matt: that wasn't ryanair's michael o'leary -- that was ryanair's michael o'leary speaking. you are going to shortly look at pictures of credit suisse ceo, who is thinking -- speaking at the bank's investor day. they cut their equity target to about 10%. . ningget a profit war from credit suisse a day after deutsche bank says its profit targets are ambitious. negative interest rates across europe and making it difficult for banks to make the kind of money they want to. see, the lowest increasing activity we have had is turning 9%. that is --. 29%. . that is really important. we are again working in quality. it is also a way to make sure we get higher quality groups and make sure we have proper relationships with clients. aligned with that is the composition of our revenue. we were dragging up net interest income and recurring. a billionn revenue is in what we want. only 100 million in -- how do we do it? by providing quality solutions to our clients. it is a mouthful but what we fundamentally do. we gave you an example here. across switzerland, i w m, and aipac, we did 60 tr

when will we see the first boeing max 8 ryanair in the air? michael: i very much hope before the summer of 2020. we were supposed to take 50 of those before 2020. gradually, as the boeing groundings have been prolonged, we have had to roll that back. at the moment, we are hoping to get between 10 and 15 aircraft delivered in may and june of 2020. we won't take any in july and august because we are busy carrying people all over europe. hopefully we will get those 10 or 15 aircraft before, in may or june of next year. . there's a possibility we may get none, in which case we will some plea take those aircraft deliveries in the autumn of 2020, and time for the summer of 22 anyone. one-way art -- summer of 2021. one way or another, we are committed to taking these aircraft. it is a brilliant aircraft. customers are going to love the aircraft, but we've got to get them back flying. here in europe, they are working intensely to get the grounded aircraft back in the air around february or march, which should cs hopefully take deliveries of the new ma

and indeed, ryanair would say, well, we came last with one star, but against the airline came first with five stars, but we carry almost as many passengers in one day as they carry ina year. passengers in one day as they carry in a year. and by the way, we make a profit of about £6 per passenger and they make a lowest —— a loss of approaching £20 per passenger. why is british airways in the second place, second west, what has gone on, what our customers sane?m place, second west, what has gone on, what our customers sane? it has slumped from top to almost worse. several things have gone on, in 2017, they introduced catering charges in economy on short—haul flights. people don't really like things being taken away that previously they got for free, even if the fares come down a bit. and last year, they introduce basic economy, saying if you want to check ina bag economy, saying if you want to check in a bag uncle flights, that will cost you more than the cheapest fare —— a bag on long haulflights. and they had a pretty horrible august with another it failure. and in september,

nair, you have square that when companies like ryanair, you have to cut costs to deliver a financial result that works for yourself, and he said we would never do that, we are under pressure, it is not at the price of safety. when the second accident happened, the company was seen to respond quite slowly, they were relu cta nt to ta ke respond quite slowly, they were reluctant to take on the responsibility, they were putting up press releases such as comments that the changes we make will make the aircraft safer. this is not what you wa nt aircraft safer. this is not what you want when you are involved into tragic accidents. that wasjohn that was john strickland there. the sports minister, nigel adams, says the government is committed to working closely with football authorities to try to stamp out racism. he says he'll be monitoring their plans after the chelsea player antonio rudiger complained of hearing monkey noises from the crowd during yesterday's premier league match at tottenham. one chelsea fan has been arrested for allegedly abusing tottenham player son heung—min. here's

ryanair says france, spain and switzerland. rya nair says any affected france, spain and switzerland. ryanair says any affected passengers will have been told about the problem, and it is hoping to minimise the disruption. finally, on the cross—channel ferries, they are expecting some disruption. at the moment they seem to be working 0k. and the shuttle from folkestone to calais seems to be working 0k at the moment. they are not expecting problems. but when you do get to france in your car, you may then encounter problems on the major routes, because the truckers will be out perhaps barricading some of those roads. so overall a lot of problems and they are likely to last a long time. and once you get there, if you are not in the car, lots of the paris metro is going to be shut as well. and this is all down to the unions protesting over, what, pensions? yes, it is a general strike, mainly from the public service unions, over pension reform. there is going to be a very big demonstration in paris today, and it looks like it's go

