Egypt drops plans for halal certification on all UK dairy exports
The proposed requirements were due to come into force in January, and were predicted to add about £1,000 per shipment in additional costs and procedures.
Egypt's decision to drop the changes followed talks with the UK Government, at a time of heightened uncertainty over global trade agreements.
Food and drink that is halal typically means it complies with Islamic dietary laws.
The UK exported around £26 million worth of dairy items to Egypt in 2024, which cheese, butter and milk products among the most popular product for international buyers.
The Department for Business and Trade said the trade U-turn will protect an estimated £250 million in additional export opportunities for farmers over five years.
Minister for Food Security and Rural Affairs Daniel Zeichner said: 'Britain is a great place for dairy farming and has an excellent reputation for quality, welfare standards and sustainability globally.
'The change to certification requirements in Egypt will cut costs and red tape for exporters, boosting growth opportunities.'
The UK Government has struck new trade agreements with the US, India and the EU since April, when US President Donald Trump announced a series of higher tariff rates on the country's imports.
Last week, Mr Trump's new levies of 10% or higher kicked in for more than 60 countries and the EU.
Meanwhile, the Government unveiled a new trade strategy in June aimed to make it easier for UK firms to export, including reducing barriers to trading overseas and clamping down on unfair trade practices.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
24 minutes ago
- Yahoo
Centessa Pharmaceuticals Reports Financial Results and Business Highlights for the Second Quarter of 2025
Advancing a broad, potential best-in-class orexin receptor 2 (OX2R) agonist franchise, with key data readouts expected this year ORX750 Phase 2a CRYSTAL-1 study for the treatment of narcolepsy type 1 (NT1), narcolepsy type 2 (NT2) and idiopathic hypersomnia (IH) on track with data expected in all three indications this year with first-in-class potential in NT2 and IH ORX142 Phase 1 clinical trial for the treatment of select neurological and neurodegenerative disorders underway with data in acutely sleep-deprived healthy volunteers expected this year ORX489 in IND-enabling studies for the treatment of neuropsychiatric disorders BOSTON and LONDON, Aug. 12, 2025 (GLOBE NEWSWIRE) -- Centessa Pharmaceuticals plc (Nasdaq: CNTA), a clinical-stage pharmaceutical company, today reported financial results and business highlights for the second quarter ended June 30, 2025. 'As clinical validation of the orexin agonist class continues to grow, we believe Centessa is well positioned with a novel potential best-in-class OX2R agonist pipeline aimed at redefining the standard of care. This includes not only restoring normal wakefulness to meet the real-world needs of individuals with sleep-wake disorders, but also potentially addressing comorbidities such as excessive daytime sleepiness, impaired attention, cognitive deficits and fatigue across a range of neurological, neurodegenerative and neuropsychiatric conditions where there is unmet need,' said Saurabh Saha MD PhD, Chief Executive Officer of Centessa. Dr. Saha continued, 'ORX750, our most advanced OX2R agonist drug candidate, is progressing in an adaptive Phase 2a study that incorporates real-time drug development strategies aimed at optimizing dosing and best positioning ORX750 for planned registrational studies. This innovative approach continues to build our confidence in ORX750's potential to be a best-in-class OX2R agonist for the treatment of NT1, NT2 and IH, and potentially the first OX2R agonist to treat NT2 and IH. Our top priority remains the successful execution of the Phase 2a study, and we look forward to sharing data for ORX750 in all three indications this year.' 