ryanair is riding high. the budget airline reports record annual profits, despite tough competition and worries over brexit. live from london, that's our top story on tuesday 30th may. hello and welcome to business live. the no frills airline ryanair has reported its latest set of financial results. ryanair is riding high. the budget airline reports record annual profits, despite tough competition and worries over brexit. how low can you go? ryanair slashes ticket prices by 13% as it reports soaring profits. also in the programme... more bank fines in the wake of the 1mdb scandal— we'll cross live to asia for the latest reaction. and how to stand out in a crowded market? we meet the firm that's using computer games to encourage us to buy more. we'll explain how it works. and as critics blame ba for too many cost cuts — we want to know — is the golden age of travel over? do you want more frills, not no frills? let us know, use the hashtag bbc bizlive. hello and welcome to business live. the no frills airline

budget airline ryanair has reported its latest set of results.mbers — and says profits are up a 6% jump for the full year to 1.3 billion euros. the irish airline said prices would fall by between 5% and 7% this year, due to the weakness of the pound. it's also been cutting costs. but — as critics of ba's troubles have pointed out — cut costs in the wrong area and it could be costly. neil sorahan is ryanair‘s chief financial officer and told us ryanair isn't vulnerable to the same problems as british airways when it comes to it systems. i think it is very unlikely we would get involved in such a kind of scenario. we have our core data over a number of different data centres, so if one goes down we would effectively manage from another centre. disaster recovery is something we spend a lot of time practising on and we are comfortable with the systems we have. having spent a huge amount of time and effort in investing in ryanair labs, we have a robust website and reservation system. we are co mforta ble reservation system. we are comfortable we would

what next for ryanair? the cfo will discuss.is bloomberg. ♪ >> james bullard says must -- trump must deliver on policy promises. that said u.s. stocks higher. this as he predicts, winding down -- balance sheets will come in baby steps. >> they run off in the balance sheet will go smoothly. it will be managed, slow, it will take quite a while. >> are epidemics take a -- taking flight as jobless rates hold that a two decade low with retail sales up for the fourth month. if merkel, the chancellor -- german chancellor host india's prime minister, as she stands her ground on distance and relations with the united states. welcome to daybreak europe. i manus cranny. markets onumber of the holidays. deliver, that was the political message to trump for .r. bullard you will get more of that later. you got copper and oil coming a little bit lower across the complex. . --n by an eighth of 1% per merkel's meeting with mr. prodi. let's talk about the radar -- risk this tuesday morning. china and hong kong, taiwan, they are so close. 0.5%. we'

no frills airline, ryanair, thought to be about to announce big annual profits. we'll find out what they are doing right while others struggle. more banks fines in the wake of the 1mdb scandal. singapore's uob and credit suisse are fined just over a million dollars for money laundering for transactions related to malaysia's scandal—ridden state fund. welcome to world business report. i'm jamie robertson. in a minute we'll have this. japan, how consumers are making a bit of a comeback. the biggest in something like ten years. but first: in a few hours‘ time, the no frills airline, ryanair, will report its latest set of financial results. europe's biggest carrier by passenger numbers is expected to announce a 14% jump in full year profit to around $1.5 billion us. ryanair‘s performance is a sign that its cost—cutting measures are helping the business compete as overcapacity continues to dog the industry. investors seem encouraged by the progress the company is making. ryanair‘s share price is up around 70% compared to its post—brexit low. nonetheless, it's been a d

the lowest cost is ryanair.ve points last month. >> so as you look at long-term growth for ryanair, is it taking more market share in europe or expanding outside? >> for us, we are absolutely within europe. but the opportunities are falling in the door. we have chapter 11 in italy. berlin -- air berlin is being taken over by lufthansa in germany. in europe, nobody can compete with ryanair on price or cost and nobody can compete with us on customer service either. >> are you concerned about brexit and that cutting into travel? >> brexit is a real issue for us. i think people are not yet focused on the impact of brexit. they have no plan b whatsoever. if you take what theresa may is saying at the moment and saying, we are not going to buy, you are out of open skies. are out of open skies, you can do it bilateral within the next 18 months. i think there is no possibility they won't negotiate bilateral within 18 months. census, no one fled to europe after march 19. i think there is a real prospect for a couple of we

