GORDON BROWN reaffirmed his stand on the euro last night, dismissing any suggestion that he was prep...
GORDON BROWN reaffirmed his stand on the euro last night, dismissing any suggestion that he was prepared to ease the conditions for joining the single currency, reports the Telegraph.
In his annual Mansion House speech in the City of London, Brown rejected speculation of a deal to allow an early referendum on the euro in return for making way for him to become Labour leader.
Brown stressed the importance of his five economic tests - on convergence, flexibility, financial services, investment and employment - and said the same hard approach he announced last week would continue at all times.
Agreeing with Blair on the Treasury's assessment that it was too early to join the euro, the chancellor restated his viewpoint by saying there would be no "short-cuts" for entry.
ALSO MAKING the headlines this morning was PPL Therapeutics. The company's future came under severe threat last night after its pharmaceuticals partner put the development of its key lung disorder treatment "on hold", writes The Scotsman.
German drugs giant Bayer decided yesterday to delay its project to commercialise recAAT for at least three years, leaving PPL Therapeutics - famous for its role in the cloning of Dolly the Sheep - having to cut almost 90% of its workforce.
And the future looks even worse as some investors believe the company should be wound up and its £8.7m of cash returned to shareholders.
The recAAT treatment accounted for 75% of PPL's costs.
A LESS GLOOMY future could be seen for the UK advertising company WPP as its acquisition of rival Cordiant Communications, in an all-share agreed deal valuing the firm's share capital at around £10m, finally went through today, writes the FT.
Offering one new WPP share for every 205 Cordiant shares, WPP said it had purchased the majority of Cordiant's debt at par value from all but one of Cordiant's lenders at around £177m, leaving the remaining lender with a £79m debt holding.
Chief executive of WPP Martin Sorrell says the acquisition will make an important contribution to the company's long-term goals.
Cordiant shares resume trading this morning following their suspension on Monday, but under the terms of the takeover its listing on the stock exchange will be withdrawn on July 16.
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