'In parallel, we recently initiated clinical development of ORX142, our second OX2R agonist drug candidate, with data in acutely sleep-deprived healthy volunteers also expected this year. With two programs advancing toward key clinical milestones and a broad pipeline of potentially transformative orexin therapies, we believe Centessa is positioned to become a long-term leader in the orexin space,' concluded Dr. Saha. Recent Highlights Following clearance of the Investigational New Drug application (IND) from the U.S. Food and Drug Administration (FDA) in June 2025, the Company initiated a Phase 1 first-in-human clinical trial of ORX142, with data in acutely sleep-deprived healthy volunteers expected this year. In April 2025, additional data from the Phase 1 study of ORX750 were presented in a poster session at the American Academy of Neurology (AAN) Annual Meeting. Along with previously disclosed Phase 1 data, the poster highlighted time-course curves for both the Maintenance of Wakefulness Test (MWT) and the Karolinska Sleepiness Scale (KSS) from the 5.0 mg dose cohort. At this dose, sustained effects were observed across the full 8-hour post-dose observation period, with mean sleep latency exceeding 30 minutes on the MWT and improvements in KSS scores compared to placebo. An abstract highlighting the adaptive design of the Company's Phase 2a CRYSTAL-1 study for ORX750, including an open-label long-term extension (LTE), has been accepted as a poster presentation at the World Sleep 2025 Congress being held on September 5–10, 2025, in Singapore. The abstract, Development of a Novel, Oral Orexin Receptor 2 Agonist, ORX750 for Treatment of Patients with Narcolepsy (type 1 and 2) and Idiopathic Hypersomnia, is available on the conference website. A copy of the poster will be available on the Centessa website at at the time of the poster presentation. OX2R Agonist Pipeline and Anticipated Upcoming Milestones ORX750: The Phase 2a CRYSTAL-1 study is ongoing with data in NT1, NT2 and IH expected in 2025. ORX142: The Phase 1 first-in-human study of ORX142 is ongoing with data in acutely sleep-deprived healthy volunteers expected in 2025. ORX489: Currently in IND-enabling studies. Second Quarter 2025 Financial Results Cash, Cash Equivalents and Investments: Cash, cash equivalents and investments totaled $404.1 million as of June 30, 2025. The Company expects its cash, cash equivalents and investments as of June 30, 2025 will fund operations into mid-2027. Research & Development (R&D) Expenses: R&D expenses were $42.7 million for the second quarter ended June 30, 2025, compared to $32.8 million for the second quarter ended June 30, 2024. General & Administrative (G&A) Expenses: G&A expenses were $11.9 million for the second quarter ended June 30, 2025, compared to $11.2 million for the second quarter ended June 30, 2024. Net Loss: Net loss was $50.3 million for the second quarter ended June 30, 2025, compared to $43.8 million for the second quarter ended June 30, 2024. About Centessa's Orexin Receptor 2 (OX2R) Agonist Program Orexin is a neuropeptide that regulates the sleep-wake cycle, leading to arousal and promoting wakefulness. Targeting the orexin pathway with novel orexin receptor 2 (OX2R) agonists represents a potential promising approach to address excessive daytime sleepiness (EDS), impaired attention, cognitive deficits and fatigue associated with a broad range of neurological, neurodegenerative and neuropsychiatric disorders. Centessa is developing a pipeline of potential best-in-class OX2R agonists, including ORX750 for the treatment of sleep-wake disorders including narcolepsy type 1 (NT1), narcolepsy type 2 (NT2) and idiopathic hypersomnia (IH), ORX142 for the treatment of select neurological and neurodegenerative disorders, and ORX489 for the treatment of neuropsychiatric disorders. ORX750 is being evaluated in the Phase 2a CRYSTAL-1 study. For more information, visit ORX750, ORX142 and ORX489 are investigational candidates and have not been approved by the FDA or any other regulatory authority. About Centessa Pharmaceuticals Centessa Pharmaceuticals, plc is a clinical-stage pharmaceutical company with a mission to discover, develop and ultimately deliver medicines that are transformational for patients. We are pioneering a new class of potential therapies within our orexin receptor 2 (OX2R) agonist program for the treatment of EDS, impaired attention, cognitive deficits and fatigue across neurological, neurodegenerative and neuropsychiatric disorders. For more information, visit which does not form part of this release. Forward Looking Statements This press release contains forward-looking statements. These statements may be identified by words such as 'may,' 'might,' 'will,' 'could,' 'would,' 'should,' 'expect,' 'intend,' 'plan,' 'objective,' 'anticipate,' 'believe,' 'estimate,' 'predict,' 'potential,' 'continue,' 'ongoing,' 'aim,' 'seek,' and variations of these words or similar expressions that are intended to identify forward-looking statements. Any such statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements, including