In the City: CMA Chair Doug Gurr
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
18 minutes ago
- Yahoo
Gambling parlour plan for popular Edinburgh neighbourhood as rejection appealed
A high street gambling parlour in an Edinburgh neighbourhood is chasing an appeal after it was denied planning permission. Merkur Slots, which already has slots parlours on Nicolson Street and Leith Walk, filed an application to open the outlet on Morrison Street in December of last year. However, in March, council officials denied the firm planning permission, saying that the proposed 24 hour running of the parlour would have an adverse impact on nearby residents. READ MORE: Edinburgh Gyle shopping centre evacuated after 'incident' in Morrisons store READ MORE: Edinburgh teen detained after night of 'lawlessness' which rocked the capital The denial read: 'While the application site falls within the designated city centre, the immediate surrounding area contains a large number of residential properties. 'Given the proposed use, it is considered that the change to accommodate an adult gambling centre, open 24 hours, would result in higher levels of user activity than at present. 'While the wider area is busy, with high ambient noise levels, the immediate vicinity of the application site is relatively quiet in comparison.' Up until 2023, the property at 181 Morrison Street was a showroom for carpet firm Carpet Rite. The appeal is set to come before the Planning Local Review Body on Wednesday next week, with officers recommending that permission be denied. In documents filed ahead of the meeting, Merkur Slots said that one of the objections to the planning application had been filed on behalf of one of their competitors. In addition, they contested the grounds on which their application was denied – however, they have offered to limit their opening hours to 8.00–midnight as part of their appeal. The slots parlour would not serve alcohol, and in their application the firm says that staff on site would aim to limit the impact of the venue on the community as much as possible. Customers who smoke would be 'asked to do so as quickly as possible', and notices would be put up outside the venue saying anyone who drank near the entrance would be barred. The firm says that the slots onsite would be 'low stakes', of between 10p and £2, with average stakes of 30p-40p. The Morrison Street site has already been granted a licence to operate by the council. The appeal will be considered at the next meeting of the Planning Local Review Body on Wednesday, August 13, which you can view here. Join Edinburgh Live's Whatsapp Community her e and get the latest news sent straight to your messages.
Yahoo
18 minutes ago
- Yahoo
Pharma CEOs downplay impact of tariffs amid rising cost concerns
Despite analyst warnings of heightened financial risk, pharma CEOs across the US and Europe remain confident that the latest US-EU trade deal and associated tariffs will have limited impact. As per a new deal between the two global economic powerhouses, the EU will pay the US a tariff rate of 15% for pharmaceuticals. Medicines are the largest European exports to the US by value, and the EU accounts for approximately 60% of all pharmaceutical imports to the US. Top-selling drugs such as AbbVie's Humira (adalimumab), MSD's Keytruda (pembrolizumab), and Novo Nordisk's Ozempic (semaglutide), for example, are manufactured in Europe and sent to the US, representing billion-dollar markets. Analysts from GlobalData's Pharma Strategic Intelligence team say that: 'Companies manufacturing pharmaceutical products in Europe will need to anticipate financial exposure when planning launches in the US due to the unfavourable gross to net dynamics, weakened pricing leverage with US payers, and slower commercial uptake as insurers reassess cost effectiveness due to the tariffs.' US President Donald Trump has had a sharp focus on the pharma industry since assuming office. Analysts predict that adding duties to incoming goods will likely elevate costs across the pharmaceutical value chain, ultimately raising drug prices for patients. The policies make for interesting analysis when combined with his desire to cut prescription prices in the country. Diederik Stadig, sector economist for TMT & healthcare at ING, wrote in a July note: 'A tariff would hurt consumers most of all, as they would feel the inflationary effect of tariffs directly when paying for prescriptions.' The European Federation of Pharmaceutical Industries and Associations (EFPIA), for example, has maintained that tariffs on medicines are ineffective. The group says such policies only hinder patient access to medicines. GlobalData also forecasts disruptions to launch planning, particularly late-stage assets with EU-based manufacturing and production planned for entry into the US. R&D budgets of pharmaceutical companies are already under pressure and the firefighting of tariffs could place additional strain on resources. CEOs signal resilience CEOs of big pharma companies, however, are maintaining a brave face despite the projected headwinds. The UK-EU trade deal announcement arrived in the middle of the pharma industry's Q2 reporting period, where execs were pressed on financial outlooks. In a Q2 earnings call, AbbVie's CEO Rob Michael said the US company is 'fairly insulated' from any tariff-related impacts in 2025, though caveated that the company would not speculate on the longer-term consequences. AstraZeneca shared the same sentiment. CEO Pascal Soriot said the British-Swedish drugmaker is 'almost self-sufficient in terms of supply,' adding that 'tariffs is not an issue that is really affecting us very much.' However, AstraZeneca is on a long list of pharma companies transferring manufacturing to the US. This includes a $4bn investment to build a new manufacturing plant in Virginia. Sanofi has outlaid $20bn to bolster US manufacturing through 2030 and Roche unveiled a similar $50bn investment strategy, to name just a couple. The team at GlobalData added: 'Ultimately, the recent US-EU trade deal has increased the level of uncertainty within the pharmaceutical industry, raising concerns on the potential of tariffs increasing past 15% in the future. 