Chief executive Michael O'Leary - who strongly backed a Remain vote - said this impact was "exacerbated by the sharp decline in sterling following the Brexit vote". Ryanair reported a fall in profit to 95m (82m) for the third quarter to the end of December. Revenues rose 1% to 1.34bn (1.16bn) as passenger numbers increased 16% to 24.9 million but profit margins slipped. Getty One of Ryanair's Boeing 737-800s takes off A weaker pound means that fares paid by UK customers translate into lower income for Dublin-based Ryanair - which is Europe's largest airline by passenger numbers. Sterling is more than 10% down against the euro since the Brexit vote. Mr O'Leary said: "We continue to grow capacity, affordable flights to orlando from dublin aer lingus new routes and bases, at a time when other EU airlines are also adding capacity, and accordingly the price environment remains weak." He added that fares were falling "faster than we initially planned". There would be further downward pressure on prices to come amid uncertainty after the Brexit vote, weak sterling and flights being switched from North Africa and Turkey to Spain and Portugal. Travel operators have been switching destinations to the western Mediterranean after terrorism and political instability weakened demand elsewhere. Mr O'Leary said there was still uncertainty about what Brexit would mean and this would "continue to represent a challenge for our business" for the rest of the year and into 2018.
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REUTERS/Ammar Abdullah 4/5 left right People search for survivors under the rubble of a site hit by airstrikes in the rebel-held city of Idlib, Syria February 7, 2017. REUTERS/Ammar Abdullah 5/5 AMMAN At least 15 people died in air strikes on the rebel-held Syrian city of Idlib on Tuesday, in some of the heaviest raids there in months, residents and a rescue worker said. Around eight attacks by what were believed to be Russian jets wounded scores of people and leveled several multi-storey buildings in residential areas of the northwestern city, they added. "We are still pulling bodies from the rubble," Issam al Idlibi, a volunteer civil defense worker, said. Most of the casualties were civilians and the death toll would probably rise, he added. The extent of the damage and the debris bore the hallmarks of a Russian attack, said two witnesses. There was no immediate comment from Moscow. Russian planes have targeted a number of towns and villages in the area since entering the Syrian conflict in September 2015 to back ally President Bashar al-Assad. But activists and residents said there had been a reduction of Russian strikes in Idlib province since a Turkish-Russian brokered cessation of hostilities late December. Planes from the U.S.-led coalition have also launched a number of attacks in the rural province, a major stronghold of jihadists, many of them formerly affiliated to al Qaeda.
But it was immediately criticised by environmental campaigners who oppose an International Civil Aviation Organization (ICAO) deal struck in October on a global market-based measure for offsetting airline emissions. Airlines who back the ICAO deal, which will not be mandatory until 2027, welcomed the EU proposal as they want to avoid a patchwork of national and regional schemes. ICAO's deal was seen as not being ambitious enough by the European Parliament, which along with member states, will have to flights to new york approve the EU exemption proposal. It will also be reviewed by the European Commission as details on the implementation of the UN scheme become clear. The fate of the emissions trading system (ETS) covering flights within Europe will also be assessed in the review, EU officials said, adding that all options were on the table, including dismantling it once the global system is in place to avoid double counting for flights within the bloc. "The European Union is now focused on getting the global scheme up and running. We are serious about achieving carbon neutral growth for aviation worldwide, and we will provide technical support to make it happen," Violeta Bulc, the EU's transport commissioner, said. The EU had ordered carriers to buy credits for foreign flights under its ETS in 2012 but backtracked when countries said it violated their sovereignty and China threatened to cancel plane orders from Airbus Group. Airlines for Europe (A4E) which represents Ryanair, easyJet, Lufthansa, Air France KLM and British Airways owner International Airlines Group, and others said it expected the ICAO scheme to be the only measure for tackling carbon emissions within the bloc as of 2021. "This proposal provides certainty for European operators enabling them to focus their efforts on the implementation of the global deal to effectively tackle climate change," Thomas Reynaert, A4E's Managing Director, said. Under the ETS emissions are capped, whereas the ICAO deal allows carriers to increase them without limit as long as they offset them with carbon credits from environmental projects.
For the original version including any supplementary images or video, visit http://www.cnbc.com/2017/02/03/reuters-america-update-1-foreign-flights-to-slip-under-the-radar-of-eu-emissions-limits.html
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