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Britain’s biggest company AstraZeneca pauses £200m investment into Cambridge site

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Britain’s biggest company AstraZeneca pauses £200m investment into Cambridge site


Britain’s biggest company AstraZeneca has paused a planned 200 million pound ($271.26 million) investment in its Cambridge research site, a spokesperson said.

The decision on the investment, which had been set to create 1,000 jobs, means none of AstraZeneca’s planned new funding – originally announced in March 2024 – is currently proceeding.

In January, the company scrapped plans to invest 450 million pounds in its vaccine manufacturing plant in northern England, citing a cut in British government support.

It has become the latest drugmaker to retreat from Britain.

U.S. drugmaker Merck & Co also said this week that it was abandoning a new research centre in London, citing the UK’s challenging business environment.

Asked about speculation over its pharmaceutical investments following the Merck announcement, a spokesperson for AstraZeneca, which has the biggest market capitalisation on the FTSE 100, confirmed is would pause its investment plans in Cambridge, where it has one of Britain’s leading life sciences hubs.

“We constantly reassess the investment needs of our company and can confirm our expansion in Cambridge is paused. We have no further comment to make,” an AstraZeneca spokesperson said.

AstraZeneca has become the latest drugmaker to retreat from Britain. (Lynne Cameron/PA)

The news will come as a blow to Prime Minister Keir Starmer’s government, days before U.S. President Donald Trump arrives in Britain for a state visit.

AstraZeneca, which has the biggest market capitalisation on the FTSE 100, in July said it would spend $50 billion to expand its U.S. manufacturing and research by 2030 – one of many such reactions to Trump’s tariff policy by drugmakers.

Trump has criticised Britain and Europe for not paying high enough prices for drugs, and several pharmaceutical firms have also criticised Britain for what they say is long-term undervaluation of medicines and innovation.

After AstraZeneca dropped its vaccine plant investment plan, Chief Executive Pascal Soriot urged Britain to improve the environment for businesses in order to drive investment.

The Association of the British Pharmaceutical Industry (ABPI) this week said Britain was “increasingly being ruled out of consideration as a viable location for pharmaceutical investment”, as talks between drugmakers and the government on how much revenue should be returned to Britain’s health service have stalled.

Britain hopes to dodge the worse of Trump’s forthcoming pharma tariffs.

The two countries agreed in May to seek “significantly preferential treatment outcomes on pharmaceuticals”, with a commitment that Britain try to improve the overall environment for pharma firms operating in the country.

Drugmakers have encouraged foreign governments to pay more for their medicines – a direct response to Trump’s calls for lower drug prices in the U.S. and price hikes overseas.

Last month Eli Lilly and Co announced it would hike the price in the UK of its weight loss drug Mounjaro by 170%



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Former Asda boss Roger Burnley appointed director at M&S

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Former Asda boss Roger Burnley appointed director at M&S



Former Asda boss Roger Burnley is to join the board of Marks & Spencer.

He will become a non-executive director of the high street giant from December 1, the company told shareholders on Thursday.

The retail veteran was the boss of rival Asda from 2017 until 2021, when he left the business following its £6.8 billion takeover by the Issa brothers and TDR Capital.

He was retail operations director at Sainsbury’s before moving to Asda and is currently a non-executive director at Pets at Home.

Mr Burnley will become the latest supermarket heavyweight to join the business, after former Sainsbury’s boss Justin King stepped down earlier this year.

Mr King left the board in September after around six years.

The appointment comes after a turbulent year for Marks & Spencer after it was hit by a major cyber attack which forced it to shut down online sales for around six weeks.

It said the attack has cost the company around £300 million.

Mr Burnley said: “M&S is a much-loved brand which I have always admired as setting the standard in UK retail, and it is a privilege to be joining such an engaged board.

“Much progress has been made through the reshaping for growth strategy, but there remains so much opportunity, and I am looking forward to supporting the leadership team to capitalise on that in the years ahead.”

M&S chairman Archie Norman said: “Roger brings extensive experience in the food retail industry and supply chain transformation which will be invaluable as we enter the next phase of our plan to reshape M&S for growth.



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Hyundai, Kia Enhance Green Vehicle Lineup In Japan

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Hyundai, Kia Enhance Green Vehicle Lineup In Japan


Seoul: South Korean automakers Hyundai Motor Co. and Kia Corp. are ramping up efforts to expand their presence in Japan with new hydrogen and electric vehicles (EVs), as per a report by Pulse, the English service of Maeil Business News Korea. At the Japan Mobility Show in Tokyo, which kicks off on Thursday, Hyundai Motor and Kia are expected to make their first joint appearance, targeting a market traditionally dominated by domestic automakers and internal combustion engine vehicles.

The report stated that before the event on Wednesday, Hyundai premiered The All-New NEXO, its latest hydrogen fuel cell electric SUV, while Kia debuted its PV5 purpose-built electric van.

“The All-New NEXO, which rivals the Toyota Mirai, is powered by a 150kW motor. It accelerates from zero to 100 km/h in 7.8 seconds, and offers a driving range of up to 720 km. Refueling takes about five minutes. Local sales are set to begin in the first half of next year. Kia also showcased its INSTER, known in Korea as the Casper Electric, and KONA Electric. The automaker said it plans to enter Japan’s electric van market next year with the PV5. The company expects rising demand as Japan aims to have 30 per cent of new car sales be electric by 2030,” the release said.

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The automaker has partnered with Japan’s trading firm Sojitz Corp. to establish Kia PBV Japan, a joint venture focused on electric commercial vehicles.

Japan’s auto market remains dominated by domestic brands, led by Toyota, which controls nearly 90 per cent of the entire sales. Hyundai Motor re-entered Japan in 2022 after a 13-year absence.

“We will tailor our approach specifically for Japan,” said the report, quoted Hyundai Vice President Chung Yoo-suk. “In the compact car segment, we achieved our business plan for the first time this year since re-entering the market, and plan to continue introducing new models from next year.”



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Ministers urged to speed up support for UK car industry amid rising energy costs

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Ministers urged to speed up support for UK car industry amid rising energy costs



The Government is being urged to go “further and faster” to protect the car industry from energy costs.

The TUC said high energy bills in the UK meant car makers were struggling in the face of competition from abroad.

On a visit to the Jaguar Land Rover factory in Solihull, the TUC general secretary Paul Nowak called on the Government to put its “foot on the accelerator” and speed up support for the UK car industry.

He said: “Car making is one of the jewels in the crown of British industry, and British classics like Range Rover and Jaguar are iconic around the world.

“But sky-high energy costs mean we risk losing out to competition from abroad.

“The Government has set out welcome support in the industrial strategy, but must go further and faster to bring down energy bills for British businesses.

“It’s time for the Government to put its foot on the accelerator, and act now to protect jobs and manufacturing in the UK.”



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