10th August 2021
Good morning Good luck to all the A-level students getting results today, record numbers are expected to be awarded A* and A grades after a second year of teacher assessments replacing exams.
- Climate change code red
- Vaccine pioneer sees future beyond Covid
Yesterday's market moves
FTSE 100 +0.1% 7,132
FTSE 250 0.0% 23,453
Markets moved sideways as investors continued to assess the threat to the global recovery from the spread of the Delta variant of Covid-19 and the likely timing of any reduction in central bank economic support.
Climate change code red
What’s going on?
Yesterday the UN published a major scientific report on climate change and it did not make for happy reading. The UN Secretary General António Guterres called it a “code red for humanity”, warning that humans use of fossil fuels is undoubtedly behind global warming.
Why is this important?
The 4,000 page report is the most comprehensive assessment from the UN's Intergovernmental Panel on Climate Change (IPCC) and gives the most critical assessment of the impact of human activity on the environment.
The UN says that Earth will reach its global warming limit of 1.5C within the next 20 years, causing irreversible environmental damage and more extreme weather events.
The report also found that climate change is intensifying, occurring at an accelerated pace and is already affecting every region of the planet.
The IPCC was established in the 1980s and consists of thousands of scientists from 195 countries who pore over the latest research on global warming and compile the findings into a report on the current state of the climate.
The assessment, which includes a look at the future risks and impacts of climate change, typically represents consensus within the scientific community. More than 230 authors contributed to the latest report.
For global governments the report is another in a long line of wake-up calls, but since it comes just three months before a key climate summit in Glasgow known as COP26, it carries extra weight.
Vaccine pioneer sees future beyond Covid
BioNTech, the German pharmaceutical company that developed one of the most widely used Covid-19 vaccines, has reported a net profit of €2.7bn between April and June, compared with a €88.3m net loss in the same period last year.
The huge turnaround in fortunes came as it supplied over a billion Covid-19 vaccine doses in over 100 countries with its development partner Pfizer. It has agreements in place to supply over two billion more doses.
Next year it says it will have capacity to make four billion doses.
The company expects to make around €15.9bn in revenue from the vaccine alone this year. Alongside this it has announced plans to invest in research and development for vaccines for flu and malaria and cancer treatments.
Before the pandemic BioNTech focused on cancer research, it switched to Covid-19 vaccine development in early 2020. During that time its share price has gone up almost 10x.
Stat of the day
The government spent nearly £100k on two pieces of art to display in 10 Downing Street
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