budget carrier ryanair has reported its latest set of results.y between 5% and 7% this year, due to the weakness of the pound. shares in iag — the owner of british airways — are down. british airways says it's now operating a full schedule after an it failure meant it had to cancel thousands of flights over the bank holiday weekend. the airline is counting the cost of the disruption — with some estimates suggesting compensation and lost business could cost the airline £150 million. let's get detailed analysis of those stories and the effect they're having on the stock markets. jeremy cook is chief economist at world first — the currency exchange firm. good to see you. let's begin with ba. when you see how much the share price has moved, it is down a little. why you expecting bigger moves, or is that in line with the reaction you would expect from investors ? reaction you would expect from investors? i think there is more to come, to be honest. the reputational risk british airways brand has suffered over the last couple of yea rs suffered over th

budget airline ryanair has reported its latest set of results.ear, due to the weakness of the pound. it's also been cutting costs. but — as critics of ba's troubles have pointed out — cut costs in the wrong area and it could be costly. neil sorahan is ryanair‘s chief financial officer and told us ryanair isn't vulnerable to the same problems as british airways when it comes to it systems. i think it is very unlikely that we would get involved in such a kind of scenario. we have core data in a number of centres so if one goes down we can effectively an edge from other data centres that we have. disaster recovery is something we spend a lot of time practising and we are comfortable with the systems that we have. having spent a huge amount of time and effort in investing in rya nair amount of time and effort in investing in ryanair laps, we have a robust website and back—end systems. we are confident we would not have those kinds of issues, we invested a lot of time and effort in that but in worst—case scenarios, if things we re in worst—case scenar

this morning we have michael o'leary, the head of ryanair.at he thinks about how the airlines have been treating customers. this morning, the winner of the indianapolis 500, takumo sato will join us. he's ringing the opening bell and le ta and he will talk about the win. he almost won in 2012, but crashed right at the end. this time he's coming back. he won, it's a huk tuge turnaro for him, we'll talk to him about that and a line of wine he's got as well. >> becky, thank you. >> thanks. >> coming up, data. the big focus for wall street this week. key reports on housing, the consumer and johns. we'll get you set up for the week ahead with jonathan golub next. their experience is coveted. their leadership is instinctive. they're experts in things you haven't heard of. researchers of technologies that one day you will. some call them the best of the best. some call them veterans. we call them our team. >>> welcome back to "worldwide exchange." i'm sara eisen here with wilfred frost. just about 3 1/2 hours to go before the opening bell on wall st

ass, ryanair trades lower ticket prices continue to decline this year.lcome to "bloomberg markets: the european open." i am matt miller in london. at how markets are shaping up after a bank holiday yesterday and no trading in the u.s.. some asian markets still closed as well. european stocks across the board, even as the pound and euro fall against the dollar. stoxx 600, down .5%, being led down by bank stocks. that is why you see the cac down, because it has those big heavy bank on a proportion bigger than anyone else. the dax fell as well as the ftse. john mccain is speaking at an event in sydney, australia at the u.s. studies center. he is making some comments about, well, almost a direct response to angela merkel's comments on sunday, saying allies can rely on the u.s.. they can count on america has a partner and he is saying that america is "far bigger than the white house." john mccain making comments and we will continue to follow with the senator says, often making use as a mac or -- maverick senator. the leaders of the two main political parties

. >>> ryanair forecasts fares will fall more than 5% in the year ahead, after posting full-year profit at the lower end of its guidance. the company's cfo told this show sterling's weakness in the wake of brexit was hurting fares. >> sterling has weakened quite significantly. that's having an impact on the fares. >>> the draghi put weighs on on the euro as the currency loses ground against the dollar after the central bank boss says stimulus measures need to stay. >> an extraordinary amount of monetary policy support, including through our forward guidance, is still necessary for the present level of underutilized resources to be reabsorbed. >>> good morning, everyone. it's tuesday, glad you're with us once again here in the uk, especially after that long bank holiday weekend. some of you maybe were stranded at heathrow given the woes there. let's talk about european markets first. we're seeing the ftse 100 under pressure off by a half of a percent. the xetra dax eking out a modest gain of 7 or 8 points. cac 40 off by 0.6%. ftse mib extending yesterday's declines off by a similar perce

