The Market Report with Katie Pilbeam.
The FTSE 100 kicked off the week higher despite experts warning the new Omicron variant of Coronavirus could become the UK's dominant variant within weeks.
This comes as the travel industry get set to welcome the return of pre-departure Covid tests for travellers to the UK on Tuesday with Nigeria now on the UK's red travel list - arrivals from the country will now have to spend 10 days in hotel quarantine.
UK construction sector hit its strongest pace in four months in November, as delays obtaining materials such as timber eased. Meanwhile shortages of semiconductors continue to hit UK car sales, although the sale of new cars in the UK rose by 1.7% year-on-year in November to 115,706, which was the first monthly rise since June.
And it’s a case of ‘every little does not help’ when it comes to workers striking at Tesco. Up to 1,200 staff at the supermarket distribution centres across the UK are set to strike in the run-up to Christmas, according to the Unite union. This includes, warehouse staff and HGV drivers after Tesco offers to pay a 4% pay rise which Unite said amounted to a "real terms pay cut" due to inflation.
And talking of HGV drivers, trade association Logistics UK has said the number of drivers leaving the profession had begun to ease and more trainees are now coming through the testing system but said more action was needed by the government to make the sector attractive to new recruits.
OKYO Pharma Ltd said its treatment for dry eye disease looks set to go straight into a phase II clinical trial in the fourth quarter of next year once its investigational new drug (IND) application has been approved. There’s an interview on our website right now with CEO Gary Jacob.
Staying with the Pharma industry, Poolbeg Pharma, has signed an option agreement to license MelioVac with University College Dublin (UCD).
Meliovac is a vaccine for melioidosis, which is an infectious disease of interest for the company due to its rising cases around the world and because there is currently no approved vaccine available.
And finally, Donald Trump’s media company said it has secured US$1bn of funding to develop its ‘TRUTH Social’ social media network. The former US President said in October that the launch of the TRUTH Social app is “to create a rival to the liberal media consortium and fight back against the ‘Big Tech’ companies of Silicon Valley”, with a full launch expected in the first quarter of 2022.