From 36m ago 07.42 EDT AstraZeneca investing £300m in UK, Starmer announces Newsflash: Pharmaceuticals group AstraZeneca is investing £300m in its UK operations, Sir Keir Starmer has announced. Starmer revealed the plan to MPs during prime minister’s questions, seven months after AstraZeneca paused a planned £200m expansion of its Cambridge research site. Starmer said the move would protect jobs in Cambridge, where AstraZeneca operates a global R&D facility, and in Macclesfield, which hosts a science, technology and manufacturing hub and is the company’s second largest manufacturing site. Starmer told the House of Commons: double quotation mark Today I can announce a significant new investment, by AstraZeneca, investing £300m in UK life sciences, made possible by the pharmaceutical arrangement we have struck with the United States, to future-proof thousands of jobs in Macclesfield and in Cambridge. That is a major vote of confidence in the UK, and Labour’s plans to strengthen our economy. Last September, AstraZeneca halted a planned £200m expansion of its Cambridge research site, which was seen as a blow to the UK pharmaceutical industry. AstraZeneca pauses £200m investment in Cambridge research site Read more In January 2025, the company scrapped plans to invest £450m in its vaccine manufacturing facility in Merseyside, and blamed a cut in the funding on offer from the government. Share Updated at 08.05 EDT
29m ago 07.49 EDT AZ's Soriot thanks government Julia Kollewe Pascal Soriot, AstraZeneca’s chief executive, has thanked the UK government “for their effort to improve access for patients, including four new [drug] approvals since the beginning of the year, and we look forward to further enhancing the access and the reimbursement environment and build a strong life sciences sector”. Share
36m ago 07.42 EDT AstraZeneca investing £300m in UK, Starmer announces Newsflash: Pharmaceuticals group AstraZeneca is investing £300m in its UK operations, Sir Keir Starmer has announced. Starmer revealed the plan to MPs during prime minister’s questions, seven months after AstraZeneca paused a planned £200m expansion of its Cambridge research site. Starmer said the move would protect jobs in Cambridge, where AstraZeneca operates a global R&D facility, and in Macclesfield, which hosts a science, technology and manufacturing hub and is the company’s second largest manufacturing site. Starmer told the House of Commons: double quotation mark Today I can announce a significant new investment, by AstraZeneca, investing £300m in UK life sciences, made possible by the pharmaceutical arrangement we have struck with the United States, to future-proof thousands of jobs in Macclesfield and in Cambridge. That is a major vote of confidence in the UK, and Labour’s plans to strengthen our economy. Last September, AstraZeneca halted a planned £200m expansion of its Cambridge research site, which was seen as a blow to the UK pharmaceutical industry. AstraZeneca pauses £200m investment in Cambridge research site Read more In January 2025, the company scrapped plans to invest £450m in its vaccine manufacturing facility in Merseyside, and blamed a cut in the funding on offer from the government. Share Updated at 08.05 EDT
1h ago 07.09 EDT UK has asked refineries to maximise jet fuel supply, minister says Britain has asked UK refineries to maximise jet fuel supply as it continues to plan for a range of contingencies to increase flexibility on supply, the government said on Wednesday. Energy minister Michael Shanks told MPs that the government has been “closely monitoring UK jet fuel stocks” since the closure of the strait of Hormuz last month, and is working with airlines, airports, fuel suppliers and international counterparts. In a written answer, Shanks explained: double quotation mark The Government continues to plan for a range of contingencies to increase flexibility on jet fuel supply, we have asked UK refineries to maximise jet fuel supply. Airport Coordination Limited has updated its guidance to allow airlines to apply for slot alleviation, providing greater flexibility to plan flights. I encourage all passengers to check their rights before travelling and in the first instance to contact their airline, travel agent or tour operator where they have concerns. We have published a fact sheet on GOV.UK that will be kept updated, alongside Foreign, Commonwealth and Development Office travel advice. Shanks also points out that UK airlines typically buy fuel months in advance, and that aviation fuel suppliers hold bunkered stocks. The UK also imports jet fuel supplies from a range of countries not reliant on the strait of Hormuz being open, including the United States, he adds, pointing out: double quotation mark Airlines UK have stated that “UK airlines continue to operate normally and are not experiencing issues with jet fuel supply.” The Government continues to work with partners to monitor and mitigate potential disruptions. Earlier this month, the head of a global energy watchdog warned that Europe only had six weeks of jet fuel left before shortages will hit because of the Iran war. Europe has only six weeks’ supply of jet fuel left owing to Iran war, says energy chief Read more Share
2h ago 06.45 EDT In the short-term, the UAE’s exit from Opec will have little impact on the oil price as the ongoing blockade of the strait of Hormuz is governing supplies, and thus price. But in the longer-term, it could have significant consequences for the oil market, if it weakens the cartel’s grip on price action. Lukman Otunuga, head of market research at global trader FXTM, explains: The UAE’s departure is described as a major blow to OPEC and could reshape global energy market dynamics
Near-term oil market impact is limited while the Strait of Hormuz remains closed
Longer-term implications are bearish; if more members leave and pump without production caps, oil supply could surge
Brent crude remains at triple digits as markets await Washington’s response to Tehran’s peace proposal Share
