A bunch of British insurers have stated they won’t pay for therapy utilizing a “miracle” weight reduction jab, which launched in Britain as we speak.
Aviva, Axa and WPA stated they might not supply clients Novo Nordisk’s weight-loss drug Wegovy below their personal medical insurance coverage.
From as we speak, some NHS sufferers might be prescribed the drug.
Nevertheless, Aviva stated: “Personal medical insurance coverage offers cowl for acute circumstances, that’s illness, sickness or harm that’s more likely to reply shortly to therapy.
“Therapy with Semaglutide, for diabetes or weight reduction, is just not a profit below our insurance policies.”
Axa additionally stated it solely coated acute sicknesses, whereas WPA stated it has a common exclusion on weight problems.
Semaglutide is the lively pharmaceutical ingredient in Wegovy and in Novo’s drug Ozempic, which was already obtainable on the NHS to deal with sort 2 diabetes.
The medicine have been described by medical doctors as ‘game-changing’, with spectacular outcomes beforehand solely seen after weight reduction surgical procedure.
Curiosity within the jabs has soared since endorsements by celebrities akin to Elon Musk – who makes use of Wegovy to shed extra pounds – and Jeremy Clarkson, who says he has had “great” outcomes from Ozempic.
Learn the most recent updates beneath.
12:31 PM BST
Weight-loss drug might assist 50,000 sufferers in England
Round 50,000 sufferers in England might be prescribed Wegovy via the NHS, writes James Warrington.
An NHS spokesperson stated:
Regardless of world provide constraints, NHS England is taking motion to start implementing NICE steering for weight administration, whereas on the similar time working to revive provides of this class of drug for individuals with sort 2 diabetes.
Round 50,000 eligible sufferers in England might be prescribed Wegovy via NHS specialist weight administration companies, which might be in a position to present applicable multidisciplinary care.
12:24 PM BST
Wegovy obtainable in Britain from £199
Wegovy has been made obtainable in Britain from as we speak in what Novo known as a “managed and restricted launch”.
The corporate has not specified the value or how a lot it could provide, though on-line retailer Easy On-line Pharmacy informed Reuters it could promote Wegovy in a worth vary from £199 to £299.
This features a session with a common practitioner, prescription and dishing out prices.
Novo Nordisk is pushing forward with the launches of its weight-loss drug in Europe even because it struggles to maintain up with demand.
The Danish drugmaker is attempting to persuade governments and insurers to cowl the price of the drug, looking for to place it as greater than a life-style drug.
Wegovy was launched within the US in June 2021 nevertheless it took Novo till December final 12 months to make all doses obtainable there due to an preliminary manufacturing outage.
12:10 PM BST
Weight reduction drug not coated by personal medical insurers
Aviva has stated it is not going to pay for therapy with Novo Nordisk’s weight-loss drug Wegovy, which turned obtainable on the NHS as we speak.
A spokesman for Aviva, which has 1.1m UK clients with personal medical insurance coverage, stated:
Personal medical insurance coverage offers cowl for acute circumstances, that’s illness, sickness or harm that’s more likely to reply shortly to therapy.
Therapy with semaglutide, for diabetes or weight reduction, is just not a profit below our insurance policies.
Semaglutide is the lively pharmaceutical ingredient in Wegovy and in Novo’s drug Ozempic, which can also be obtainable on the NHS for therapy of sort 2 diabetes.
11:45 AM BST
Lack of web zero targets prompted shareholder revolt, says Grafton
Grafton Group has stated a failure to set out web zero targets was partly behind a shareholder revolt in opposition to its chairman’s pay.
The Irish DIY retail big launched a session after 21pc of traders selected to not help the decision to re-elect Michael Roney on the agency’s annual common assembly in Might.
In an announcement as we speak, the FTSE 250 firm stated “a mixture of elements” have been behind the revolt, with two institutional shareholders voting in opposition to his re-election as a result of the corporate has not set web zero targets or printed Scope 3 greenhouse gasoline emissions information.
Two extra cited inadequate gender range on the board and at senior administration, whereas one other two talked about the variety of board appointments held by Mr Roney in listed firms.
One shareholder additionally expressed the private view that the agency ought to have a greater chair, the corporate added.
