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Bank of England's Tenreyro predicts 'incomplete ‘V-shaped’ recovery – business live


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11.39am BST

European stock markets are pushing higher today, lifted by hopes that a Covid-19 vaccine will be successfully developed.

Industrial stocks, healthcare firms, miners and consumer goods and service providers are leading the rally, pushing the EU-wide Stoxx 600 index up by 1.2%.

I am hearing there will be positive news soon (perhaps tomorrow) on initial trials of the Oxford Covid-19 vaccine that is backed by AstraZeneca and supported by tens of millions of pounds of government money.

The first data is due be published in the Lancet.

Positive news is coming on Oxford Covid-19 vaccine. The vaccine is generating the kind of antibody and T-cell (killer cell) response that the researchers would hope to see, I understand. Details soon in ⁦⁦@TheLancethttps://t.co/7guw9TIbX9

After two vaccinations, the vaccine elicited a “robust” immune response in all participants in all dose cohorts, Moderna said. The company said the levels of neutralizing antibodies in patients in the high dose group were fourfold higher than in recovered Covid-19 patients.

11.25am BST

Over in Brussels, Apple has won a landmark court battle with the European Union over whether or not it owed Ireland €13bn of unpaid taxes.

It’s a win for the tech giant, and also for the Republic – which had vigorously defended its tax treatment of Apple (even though €13bn would be awfully useful right now…)

The European commission has been dealt a major blow in its battle to stop EU member states granting sweetheart tax deals to multinational corporations after the bloc’s general court ruled that Apple does not need to pay back €13bn in back taxes to the Irish government.

The Luxembourg-based court found the EU’s executive body had failed to prove that the iPhone maker benefitted from an illegal arrangement with the Irish authorities, in a decision with wide repercussions for the bloc’s plans to stamp down on tax avoidance.

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