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CrowdStrike says ‘significant number’ of devices back online after IT meltdown; Ryanair profits tumble 46%
Live  
CrowdStrike says ‘significant number’ of devices back online after IT meltdown; Ryanair profits tumble 46%
Cybersecurity firm CrowdStrike still working to restore services after global outage last week, while Ryanair was hit by cost-conscious travellers
Headlines
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Ryanair profits plunge by nearly half amid lower summer fares
Ryanair profits plunge by nearly half amid lower summer fares
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CrowdStrike says ‘significant’ number of devices back online after global outage
Economics  
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Labour told it will need to defeat ‘net-zero nimbys’ to decarbonise Britain
Sick leaves  
Tea growers’ climate misery leads to jump in UK prices
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John Lewis trials repair service in partnership with Timpson Group
Gambling  
Labour urged to follow through on Tories’ promised £100m levy
Unemployment  
Integrate NHS services and job centres to get more people working, report says
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Can councils’ opposition scupper Labour’s ‘clean power’ revolution?
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Public-sector workers could get above-inflation pay rises
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Reeves pledges ‘big bang’ for private pension funds
Poverty  
Gordon Brown launches London’s first ‘multibank’ amid child poverty fears
A £53m gamble  
Billionaire’s company claims it was tricked into buying UK online betting outfit that was worth 'nil’
Aircraft industry  
High-flyers touch down at Farnborough amid supply chain turbulence
Today's agenda
The world is still recovering from the global IT outage caused by a faulty security update by cybersecurity firm CrowdStrike last week, which hit hospitals, businesses, banks and airline services around the world.

In LinkedIn post overnight, CrowdStrike said it was continuing to “focus on restoring all systems as soon as possible,” and that it had deployed a “new technique” to try get everyone back online: "CrowdStrike continues to focus on restoring all systems as soon as possible. Of the approximately 8.5m Windows devices that were impacted, a significant number are back online and operational.

"Together with customers, we tested a new technique to accelerate impacted system remediation. We’re in the process of operationalising an opt-in to this technique. We’re making progress by the minute."

While the company has again apologised for the disruption, full restoration could take weeks. And that may result in further pain for CrowdStrike’s US-listed shares, which have so far plunged 11%.

Meanwhile, Ryanair has suffered a 46% drop in its first quarter profits, covering the three months to June, after the airline was hit by cost-conscious travellers.

Average passenger fares fell 15% in the quarter, compared to a year earlier, with CEO Michael O’Leary explaining that they had to take part in “more price stimulation than we had previously expected – meaning the the airline had to cut prices to bolster demand”.

He said the airline had recently tried to close off some cheap seats but they were met with resistance, and opened up lower-cost seats again, as a result.

O’Leary warned that there was likely to be more pain the second quarter: "While Q2 demand is strong, pricing remains softer than we expected, and we now expect Q2 fares to be materially lower than last summer."

Meanwhile, all eyes are on market reaction to Joe Biden’s decision to pull out of the US election race. And we have positive prints from all major indexes at the start of the European trading day.
• FTSE 100 is up 0.43%
• Germany’s DAX is up 0.5%
• France’s CAC 40 is up 0.5%
• Spain’s IBEX is up 0.4%
• Euro Stoxx 600 is up 0.3%

We’ll be tracking all the main events throughout the day ...
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BBC failed to defend me during Tory witch-hunt, says Lewis Goodall
BBC failed to defend me during Tory witch-hunt, says Lewis Goodall
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