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Shares of airliner Ryanair were in focus Monday. The airline warned of job losses, saying that the Boeing 737 Max scandal made some of its bases unprofitable. Yahoo Finance's Tom Belger joins On The Move to break it down.
Airline stocks among the gainers on European markets Monday (November 4)... Despite a note of warning from Ryanair. Europe's biggest budget airline says its growth could freeze due to delays in getting Boeing 737 MAX jets. Ryanair should have had 30 of them in time for next summer's peak season. But the type is still grounded worldwide after two fatal crashes. And there's no clarity regarding when the planes will fly again. The Irish carrier says there's a "real risk" it will have no MAX jets at all in time for summer. Ryanair stock rose over 7% in early trade though. Investors focused on forecast-beating results for the six months to September. Post-tax profits hit 1.3 billion dollars. Gains too for IAG shares on Monday. The owner of British Airways and Iberia is adding another airline to its stable. It's paying just over 1.1 billion dollars to buy Air Europa. That should help it compete on routes from Spain to Latin America and the Caribbean. IAG shares rose over one percent following the news.
Outspoken, controversial, Ryanair boss Michael O'Leary has been a vocal critic of the risks to the airline sector posed by Brexit. Ahead of it happening, he said, the UK was suffering 'political craziness'. Once that had passed, its only choice would be to reach a Brexit deal. (SOUNDBITE) (English) RYANAIR CHIEF EXECUTIVE MICHAEL O'LEARY, SAYING: "The UK's national interest is best-served by staying in the European Union, it's nuts to leave it. But if you are going to leave, the first thing you've got to do on the day after you leave is re-negotiate a trade deal with the European Union. It's still going to be the UK's biggest trading partner." O'Leary campaigned for Britain to remain in the EU in the 2016 referendum. Since then, Britain and the EU have agreed a deal to allow flights to continue in the short-term. But, he noted, there was still uncertainty. (SOUNDBITE) (English) RYANAIR CHIEF EXECUTIVE MICHAEL O'LEARY, SAYING: "Am I confident of anything in the next 5-10 weeks? No. I have no idea what's going to happen. I suspect that, on balance, what happens is there's going to be some kind of a Brexit, but with a deal." In the longer term, Brexit, he thinks, will not impact on Ryanair's business. Though the business itself is in transition. As are the competitors to what is Europe's largest budget airline: (SOUNDBITE) (English) RYANAIR CHIEF EXECUTIVE MICHAEL O'LEARY, SAYING: "I think it is inevitable that in the next five or six years Europe consolidates around four large carriers, each with around twenty percent market share - IAG, Lufthansa, Air France KLM and Ryanair. Everybody else either disappears, merges, gets taken over or partners with one or other of those big four." Tour operator Thomas Cook's exit from the market in recent weeks, he claimed, shows the traditional tour package is - quote - "dead". Britain's aviation regulator, the CAA, contributing to the chaos around its collapse, he added, through a 'deficient' licensing regime.
Vodafone has secured a seven-year technology partnership with Ryanair to handle services including online booking, passenger boarding and in-flight transactions for the Irish airline in Europe. The two companies said on Wednesday they had extended an existing partnership for Vodafone Business to support 300 Ryanair sites and some 153 million passengers across 40 countries. As part of the agreement, the British mobile company will help Europe's biggest budget airline to speed up the time it takes to connect a new airport or site for use.
The European Cockpit Association (ECA) pilot group has urged regulators to take action over what it described as a "safety hazard" caused by Ryanair's approach to flight crews' sick leave, according to a letter seen by Reuters. Europe's largest budget carrier has spent the last two years negotiating improved pay and conditions with its pilots and cabin crew after a revolt by some staff forced it to recognize trade unions for the first time. The ECA, which represents pilots' associations in 33 European countries, said Ryanair adopts a practice of systematically questioning absences due to certified sickness, leading to investigative and disciplinary meetings where staff are threatened with potential dismissal.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Europe’s air-safety regulator defended its scrutiny of Boeing Co.’s grounded 737 Max after one of the model’s biggest customers said the agency has become an obstacle to the jet’s return.European Union Aviation Safety Agency Executive Director Patrick Ky hit back at claims from Ryanair Holdings Plc chief Michael O’Leary that the authority is “dragging its heels” over the Max, saying it’s simply fulfilling its obligations.