Business news in brief
More flexible hours should become new normal, says IPPR
Huge changes to the working lives of millions of people as a result of the Covid-19 crisis show how a more innovative approach to work could benefit industry, according to a new report. The Institute for Public Policy Research (IPPR) said the UK was nearing a “pivotal moment”, when new working practices could be adopted across the economy, amid pressure from employees for a new way of working. Changes made during the pandemic offer a glimpse of how these could be achieved, including in sectors not traditionally seen as open to them, such as manufacturing, said the think tank. Even before the virus struck, one in five manufacturing workers had some form of flexible arrangement, said the IPPR. PA
Second virus wave is ‘biggest fear’ after Ryanair records loss
Ryanair said it suffered the “most challenging” quarter in its 35-year history as it reported a loss of €185m (£168m). The low-cost airline, like its competitors, was forced to ground its fleet as Covid-19 wreaked havoc on timetables with travel bans and lockdowns introduced worldwide. It said a second wave of the disease was now its “biggest fear”. Restrictions saw the company carry 500,000 passengers in the first quarter compared with 41.9 million in the same period last year, while revenue collapsed from €2.3bn to €125m. The company said: “The past quarter was the most challenging in Ryanair’s 35-year history.” PA
Estimated £27bn of property sales lost in 2020
The UK housing market will have “lost” an estimated 124,000 sales collectively worth £27bn this year due to the coronavirus lockdown, according to a property website. Despite the housing market being reopened for business after previously being put on pause, Zoopla said sales during the first half of this year were down by around a fifth compared with the same period in 2019. Looking at the whole period from 1 January and 30 June, sales were running 20 per cent lower than they were during the same period in 2019. Sales have now picked up, as pent-up demand is released into the market and buyers look to take advantage of a recent stamp duty cut announced by chancellor Rishi Sunak. PA
Gold surges to record price amid concerns about Covid recovery
Major Asian stock markets declined and gold surged to a record price on Monday amid US-China tensions and concern a recovery from the coronavirus pandemic might be weakening. Shanghai, Tokyo and Hong Kong retreated while Seoul advanced. India opened lower and southeast Asian markets were mixed. Wall Street ended last week down after a new diplomatic flare-up between Washington and Beijing and mixed earnings reports. Global markets have regained most of this year’s losses but forecasters warn the rebound might be too big and too early as virus case numbers rise in the United States and some other economies. AP
AstraZeneca buys innovative new cancer treatment
Drug giant AstraZeneca has agreed to pay up to $6bn (£4.7bn) for an innovative new cancer treatment. AstraZeneca hopes that DS-1062, a new way of treating multiple tumours which is still in development, can help against certain types of lung and breast cancers. The company said it had agreed to pay a billion dollars to Japanese pharmaceutical giant Daiichi Sankyo up front, with a further five billion due if the treatment reaches certain milestones.