:00:11. > :00:13.No frills airline, Ryanair, thought to be about to announce
:00:14. > :00:18.We'll find out what they are doing right while others struggle.
:00:19. > :00:22.More banks fines in the wake of the 1MDB scandal.
:00:23. > :00:25.Singapore's UOB and Credit Suisse are fined just over a million
:00:26. > :00:26.dollars for money laundering for transactions related
:00:27. > :00:34.to Malaysia's scandal-ridden state fund.
:00:35. > :00:51.Japan, how consumers are making a bit of a comeback. The biggest in
:00:52. > :00:55.something like ten years. In a few hours' time,
:00:56. > :00:58.the no frills airline, Ryanair, will report its latest set
:00:59. > :01:00.of financial results. Europe's biggest carrier
:01:01. > :01:02.by passenger numbers is expected to announce a 14% jump in full year
:01:03. > :01:06.profit to around $1.5 billion US. Ryanair's performance is a sign
:01:07. > :01:08.that its cost-cutting measures are helping the business compete
:01:09. > :01:11.as overcapacity continues Investors seem encouraged by
:01:12. > :01:23.the progress the company is making. Ryanair's share price is up around
:01:24. > :01:28.70% compared to its post-Brexit low. Nonetheless, it's been a difficult
:01:29. > :01:31.period for airlines with security fears and political uncertainty
:01:32. > :01:33.clouding the skies for many What's more, there could be further
:01:34. > :01:39.turbulence ahead as the rising oil price hampers any
:01:40. > :01:47.attempts to reduce costs. The world's oil producing nations
:01:48. > :01:49.have just agreed to extend production cuts, though
:01:50. > :01:51.it remains to be seen With me is Graham Dunn,
:01:52. > :02:08.editor at Flightglobal. They seem to have managed to do this
:02:09. > :02:18.because of cost-cutting. What have they done? RyanAir have been in
:02:19. > :02:27.expansion mode. They placed a big order for 7800s they are cheaper to
:02:28. > :02:32.run. And as you get bigger, you can make better deals. They have
:02:33. > :02:39.long-term partnership deals with airports. They have promised to grow
:02:40. > :02:43.new routes. When they last were talking before the Brexit referendum
:02:44. > :02:48.and immediately afterwards, they said it would be a real problem for
:02:49. > :02:52.them. There was a lot of uncertainty around it. At that time, no one
:02:53. > :02:59.quite knew what was going to happen. Currencies obviously had a big
:03:00. > :03:04.impact. Tickets sold in the UK, a large market for them, obviously,
:03:05. > :03:09.the yields from that went down because of the drop in currency. Why
:03:10. > :03:17.else? Surely they were selling a lot not just in the UK. Yet. That is the
:03:18. > :03:25.success of its model, it has a pan-European carrier model. It is
:03:26. > :03:30.right across Europe. That gives it the opportunity to, you know, ramp
:03:31. > :03:37.up in areas that are prosperous and doing well. The airline has talked
:03:38. > :03:42.about perhaps doing... It has talked about pivoting back, I think that is
:03:43. > :03:49.the expression used, growth in the UK amid Brexit. Do we have any idea
:03:50. > :03:54.what will happen with Open Skies after, during, the Brexit
:03:55. > :04:00.negotiations? That is at the heart of it. The answer is no, really. I
:04:01. > :04:05.think no one thinks there is not a desire to make it happen. The big
:04:06. > :04:11.concern is does it become a political football, collateral in
:04:12. > :04:15.something else? If Bradford does not turn out to be smooth, the
:04:16. > :04:20.negotiations, that makes it difficult. -- Brexit. Airline like
:04:21. > :04:27.certainty and the rules and regulations they are operating
:04:28. > :04:31.under. They like to know those. Thank you.
:04:32. > :04:33.Singapore has fined two banks over the 1MDB scandal.
:04:34. > :04:35.Singaporean bank UOB and Credit Suisse are facing
:04:36. > :04:38.penalties of more than half a million dollars each.
:04:39. > :04:41.Let's go to Sharanjit leyl in our Asia Business Hub
:04:42. > :04:44.Let's go to Sharanjit leyl in our Asia Business Hub in Singapore.
:04:45. > :04:49.Tell us what happened. What was the scandal? That is right. It follows a
:04:50. > :04:55.two year review by financial regulators here. We know that
:04:56. > :05:00.Malaysia's 1MDB fund is at the centre of money laundering
:05:01. > :05:05.allegations. Six different countries had it set up by the Prime Minister.
