SFO closes investigation into Chemring subsidiary, Oxford Biomedica signs three-year deal with AstraZeneca

Stocks to watch

Advanced technology products group Chemring said on Friday that the UK's Serious Fraud Office had closed its investigation into the activities of its Chemring Technology Solutions subsidiary and associated persons.

Chemring stated it had "co-operated fully" with the SFO throughout the investigation, which was initially launched back in January 2018, and said it was "pleased" that the matter was now closed.

Oxford Biomedica has signed a new three-year deal that would facilitate potential future manufacturing opportunities for AstraZeneca's Covid-19 vaccine.

Oxford Biomedica said on Friday that the deal represented an expansion of the pair's original master supply and development agreement from September 2020. Under the new deal, manufacturing of vaccines at Oxford manufacturing facility, Oxbox, will be available to AstraZeneca on an as-needed basis beyond 2022.

Newspaper round-up

Customer service standards have fallen to record lows at energy companies, with suppliers Utilita and Ovo Energy among the worst offenders, according to a new report. Customers have had to wait longer for their calls to be answered and have regularly been unable to get hold of their supplier, research by Citizens Advice has found. – Guardian

Evidence of the negative impact of Brexit on the UK's trade with the European Union is starting to emerge with EU data showing that exports to the bloc declined by nearly 14% in 2021 compared with 2020, a senior official in Brussels has said. Maroš Šefčovič, the European Commission vice-president and Brexit negotiator, said that even with the impact of the pandemic being taken into account, the increase in red tape since the transition period ended in January 2021 has taken its toll on trade in goods and services with the UK. – Guardian

Emmanuel Macron's grand bargain with Germany has unravelled. He no longer has the political credibility to rein in France's chronic fiscal deficits or to stop the national debt ratcheting further into the danger zone. Five years ago he swept into power as the reformist Wunderkind, touting his book Revolution and vowing to turn France into Europe's start-up nation. It looked as if a French leader might finally take a chainsaw to the 3,000-page code de travail (labour law) and a thicket of 360 separate taxes dating back to feudalism. – Telegraph

The chief executive of Bulb Energy is to stand down from the collapsed energy supplier at the end of the month. The company said last night: "Bulb's chief executive and co-founder, Hayden Wood, is stepping back from the business. We wish him all the best for the future.” Wood, 39, will not be replaced and the role will be split. – The Times

Thames Water is tapping shareholders for up to £1.5bn as it seeks to fix problems that have led to rising complaints, leaks and fines by the regulator over illegal dumping of sewage. Britain's biggest water utility, which serves almost a quarter of the population, said that it would raise £500.0m in new equity from shareholders this financial year and was talking to investors about a further £1.0bn. – The Times

US close

Wall Street stocks were firmly in the red at the close of trading on Thursday as the S&P 500 delivered its worst first first-half performance in more than half a century.

At the close, the Dow Jones Industrial Average was down 0.82% at 30,775.43, while the S&P 500 was 0.88% weaker at 3,785.38 and the Nasdaq Composite saw out the session 1.33% softer at 11,028.74.

Reporting by Iain Gilbert at Sharecast.com