stock exchange is the world's largest on record at over $25.00 and a half $1000000000.00 budget airline ryanair is the c.e.o. michael o'leary has described the e.u.'s single european sky initiative as a lamentable joke the single european skies seeks to reform europe's air traffic management system to minimize environmental damage the commodore leary argued vehemently against the take zation traffic claiming it represents only 2 percent of c o 2 emissions. the 10th of december is the anniversary of alfred nobel's death the day when each year's nobel prize winners are art it happens at a lavish event in stockholm with lecturers 5 food and a presentation by the king of sweden the winners receive money a diploma lifelong recognition of course and a medal one made in sweden. the 2019 nobel prize medals this year there are 14 of them because there's more than one when each award . each medal is engraved with its whenas name it's the highlight of nicholas to see a. yes i am i am the only one who was doing this job. and there why i think it's it's because of. that i have been doing it for 7 years and

stock exchange is the world's largest on record at over 25 and a half $1000000000.00 budget airline ryanair c.e.o. michael o'leary has described the use single european sky initiative as a lamentable joke be initiative seeks to reform the europe's air traffic management system to minimize environmental damage mr larry argued vehemently against the taxation of a traffic claiming it represents only 2 percent of c o 2 emissions. since taking power in 2018 ethiopian prime minister abi ahmed has implemented sweeping political reforms that have won praise and the nobel peace prize which he collected on tuesday ethiopia's economy is also going from strength to strength but a lot remains to be done because foreign investors are mainly attracted to ethiopia by the incredibly cheap wages their companies say they are in breaking the law and support efforts for a minimum living wage in the country but in the meantime despite setting up shiny new textile factories they are profiting from very low wages some workers earn as little as one euro per day. the ethiopian economy is booming and with this the co

the ryanair ceo said exactly what he thinks about that aspect of the plan. >> taxation does nothing for the environment. we have explained to the new commissioner of transport this morning that the european airlines are investing $170 billion over the next decade, buying new aircraft which will carry more passengers but burn 20% less fuel. so we are already investing very heavily as an industry to deliver growth and a much more sustainable way, in an environmentally sensitive way, and taxation would set back that agenda where we are already delivering. >> that's great, but i would imagine the eu response is that that's not enough. the airline industry is threatening to overtake power and utilities as the biggest emitters, and unfortunately, ryanair is one of the biggest emitters among the airlines. what do you think the industry can do to absorb higher taxes? as well as research? michael: i think there is a lot of misinformation. first, the air industry is if anything one of the most efficient industries. we account globally for less than 2% of co2 emissions. shipping accounts for 5%. y

no points for guessing that ryanair came out badly. but this is one of the ones you said is trying to be nicer. they are in a category for improving their service, they say it is about offering you more clarity in what you are paying for and what you should reasonably expect to get back in return. in terms of top performers, the long—haul carrier singapore airlines got top scores in most categories, and when it comes to short—haul, travellers continued to praisejet2 for its budget prices and premium service. again, notjust again, not just the again, notjust the cheapest again, not just the cheapest sort again, notjust the cheapest sort of basic service, they are offering extra stuff, sojet2 doing well out of this as well. it won't make for welcome reading for british airways. it is interesting how important the flight it is interesting how important the flight is when it comes to your holiday. sometimes you think of it as getting the flight over and done with and getting on with your holiday. and you can suffer a pretty basic serv

the impact, ryanair shares are down, the company ordered those planes to expand its growing business. that is having a trickle effect around the world. more detail in a moment. in asia, markets had a bumper session, a strong close on wall street. looking at europe, interesting to see how london is faring. yesterday, you can see it was pretty flat. in europe, some profit taking. the pound sterling was down today 0.5%. in reaction to the news that boris johnson may be tweaking the withdrawal agreement bill so there isa withdrawal agreement bill so there is a law saying it cannot be extended beyond the end of 2020, negotiations for a trade deal. thank you. now to the us, where the world's biggest plane—maker — boeing says it will temporarily stop making its 737 max planes. the aircraft has been grounded since march — after two deadly crashes killed 346 people. samira hussain has more from new york. it is an unprecedented move by the american plane maker, pulling its most profitable plane from the skies, it has already cost boeing more than $9 billion, and that figure continues to r

