Home Business FTSE 100 LIVE: FTSE to tumble as HSBC profits plummet by staggering...

FTSE 100 LIVE: FTSE to tumble as HSBC profits plummet by staggering 35 percent


Meanwhile,  Rolls-Royce Holdings Plc plans to temporarily close factories, reduce working hours and cut benefits as part of new cost-cutting measures, the Financial Times reported on Monday.

Gold prices rose after a fresh wave of coronavirus infections raised concerns over a global economic recovery and bolstered the precious metal’s safe-haven appeal.

In other news oil prices eked out small gains after recent sharp losses, but sentiment remained subdued as a surge in global coronavirus cases hit prospects for crude demand while supply is rising.

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The UK blue-chip index closed 1.2 percent lower on Monday weighed by travel and energy stocks, while a resurgence in novel coronavirus cases stoked fears of a faltering economic recovery and dragged down European markets.


8.30am update: Revolution Bars to close venues

Revolution Bars plans to close six of its sites, putting 130 jobs at risk, as it turns to creditors for help after the Government’s 10pm curfew cut its sales by more than a third.

The company said its subsidiary, Revolution Bars Limited, is to set up a company voluntary arrangement (CVA) as it tries to slash costs.

Creditors will vote on November 13 to accept the deal, which includes plans to close six bars, and reduce rents at seven others.

8am update: Currency latest

The pound at 8am was 1.3021 dollars compared to 1.3022 dollars at the previous close.

The euro at 8am was 0.9077 pounds compared to 0.9080 pounds at the previous close.

More to follow… 

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