Final week, Grafton dedicated to delivering web zero carbon emissions by the top of 2050 because it launched its half 12 months report for 2023.
11:32 AM BST
Wetherspoons to chop costs to spotlight tax burden
Wetherspoons pubs are chopping the costs of all meals and drinks for in the future this week in a bid to spotlight the tax burden on the hospitality business.
The chain will scale back costs by 7.5pc in pubs throughout the UK and Eire on Thursday, that means, for instance, a buyer spending £10 on meals and drinks can pay £9.25 for in the future solely.
The transfer is being achieved to mark Tax Equality Day, by highlighting the profit {that a} everlasting VAT discount would have on pubs and eating places throughout the UK.
Costs in Scotland will probably be decreased on meals and non-alcoholic drinks, in keeping with Scottish licensing legal guidelines.
Wetherspoons stated it needs to reveal the “huge disparity” in how pubs and eating places are taxed, in contrast with supermarkets.
The group’s founder and chairman, Tim Martin, stated:
The most important menace to the hospitality business is the huge disparity in tax therapy amongst pubs, eating places and supermarkets.
Supermarkets pay zero VAT in respect of meals gross sales, whereas pubs and eating places pay 20pc.
This tax profit permits supermarkets to subsidise the promoting worth of beer.
11:01 AM BST
UK property sector’s potential ‘compelling,’ says Morgan Stanley
UK property shares supply a “compelling” danger to reward, in accordance with Morgan Stanley analysts, regardless of the sector taking successful from larger rates of interest.
After a tricky 12 months, the shares have grow to be oversold, in accordance with analyst Bart Gysens.
He stated British property firms typically have low ranges of debt and have adequately capitalised stability sheets.
He stated: “We’re alive to the truth that broader UK publicity and workplaces as a sub-sector are out of favour, however at present valuation the risk-reward is compelling.”
Morgan Stanley upgraded Hammerson to obese on the again of progress made with its restructuring, sending the shares up as a lot as 4.8pc.
UK property shares have been unpopular this 12 months amid larger rates of interest and a rising probability of recession.
The FTSE 350 Actual Property Funding Trusts Index is down about 8pc up to now this 12 months, in contrast with the FTSE 350’s general 0.5pc acquire.
Nevertheless, Morgan Stanley’s optimism towards the sector is just not common, with the dealer additionally downgrading Land Securities and British Land to impartial.
10:41 AM BST
Oil costs maintain close to 10-month highs after Saudi provide cuts
Oil costs are buying and selling close to 10-month highs as new information signifies Saudi Arabian provide cuts offset elevated output from the likes of Iran.
The dominion’s output fell by 170,000 barrels a day, precisely countering a mixed improve from Iran and Nigeria, in accordance with a Bloomberg survey.
The Opec cartel collectively pumped 27.8m barrels a day in August, or 40,000 greater than the earlier month.
The Saudis have persevered with their unilateral chopping of provides by a million barrels a day, which was launched in July to shore up world oil costs in opposition to a darkening financial outlook in China, the world’s largest gasoline shopper.
The retreat in Saudi manufacturing coincides with a revival in its political adversary, Iran, which restored output to a five-year excessive of simply over 3 million barrels a day final month. The Islamic Republic is exempt from Opec quotas as a result of its manufacturing has been hit by US sanctions.
Brent crude, the worldwide benchmark, was final down 0.2pc to greater than $88 a barrel, having gained 7.5pc in lower than a fortnight.
US-produced West Texas Intermediate has slipped 0.2pc to remain above $85.
10:14 AM BST
Pound beneficial properties as Hunt says UK on monitor to halve inflation
The pound is the strongest performing main foreign money in opposition to the greenback after the Chancellor stated Britain is on monitor to halve inflation this 12 months.
Sterling has gained 0.3pc in opposition to the buck to be price $1.26 after official information on Friday confirmed the economic system recovered quicker from the pandemic than beforehand thought.
It was the strongest performer of any of the G10 group of main currencies
Jeremy Hunt informed Sky’s Trevor Phillips on Sunday: “As we transfer into autumn, I do know household budgets are nonetheless stretched, however inflation is coming down and now’s the time to see the job via.”
