow-based company will pay back [...]
Pfizer and BioNTech countersue Moderna in Covid-19 patent row December 6, 2022 Pfizer and German partner BioNTech shot back at competitor Moderna last night in the latest jab in the Covid-19 vaccine patent lawsuit. The sparring over allegations from Moderna that Pfizer and BioNTech violated the rights its three patents it created prior to the pandemic has been ongoing since August. All three companies are also embroiled [...]
