BUSINESS LIVE: HSBC earnings tumble; BP returns to profit

HSBC’s profits tumbled 35 per cent in the last quarter as the bank signalled it would embark on a pandemic-induced overhaul of its business model, seeking to flip its main source of income from interest rates to fee-based businesses.

BP swung to a profit of $86million in the third quarter following a record $6.7billion loss in the previous quarter thanks to stronger oil prices while a slow recovery in fuel demand weighed heavily on refining profits. 

Revolution Bars has launched a Company Voluntary Arrangement (CVA) for one of its subsidiaries after it admitted the government’s 10pm curfew and localised lockdowns had cost them around a third of their revenues in recent weeks.