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ASX 200 (XJO) up 0.5%, CSL to manufacture COVID-19 vaccines

The ASX 200 (ASX: XJO) is currently up by 0.5% as the share market remains volatile.

CSL Limited (ASX: CSL) to manufacture COVID-19 vaccines

The biotech announced this morning that it has signed two deals for two separate COVID-19 vaccines.

CSL has signed a deal with the Australian Government to supply 51 million doses of the University of Queensland vaccine to Australia, with the first doses scheduled for release from mid-2021 following successful clinical trials.

CSL has also signed a deal with the UK biotech giant AstraZeneca for the expected manufacture of approximately 30 million doses of the Oxford University vaccine candidate AZD1222 for supply to Australia with the first doses scheduled for release in early 2021, following successful clinical trials.

The healthcare giant also said that a funding deed has been signed between the Australian Government and CSL to ready its facilities for the manufacture of the Oxford University vaccine candidate and provide an additional COVID-19 vaccine option for Australians.

CSL said this announcement showed the Australian Government acknowledged that it’s the only company in Australia capable of producing the vaccine.

Magellan Financial Group Ltd (ASX: MFG) FUM

Fund manager Magellan has announced that its FUM grew from $98.5 billion at 31 July 2020 to $100.9 billion at 31 August 2020.

This means that Magellan has grown its FUM by $6 billion from $94 billion at 31 March 2020.

In August 2020 Magellan experienced net inflows of $566 million, which included net retail inflows of $208 million and net institutional inflows of $358 million.

There was growth of funds of both retail and institutional FUM. Whilst infrastructure FUM dropped by about $240 million, Australian share FUM rose $300 million and global share FUM grew $2.3 billion.

Suncorp Group Ltd (ASX: SUN)

The leadership of Suncorp is about to agree a plan that could lead up to 10% of jobs going at the diversified financial business, according to reporting by the AFR’s Street Talk

One of the main ways that a business cuts cost is by reducing the wage bill. Suncorp has hired Bain & Co to review the business for how it can automate more processes and make the business more efficient with a focus on a digital and data transformation.

The AFR reported that the plan is expected to mean 5% to 10% of the workforce will leave. Some positions will move into customer facing positions.

When asked about the reports, a Suncorp spokesman said: “We are continuing to realign teams around our new operating model, announced on 1 July 2020.”

Other news

The team over at Rask Media have covered the rest of today’s news, so make sure you head over there for more ASX share market coverage.

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At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

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