statements related to the Company's ability to discover and develop transformational medicines for patients; its expectations for executing on the Company's pipeline; its expectations on its anticipated cash runway; the timing of commencement of new studies or clinical trials or clinical and preclinical data related to ORX750, ORX142, ORX489 and other OX2R agonist molecules; its ability to identify, screen, recruit and maintain a sufficient number of or any subjects in its existing and anticipated studies or clinical trials of ORX750, ORX142, ORX489 and other OX2R agonist molecules; its expectations on executing its research and clinical development plans and the timing thereof; its expectations as to the potential results and impact of each of its clinical programs and trials; the Company's ability to differentiate ORX750, ORX142, ORX489 and other OX2R agonist molecules from other treatment options, including those being developed by competitors; the development, design and therapeutic potential of ORX750, ORX142, ORX489 and other OX2R agonist molecules, including the potential for ORX750 to be a best-in-class OX2R agonist for the treatment of NT1, NT2 and IH, and potentially the first OX2R agonist to treat NT2 and IH; and regulatory matters, including the timing and likelihood of success of obtaining regulatory clearance or authorizations to initiate or continue clinical trials. Any forward-looking statements in this press release are based on our current expectations, estimates, assumptions and projections only as of the date of this release and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the safety and tolerability profile of our product candidates; our ability to identify, screen and recruit a sufficient number of or any subjects in our existing and anticipated new studies or clinical trials of ORX750, ORX142, ORX489 or within anticipated timelines; our expectations relating to the clinical trials of ORX750 and ORX142, including the predicted timing of enrollment, the predicted efficacious doses of ORX750 and ORX142 and our ability to successfully conduct our clinical development of ORX750 and ORX142, our ability to protect and maintain our intellectual property position; business (including commercial viability), regulatory, economic and competitive risks, uncertainties, contingencies and assumptions about the Company; risks inherent in developing product candidates and technologies; future results from our ongoing and planned clinical trials; our ability to obtain adequate financing, including through our financing facility with Oxford Finance, to fund our planned clinical trials and other expenses; trends in the industry; the legal and regulatory framework for the industry, including the receipt and maintenance of clearances to conduct or continue clinical testing; our operating costs and use of cash, including cash runway, cost of development activities and conducting clinical trials, future expenditures risks; the risk that any one or more of our product candidates will not be successfully developed and/or commercialized; the risk that the historical results of preclinical studies or clinical studies will not be predictive of future results in ongoing or future studies; economic risks to the United States and United Kingdom banking systems; and geo-political risks such as the Russia-Ukraine war, the Middle East conflicts or trade wars and impact of the imposition of tariffs. These and other risks concerning our programs and operations are described in additional detail in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and our other reports, which are on file with the U.S. Securities and Exchange Commission (SEC). We explicitly disclaim any obligation to update any forward-looking statements except to the extent required by law. Contact: Kristen K. Sheppard, Esq. SVP of Investor Relations investors@ Centessa Pharmaceuticals plcConsolidated Statements of Operations and Comprehensive Loss(unaudited)(amounts in thousands except share and per share data) Three Months EndedJune 30, 2025 Three Months EndedJune 30, 2024 Six Months EndedJune 30, 2025 Six Months EndedJune 30, 2024 License and other revenue $ — $ — $ 15,000 $ — Operating expenses: Research and development 42,741 32,815 76,184 55,467 General and administrative 11,912 11,165 24,246 24,603 Loss from operations (54,653 ) (43,980 ) (85,430 ) (80,070 ) Interest and investment income 4,380 3,240 12,270 5,831 Interest expense (2,884 ) (2,525 ) (5,761 ) (5,054 ) Other non-operating income (expense), net 3,592 154 4,618 (1,383 ) Loss before income taxes (49,565 ) (43,111 ) (74,303 ) (80,676 ) Income tax expense 778 705 2,175 1,186 Net loss (50,343 ) (43,816 ) (76,478 ) (81,862 ) Other comprehensive (loss) income: Foreign currency translation adjustment (479 ) (61 ) 164 (86 ) Unrealized (loss) gain on available for sale marketable securities, net of reclassification adjustment and tax (5 ) 33 (2,786 ) 188 Other comprehensive (loss) income (484 ) (28 ) (2,622 ) 102 Total comprehensive loss $ (50,827 ) $ (43,844 ) $ (79,100 ) $ (81,760 ) Net loss per ordinary share - basic and diluted $ (0.38 ) $ (0.40 ) $ (0.57 ) $ (0.78 ) Weighted average ordinary shares outstanding - basic and diluted 133,677,405 109,489,184 133,354,373 104,688,452 Centessa Pharmaceuticals plcCondensed Consolidated Balance Sheets(unaudited)(amounts in thousands) June 30, 2025 December 31, 2024 Total assets: Cash and cash equivalents $ 44,242 $ 383,221 Investments in marketable securities 359,888 98,956 Other assets 87,997 94,621 Total assets $ 492,127 $ 576,798 Total liabilities Other liabilities $ 37,663 $ 66,313 Long term debt 109,545 108,940 Total liabilities 147,208 175,253 Total shareholders' equity 344,919 401,545 Total liabilities and shareholders' equity $ 492,127 $ 576,798 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
24 minutes ago
- Yahoo
OPINION - This is why we should scrap the tourist tax
Walk down any of London's shopping streets today and you'll notice something missing – not the designer shops or beautiful window displays, but the international tourists. The visitors who once spent freely in our stores, stayed in our hotels, dined in our restaurants and enriched the whole economy are no longer coming to our great city in the numbers we used to see. Many now bypass London entirely for Paris, Milan or Madrid. Those that do come are spending less than they used to. Why? Because the UK scrapped tax-free shopping. This decision by the last government was one of the most self-defeating in recent memory. Since the abolition of VAT-free purchases for tourists in 2021, the UK has become the only major country in Europe which doesn't offer VAT refunds to international visitors. And let me tell you the consequences are stark. One is that fewer people are coming to our shores. New figures show that while visitor numbers in the UK have almost returned to pre-pandemic levels, we haven't seen anything like the growth that our EU rivals have. And according to new figures from the Association of International Retail (AIR), tourist spending is eight per cent down on 2019. Meanwhile, in France and Spain, spending has surged ahead — up ten per cent and six per cent respectively. The difference? They still offer VAT-free shopping. Yet since 2021, we don't. Despite the clear consequences. To be clear, this isn't just about a few luxury retailers in the West End. It's about the entire visitor economy, across the entire UK. Shopping accounts for a quarter of all spending by international tourists. For every pound spent in VAT-free retail, visitors spend another £4 across hospitality, transport, culture and services. That's money into the tills of restaurants in Edinburgh, taxi firms in Manchester, theatres in London and family-run hotels in the Lake District. After the decision to scrap the scheme, the excess paid by foreign visitors on their shopping was branded a 'tourist tax' – and rightly so. It has driven away high-value visitors and handed our European rivals a competitive advantage. Increasingly, British tourists are now doing their shopping on the continent, claiming VAT back in Milan while leaving British shops behind. Visitors from the US, China, the Middle East and now – post-Brexit – the EU's 450 million citizens, are being actively incentivised to go anywhere but here. Of course we see the impact across our hotel group, where tourists who once returned laden with parcels now cut UK trips short in order to add a stop in Europe where they do their shopping, knowing they can reclaim sales tax. This is madness – but it's reversible. The UK now has the chance to be the only country in Europe offering tax-free shopping to EU residents. That is a Brexit benefit hiding in plain sight. If we reintroduce a modern, digital tax-free shopping scheme, we can turn this lost opportunity into a £3.7 billion-a-year boost for Britain. A new submission to ministers by AIR puts the case clearly. Reinstating