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Live Reporting

By Mary-Ann Russon

All times stated are UK

  1. Hard Brexit risk is being underestimated, says Ryanair


    As expected, Ryanair has commented on Brexit.

    In its first quarter results, it says: "We remain concerned by the danger of a hard (“no-deal”) Brexit in March 2019.

    "While there is a view that a 21-month transition agreement from March 2019 to December 2020 will be implemented (and extended), recent events in the UK political sphere have added to this uncertainty, and we believe that the risk of a hard Brexit is being underestimated."

  2. Ryanair facing "difficult summer"

    Today Programme

    BBC Radio 4

    Ryanair tail fins

    "It's probably the most difficult summer we've ever seen for Ryanair," said John Strickland, aviation specialist, JLS consulting.

    Strikes by air traffic controllers in France have been a huge problem.

    A dispute with staff in Ireland has seen upset flights to and from that country.

    Ryanair only recognised unions within the last year.

    But that could be a problem for a company that wants to keep costs low and move fast, said Mr Strickland.

    "They've taken this quite big philosophical step to recognise unions, but not at any price and if that means they close routes or bases to make a point, they will do so."

  3. When good goes bad...


    You try to be virtuous, wiping the curdling yoghurt off a plastic pot, then putting it in the recycling bin.

    Perhaps you envisage the pot eventually re-incarnated as a frisbee or maybe even a plastic bench.

    But don’t rest easy. Your pot might get burned or buried in landfill, and you’d never know.

    The National Audit Office (NAO) says over half of the packaging reported as recycled is actually being sent abroad to be processed.

    Read more here.

  4. Ryanair full-year fuel bill to soar


    Ryanair says that "fuel prices have risen substantially" in the three months to 30 June compared to the same period last year - from $50 to almost $80.

    It says that while it is hedged on some of the costs,"will see our full year fuel bill increase by at least €430m".

    It also said its staff costs rose by more than a third "primarily due to pilot 20% pay increases".

    Pilots at Ryanair have been on strike over pay and conditions, forcing the airline to cancel flights.

  5. Fiat Chrysler faces future without Marchionne

    Today Programme

    BBC Radio 4

    Sergio Marchionne

    Sergio Marchionne (pictured) has been forced to step down as boss of Fiat Chrysler after complications following shoulder surgery.

    The charasmatic chief executive spent 14 years at the company.

    "It's difficult to imagine Fiat Chrysler without him, chiefly because he rescued Fiat and merged it with Chrysler," said Monique Wong, senior portfolio manager at Coutts.

    His successor is Mike Manley, the head of the Italian-American company's Jeep division.

    He is going to have to put into place Marchionne's "ambitious" plans which included doubling profits by 2022.

  6. BreakingRyanair profits drop 20%

    Irish airline Ryanair has announced that pre-tax profit fell by 20% to €345.4m in the first quarter.

    The company blamed the drop on "lower fares, the absence of half of Easter in the quarter, higher oil prices and pilot costs".

  7. Google will 'ride out' EU fine

    BBC Radio 5 live

    Google and Android logos

    This week, the F, A and G from the FAANG acronym are reporting results - namely Facebook, Amazon and Alphabet’s Google.

    Monique Wong, senior portfolio manager at Coutts, says: "Earnings season has been good and the technology sector is doing very well. It is supported by the fact that earnings in those companies are good - they're up 20-25% year on year."

    She says: "I think we'll see that even in companies like Google where we have the EU fine.

    "What we'll see in terms of their business is the core numbers are going to be strong in their search engine, in YouTube where they have over 190 million users, their cloud service is gaining market share. So sales growth there is going to be in excess of 20%."

  8. Landlords challenge House of Fraser rescue

    Today Programme

    BBC Radio 4

    House of Fraser store

    House of Fraser may have to renegotiate its rescue deal, according to Philip Holden, executive chairman of Drydensfairfax solicitors.

    That's after landlords launched a legal challenge to the company voluntary arrangment (CVA) agreed last month.

    Under that plan, landlords saw their rents slashed and they are unhappy that they had "no meaningfull vote" on the rescue deal, said Mr Holden.

    "There's been a growing use of the CVA for something it was never designed to do," he said.

    His clients effectively took "a significant haircut, yet the shareholder is "pocketing £70m".

  9. Trump threatens Iran

    BBC Radio 5 live

    What better way to wake up on a Monday morning than to this tweet from the leader of the free world.

    View more on twitter

    What do investors make of this?

    Monique Wong, senior portfolio manager at Coutts, tells Wake Up to Money: "One of the things you do when you're a long term investor is you try to look through the noise.

    "I think Mr Trump knows that his power is in his unpredictability and thus far in its presidentship he's been trying to run policy through Twitter so you have to take all these things on board."

  10. Art of the deal?

    BBC Radio 5 live


    G20 finance ministers met in Buenos Aires, Argentina and warned that political tensions - over issues like a trade war - could derail economic growth.

    Monique Wong, senior portfolio manager at Coutts, tells Wake Up to Money: "Clearly if tensions escalate into a full trade war then yes, it will undermine global growth but the thing we need to the heart of the spat between the US and China you have two pro-business leaders and both of them know that a full-blown trade war is not in their best interests.

    "I think this is one of [US President Donald] Trump's negotiation tactics - unconventional as it is."

  11. In other news...

    Ryanair chief executive Michael O'Leary

    Ryanair will report its first quarter results today. Expect interesting comments about Brexit from the ever-colourful chief executive Michael O'Leary.

    Speaking of Brexit, The Times reports this morning that Doug Gurr, UK manager of Amazon, has warned the government that there will be “civil unrest” in Britain if the country leaves the European Union without a deal.

  12. Good morning!

    Welcome to Business Live and the starts of a busy week.

    Later today, Google's parent company Alphabet will publish its quarterly results and its profit is expected to be all but wiped out by the EU's €4.3bn fine over its Android mobile operating system - even though it will appeal the decision.

    Keep an eye out for BAE Systems share price after the Sunday Times reported that the boss of Airbus is interested in merging its jet fighter business with that of the UK company.

    As always, we'd love to hear from you. Email us at