News Summary: Ryanair issues new profit warning

LOSING ALTITUDE: Ryanair, Europe's top budget airline, issued a new, harsher profit warning and pledged to maintain heavy fare discounts to keep aircraft full.

TURBULENCE: Projected profit for the fiscal year 2014 is now expected to fall to between 500 million euros and 520 million euros ($675 million to $700 million), down from a prior forecast for profit up to 600 million euros. The forecast means Ryanair expects to record second-half losses of up to 100 million euros.

LOCKED POSITIONS: Ryanair also announced it would introduce fully assigned seating in February. That will put an end to the airline's lengthy queues and scramble for unassigned seats.