ryanair, the biggest customers. ryanair, the biggest customerfor customers. ryanair, the biggest customer for the 737 max, says the delays costing about £84 million. the whole point of this plane is is it supposed to cut costs, improve efficiency, reduce the cost of you all. these big problems mean that plane companies aren't able to get their hands on them. what boeing is worried about, primary concerns, as far as the airlines are concerned, they want to get them en route and wa nt they want to get them en route and want what they paid for. there is no suggestion this will be resolved anytime soon. boeing was hoping there would be in the air soon but it's not going to happen. it reflects its reputation around the world for those companies especially which bought their planes. new zealand police say they have identified all 18 victims of the white island volcano eruption, more than a week after the deadly incident. the names and nationalities of 17 people, who were mostly australian, have been released. one person who died in an australian hospital was not p

smaller engines initially not so fuel efficient but that was the aircraft and it's very very successful ryanair for example has a whole fleet of them and they've been very happy with them but obviously they've ordered new ones everybody's old and new and british airways of struck a deal with boeing as well but if you can't fly the aircraft then you have a problem so what is happening now is that there's also a boeing plant in china and china got about 129 of these aircraft sitting there my prophecy if you like a bit of crystal ball gazing is that i think they're going to close down that production line and it isn't going to open again because once you just drop the supply chain you cannot get all the components back again they will have to find new suppliers to retro fit retro to make these components and want to bring it back on straight what about i think in a lifetime. yeah you're going to china i think yeah i think they'll move the whole lot to china say look guys we're going to try something else now see if you can get it working. that is the only logical way to go they cannot go on with t

smaller engines initially not so fuel efficient but that was the aircraft and it's very very successful ryanair for example has a whole fleet of them and they've been very happy with them but obviously they've ordered new ones everybody's old and new and british airways of struck a deal with boeing as well but if you can't fly the aircraft then you have a problem so what is happening now is that there's also a boeing plant in china and china got about 129 of these aircraft sitting there my prophecy if you like a bit of crystal ball gazing is that i think they're going to close down that production line and it isn't going to open again because once you just drop the supply chain you cannot get all the components back again and they will have to find new suppliers to retro fit retro to make these components and want to bring it back on straight what about something in a lifetime. yeah you need a minimal china i think yeah i think they'll move the whole lot to china say look you guys we're going to try something else now see if you can get it working. that is the only logical way to go they cannot

smaller engines initially not so fuel efficient but that was the aircraft and it's very very successful ryanair for example has a whole fleet of them now and they've been very happy with them but obviously they've ordered new ones everybody is old and new and british airways of struck a deal with boeing as well but if you can't fly the aircraft then you have a problem so what is happening now is that there's also a boeing plant in china and china got about 129 of these aircraft sitting there my prophecy if you like a bit of crystal ball gazing is that i think they're going to close down that production line and it isn't going to open again because once you just drop the supply chain you cannot get all the components back again they will have to find new suppliers to retro fit retro to make these components and want to bring it back on straight what about i think in a lifetime. yeah you're going to china i think yeah i think they'll move the whole lot to china say look you guys we're going to try something else now see if you can get it working. that is the only logical way to go they cannot go

smaller engines initially not so fuel efficient but that was the aircraft and it's very very successful ryanair for example has a whole fleet of them and they've been very happy with them but obviously they've ordered new ones everybody's ordered new ones british airways of struck a deal with boeing as well but if you can't fly the aircraft then you have a problem so what is happening now is that there's also a boeing plant in china and china got about 129 of these crowds sitting there my prophecy if you like a bit of crystal ball gazing is that i think they're going to close down that production line and it isn't going to open again because once you just drop the supply chain you cannot get all the components back again they will have to find new suppliers to retro fit retro to make these components and want to bring it back on straight what about china they like china. yeah you going to china i think yeah i think they'll move the whole lot to china say look you guys we're going to try something else now see if you can get it working. that is the only logical way to go they cannot go on with t