'While the full impact will take time to unfold, it will be interesting to see the adoption of different strategies on how the pharmaceutical industry looks to balance innovation, and ensuring patient access, while managing the pressures of tariffs as they unfold into a certain reality.' A critical part of the industry's future also relies on the outcome of the US government's Section 232 investigation into the drug sector. The probe, which Trump initiated to evaluate the role of medicine imports on national security, could result in further tariffs being imposed. MSD CEO Rob Davis said in the company's Q2 earnings call: 'We need to see more clarity both from the administration and just overall as to how exactly [the 15% tariff] is going to play out. It's still not clear exactly how this relates relative to the February investigation and the timing of whether these apply now or will be phased in until there's further guidance.' AbbVie's Michael said: 'We're having constructive discussions with the administration on sectoral tariffs. Clearly, the best way to motivate that is through tax incentives as well as a trade agenda that prioritises innovation. We're well positioned as a company, but we're not going to be able to really give you any details until we understand the outcome of the 232 investigation.' Navigate the shifting tariff landscape with real-time data and market-leading analysis. Request a free demo for GlobalData's Strategic Intelligence . "Pharma CEOs downplay impact of tariffs amid rising cost concerns" was originally created and published by Pharmaceutical Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
18 minutes ago
- Yahoo
Demolition of asbestos-ridden former hotel finally begins as diggers move in
Diggers have moved in on the Golden Eagle hotel following years of work to reduce the eyesore building to rubble. Work has finally started on the demolition of the former hotel in Thornaby, ending years of uncertainty about the town centre building's future. The complex demolition process will see significant levels of asbestos removed from the seven-storey site before work on removing the structure takes place. It is currently set to be completed by spring 2026 - and will provide a cleared site for future redevelopment led by town centre owner LCP Proudreed. As reported last month, the demolition of the building needed extra funding after surveyors found the 'worst levels of asbestos they have ever encountered' The Golden Eagle Andy McDonald, Middlesbrough and Thornaby East MP, described it as "one of the most complicated demolition jobs of its kind ever performed in the UK". Steps to ensure the 'transformational' development could go ahead saw the cabinet approve using £1.34 million of previously allocated funding from the Indigenous Growth fund in July. Stockton Council, which took control of the building last October, said the news today marks a huge milestone for the £23.9 million Thornaby Town Deal. The board, made up of local stakeholders, councillors, and MPs, said tackling long-term vacant properties to create new opportunities was one of its priorities. The work is being carried out by the appointed contractor MGL Demolition. Councillor Richard Eglington, cabinet member for regeneration and housing, said: 'We are really pleased that with the support of the Thornaby Town Deal Board, the long-awaited removal of the Golden Eagle has begun to bring about positive change to the town centre. 'This is the next step towards unlocking new opportunities for Thornaby by removing a building that has been an eyesore for a number of years and a barrier for future investment. 'Given the building is situated in the middle of a busy town centre, close to businesses and residents, we are all working together to ensure it is brought down quickly and most importantly, safely.' Read more: Post Office confirms branch closing date - as bosses explore takeover interest 'Disruptive' passenger removed from Teesside to Mallorca flight by Spanish police 'Quirky hidden gem' bar to close in matter of days after almost a decade Mark White CBE DL, chair of the Thornaby Town Deal Board, said: "Following years of hard work, planning and cooperation, I am delighted to be with the Board to mark such a momentous occasion for Thornaby-on-Tees. 'This demolition milestone shows the willingness of all partners on the Town Deal Board to work together to find solutions with the single goal of improving the town.' Mark Davison Jnr, head of demolition at MGL Demolition, said: 'MGL Demolition is proud to support this key milestone for Thornaby as work begins to safely demolish the Golden Eagle. This represents a significant step forward in unlocking future opportunities and accelerating the wider regeneration of the town centre.'
