Jul 27, 2020

City Bulletin: Groundings drag Ryanair to a €185m quarterly loss

Covid-19 flight groundings pushed Ryanair to a €185m loss in the three months to June, as 99 per cent of the fleet stayed stuck on the tarmac from mid-March on. The airline has been scaling its flight schedule back up quickly since lockdowns started to lift: 40 per cent of flights were due to run in July, 60 per cent in August and 70 per cent come September. Traffic for the year to March 2021 could be down a whopping 60 per cent, Ryanair reckons, with a second wave in Covid-19 cases in late autumn "Our biggest fear right now". Pharma groups AstraZeneca and Daiichi Sankyo have signed a deal worth up to $6bn to develop and commercialise one of the Japanese company's cancer drugs - the second big collaboration between the two groups in two years. The German software giant SAP says it intends to float American subsidiary Qualtrics, which it bought for $8bn two years ago.

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