smaller engines initially not so fuel efficient but that was the aircraft and it's very very successful ryanair for example has a whole fleet of them now and they've been very happy with them but obviously they've ordered new ones everybody's old and new and british airways of struck a deal with boeing as well but if you can't fly the aircraft then you have a problem so what is happening now is that there's also a boeing plant in china and china got about 129 of these aircraft sitting there my prophecy if you like a bit of crystal ball gazing that i think they're going to close down that production line and it isn't going to open again because once you just drop the supply chain you cannot get all the components back again they will have to find new suppliers to retro fit retro to make these components and want to bring it back on straight what about i think in a lifetime. yeah you're going to try. i think yeah i think they'll move the whole lot to china say look guys we're going to try something else now see if you can get it working. that is the only logical way to go they cannot go on with t

ryanair came last for the fourth consecutive year. british airways was among the worst—rated for food, seat comfort and value for money on both short and long—haul services in the annual which? poll. the best airlines were guernsey s aurigny air, withjet 2 in second place. the european premiere of the new star wars film, the rise of skywalker, has been held in london. the movie, starring daisy ridley and john boyega, concludes the star wars saga started by george lucas more than a0 years ago. our entertainment correspondent lizo mzimba was there. the fans were out in force for the evening's premiere. for so many, star wars is more than simply a movie. this film and the other two in the latest trilogy have all won praise for the way they've seamlessly evolved from the original films, while also moving significantly forward when it comes to things like gender balance and diversity. 0h, they fly now! they fly now? people have been fighting long and hard for characters like this, for women and anyone sort of not in the traditional fil

airline, british airways and air france and rya nair the airline, british airways and air france and ryanair all the airline, british airways and air france and rya nair all saying the airline, british airways and air france and ryanair all saying that there will be cancellations. air france saying it's cancelling around 30% of its flights. the eurotunnel, that seems to be operating 0k, 30% of its flights. the eurotunnel, that seems to be operating ok, but the warning is that once you get to the warning is that once you get to the other side of the french strikes could have an impact on roads and towns and certainly in the centre of paris. we know there are thousands of extra police on the streets in paris today and there is expected to be large protests and this will have an impact on any tourists or anyone going to the french capital city today. . keith, thank you. let's speak to hugh schofield who's in paris for us. i think we can show you some live images coming in from paris of some protesters already on the streets there in the french capital. remember this is a nationwide strike in pr

ryanair with a business mall outlook. they've been impacted by the delivery of the boeing and skand knavian air is struggling. auto is down about 0.1%. we were talking about the auto sales numbers. >>> one of the shares we are watching is the ski wear maker moncler. kuchy owner kering held talks with the company discussions are in a preliminary stage and they declined to comment. if you look at the luxury sector, there has been a positive reaction from all rivals richmont is up clearly the discussion about further consolidation and m&a is having a beneficial impact our colleague joins us with more detail so kering is not commenting just yet. what might make sense about the potential tie up >> they have been relying on gucci heavily. it is about 50% of their revenue. there is a slow down for that brand so they are trying to diversify. balenciaga and moncler makes sense. it is an italian brand it is the consolidation we've seen with lvmh and tiffany withstand alone brands like berrbury >> within gucci, they have their own s

difficulties ryanair difficulties rya nair have difficulties ryanair have been having with this new aircraft, the 737 max, which they have grounded, so they can't get these aircraft. the demise of thomas cook. a bunch of reasons for it, but the fact is that sta nsted of reasons for it, but the fact is that stansted is in decline, rather than moving ahead. a much loved cabaret club in central london which was forced to close five years ago could be making a comeback. westminster city council has given madame jojo's a new licence after measures were agreed to reduce noise and disruption at the entrance. the venue in soho dates back to the 19505, and was supported by stephen fry, who wrote a letter calling for its return. let's take a look at the travel situation now. there are severe delays on the metropolitan line between baker street and aldgate due to an earlier faulty train at finchley road. 0n the trains, reduced services across south western railway network. replacement buses are running on some routes, including epsom to effingham junction and virginia water to weybridge. 0n the roads,