we will be joined by the ryanair ceo at 1:40 p.m. u.k. time.as find credit suisse and united overseas banks 1.2 million u.s. dollars. they completed a review of a scandal that malaysian state investment companies. penalties were for breaches of anti-money laundering requirements and controlled assets. they have success a legal challenge by activists shareholder. are under nod they removing the ceo. that strengthen the dutch makers hand in rebuffing takeover talks. that's the bloomberg business flash. he is responsible for some of the most iconic structures such as apple's new headquarters in california. i spoke to him earlier and asked which project was his favorite. norman: perhaps the one building moredoes in a way take boxes is the reich stag. it's a symbol of democracy. it's about public space. it's about making democracy transparent. it's a manifesto in terms of energy. it incorporates works of art by artists from around the world. it has become a symbol of the nation and the city. campuse: the apple received rave reviews. do you prefer do

we talked to ryanair ceo michael o'learyabout that.ransatlantic comes out of the weekend. must take europe destiny in its own hands. whether policies can meet the optimistic expectations and pricing and ecb president mario draghi worries about the protectionist in the united states and reaffirms his commitment to stimulus. from new york city, good morning. . warm welcome i am jonathan ferro. alix steel is away today. there might be a fracture between united states and mexico or china. germany? >> it would not have been on my top list. jonathan: we will get you set up for the day. futures a little softer peerage treasuries anchored around the 223 level throughout last week and this week. 220 30 yield on u.s. tenure. that is the story. let's get you up to speed outside the business world. islect the islamic state claim response buddy for a deadly car attack in baghdad. outside a popular ice cream shop. muslims fast during daylight hours. baghdad attoday near least 12 people were killed. president trump is criticizing germany again today.

and later, european airline ryanair out with earnings.have michael o'leary on the "squawk box" set. stay tuned. "squawk box" will be right back. . we are building new airports all across the state. . new roads and bridges. new mass transit. new business friendly environment. new lower taxes. and new university partnerships to grow the businesses of tomorrow today. learn more at esd.ny.gov >>> welcome back to "squawk box." right now it's time for the executive edge. as the nation's student debt reaches the astronomical 1$1.4 trillion mark, scully, an app, has helped users raise over $70 million in scholarships. that helps to put a dent in the crisis. joining us is rick gray. scully lined up investment from two sharks, damon john and laurie griner. so this app is fascinating. you were somebody who needed help getting scholarships yourself. how did you go about getting them? >> yeah. so i used scholarships to overcome poverty. originallybirmingham, alabama. i was going to college in 2009. my mom lost her job. i had to rely on these scholarsh

two months ago, the airline announced plans to offer less legroom than ryanair on some planes.ank you forjoining us. what are you make of the last three days? well, it has been a pr nightmare. absolute disaster. there has been reputational damage and i'm afraid this all has to be laid at the door of mr cruz. he has been running budget airlines, but even budget airlines need to offer a standard. ryanair airlines need to offer a standard. rya na ir started airlines need to offer a standard. rya nair started off airlines need to offer a standard. ryanair started off the budget airline, still offers good flights at good prices but still offers a service. the computer system was outsourced to tech consultancy services, but what they did, they actually brought in about 200 tear to these indian computer experts and populated various centres in the uk with them. i understand they have a centre in wales, which is very near their port talbot installation, and some of the ba work is being done there. a lot of people have been pointing the finger of blame at mr cruz, but what about the man

spirit now, just as it sort of followed ryanair's path in the beginning, stripping everything out ofct, is trying to do the same thing. and this is not going to help in that regard. >> ryanair ceo certainly a character and again, spirit airlines, no one should ever expect to show up at the airport and face a fight. all right. gentlemen, thank you for breaking it down for us. before we go, moments ago the markets opened five minutes ago and as you can see, slightly up on the day, 21 as we get our morning started. we're going to take a break. next, jimmy kimmel's highly anticipated return to late night a week after his emotional monologue about his newborn son billy that became a rallying cry for opponents of the republican health care bill. >> as a result of my powerful words on that night republicans in congress had second thoughts about repeal and replace. they realized what is right is right and i saved health insurance in the united states of america. thank you. >> seth. >>. >> i didn't? they voted against it anyway? before fibromyalgia, i was a doer. i was active. then the chroni

