BUSINESS LIVE: Royal Mail warns of a loss; JD Sports reports slump in profits

As Brexit negotiations recommence today, the FTSE is expected to continue rising. Investors are also focused on uncertainties over the Covid-19 pandemic and hopes for a vaccine and how Wall Street might pick up after the Labor Day break. 

Royal Mail expects its revenues to be £75-150million higher this year thanks to a jump in online shopping parcel volumes, but has warned of growing costs related to Covid-19 and the changing nature of its business. 

JD Sports has reported a slump in profits for the past half-year after it faced extra costs amid a greater shift to online sales during the height of the pandemic.

The sportswear retailer said its pre-tax profits for the six months to August 1 dived by 68 per cent to £41.5 million.

EasyJet has announced it is cutting flights following the Government’s decision to impose quarantine restrictions for seven Greek islands. The airline said it will reduce its schedule as ‘customer confidence to make travel plans has been negatively affected.’

New figures have revealed that UK firms planned over 300,000 redundancies in June and July as coronavirus wreaked havoc on the economy. The statistics were obtained by the BBC making a Freedom of Information request.