said you have airlines asking for ever keener prices and how do you square that, with companies like ryanair? i said, you have to cut cost to deliver a financial result that works for yourself as a business. again, he said, we would never do that. we are under pressure and we try to keep cost down but not at the price of safety but when the second accident happened, the company was seen to respond quite slowly, they were quite reluctant to take on the responsibility which he ultimately was accepting. they were putting out press releases with comments such as, these changes will make a safe aircraft even safer, absolutely not what you need when you have an aircraft involved in two tragic accidents. in your opinion, there's been a crisis in public trust and also a crisis internally with the pilots wanting answers because they feel they have been the fall guy at some point during this. safety and aviation, not something you can gamble on, no margin for error. how did they get to this point? this question will be asked many times over, it has been asked by congressmen and regulators. the company

also some breaking news for you -- ryanair is cutting their summer 2020 growth on boeing max delays. earlier, ryanair said maybe they would get the max in january but it would probably be february and march. now that company is pushing back their growth for the summer of 2020. they will close two more basis. they have about 10 maxes. they ordered 20. ofing up, we will have more your morning treat analysis on the markets. ♪ alix: we are going to give you the news and get the trade day analysis of the markets. sassoweramian bloomberg intelligence. also, paul richards joins us. we missed you. kick it off. lastd some action of the 48 hours. i am shocked people are still trading on these. >> you have to. you cannot sit on the side of this. one thing the president has taught us about treating the headlines is -- fickle is the word that was used by a friend of mine as to what this means for trade policy of the white house. do not listen to what the president said. it does not mean this talk was stalled. they are still moving forward. we need to hear what china has to say. of the foreign a

would have an impact on many industries including their airline industry which would taxes.gher the ryanair ceo said exactly what he thinks about that aspect of the plan. >> taxation does nothing for the environment. newave said to the commissioner, european airlines are investing 170 billion dollars over the next decade, buying new aircraft which will carry more passengers. but burn 20% less fuel. we are investing in an industry to deliver growth in a more way, andle gray -- taxation will setback that agenda. >> i imagine the response would be, that is not enough. the airline industry is threatening to overtake power and utilities. biggestis one of the emitters among the airlines. what do you think the industry can do to absorb higher taxes? ofi think there is a lot misinformation. we are one of the most efficient industries. we account for less than 2% of co2 emissions. shipping accounts for 5%. despite that fact, we are investing heavily to reduce those emissions. these technologies are very much at the formative stage. we discuss this with the commission. the commission needs to step up

we interviewed the head of ryanair like last may or june and he said the aircraft would be up and running by the summer. it has gotten extended and extended. do we know what the problem was and are we confident they can fix it? ithael: it was us -- kailey: was a software issue and pilot said they were not trained in how to operate the system. a software fix, you have to retrain pilots, you have to get all the planes in storage out for the airlines to fly them. it is not just the faa, it is regulators all over the world and elsewhere. there is a lot that has to be done. this has been a consistent overhang on boeing. think about the fact that we have a duopoly in the play maker space. boeing has only delivered 345 planes relative to airbus , who has delivered more than 700. it is down about 19% since march, when the second ethiopia air crash happened. it has been range bound over that time and has not gone steeply lower. it is the worst performer in the dow. boeing has not-- been giving realistic expectations to investors. they had said the plane would get recertified in october. 737 max pl

the ryanair ceo said exactly what he thinks about that aspect of the plan. >> taxation does nothing for the environment. we have explained to the commissioner of transport this morning that the european airlines aren't resting $170 billion over the next decade, buying new aircraft which will carry more passengers. but burn 20% less fuel. we are already investing very heavily as an industry to deliver growth and a much more sustainable way, in an environmentally sensitive way, and that taxation would setback that agenda where we are already delivering. >> i imagine the response would be, that is not enough. the airline industry is threatening to overtake power and utilities as the biggest emitters, and unfortunately, biggestis one of the emitters among the airlines. what do you think the industry can do to absorb higher taxes? as well as research? michael: i think there is a lot of misinformation. we are one of the most efficient industries. we account for less than 2% of co2 emissions. shipping accounts for 5%. for some reason, nobody says to tax the ferry. despite the fact that we acco