way, we will have a conversation with ryanair tomorrow morning on daybreak. to want to know about that. this comes down to -- this is the fifth time british airways has had a technical outage. the big question is whether that ceo, who took over a year ago, whether he can ride this storm out. the weekend's press in this country was pretty phenomenal. this is the spanish quote, we talked about it a couple times. quote,got the european that's down 3% volume on the day. you have everything you need on this particular page. you are able to see volumes tradive to a normal day's e. right now we are at 140% of the normal days trade. the question is can they get back up to normal? the first word has an update in terms of cancellations -- 14 cancellations, 36 on arrival. matt: i appreciate that. always good to stay up-to-date. i apologize for losing found, we will get him back on throughout the day. you'll hear a lot more from our exclusive interview with john williams throughout the day, saying he thinks unemployment will continue to go down in 2017, and that three ra

you just heard before from the chief executive of ryanair, michael o'leary. ryanair planning to accelerate european expansion, taking on financial woes as regional competitors reduce -- ance on and in certain uncertain u.k. market. we are going to add two or three more 737 jets to its existing delivery schedule while extending leases on 10 other planes through 2019. rising demand helping push profitability for the fiscal year through the end of march up by 6%. passengers increased 30% to 120 million, bolstering profits despite a 13% drop in shares. sticking with airlines, the owner of british airways was not trading in london yesterday because of the trading holiday. london, they were earlier down as much as 4.5%, the most since july last year. ba scrambling to explain how a local computer outage could lead to thousands of stranded passengers over the weekend. the full flight schedule was due to resume today. damages for compensating customers is estimated at 100 million euros, about 3% of the annual operating profit of parent iag. the parent company. out of

market competition means they have people like ryanair, snapping at their heels with cost effective fightsike emirates. the cost cutting me to be down slightly. they need to deliver reliability and integrity, which they want to suggest they offer. now manager wa nts to suggest they offer. now manager wants to show that they are doing a wash up of the rubble and communicate transparently. what they have found was the problem and how will they will avoid it in the future. what impact do you think this will have on heathrow as an international hub? a few years ago, when british airways moved into terminal 5, which is the epicentre of this challenge of the last weekend, terminal 5 itself went into meltdown on its first day of operation. that was not good for ba or heathrow. but they recovered from that. in that sense, there is hope. investors will be looking at the financial performance. looking back to that as an example, ba did recover. they worked hard to do it, but they did it in a faraway and restored faith and went on to bigger and better things but in terms of customers and profitabilit

you know, ryanair says it is what it is. here are our numbers. at the end of the day, if we think about fy '18 fy '19, hopefully fx is not an effect. >> this company bought 30 a320 aircraft under the existing agreement with airbus. going into the numbers you were curious about this issue. why do you think it's so significant for this company? >> i think it's a major plus for easyjet. i still remain negative on valuations. i think they run ahead of themselves, despite the fact my number is circumstanque du sol k at the current a320 aircraft they have, that would deliver a 15% unit cost win on the a320 near. it is significant in terms of the proportion of the fleet, it will reach about 9% of the total fleet by 2020. 1% next year, 3% in 2019. the effect will build but become more significant three years down the road. it is an important shift, gives them greater ability to compete against ryanair, who clearly delivers the lowest cost within the marketplace. >> mark, you say the stock is mispriced. you think valuation is running ahead of itself. wher

. >> so just this week in london ryanair, europe's largest airline, they show in realtime how many people booking flights in the site and compare with last week. where are the bookings coming from and so that data in realtime is their whole business. you know, nobody calls a travel agent anymore to book a flight. what is is your dashboard, that's what new relic provides for ryanair, way beyond performance. >> i happen to love rei, been a member of the co-op since it was start the, okay, we have beautiful rei stores in new york and one in new jersey. they always seem to know a lot about me when i go to the register. is that you? >> well, their strategy is to understand how the 360-degree view of the customer. >> they do. >> i feel very at home there. >> it's fantastic, isn't it the way they do that through a lot of software. what if that doesn't work. if that software doesn't work they don't understand their customer. we help them ensure it works and delivers a great experience. >> i saw you did with adobe and trying to figure out why adobe needs you. i thought adobe did what you did but a

