Skip to content
Search

Latest Stories

India's Serum Institute to invest £240m in the UK

India's Serum Institute to invest £240m in the UK

VACCINE maker the Serum Institute of India is set to invest in facilities in Britain and could even manufacture inoculations in the UK in future, prime minister Boris Johnson said on Monday (3).

Downing Street said the £240 million project would include a sales office, "clinical trials, research and development and possibly manufacturing of vaccines".


The Serum Institute of India (SII) is the world's largest vaccine maker by volume and has been at the forefront of producing the lower-cost AstraZeneca coronavirus shot.

SII has also begun phase one trials in the UK of a one-dose nasal vaccine for coronavirus.

According to the prime minister’s office, the vaccine maker's plans were part of a wider package of trade and investment deals with India worth £1 billion that it expects to create more than 6,500 jobs.

It was announced ahead of virtual talks between Johnson and India’s prime minister Narendra Modi on Tuesday.

With its massive population and growing economy, India has been high on London's list of trade deal targets since Britain left the European Union last year.

But a surge in Covid-19 cases has left the health system there at breaking point, forcing Johnson to shelve a planned visit this month.

Prior to the current wave, India was exporting tens of millions of SII-made AstraZeneca shots via through the Covax scheme supplying poorer countries.

Last month New Delhi froze exports - including to Covax - to prioritise jabs at home.

SII makes 60-70 million AstraZeneca doses per month and is aiming for 100 million by July.

With its 1.3 billion people, India has become the latest hotspot of the pandemic, even as richer countries take steps towards normality with accelerating vaccination programmes.

Britain said last Sunday (2) it was sending an extra 1,000 oxygen ventilators to India, having already sent 495 oxygen concentrators, 200 ventilators and three larger production units dubbed oxygen factories.

SII, based in Pune, southeast of Mumbai, is a state-of-the-art production facility headed by 40-year-old chief executive Adar Poonawalla, scion of a pharmaceutical dynasty worth an estimated £11 billion.

Under a post-Brexit "Global Britain" strategy, Johnson's government is pivoting its foreign policy priorities towards the Asia-Pacific region, signing trade deals with countries including Japan and Singapore.

The latest "Enhanced Trade Partnership" announcement with India includes lower trade barriers for some UK exports such as fruit and medical devices.

But there are signs India may be reluctant to sign a more wide-ranging trade pact, as Modi pushes his "Made in India" and "Self-Reliant India" agendas.

Last year he abruptly baulked at joining the Regional Comprehensive Economic Partnership (RCEP), a free trade agreement among 15 Asia-Pacific nations, because New Delhi feared its agricultural, dairy and services sectors would be disadvantaged.

Former US president Donald Trump disparaged India as the "tariff king" for its duties on imported goods, hobbling trade talks despite his friendly relations with Modi.

Talks are due to resume between India and the EU on a free-trade deal later this month, eight years after 16 rounds of talks broke up in deadlock.

Trade negotiations are also reportedly set to resume with Canada soon after a gap of four years.

More For You

Top 10 smartwatches for women in 2025: Must-have picks!

Elevate your style and tech game with the best smartwatches for women in 2025

Amazon

Top 10 smartwatches for women in 2025: Must-have picks!

Let’s be real, in 2025, a smartwatch isn’t just a gadget—it’s your personal assistant, fitness coach, and style statement all in one. Whether you’re tracking workouts, managing a busy schedule, or simply looking for an elegant accessory to complement your outfit, 2025 has some incredible options for women.

We know that with so many options on the market, choosing the perfect one can feel overwhelming. That’s why we’ve rounded up the top 10 smartwatches for women, offering the best in functionality, fashion, and fitness tracking. Let’s dive in!

1. Apple Watch Series 10 – The Ultimate All-Rounder

  • Why It’s Great: Apple continues to lead the way with the Series 10, featuring a larger, brighter display and cutting-edge health tracking, including ECG, sleep apnoea detection, and menstrual cycle monitoring. The sleek Jet Black and Rose Gold finishes add a touch of class, whether you're at work or the gym.

✔ Seamless iPhone integration
✔ Comprehensive health tracking
✔ Stylish design for every occasion

Best For: iPhone users who want a premium, feature-packed smartwatch.

Keep ReadingShow less
Prudential to list Indian asset management venture

Prudential chief executive Anil Wadhwani

Prudential to list Indian asset management venture

INSURER Prudential plc announced that it is considering a partial listing of its stake in ICICI Prudential Asset Management, one of India's leading investment firms. The news sent Prudential's shares soaring by 5.8 per cent to close at 722p on the London Stock Exchange.

The FTSE 100 company currently holds a 49 per cent stake in the Indian joint venture, which market analysts estimate to be worth around £4 billion. ICICI Bank, which owns the remaining 51 per cent, has confirmed its intention to maintain its majority shareholding, emphasising its "long-term commitment" to the partnership that began in 1998, reported the Times.

Keep ReadingShow less
NatWest-Reuters

The bank has set a new performance target, aiming for a return on tangible equity of 15-16 per cent in 2025 and above 15 per cent by 2027. (Photo: Reuters)

What’s driving NatWest’s better-than-expected profit growth?

NATWEST reported higher-than-expected annual profit on Friday, supported by its growth strategy, improved productivity, and capital management efforts.

The bank, which once had assets worth 2.2 trillion pounds—more than twice the size of the British economy—has undergone years of restructuring to focus mainly on domestic consumer and mortgage lending.

Keep ReadingShow less
London business district
A general view shows the London's financial district from an office window in Canary Wharf. (Photo: Getty Images)

Economy grows 0.1 per cent in fourth quarter, defying expectations

THE UK economy expanded by 0.1 per cent in the final quarter of 2024, contrary to forecasts of a contraction, according to official data released on Thursday.

The growth, supported by a stronger-than-expected 0.4 per cent rise in December, offers some relief to chancellor Rachel Reeves as she navigates broader economic challenges.

Keep ReadingShow less
BP-Reuters

Fourth-quarter profit dropped 61 per cent compared to the previous year, marking BP’s weakest results since Q4 2020, when the pandemic reduced global oil demand. (Photo: Reuters)

BP reports lowest quarterly profit in four years, plans strategy reset

BP reported a quarterly profit of £943 million on Tuesday, falling short of expectations and marking its lowest in four years.

The company said it plans a "fundamental reset" of its strategy, days after reports that Elliott Management had taken a stake in the oil major.

Keep ReadingShow less