carrier also right close to the bottom of the barrel for short haul flights, european budget carrier ryanair came in dead last for short haul flights. travelers gave singapore airlines the best score for long-haul flights. they also ranked emirates and virgin atlantic highly next at a big companies are using our personal data to make money. now one bay area community wants to make them pay up. >>i had as far as the 49 ers gearing up a saturday night football at levi's against the rams mark will join us to break down the matchup the carr >>company profits from selling your personal data should you receive a portion of those profits most people would say that is the idea behind a pilot program proposes san mateo county supervisor david talked about that today with kron on sanaa's to hernia. these companies. >>have a responsibility to make sure the data to put those dollars back into our to our communities, it's very super stewards they can do it the first way is the county of santa tale. we can create a where those dollars are distributed. the second thing it's no different than how people are

people have british airways, air france and ryanair. people have been told to check with their airline to see if theirflight is check with their airline to see if their flight is still operating. when it comes to the eurotunnel and the ferries, they have said that they are offering complete service today, but they really don't know how they will be disrupted by what is happening on the french side. p&0 ferries have said they expect some delays this afternoon and when you get to france and if you are on those trains or you arrive at the ports, you could then face further disruption, whether that be on the roads, we really don't know where those protests will be. certainly in central paris we know there are thousands more police on duty today and anyone who is in paris is likely to be caught up or certainly experience some of those protests. keith, 0k, thank you very much, keith, 0k, thank you very much, keith doyle at st pancras station. let us go to paris and hugh schofield. hello again. please tell us schofield. hello again. please tel

last week ryanair said he does not expect to see until the month after that in europe, with delivery not until next summer. despite the pause in production at least boeing is saying there will be no layoffs at this time. does that mean they will be able to retain the high skilled workers in this very tight labor market? david: indeed. that is exactly the problem. and particularly with the supply network, boeing has more control over what happens to its own workforce. within that supply network, that gets a lot tougher. so there is a risk there. at the same time these are highly specialized jobs. boeing and its suppliers are highly specialized companies. really the reason this had to happen is if you look at the cash outflow boeing has had to cope with through this, at some point they have to pull the plug. shery: what sort of operational changes have we seen the last nine months? david: it has been surprisingly little, to be honest. before this happened boeing was in the process of ramping up production. if you are a big aircraft producer you have a set monthly rate elected plump --

later today on bloomberg markets, michael o'leary, ceo of ryanair. always entertaining, always interesting. -- 3:00m. in london p.m. in london, 10:00 a.m. in new york. this is bloomberg. ♪ ♪ positive and i'm encouraged with the momentum we have. we took swift management action in the investment bank to focus on our key strengths and that seems to pay off. we have taken a conservative outlook on the interest rates, therefore in this regard we changed our underlying planning. have lower for longer. that is part of our overall plan. therefore, we have prepared for that and we need to adjust and disregard our business model, and we started to do that. tom: if you would like to read more about mr. sewing, i cannot the lengthy essay on mr. sewing. i learned a lot. francine: good peace, must-read. tom: if you are on global wall street, it is must-read. ian mccafferty with us. it is a good time to talk about chairman volcker. waspassing yesterday, it not a surprise given how sick he was. young9, you were a whippersnapper and living the good like in paris

ryanair boss, he sparked a revolt with his paycheque. elon musk made headlines, and did martin sorrell. what can actually be done in real terms to change the culture, if you like, of executive pay? i think corporate reform is important. giving elected representative seats on boards. when it is said that they are going to give 300 million, the representative could say hang on, what about a pay rise for those in the middle and bottom? we rise for those in the middle and bottom ? we could rise for those in the middle and bottom? we could do more tax on earned wealth, wealth from investments and what have you, the same as wealth and from work. people with an income... people out there working every day with an income in the tens of thousands, they are paying less tax on that —— more tax on that. there is a lot that could be done. the uk has probably the biggest gap between those at the top and everybody else in europe so if we look at our international comparators, there is definitely evidence that suggests, yes, taking a little bit more