ryanair is focusing on new routes in continental europe.he irish airline reported a 6% rise in profits to 1.3 billion .uros the carrier says it's facing a lack of certainty or direction about britain's future with the european union. japan's unemployment rate remains at its lowest level in just 2.8% of the country's workforce were without a job in march. meanwhile the ratio of jobs for applicants rose as well, to its size level since 1974. john claude juncker has faced fierce questions over tax evasion with members of the european parliament. he said he may have overlooked elements of fiscal policy that led the small country to become an international tax haven, but defended his effort since then to crack down on tax evasion around the world, saying the panama paper scandal had thrust the issue into the spotlight. >> tax evasion is a worldwide phenomenon. i'm working to try to put together a list and by the end of the year we will have a common list in place that will ensure that those countries that are not keen on entering into dialogue w

ryanair says it is focusing on new routes in continental europe as the u.k. plans to leave the eu. they reported a 6% rise in profits to 1.3 billion euros in the year to the end of march. curious as it is lacking a -- a sense of certainty or direction. shares in the telecom giant reliant have fallen in trading today after reports the company defaulted on interest payments after a massive drop in share price monday that wiped almost 100 million euros of the company's value. saturday, reliance reported its first annual loss as the petition has heated up in india's telecom markets. japan's unemployment rate remains at its lowest level in 23 years. just 2.8% of the workforce was without a job, and the ratio of jobs per applicant has risen as well, to a thai's since 1974. -- to its highest level since 1974. >> sweden has taken the extreme step of putting its entire country on airbnb. stephen: this is an effort to promote the freedom to roamam principal -- that means you can take your tent and pitch it whatever you like as long as it is not on private property. the campaign was designed

ryanair over the last five years has done far better, more than tripling a year.d to do to catch up to that share performance? carolyn: just bear in mind that the referendum effect in britain has had disproportionally affected. effect is quite big and also, the uncertainty -- the political uncertainty about 27tain negotiating with eu ways more heavily on easyjet because we are a british airline and ryanair is a irish airline. that is definitely a factor in the underlying share price. ,e are focused on our margins very focused on our cost program. the analysts would have been pleased with cost performance over the last half -- we actually beat expectations and we will continue to focus on cost. and we will continue to do what we do well. you can't be driven by the share price. you have to be driven by what is right for the airline and the output of that will be a strong share price. with brexit and the negotiations coming up, it is going to be a bumpy road. shares have been volatile and for many stocks have been volatile, but particularly for sterling denominated s

ryanair is up there.eally, british airways have to look at this from the bottom up to look at this from the bottom up to make sure these things work. there are disaster recovery systems. they should have clicked in immediately. if they are cutting corners on it, this is happening, as a supposition the shareholders should be angry, very angry indeed. you cannot cut back on these systems, we rely on computing. if something goes wrong, it has a knock—on effect. it causes no end problems. its chorus it means air cargo operation will be cut, will be hit. the assignments heading for aircraft, won't be loaded. they could track baggage from airport to airport by road to catch up. some passengers might have to leave their baggage behind and they will deliver its later. that usually means four oi’ its later. that usually means four or five days later. this is a bank holiday weekend, a major holiday weekend. my heart goes out to everybody, but i am afraid they are stuck with it. a huge disappointment. thank you. tha

no frills airline, ryanair, thought to be about to announce big annual profits.ll find out what they are doing right while others struggle. more banks fined in the wake of the 1mdb scandal. singapore's uob and credit suisse are fined just over a million dollars for money laundering for transactions related to malaysia's scandal—ridden state fund. hello. thank you forjoining us. with just over a week to go before the british general election, the main parties are seeking to set the agenda for the remaining days of the campaign. the prime minister, theresa may, will talk about brexit today while the labour leader, jeremy corbyn, turns the spotlight on public services. on monday evening, both were challenged by voters in a live election programme. the leaders did not appear together, as the prime minister refused to take part in a head—to—head debate. our political correspondent, ben wright, was listening. this was the first time theresa may and jeremy corbyn had appeared at the same venue in front of the same audience for a grilling in front of the cameras since th

ryanair is riding high. tough competition and worries over brexit. how low can you go? ryanair slashes ticket prices by 13% as it reports soaring profits.

