up, up and away — near—record profits for ryanair as the low—cost airline predicts a bounceback in summer travel. evidence emerges that uk and us regulators were informed of interest rate manipulation in the 2008 financial crisis, but covered it up. welcome to world business report, i'm ben thompson. it's been a bumper yearfor ryanair — it's just posted a near record profit of $1.6 billion dollars in the year to march 2023,

as it continues to benefit from pent—up demand for air travel. europe's largest carrier by passenger numbers also said it expects profits to rise modestly over the next year, and the summer travel season will be busy. the figures are better than industry watchers had expected. we knew they were going to be good but to record these numbers is exceptional so nearly 170 million passengers, that's up 74% on the previous year's. revenue has more than doubled, profit is 1.4 billion, and they're going to pay dividend this year. it's a phenomenal result and shows how quickly this market is turned around. it also shows how fragile the market is for aviation. there is a point where it suddenly flips you become very profitable, ryanair have put in a great set of results that even before the summer,

which will be very strong. cheap airfares are a myth and anybody looking for summer holidays will tell you airfares are expensive, particularly in europe because we have not seen a lot of capacity growth outside of ryanair from any other airlines and on that basis, seeds are squeezed, there is strong demand still, it's going to make for a really good summer for demand still, it's going to make for a really good summerfor him but i'm sure at the back of the mind, ryanair and every other airline is consciously working very hard on carbon emissions. —— seats are squeezed. evidence has emerged that uk and us regulators were informed of an international, state—led drive to manipulate interest rates in the 2008 financial crisis, but covered it up. this morning, the times newspaper and the bbc published quotes from a previously secret interview with a barclays cash trader who gave evidence of moves by central banks and the uk government to artificially push down the benchmark interest rates libor and euribor. that evidence was withheld

from parliament and from jurors in criminal trials of traders for manipulating interest rates. regulators say they've met their disclosure obligations. 0ur economics correspondent andy verity has led the investigation. reminders of the significance of libor and euribor.— reminders of the significance of libor and euribor. whether interest rates on your— libor and euribor. whether interest rates on your mortgage _ libor and euribor. whether interest rates on your mortgage a _ libor and euribor. whether interest rates on your mortgage a personall rates on your mortgage a personal loan, then us based on central business interest rates, they're based on how much it cost banks to borrow cash and libor and euribor keep track of those. every morning banks are asked questions about interest rates borrow cash and they give their answers and it may be 3.53 or it may be 3.56 or 3.54, they take an average of all of those and they get an average interest rate which is liborfor sterling and euro euribor 4 euros. banks have been

fined $9 billion since 2012 for manipulating libor and euribor, but we are used to thinking of this with regards to traders making request for libor and back to go up and down but what we are less used to hearing about is a whole other story that years of investigation have uncovered. audio recordings and other material reveals that central banks and governments were involved in trying to push libor and euribor down during the 2008 financial crisis. you might say that history but it has a contemporary significance because between 2015 and 2019, 37 traders were prosecuted for rigging libor and euribor, and 2019, 37 traders were prosecuted for rigging liborand euribor, and thejury is not for rigging liborand euribor, and the jury is not hearing evidence like this audio, this phone call between a barclays executive instructing peterjohnson, a cash trader at barclays, to lower his libor on instructions from above. you're going to hate this but we

have _ you're going to hate this but we have had — you're going to hate this but we have had some very serious pressure from the _ have had some very serious pressure from the uk — have had some very serious pressure from the uk government and the bank of england _ from the uk government and the bank of england about pushing the libor lower~ _ of england about pushing the libor lower~ i_ of england about pushing the libor lower. i am on your side, they are bent_ lower. i am on your side, they are bent out— lower. i am on your side, they are bent out of— lower. i am on your side, they are bent out of shape, they're conning everybody... he bent out of shape, they're conning everybody- - -_ everybody... he is going to be caettin a everybody. .. he is going to be getting a call— everybody... he is going to be getting a call from _ everybody... he is going to be getting a call from the - everybody... he is going to be getting a call from the ecb - everybody... he is going to be getting a call from the ecb to | everybody... he is going to be - getting a call from the ecb to what is libor_ getting a call from the ecb to what is libor low— getting a call from the ecb to what is libor low as— getting a call from the ecb to what is libor low as well. _ getting a call from the ecb to what is libor low as well. it _ getting a call from the ecb to what is libor low as well. [it is _ is libor low as well. it is astonishing _ is libor low as well. it is astonishing to _ is libor low as well. it is astonishing to hear - is libor low as well. it is astonishing to hear that| is libor low as well. it is - astonishing to hear that call is libor low as well— astonishing to hear that call and it tells you how much was going on at the time and give us a sense of what this new evidence tells us about the high level interest rate. we heard that a high level interest rate in those traders rigging interest rates. . �* , those traders rigging interest rates. . v , those traders rigging interest rates. ., �*, , ., those traders rigging interest rates. , ., , . ., rates. that's 'ust one piece of evidence — rates. that'sjust one piece of evidence which _ rates. that'sjust one piece of evidence which we _ rates. that'sjust one piece of evidence which we uncovered | rates. that'sjust one piece of - evidence which we uncovered five years ago but what we find out more recently as this interview that was given in november 2010 by the trader who was receiving those instructions, peterjohnson, who later went to jailfor

