Funding bodies face a choice between established manufacturers and biotech upstarts

US-run trial of Gilead coronavirus therapy demonstrates ‘significant positive effect’

Partnership that would prioritise UK could produce 100m doses by year-end if treatment is effective

Nation’s pharma industry has matured but is still a lot better at incremental innovation than major breakthroughs

American producers are coming under pressure on several fronts

Demand for classically defensive stocks rises as viral outbreak worsens

As Beijing connects the region, the Philippines weighs ‘shutdown’ risk

Decline leads to a drop in wholesale prices as businesses close

Shutdowns likely to shift energy use from fossil fuels towards wind and solar

Chipmaker likely to be interested in app’s traffic data rather than its customers

Retail sales rise by 40 per cent in second quarter

Trump ally Tom Barrack’s investment group in talks with lenders over hotel and nursing home debt

Epidemiologist Anders Tegnell says other countries could face big ‘second wave’

Investors demanded too high a price to lend to US carrier reeling from coronavirus shutdown

Mike Mackenzie’s daily analysis of what’s moving global markets

Rial to be changed to the toman after five decades of inflation

Analysts fear unintended consequences of central bank’s vast foreign-currency holdings

Ankara’s banking regulator acts after currency slides below level reached in 2018 crisis

Higher education should not be treated as just another business

Business cannot expect emergency cash without sensible conditions

Popular funds have survived a period of intense market stress

Being ‘guided by the science’ does not mean hiding behind it

Investors are looking to the future, but should beware of over-optimism

The government needs to address concerns over the return to normal life

Grounding of aircraft around the world due to coronavirus crisis takes toll on UK aero-engine maker

Potential adversaries could seek to exploit vulnerabilities triggered by pandemic, warn analysts

Aircraft maker’s chief executive says focus will be on rebuilding balance sheet post-pandemic

Aircraft maker says strong demand for offering has removed need for government funding

Aero-engine maker prepares for biggest single reduction of staff in more than 30 years

Christian Noyer believes projects available to consumers are a way off yet

London bourse’s transformative acquisition is facing more scrutiny than expected

UK interdealer broker forecasts low single-digit revenue growth for the year

Dutch bank was forced to close out positions at substantial loss

Watchdogs put 12-month extension on new margin requirements, citing coronavirus threat

US benchmark S&P 500 can drop a maximum 7 per cent before first protection kicks in

Shares in brokerage firm drop overnight after it discloses payments to clearing houses

Business being bought from Blackstone-led consortium has lost ground to Bloomberg

Hedge fund calls for court investigation into 2018 transfer of MyTheresa

Charity Commission intervened over £350,000 of payments to Duke of York’s private secretary

The Jimmy Choo shoe designer says jewellery has influenced her work

Timepieces linked with F1 and other races have increased by up to 40 times since 2010

The need to raise donations led MIT’s Media Lab to a terrible misjudgment

Energy companies facing climate protests need to limit the wasteful use of their products

The continent faces a new emissions scandal as family vehicles grow bigger and heavier

Fortunes are created by technology and globalisation, as well as talent and enterprise

In a polarised time, the broadcaster has won listeners by embracing confrontation

Smaller companies in ‘epic rally’ on optimism over coronavirus and policy support

Bullish investors and gung-ho governors are setting themselves up for a big reality check