:05:06. > :05:08.It was meant to turn Kuala Lumpur law into something of a financial
:05:09. > :05:12.hub. It attracted a lot of attention just two years ago after it missed
:05:13. > :05:17.payments for some of the $11 billion it owed to banks and bond holders.
:05:18. > :05:22.There was The Wall Street Journal article, a number of reports,
:05:23. > :05:28.alleging that they had seen a lot of that money, some 700 million of the
:05:29. > :05:32.fund, go into the Prime Minister's personal bank account. Quite the big
:05:33. > :05:37.scandal here. Many countries are investigating financial institutions
:05:38. > :05:41.linked to 1MDB. And Singapore is right across the border. It has been
:05:42. > :05:48.partially affected as well, of course, according to the managing
:05:49. > :05:53.director of the Central Bank. The two year-long review holds key
:05:54. > :05:59.lessons for both it and financial institutions in Singapore following
:06:00. > :06:02.abuses linked to the 1MDB fund flows, they say. He went on to say
:06:03. > :06:09.that the price for keeping them clean as they grow in size and
:06:10. > :06:15.interconnect is vigilance, according to him. So, yes, these fines being
:06:16. > :06:19.forced on these two banks. They are not the only ones under scrutiny.
:06:20. > :06:26.There have been others as well, with fines adding up to $20 million of
:06:27. > :06:29.penalties. Eight different banks here. Thank you so much, Sharanjit
:06:30. > :06:31.Leyl. It is two months since
:06:32. > :06:33.British Prime Minister, Theresa May, started the process
:06:34. > :06:35.of leaving European Union. How are businesses
:06:36. > :06:37.reacting to the news? Anita Massarella is an exclusive
:06:38. > :06:43.dress designer based Her average dress sells
:06:44. > :06:47.for over $12,000 and she imports her materials
:06:48. > :06:59.from all over the world. The business is designed. We
:07:00. > :07:07.specialise in designing and producing dresses. My biggest break
:07:08. > :07:16.was when I got a telephone call from silk suppliers who wanted beauty
:07:17. > :07:24.wherefore Margaret Thatcher. -- beautyware. We design everything it
:07:25. > :07:31.in-house. Everything is made in Britain. I always use the best
:07:32. > :07:37.suppliers of fabrics. We used silk from China, India, France, and good
:07:38. > :07:44.old Yorkshire. The world's finest cashmere. British suppliers are
:07:45. > :07:50.using Brexit to put up prices. No one else around the world even
:07:51. > :07:54.mentions it. I think because I have been in business for 27 years, I
:07:55. > :07:59.cannot see that Brexit is going to affect the way I trade with anyone.
:08:00. > :08:04.With Brexit, I do think it is going to be a good thing. I can only see
:08:05. > :08:07.it opens up a much wider world. It would be wonderful if we can
:08:08. > :08:14.generate better trading agreements with Asia and other parts of the
:08:15. > :08:18.world. We... I find, personally, it is easy to deal with traders from
:08:19. > :08:23.other parts of the world. I think Britain needs to get its act
:08:24. > :08:28.together. I think the worst trouble for us as we are not good sales
:08:29. > :08:33.people. I am the daughter of Italian immigrants so I think Britain has
:08:34. > :08:36.given immigrants and amazing opportunity and it has brought all
:08:37. > :08:41.these very skilled people together, which I think is absolutely
:08:42. > :08:46.wonderful. But at the same time, I think we have got to get out further
:08:47. > :08:52.into a bigger world if Britain is to survive as a nation doing business.
:08:53. > :08:56.Anita Massarella talking there. And now for some other news.
:08:57. > :08:59.Retail sales in Japan rose more than 3% in April
:09:00. > :09:03.That's higher than economists had been expecting and comes just weeks
:09:04. > :09:06.after government data showed the economy grew faster
:09:07. > :09:08.than expected in the first three months of the year,
:09:09. > :09:14.clocking its longest period of expansion in more than a decade.
:09:15. > :09:29.A quick look at the markets. I hope. The Nikkei is down. The oil price
:09:30. > :09:36.around $52. Not doing a huge amount despite attempts by OPEC and
:09:37. > :09:40.non-OPEC countries to cut back on production. We will be back in a
:09:41. > :09:42.short while to talk about the