Tele2 Shares Jump After Earnings Guidance Raise
The Swedish telecom company now expects underlying earnings before interest, taxes, depreciation, amortization and leases to be slightly above 10% organic growth. This compares with a previous guidance of mid- to high single-digit organic growth.
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These are the foods getting more expensive - and why experts are so 'concerned'
Beef, coffee, chocolate and butter prices are on the rise - here's what it means for you. Food prices have skyrocketed in the last month, with the price of beef and veal going up by nearly a quarter, inflation figures released on Wednesday show. Juice, coffee and chocolate are among the basics that have dramatically risen in price, with experts warning that rising food costs "are particularly concerning". Overall inflation has risen by 3.8% in July, edging up from 3.6% in June, according to the Consumer Prices Index (CPI), the Office for National Statistics (ONS) said. Inflation rose by more than expected as demand for summer travel pushed up air fares and food prices continued to climb, according to official figures. Here's what we know about the food price rises, why it is concerning, and what it means for the wider cost of living in the UK at the moment. What food prices are increasing the most? According to the index, these are the foodstuffs that went up in price the most. Beef and veal: 24% Butter: 18% Coffee: 18% Chocolate: 17% Milk: 11% Juice: 8% Bakery goods: 7% Overall food and non-alcoholic beverages inflation: 4.9% (up from 4.5% in June) Why are food prices going up? Climate change is said to be a big factor in the increase, with widespread droughts in the UK this summer leading to smaller crop yields. "As the UK experiences one of our worst droughts in living memory, the impact of climate change on these figures is clear to see," Tom Lancaster, land, food and farming analyst at the Energy and Climate Intelligence Unit, said. "The Bank of England stated in a report this month that extreme weather is now one of the main drivers of food price inflation, and that climate change-related impacts may prevent it from coming down as expected towards the end of this year. "We can already see the impacts of this year's drought starting to come through in some vegetable prices, and inflation for coffee, chocolate and tea are all back up, all crops that have been hit by extreme weather linked to climate change in recent months and years." Added to this, the Ukraine war has significantly disrupted global supply chains, particularly affecting energy and commodity prices, which in turn pushed up food prices globally and in the UK. To a lesser extent, the Israel Gaza war has also taken a toll, affecting global markets and shipping routes, causing further cost pressures on food imports. Why is it a problem? When food prices rise, the average customer faces some significant knock-on effects with how far they can stretch their budget. "Households are once again seeing the cost of their weekly shop climb, with food inflation now up by 1.9% in just four months," Kris Hamer, director of insight for trade body the British Retail Consortium, said. "This surge has been a key driver behind headline inflation, alongside a rise in transport costs, piling fresh pressure on families already being forced to cut back." At the sharper end, more struggling families have to turn to foodbanks for support to deal with rising food costs. "The rising cost of food is particularly concerning for families as it comes on in the wake of a period of steep increases in the cost of essentials and rising food bank use," James Smith, Research Director at the Resolution Foundation, said. It looks like inflation is only set to continue, indicating that food prices might be higher for longer. The Bank of England is expecting CPI inflation to continue rising to a peak of 4% in September, before price rises start to ease. It's not great for the central bank, which is tasked with keeping inflation at 2%. 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Added to this, because inflation is still fairly high at 3.8%, the Bank of England is less likely to lower interest rates anytime soon. Homeowners celebrated a small victory when the average two-year mortgage deal dropped below 5% on 13 August, the first time since Liz Truss's mini-budget sent them skyrocketing in 2022. However, they are sadly likely to stagnate again until inflation drops. When it comes to the average person's spending power, even with current inflation levels, they are still said to be in a better position than they were last year. According to the Consumer Prices Index, annual wage growth in real terms was 1.5% for regular pay and 1.1% for total pay. Even though prices are rising, this suggests wages are rising enough for workers to have slightly more spending power than a year ago when adjusted for inflation. Responding to the increase, Rachel Reeves acknowledged that there was 'more to do to ease the cost of living' following the figures. The chancellor said: "We have taken the decisions needed to stabilise the public finances, and we're a long way from the double-digit inflation we saw under the previous government, but there's more to do to ease the cost of living. "That's why we've raised the minimum wage, extended the £3 bus fare cap, expanded free school meals to over half a million more children and are rolling out free breakfast clubs for every child in the country."
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29 minutes ago
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Pfizer battles another Paxlovid lawsuit from Enanta
If you don't succeed at first, try again – in separate regions. That's the motto Enanta Pharmaceuticals is following, at least, after disclosing it has sued Pfizer in Europe over a patent infringement relating to Covid-19 treatment pill Paxlovid (nirmatrelvir/ritonavir). In June 2022, Enanta filed a lawsuit against Pfizer in a US district court in Massachusetts, claiming that the big pharma company infringed on a patent describing protease inhibitors invented by its scientists. Enanta has now followed that up with another filing in Europe, making the same accusation. Since being emergency authorised in 2021, anti-viral Paxlovid has generated Pfizer more than $26bn in global revenue. This includes a staggering $18.9bn in 2022 when Covid-19 cases were still prevalent. Despite waning demand for Covid-19 treatments, the pill still brought in $1.2bn in 2024, buoyed by government orders. However, Enanta – known for co-developing hepatitis C virus treatment glecaprevir/pibrentasvir with AbbVie – believes Pfizer designed Paxlovid via unlawful means. The US biotech stated it is 'seeking a determination of liability for use and infringement of European Patent No. EP 4 051 265 (the '265 Patent) in the manufacture, use and sale of Pfizer's Covid-19 antiviral, Paxlovid'. In an emailed statement to Pharmaceutical Technology, a Pfizer spokesperson said: 'We are confident in our intellectual property (IP) surrounding Paxlovid and will respond in due course in court.' The lawsuit, filed in the European Union's (EU) Unified Patent Court (UPC), targets Pfizer's commercial activity in the 18 countries of the EU. The company confirmed the '265 patent in question is the European counterpart of US patent number 11,358,953 (the '953 Patent) that is the centre of the US lawsuit. Although it is technically ongoing, Enanta's US lawsuit hit a major roadblock. In December 2024, a federal judge in Massachusetts sided with Pfizer, granting that the '953 patent is invalid. Enanta confirmed at the time it would appeal the decision, adding it 'believes strongly in the merits of our case'. Pfizer reported strong Q2 2025 results this month, bucking a tepid earnings window that gripped the wider pharma industry. Sales for the Paxlovid grew 71% while the Covid-19 vaccine Comirnaty revenue surged 95%. However, the legal challenge posed by Enanta marks the second issue Pfizer has had to firefight this week. The big pharma company reported a Phase III trial failure for a sickle cell disease candidate purchased as part of a $5.4bn takeover of Global Blood Therapeutics in 2022. "Pfizer battles another Paxlovid lawsuit from Enanta" 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. Sign in to access your portfolio