“If Mr. O’Leary doesn’t like it, that’s his problem, but it’s not going to put pressure on me to go faster, I can assure you,” Ky said in an interview in Helsinki. “We are doing what we think is right.”Tensions are running high as the Max’s idling after two fatal crashes threatens to extend into next year, hurting carriers that are relying on the model to lift margins. Ryanair has 135 orders for the jet and says it may get only 20 of the 60 due for next summer even if the revamped 737 flies again by Christmas.With the crisis surrounding the Max posing a challenge to the FAA’s credibility, other regulators have followed EASA’s lead on assessing the plane’s safety.Ky said that the way forward is now clearer than it was a few months ago but that EASA needs to analyze Boeing’s proposed modifications to the Max’s systems, software, components and operational procedures.Pilot Training“We need to assess whether the changes have been safely made,” he said. “We also need to determine what will be the operational requirements, meaning training requirements for the pilots. That will be one of the key decisions.”O’Leary said on Bloomberg TV that EASA is moving more slowly than the U.S. Federal Aviation Administration, which is leading scrutiny of the Max. The Cologne, Germany-based agency has also avoided meeting with a Max users’ group in Europe and needs “to move with a little more pace,” he said.Boeing has been upgrading software on the Max that was linked to the crashes at Lion Air and Ethiopian Airlines, and has said it expects that the plane will be cleared to fly this year. Ky reiterated suggestions that EASA may take longer to get the model back into service while it checks through the fixes.“Our latest plans are pointing at a date for our decision to be in January 2020,” he said. “As far as I know, the FAA was planning on December. If we have a couple of weeks of time difference I don’t think it’s a major problem.”Ky said the U.S. regulator’s own schedule has slipped after it originally suggested the Max might return to service in May, adding that EASA is equally eager to wrap things up, with 25 staff who are working on the topic “starting to really want to take normal holidays and to have other projects.”‘Confident’O’Leary said earlier that Boeing and the FAA “haven’t been easy to deal with” in recent months but that the manufacturer -- who he speaks with “once a week” -- has identified and rectified the issues with the plane. “We are one of the airlines with a Max simulator here in Europe,” he said. “We’re very confident that this aircraft is safe. The regulators need to work with us as an industry to get this aircraft back flying.”Ryanair said it now expects to get its first Max jets in March or April rather than January or February, based on the model getting clearance to fly in North America before Christmas.The delays are holding back expansion and causing Ryanair to extend leases and hold off on selling older planes, Chief Financial Officer Neil Sorahan said. The airline will also close bases and cut job cuts to make up for slower capacity growth and the absence of fuel efficiencies from the Max.Ryanair rose the most in five years after beating quarterly earnings estimates and refining its full-year profit guidance, with O’Leary saying he’s more optimistic about future operating conditions.\--With assistance from Richard Weiss.To contact the reporters on this story: Leo Laikola in Helsinki at firstname.lastname@example.org;Siddharth Philip in London at email@example.com;Manus Cranny in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Anthony Palazzo at email@example.com, Christopher JasperFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Ryanair is to ask competition authorities to force British Airways owner IAG to make divestments as part of its purchase of Air Europa, chief executive Michael O'Leary said on Monday. "I think it is a good deal for IAG, for Willie Walsh. "It is a merger to monopoly in Madrid and I think we would certainly be looking for the competition authorities to require some competition divestments, particularly in the Air Europa short-haul," he said.
Ryanair expects further delay to its Boeing MAX 737 deliveries and may still be without the jets next summer, it said on Monday after half-year results that gave the Irish airline's shares a 7% uplift. The airline reported post-tax profit of 1.15 billion euros ($1.3 billion) for the six months to Sept. 30, its most profitable part of the year, beating a concensus forecast of 1.08 billion euros in a company supplied poll of analysts.
Optimism over trade talks helped European shares close at their highest level in nearly two years on Monday, while a strong earnings report by Ryanair lifted Irish stocks to a more than one-year high. Siemens Healthineers jumped 9.5% to a record high after it said it expected strong growth to continue next year following a better-than-expected fourth quarter.
Ryanair on Monday said there was a real risk that it would have no Boeing 737 MAX aircraft flying next summer if there are additional delays to the return to service of the grounded aircraft. "We have now reduced our expectation of 30 MAX aircraft being delivered to us in advance of peak summer 2020 down to 20 aircraft and there is a real risk of none," Chief Executive Michael O'Leary said in a video presentation. "We have already reduced our passenger growth forecast ... we may have to cut that again but frankly there is no point in keeping on changing the number until we get more certainty," he said.
Ryanair expects further delay to its Boeing MAX 737 deliveries and may still be without the jets next summer, it said on Monday after half-year results that gave the Irish airline's shares a 7% uplift.
Ryanair can wait out price rises sought by planemakers since the global grounding of the Boeing 737 MAX, the Irish airline's boss said on Tuesday. Ryanair Chief Executive Michael O'Leary said his company can wait for prices to drop before placing any large orders. Industry sources say Ryanair has begun commercial talks with Boeing over an order for a larger MAX variant that could be finalised once the current version returns to service.
Ryanair boss Michael O'Leary slammed Britain's aviation regulator on Tuesday, saying its soft licensing rules contributed to the chaos around Thomas Cook's bankruptcy. O'Leary, whose low-fare model has squeezed less competitive rivals, said the tour operator model was "dead" and Thomas Cook's collapse last week was no surprise. "How you can license Thomas Cook in April as fit to fly for another 12 months and then it goes bust in September.