The pound has additionally risen 0.1pc in opposition to the euro, which is price 85p.
09:59 AM BST
Two in 5 trains delayed in first half of the 12 months
Greater than two out of 5 prepare companies in Britain have been delayed through the first half of the 12 months, new figures present.
Some 41pc of companies have been no less than one minute late, in accordance with BBC evaluation of business information collated by web site On Time Trains.
An extra 3pc have been cancelled, whereas 56pc have been on time. Stations in Wales had the very best cancellations fee between January and July, at 7pc.
Throughout English areas, the very best determine was within the North East at 6pc.
Of Britain’s 100 busiest stations, Huddersfield had the very best fee of cancellations (13pc) with greater than 5,500 trains as a result of serve the station axed.
This was adopted by Manchester Victoria (10pc), whereas York, Newcastle and Manchester Oxford Highway all had the joint third highest determine (9pc).
All these stations are within the TransPennine Categorical (TPE) space, which was badly affected by drivers’ union Aslef banning time beyond regulation.
Paul Tuohy, of strain group Marketing campaign for Higher Transport, stated: “We wish individuals to journey by prepare so excessive charges of cancellations are unacceptable.”
09:45 AM BST
Residence REIT to revalue property months after suspending shares
Homeless housing supplier Residence REIT has appointed world property companies agency Jones Lang LaSalle (JLL) to worth its complete portfolio months after it was rocked by a short-seller’s report.
The corporate, which suspended its shares in January after lacking a deadline to publish its annual monetary report, stated the earliest it was anticipating to publish excellent accounts was not till late 2023.
Residence REIT was rocked by a report in November final 12 months from short-seller Viceroy Analysis which raised a number of considerations, together with the valuation of the corporate’s property.
Shares in Residence REIT had slumped greater than 30pc instantly after the report earlier than hitting a report low in December when the corporate stated its auditor was reviewing Viceroy’s allegations.
Residence REIT stated JLL would undertake the valuations based mostly on market worth on the idea of vacant possession as of August final 12 months, February this 12 months and August this 12 months.
09:20 AM BST
German exports hit as UK commerce slumps
German exports fell once more in July after a slight rebound in June, official information confirmed, as Europe’s largest economic system suffered a slowdown in its commerce with Britain.
Exports totalled €130.4bn (£111.5bn), a fall of 0.9pc in contrast with the earlier month, in accordance with adjusted figures from federal statistics company Destatis.
German exports to the UK dropped by 3.5pc to €6.3bn.
Imports in the meantime have been up 1.4 p.c in contrast with June, totalling €114.5bn. The nation’s adjusted commerce surplus – the distinction between exports and imports – fell barely to €15.9bn.
ING economist Carsten Brzeski stated: “Commerce is now not the sturdy resilient progress driver of the German economic system that it was once, however fairly a drag.”
German exports have been lagging for a number of months on account of provide chain difficulties, a fragile world economic system and stubbornly excessive inflation.
German inflation dipped barely to six.1 p.c in August however remained at a stage 3 times larger than the European Central Financial institution’s goal fee.
09:07 AM BST
Recession to plunge 7,000 companies into insolvency per quarter, suppose tank warns
Greater than 7,000 companies might grow to be bancrupt each three months subsequent 12 months, a suppose tank has warned, because it forecast Britain will tumble into recession.
Corporations will go below as rates of interest proceed to rise, pushing up debt repayments to unsustainable ranges for some companies, in accordance with the CEBR.
It warned Britain will probably be in recession after contractions within the closing three months of this 12 months and first quarter of 2024.
Nevertheless, it stated the Financial institution of England could begin to minimize rates of interest subsequent 12 months in an try to “restimulate demand” within the economic system, though charges will “nonetheless stand far above latest norms for a while”.
There have been over 6,700 enterprise insolvencies in Britain within the three months to June, which was greater than double what was seen in a typical quarter through the pandemic.
It’s also 50pc larger than the identical quarter in 2019, with the variety of quarterly insolvencies averaging 4,100 between 2015 and 2019.
08:49 AM BST
Swiss economic system stalls amid German struggles
Switzerland’s economic system stalled within the second quarter as its manufacturing sector fell sufferer to waning world demand and the ripple impact of weaker progress in Germany.