ryanair is up there.the bottom up to make sure these things work. there are disaster recovery systems. they should have clicked in immediately. if they are cutting corners on it, this is happening, as a supposition the shareholders should be angry, very angry indeed. you cannot cut back on these systems, we rely on computing. if something goes wrong, it has a knock—on effect. it causes no end problems. its chorus it means air cargo operation will be cut, will be hit. the assignments heading for aircraft, won't be loaded. they could track baggage from airport to airport by road to catch up. some passengers might have to leave their baggage

no frills airline, ryanair, thought to be about to announce big annual profits.while others struggle. more banks fined in the wake of the imdb scandal. singapore's uob and credit suisse are fined just over a million dollars for money laundering for transactions related to malaysia's scandal—ridden state fund.

reports are from hewlett-packard, dollar general, ryanair and lukoil, canadian banks reporting.hat will be before and after the markets drop. autos will be in focus later in the week. u.s. auto industry reporting good but not great is that the expectation is with general motors does have more gains -- to have more gains. there was disappointment in the sales last month. the markets' anticipation is that they come back from that. but they caution that the memorial day weekend is a good three-dayuse of the holiday and people go to the beach instead of the auto lot. it will be interesting to see the report. facebook and exxon mobil with .hareholder meetings haidi: some other movies i have not seen. thank you for that. we did sitt down, or down with the prime minister of vietnam. his confidence his economy is on target. economistna chief helps us break down the g-7 meeting and look to the e.u.-china summit. this is bloomberg. ♪ ♪ betty: we are counting down to the sydney open. sydney users are up 0.1%. we have a lot of data to get through and movements not just in u.s. trade but als

if you wanted to have a play on the outlook of the european economy, one could look at ryanair, whichn savaged by many commentators but has positive prospects. credit agricole to me looks like an interesting opportunity at current levels. guy: thank you very much for spending time with us. james bevan, cio at cci investment management. bloomberg tv and radio will bring you special coverage of the french presidential runoff election. that takes place sunday. great coverage of the first round. we will repeat it. app it up even more for the second round. we will bring you an exclusive interview with the former finance minister of south africa. an interesting exit for -- that conversation, next, here on bloomberg. ♪ the fed, unfazed. the central bank says it will keep its gradual rate hike approach despite the soft patch in the data. is the door wide open for a june hike? macron comes out on top in the final french presidential debate. time for the pen to close the polling gap. pen to close the polling gap. why is the bank not returning more to shareholders? good morning and welcome. you

me now from cirencester is tim jeans, the chairman of cornwall airport in newquay and used to run ryanair he was the chairman of monarch previously. how big a problem? probably the worst scenario for british airways. a complete shutdown of their computer systems means effectively the airline, as we have seen effectively the airline, as we have seen today, is shutdown also. it could not have happened on a worst day of this part of the year. the study of the summer, half term break, the school holiday is beginning, and this disruption will continue for quite a number of days because the flights this weekend with all have been virtually full. they are saying, british airways, they are trying to restore services from tomorrow but some delays and disruptions will continue into sunday. it is about getting everyone in the right place and aircraft in the right cities and airport, isn't it? sian tier —— the right cities and airport, isn't it? sian tier -- the operating crews will be in the wrong places. the wrong type of aircraft in the wrong airports. until systems are restored, passengers of bri

packard is one of the severals, ryanair, and others.he auto industry is in focus because last month there was a big disappointment in the numbers, good, but not great, month is expected. one analyst from j.p. morgan is dayioning that the memorial weekend makes it a difficult month to predict because of that three day weekend and you don't know if people go to the beach or the lot. facebook and exxon also holding major shareholder meetings. >> thank you. still ahead, we will unpack the data this week from the u.s. and asia. the bank of singapore joins us a little later on. mr. president., what is donald trump returning to after his first overseas trip? we discussed that straight ahead. this is bloomberg. ♪ counting down to asia's first major market open this morning. japanese futures really not budging that much, less than an hour away. good morning. and i amdaybreak asia" betty liu in new york. divide between the u.s. and g7 allies as leaders met in sicily over the weekend. said europe and america are drifting apart has president trump