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FTSE 100 plummets after airlines suspend routes

by LLB Reporter
16th Mar 20 10:04 am

On Monday morning the FTSE 100 plummeted as airlines are cancelling many routes whilst IAG has lost almost 30% within minutes.

The Foreign & Commonwealth Office (FCO) has now issued on Monday new travel advice, warning people against visiting 35 countries or areas due to restrictions or the risk of quarantine.

Those include China, Italy, Spain, Denmark, USA, Norway, Indonesia, Poland, Kenya, Cyprus, South Africa.

Virgin Airline’s said the aviation sector needs £7.5bn in order to survive the coronavirus pandemic.

Upon opening the FTSE lost 5.3% being its lowest level since October 2011, Asian morning trade, Japan’s benchmark Nikkei 225 was down by 0.2%, Hong Kong’s Hang Seng was 2.2% lower, and the Shanghai Composite in China lost 0.5%.

The transport secretary, Grant Shapps warned commuters on Monday that due to the rapid decline in people using trains, they could be shut down.

Shapps said if demand falls further then there is a risk trains being cancelled as there is “no point in running ghost trains.”

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