Gross home product, adjusted for big sports activities occasions, was flat within the three months via June after a 0.9pc leap initially of the 12 months. Economists anticipated a rise of 0.1pc in a Bloomberg survey.
Switzerland’s State Secretariat for Financial Affairs stated:
The difficult worldwide surroundings is weighing on the cyclically delicate industrial sectors akin to mechanical engineering and steel development.
This was additionally mirrored in a broad-based decline in items exports.
The numbers point out the Swiss economic system is struggling knock on results from the woes of its largest buying and selling accomplice: Germany.
A survey of buying managers in Switzerland indicated there was contraction in manufacturing since January.
08:26 AM BST
Miners carry FTSE 100 amid China’s bid to spice up economic system
The FTSE 100 opened larger after China rolled out new measures to prop up its stuttering economic system, giving a lift to mining shares.
The exporter-heavy index has gained 0.5pc, whereas the mid-cap FTSE 250 index has risen 0.3pc.
Industrial steel miners rose as a lot as 1.8pc, main sectoral beneficial properties.
China stepped up measures on Friday to spice up the nation’s faltering economic system, with high banks paving the best way for additional cuts in lending charges and reviews that Beijing plans additional motion together with enjoyable home-purchase restrictions.
London Inventory Change Group rose 0.1pc amid reviews that it plans for a blockchain-based digital property enterprise.
CMC Markets stated Albert Soleiman had been appointed as its chief monetary officer, initially sending its shares up 2.8pc earlier than falling again to be flat.
Wooden Group stated it had signed a brand new settlement valued at round £262m for North Sea operations with Harbour Power. The businesses rose 1.2pc and 1.1pc, respectively.
08:18 AM BST
Ergomed surges after personal fairness takeover supply
Pharmaceutical companies supplier Ergomed has agreed to a personal fairness takeover that values the enterprise at £703.1m.
Shareholders within the Guildford-based firm will obtain 1,350p per share below the money acquisition by Permira, which is a 28.3pc premium on Friday’s closing worth.
John Dawson, senior impartial director of Ergomed, stated the supply “pretty displays the distinctive high quality of the Ergomed enterprise, its individuals and its future prospects”.
Its shares have surged by 26.8pc in early buying and selling.
08:06 AM BST
FTSE 100 opens larger
UK markets opened larger amid growing bets that the Federal Reserve was completed elevating US rates of interest, and amid hopes the regular drip feed of stimulus from Beijing will stabilise the Chinese language economic system.
The FTSE 100 was 0.6pc larger at 7,509.75 whereas the midcap FTSE 250 climbed 0.3pc to 18,599.24.
07:54 AM BST
Fuel costs climb amid shrinking Norwegian output
European pure gasoline costs has prolonged final week’s beneficial properties after outages in Norway decreased provides to Britain and the continent.
Benchmark Dutch futures jumped as a lot as 5.3pc in early buying and selling after flows from Norway, Europe’s high producer, dropped to the bottom since no less than 2015 over the weekend.
Output stays lower than half the nation’s complete capability.
Whereas European demand stays muted and winter storage websites are practically full, the dip in provides provides nervousness to a market already rattled by dangers of strikes in Australia.
Three fields in Norway have halted provides since Saturday for works not beforehand notified to merchants.
It comes because the market was already contending with a shutdown of the large Troll discipline in addition to different services.
Dutch front-month futures, Europe’s gasoline benchmark, traded 3pc larger at greater than €36 a megawatt-hour. The UK equal contract added 4.5pc.
07:47 AM BST
Air site visitors management chaos ‘nonetheless not defined,’ complains Ryanair
Finances airline Ryanair stated greater than 350 flights have been cancelled on August 28 and 29 because of the air site visitors management (ATC) failure, impacting 63,000 of its passengers.
The Irish service stated the ATC failure – which brought about widespread journey disruption final week and left passengers stranded – “has nonetheless not been defined”.
Ryanair carried 18.9m visitors in complete final month, up 11pc on a 12 months earlier, it added.
In the meantime, Hungarian low-cost airline Wizz Air stated it carried 6.1m passengers in August, up 23.9pc on the identical months final 12 months.
