Vaccine progress
Positive trial data
A Covid-19 vaccine being developed by Oxford University and AstraZeneca (AZN) has achieved positive results in early-stage trials. Data from the phase one and phase two trial – which have been published in the scientific journal The Lancet – revealed a T-cell and antibody response to the vaccine candidate. The trial results, which centred on just over 1,000 healthy adult participants, suggested that the vaccine did not induce any unexpected reactions. The trial is one of several taking place across the globe, as the scientific community works at unprecedented speeds to fight the coronavirus pandemic.
Green Apple
Carbon neutral pledge
US tech giant Apple (US:AAPL) has pledged to become carbon neutral across its entire business, manufacturing supply chain and product life cycle by the year 2030. It says that it is already carbon neutral for its global corporate operations – but its new commitments means that within a decade, every Apple device sold will have a net zero climate impact. Meanwhile, nine other companies including tech peer Microsoft (US:MSFT), sports group Nike (US:NKE) and consumer goods giant Unilever (ULVR) have established a new initiative called ‘Transform to Net Zero’.
Kingfisher sales soar
DIY boom
Kingfisher’s (KGF) shares soared after a second-quarter trading update revealed the benefits of a DIY surge across Europe. The B&Q owner’s sales climbed by a quarter last month, while e-commerce sales were up by 225 per cent. Between 28 March and 26 April, there was a 147 per cent increase in the time spent doing DIY and gardening to 39 minutes per day, according to the Office for National Statistics (ONS). France saw Kingfisher’s highest sales growth rate in June, rising by a third.
Driverless vehicles
Fiat Chrysler
Fiat Chrysler (US:FCAU) has signed an exclusive deal with Waymo – which is part of Google-owner Alphabet (US:GOOGL) – to develop and test autonomous light commercial vehicles for goods movement. The car group has also selected Waymo as its exclusive tech partner for ‘L4’ fully self-driving technology across its fleet. FCA became Waymo’s first original-equipment-manufacturing partner in 2016. In the intervening years, the two have worked together to integrate the ‘Waymo Driver’ platform into FCA vehicles.
Amigo uncertainty
Guarantor loans
Amigo (AMGO) has said that there is material uncertainty in its ability to continue as a going concern – not only because of the Covid-19 pandemic, but also because of the potential for a sustained high level of customer complaint redress, or a negative outcome from an FCA investigation into its creditworthiness assessment. Still, the guarantor loans group’s management believes there to be “adequate liquidity” to support ongoing business activity. Revenues rose by 8.7 per cent to £271m during FY2020. Post-tax losses landed at £27.2m – from profits of £88.6m in FY2019.
Yamana Gold returns
London listing
Canadian mining company Yamana Gold (CAN:YRI) expects to list again on London’s main market in the coming months. The group, which is also quoted in Toronto and New York, was previously listed on London between 2003-2013, leaving because of its low trading volumes and “high costs”. Yamana’s mines are all in the Americas, ranging from a Quebec operation to one in Chile’s south. It produces around 1m ounces (oz) a year of gold equivalent, which includes its silver production as well.
Rio Tinto: record rate
Quarterly production
Rio Tinto (RIO) is capitalising on the surging iron ore price, hitting a record production rate in June. But the focus remains on the company’s destruction of the Juukan Gorge caves. Chief executive Jean-Sebastien Jacques said the company “remained even more committed to our relationship with communities”. Rio is doing an internal review on the destruction of the sacred sites, which occurred during the expansion of one of its Pilbara mines, and will contribute to a federal government inquiry. Iron ore production and importantly shipped volume were both up 3 per cent in the first half.
UK public sector borrowing (excluding public-sector banks) is estimated to have reached £35.5bn in June.
According to the Office for National Statistics, this estimate is about five times more than the same figure a year earlier, and the third-highest borrowing in any month on record.
The provisional figures suggest that first-quarter borrowing was more than double the amount borrowed for the whole of the previous financial year, as the government introduced policies to attempt to keep the economy afloat amid the financial crisis induced by the coronavirus pandemic.