2h ago 06.07 EDT Russia hopes UAE exit does not spell the end of OPEC+, and pledges to stay put Russia is hoping that yesterday’s shock news that the United Arab Emirates is leaving the Opec+ group doesn’t prompt the end of the alliance. Kremlin spokesman Dmitry Peskov said today that Russia will stay in Opec+, and hopes it will continue, Reuters reports. Peskov argued that Opec+ played an important role, saying: double quotation mark “This format helps to substantially, let’s say, minimise fluctuations in energy markets and makes it possible to stabilise those markets”. The UAE sent shockwaves through the oil sector yesterday by announcing it was will quit the Opec oil cartel on Friday, in a heavy blow to the group and its de facto leader, Saudi Arabia The shock loss of the UAE, Opec’s third-largest oil producer, is expected to weaken the group, which for decades has worked together to use its collective oil production to influence global oil market prices by setting quotas for its members. UAE quits Opec in win for Trump as oil cartel weakened Read more Russia is a powerful member within Opec+, which is made up of Opec and its allies. UAExit, as some wags have dubbed it, is a win for Donald Trump, who has previously accused Opec of “ripping off the rest of the world” by artificially inflating oil prices by holding back production. Analysts have been speculating about which other Opec members could follow the UAE. Marketwatch reports that “Kazakhstan and perhaps Iraq” are seen as the two countries most likely to leave the oil bloc’s sphere. Share Updated at 06.26 EDT
3h ago 05.38 EDT Best case scenario for Iran war? £35bn off UK GDP The Iran war will knock £35bn off the size of the UK economy over 2026 and 2027, in a “best case” scenario where hostilities end soon. That’s according to the National Institute of Economic and Social Research’s latest quarterly Economic Outlook, released this morning. NIESR predicts that UK growth will stall in the second half of the year, as the Middle East conflict has “materially weakened the UK outlook” by pushing up global energy prices, raising inflation and reducing household spending power. David Aikman, NIESR director, says: double quotation mark “This is a serious blow to the government’s mission to get the UK economy growing again. The Middle East conflict has laid bare the fact that the UK remains highly exposed to global energy shocks. Even if hostilities ease rapidly, higher energy prices will leave households poorer, businesses facing higher costs, and the economy materially smaller than we expected only a few months ago.” Share
3h ago 05.25 EDT Difficult to get Adidas goods into Middle East due to war, CEO says The CEO of Adidas has revealed the company has faced difficulties getting products into the Middle East due to the Iran war. Bjørn Gulden told reporters this morning: double quotation mark “I don’t think we have any clear disruption now [due to the war], unless, of course, it’s difficult to get products in the Middle East.” Gulden also flagged that transportation costs are “starting to explode” due to a surge in oil price – so he won’t be happy to see Brent crude up 3% this morning. He was speaking after Adidas reported a rise in sales in the last quarter, with revenues up 14% and operating profits rising by 16%. Share
3h ago 05.16 EDT EU economic sentiment tumbles Economic confidence and employment expectations have punged across the European Union this month, as consumer confidence is hit hard by the Iran war. The European Commission’s Economic Sentiment Indicator for the EU dropped by 2.9 points this month to 93.5 points, while its Employment Expectations Indicator fell by 4 points to 93.2, both below their long-term averages. The decline of the ESI was driven by plummeting confidence among EU consumers, as well as managers in services and retail trade, while confidence in construction and industry held up broadly stable. The EC adds: double quotation mark Among the largest EU economies, the ESI deteriorated significantly in Germany (-3.9), France (-3.0), Italy (-2.8) and the Netherlands (-2.5), while it decreased less dramatically in Spain (-0.9) and Poland (-0.8). Share
3h ago 04.57 EDT DCC receives takeover approach Irish international sales, marketing and support services group DCC has received a takeover approach, sending its shares up 14%. DCC has told the City that it has received an “indicative cash proposal” from a consortium made up of investment firms Energy Capital Partners, and Kohlberg Kravis Roberts. It added: double quotation mark The Board of DCC is evaluating the Proposal together with its advisers and a further announcement will be made in due course. There can be no certainty that any firm offer will be made for the Company, nor as to the terms on which any firm offer might be made. Shareholders are urged to take no action at this time. Shares in DCC, which has been valued at £4.6bn before the annoucement, have jumped to the top of the FTSE 100 risers. Share Updated at 04.58 EDT
3h ago 04.50 EDT Oil is pushing higher… it’s now hit $115 a barrel, a rise of 3.3% today. Share
4h ago 04.45 EDT Today’s reports that “President Trump has instructed aides to prepare for an extended blockade of Iran” creates additional challenges for the Bank of England’s MPC and other central banks. Professor Costas Milas, of the University of Liverpool’s Management School, explains: double quotation mark This is because quantitative (or econometric) models of the UK economy (and other economies) usually find a small impact of oil prices on UK inflation. In other words, forecasts provided by tomorrow’s Monetary Policy Report are likely to underestimate inflation even if the MPC assumes oil prices of $120-$150 for six (or more) months. It will be good if the MPC also focuses on the global supply chain pressure index of the Fed of New York to provide alternative and arguably more reliable inflation forecasts! Share