BUSINESS LIVE: HSBC profits plunge; Hammerson in sale talks; Purplebricks reports revenue slide

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BUSINESS LIVE: Manufacturing recovery picks up pace; DW Sports goes under; HSBC profits plunge

Britain’s manufacturing sector grew for the second month running in July, according to a closely watched survey.

The IHS Markit/CIPS manufacturing purchasing managers’ index (PMI) hit a score of 53.3 last month, compared to 50.1 in June. Above 50 indicates growth.

HSBC has reported a 65 per cent drop in pre-tax profit in the first half of the year as the UK’s largest bank was hit by interest rate cuts and  the associated coronavirus pandemic disruption.

The bank reported profits of $4.3 billion (£3.2 billion) in the half year to June 30, down from $12.4 billion (£9.5 billion) in the same period in 2019.  

Troubled shopping centre landlord Hammerson is trying to raise extra cash by selling its stake in a European arm of the business, and could go also tap shareholders for money.

The business has suffered from unpaid rents during the coronavirus pandemic as shops were forced to bring down the shutters.

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