Skip to content
Search

Latest Stories

Drug major GSK’s expansion plan to create 5,000 jobs

PHARMACEUTICAL major GlaxoSmithKline (GSK) is planning to extend its facility in Stevenage, Hertfordshire that would create up to 5,000 new jobs, BBC reported.

The site is one of GSK's two global research and development hubs, and hosts the UK's largest work into cell and gene therapy.


The plan involves selling off a third of the site, which is expected to unlock £400 million of new investment.

The company aims to start the project in 2022. The new campus - which will sit next to GSK's existing site at Stevenage - could ultimately deliver 100,000 square metres of new floor space for commercial life sciences research and development.

"The past 18 months has shown the UK life sciences sector at its best and the UK has recently unveiled an ambitious 10-year vision for the UK life sciences sector," said GSK senior vice president Tony Wood.

"Our goal is for Stevenage to emerge as a top destination for medical and scientific research by the end of the decade," he added.

The drug company, recently came under pressure from shareholders to reconfigure its businesses amid criticism over its performance.

GSK is a leading vaccine maker, but has been late to develop a jab for Covid-19. Its Covid vaccine, which is being developed with France's Sanofi, is still undergoing trials.

However, the company is now focusing on developing new drugs and vaccines, with the GSK boss Emma Walmsley selling its consumer healthcare division, which makes big-brand products including Sensodyne and Panadol.

More For You

BT-Getty

A view of the British Telecom (BT) headquarters in central London. (Photo: Getty Images)

BT to remove diversity targets from manager bonuses

BT will remove diversity, equity, and inclusion (DEI) targets from its manager bonus scheme, replacing them with a measure of overall employee engagement.

The change, set to take effect in April, follows consultation with major investors and has received “strong support,” according to the company, The Telegraph reported.

Keep ReadingShow less
India's central bank cuts interest rates for first time since 2020

The central bank announced a 25-basis-point cut in the benchmark repo rate to 6.25 per cent, the rate at which it lends to commercial banks.. (Photo credit: Reuters)

India's central bank cuts interest rates for first time since 2020

THE RESERVE BANK OF INDIA (RBI) reduced interest rates on Friday for the first time in nearly five years, citing concerns over economic growth despite inflation risks.

The central bank announced a 25-basis-point cut in the benchmark repo rate to 6.25 per cent, the rate at which it lends to commercial banks.

Keep ReadingShow less
Sri Lanka seeks to negotiate with Adani over renewable energy plants

Gautam Adani

Sri Lanka seeks to negotiate with Adani over renewable energy plants

SRI LANKA’S government started talks with India’s Adani Group to lower the cost of power from two wind power projects the group will build in the island nation’s northern province, the cabinet spokesman said last Tuesday (28).

Sri Lanka has been reviewing the group’s local projects after US authorities in November accused billionaire founder Gautam Adani and other executives of being part of a scheme to pay bribes to secure Indian power supply contracts. Adani has denied the allegations.

Keep ReadingShow less
Bank-of-England-Getty

The BoE also revised its economic growth forecast for 2025, reducing it by half. (Photo credit: Getty Images)

Bank of England cuts rates, lowers growth outlook

THE BANK OF ENGLAND (BoE) has cut interest rates by 0.25 percentage points to 4.5 per cent, with some policymakers supporting a bigger reduction to counter economic slowdown. However, the central bank signalled a cautious approach to future cuts, citing inflation concerns and global uncertainty.

The BoE also revised its economic growth forecast for 2025, reducing it by half. Chancellor Rachel Reeves, who has been advocating for faster economic growth, faces a challenge as inflation is now projected to be nearly double the 2 per cent target this year.

Keep ReadingShow less
Indian billionaires and tech titans shake up English cricket with major investments in The Hundred

The Oval Invincibles, now co-owned by Mukesh Ambani, are two-time defending champions in the men’s 100-ball competition

Indian billionaires and tech titans shake up English cricket with major investments in The Hundred

INDIAN billionaires and Indian American tech tycoons are among new owners of franchises in the Hundred cricket league.

Mukesh Ambani, Nikesh Arora and Sanjiv Goenka have in recent days invested in English cricket by acquiring a minority share in some of the Hundred teams.

Keep ReadingShow less