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Morning Report: FTSE 100 posts early losses sparked by rising US coronavirus infections

Headlines from the Proactive UK newsroom.

FTSE100 posted early losses sparked by rising US coronavirus infections and China’s trade row with the US. The blue-chip index shed 10 points to 6,112.

Royal Mail PLC (LON:RMG) is to axe 2,000 jobs or more than 20% of its managerial staff as part of a shake-up to save the letters and parcels group £130mln. The postal service, which employs 9,700 managers out of 140,000 staff in total, said the largest reductions will be in senior executive roles and non-operational functions.

easyJet plc (LON:EZJ) has raised £419mln through a placing to ease the financial burden caused by the grounding of its fleet due to coronavirus. The Luton-based airline, which restarted flights on a limited basis earlier this month, placed shares at a 5% discount to the closing price yesterday.

Mitie Group is to buy the facilities management arm of rival Interserve creating an outsource business employing 80,000 people. The deal is costing £271mln.

BATM Advanced Communications (LON:BVC) shares jumped as the tech firm hiked its full-year revenue and earnings expectations. The Bio-Medical division has performed exceptionally well in the first half of 2020, thanks in part to the sale of antigen and antibody testing kits to health authorities.

Directa Plus (LON:DCTA) has paved a road in Kent with the graphene company's proprietary asphalt super-modifier. The AIM-listed company and its Italian partner resurfaced an existing road at East Hill, Dartford.

ReNeuron Group (LON:RENE) has signed a research evaluation agreement with an unnamed “major biotechnology company”. The two companies will collaborate on a technology that can deliver gene-silencing therapeutics.

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