07:42 AM BST
Wooden wins £262m contract with largest North Sea oil producer
Consultancy and engineering agency Wooden has received a $330m (£262m) contract with Harbour Power, the most important producer of oil and gasoline within the UK’s North Sea, the businesses introduced.
Wooden stated that below the brand new settlement it could present a sequence of companies to Harbour, together with serving to to function and keep its offshore websites and aiding the corporate with procurement and development.
The preliminary five-year contract has the choice to be prolonged, every year, for one more 5 years. It should “help the employment of lots of of individuals,” Wooden stated.
Wooden government president of operations Steve Nicol stated: “We’ve labored on North Sea property for greater than 50 years and excel in designing and managing the complexity of vitality infrastructure whereas on the similar time looking for to minimise related emissions.”
07:37 AM BST
Good morning
Thanks for becoming a member of me. European automotive producers are being pressured right into a worth struggle with Chinese language firms because the EU pushes forward with plans to ban combustion engines, the boss of BMW has warned.
BMW chief government Oliver Zipse has stated he thought-about China coming into the European market as an “imminent danger” after the event of its electrical automotive market during the last 15 years enveloped a lot of the world’s battery provide chains.
He stated that firms like BMW will doubtless be shielded from competitors from China’s producers, which is able to goal patrons of cheaper autos.
Talking forward of the annual IAA Mobility convention in Munich, Mr Zipse stated: “The bottom automotive market section will both vanish or is not going to be achieved by European producers.”
It comes after BYD, China’s largest electrical carmaker, declared struggle on Western rivals by calling on the nation’s auto producers to unite and “demolish” their competitors.
In February, the European Parliament voted to approve a brand new legislation banning the sale of petrol and diesel automobiles from 2035. In Britain, the Authorities plans to ban the sale of latest automobiles powered solely by petrol and diesel from 2030.
5 issues to start out your day
1) Scramble to safe extra energy for Rishi Sunak’s supercomputer lab | Overloaded grid dangers stalling PM’s bid to determine Britain as a world AI hub
2) ‘Price of proudly owning disaster’ as 50,000 fall into unfavourable fairness | Affected householders face issue promoting or remortgaging as home costs plunge
3) Britain shedding £750m from Chinese language holidaymakers due to vacationer tax | Buyers are travelling to France, Italy and Spain as a substitute, report finds
4) Gatwick second runway received’t conflict with web zero, says airport chief | Stewart Wingate insists enlargement will increase economic system, as Rishi Sunak prepares to reject local weather recommendation
5) The tycoons constructing an empire out of Britain’s bust beer manufacturers | After first rescuing Black Sheep, the financiers have swooped on extra struggling craft brewers
What occurred in a single day
Shares have been larger in Asia after Wall Avenue was boosted by a report that signalled the US jobs market, whereas nonetheless wholesome, is exhibiting some indicators of cooling.
That supported traders’ hopes that the Federal Reserve could quickly ease up on its marketing campaign to sluggish the U.S. economic system by elevating rates of interest.
“It seems that world markets are primed to be smitten with the thought of a ‘Nirvana’ Fed tightening final result, entailing the ‘immaculate dis-inflation’ that doesn’t trigger employment ache,” Tan Boon Heng of Mizuho Financial institution stated in a commentary.
Recent stimulus from China’s monetary regulators for the beleaguered property sector additionally supported shopping for. They’ve minimize down-payment necessities for first and second-time residence patrons and lowered charges on current mortgages, famous Yeap Jun Rong of IG.
Hong Kong’s Dangle Seng index jumped 2.4pc to 18,828.91 whereas the Shanghai Composite index added 1pc to three,166.62.
Tokyo shares ended larger, with the benchmark Nikkei 225 index including 0.7pc to shut at 32,939.18, whereas the broader Topix index closed up 1pc to a contemporary 33-year excessive of two,373.73.
In Seoul, the Kospi edged 0.2pc larger, to 2,569.52. Sydney’s S&P/ASX 200 added 0.5pc to 7,312.60.
Shares additionally rose in Taiwan and Southeast Asia.
US markets will probably be closed as we speak for the Labor Day vacation.
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