VAT-free shopping could create at least 73,000 jobs, mostly outside London, where half of EU tourist spending takes place. Regional airports, local high streets and national visitor attractions would all benefit. This policy has the backing of a united business voice. Heathrow, John Lewis, Primark, Mulberry, Bicester Village, the British Retail Consortium, the British Fashion Council, Historic Royal Palaces, Shakespeare's Globe and dozens more are calling for it. VAT-free shopping isn't a tax loss, it's a revenue driver This wouldn't cost the UK any money at a time of stretched public finances. The evidence is clear: VAT-free shopping isn't a tax loss, it's a revenue driver. The tax you give back on retail is repaid many times over in spending on goods and services where VAT still applies. Even when rebates exist, many low-value claims aren't pursued, meaning the Exchequer still keeps much of the VAT while benefiting from broader economic activity. This isn't just a London issue. Many of our overseas visitors come to see family, tour our regions or explore smaller cities. A thriving visitor economy supports restaurants in Glasgow, boutiques in Bath and hotels in Newcastle just as much as it supports central London. Britain now has a unique opportunity to become the global capital for shopping – a status we once held with pride. Now, with Britain outside the EU, we can become the only country in Europe offering tax-free shopping to EU tourists. The government talks about making Brexit work. Here is a chance to do exactly that. It's a simple change that requires only a willingness to admit that a mistake was made and to put it right. The Department for Culture, Media and Sport is currently preparing a new Visitor Economy Growth Plan. If ministers are serious about boosting tourism, supporting jobs and reviving our high streets, then reintroducing tax-free shopping should be at the top of that plan. It is not often that a government is presented with an economic lever that can deliver billions of pounds in new spending, tens of thousands of new jobs and stronger regional growth, all without raising taxes or requiring long-term subsidies. Yet that is exactly the opportunity sitting in front of ministers now with the proposal to reintroduce tax-free shopping for international visitors. It would deliver rapid, measurable gains for the UK. It is fiscally sound, economically stimulative, regionally inclusive and politically feasible. In short: it's a no-brainer. Now is the time for action. Let's stop pushing tourists into the arms of our rivals and start attracting them back to Britain. Let's scrap the tourist tax, reinstate VAT-free shopping, and make the UK the world's greatest shopping destination once again. Sir Rocco Forte is Chair of Rocco Forte Hotels
Yahoo
24 minutes ago
- Yahoo
Two thirds of Britons back removal of Duke of York's titles
Two thirds of Britons believe the Duke of York should be stripped of his remaining royal titles, according to a new poll. Research by YouGov found that 67% of the public would back the removal of Andrew's York dukedom, as well as his princely title. An unflattering biography of the disgraced duke by Andrew Lownie this month delved into the private life of the late Queen's son, depicting him as sex obsessed, a 'useful idiot' and easy prey for Jeffrey Epstein. Some 13% opposed the removal of his titles and 21% were unsure, the survey showed. Three years ago, 62% believed Andrew should have his York title removed, with the current 67% in-favour figure seeing a jump of five percentage points. Another YouGov survey found that just 5% have a positive view of the King's brother, with Andrew languishing at the bottom of the royal favourability tables, beneath the Duchess of Sussex who has a 20% positive rating and the Duke of Sussex at 28%. Legislation would be required for Parliament to prevent Andrew continuing as the Duke of York, while his birthright to be a prince, as the son of a monarch, could be changed if a Letters Patent were issued by the King. The duke stopped using his style of His Royal Highness following his disastrous Newsnight interview, but it could be removed entirely by a Letters Patent. Andrew stepped away from his public role in 2019 amid the furore over his friendship with convicted billionaire paedophile Epstein. He later paid millions to settle a civil sexual assault case with Virginia Giuffre, who was trafficked by Epstein as a teenager and who Andrew claimed never to have met.