instructions, peterjohnson, who later went to jail for interest rate manipulation. his instructions given by the person who was later promoted to be a senior executive at barclays and mentioning pressure from the uk government and bank of england. when parliament inquired into that in 2012, they were not told anything about the type or anything about other audio and documentary evidence which shows notjust the bank of england or the uk government being involved, but peterjohnson told about the involvement of the federal reserve bank of new york, reports they were pushing it down and also data which you can check that the french banks all dropping as well there euribor rates and more that they had done before euribor began. record drops in right along national lines. you report the markets, bend when you have a whole market thing, it doesn't happen along national lines when the euro market is international for that indication of corded national bank pressure to interest rates. fiend corded national bank pressure to interest rates.— interest rates. and then the question — interest rates. and then the question is _ interest rates. and then the question is what _ interest rates. and then the question is what are - interest rates. and then the question is what are the - interest rates. and then the - question is what are the regulators and central bank saying about this?

no national central bank one of the com central bank is they strongly rebutted claims which they say may put or misrepresent the role of central banks. the uk treasury said they didn't seem to interest libor and then... the fbi and us department ofjustice declined to comment. department ofjustice declined to comment. �* , , , department ofjustice declined to comment. , , , ., comment. andy this is fascinating and thank you _ comment. andy this is fascinating and thank you for _ comment. andy this is fascinating and thank you for the _ comment. andy this is fascinating and thank you for the details - comment. andy this is fascinating and thank you for the details on i and thank you for the details on that investigation. facebook�*s owner, meta, has been fined $1.3 billion for mishandling people's data when transferring it between europe and the united states. the fine, issued by ireland's data protection commission, is the regulator's largest—ever imposed under the eu's general data protection regulation privacy law. gdpr rules require companies to seek people's consent before using their personal data. meta says it will appeal against the ruling. our technology reporter shiona mccallum joins me now.

what is going on here? this is all about where data is gathered and where it is sent to.— where it is sent to. explain the significance- — where it is sent to. explain the significance. yes, _ where it is sent to. explain the significance. yes, absolutely. l where it is sent to. explain the i significance. yes, absolutely. the gdp are is something that affects us all when we are on the internet and it is all about consent and where our data is going and it includes everything from e—mails. this is significant ruling today. what we are seeing is the communication of data between europe and the us being scrutinised and this all comes down to something known as a standard contractual clause, that this is what facebook and many other companies use to ensure that the privacy, the gdpr standard are also on the other side saw when the information leaves europeans and lands in the us, that people are still protected by similar standards. what has happened here is that they have said the various nuts

and bolts that need to go into making sure that the contract is adhered to properly hasn't been done by mehta and that's where the find has been issued and basically the information in the us that has been transferred from europeans could be under threat by being infiltrated by the us intelligence service so that's something that is of great importance and of course that fine today being significant and we will probably have ramifications as well. significant but the ireland data connection ladder is fact find —— what has or one side? connection ladder is fact find -- what has or one side?— connection ladder is fact find -- what has or one side? meta has said is disappointed _ what has or one side? meta has said is disappointed and _ what has or one side? meta has said is disappointed and i _ what has or one side? meta has said is disappointed and i have _ what has or one side? meta has said is disappointed and i have said - what has or one side? meta has said is disappointed and i have said they| is disappointed and i have said they have been made an example of and then president nick clegg said this decision is flawed, unjustified and sets a dangerous precedent and of course they will be contesting it, there will be appealing it and at there will be appealing it and at the moment, the find does not need

to be paid straightaway. they won't see any difference for people using facebook, they will have a grace period to appeal this decision and that's what we expect in the coming months. ., ~ , ., ., ., that's what we expect in the coming months. ., ~ ., ., , ., to china now, which has banned key infrastructure operators from using products by us memory chip maker micron. china initially launched a review into micron's products in march, and has now accused it of failing a national security review. the ban follows a similar move from washington in october last year, when the us introduced chip export controls on china. the netherlands and japan have since followed. 0ur asia business reporter katie silver explains. it is china's first big move against a us chip—maker and as you said, it follows his move from last year from washington and we are seeing tensions continue to escalate over this issue of chips. as you say, it follows a review in march and

according to the cyberspace administration in china they said there were serious network security risks which put at risk of the infrastructure supply chain and therefore the national security of china. it's unclear what these risks are and what micro—products they pertain to but micron says it has received this notice and is assessing its next steps and it looks forward to continuing to engage with beijing. we have also heard from washington who says they're continuing to work with allies and they say this creates distortion from the market and within the market and they are firmly opposing restrictions that have no basis in fact. 0ne insider i spoke with described the move as" comical" and that's because the company supplies memory chips and therefore it is unlikely to pose these national security risks that beijing's mentioning. katie these national security risks that beijing's mentioning.— these national security risks that beijing's mentioning. katie with the details from singapore. _ in other news. credit suisse staff are preparing

to sue swiss financial regulators over lost bonuses, that's according to the financial times. $400 million worth of bonuses linked were cancelled after the bank was taken over by ubs. two law firms have reportedly received multiple requests from senior managers at credit suisse, to take legal action. credit suisse declined to comment. us presidentjoe biden, fresh from the g7 meeting injapan, will meet with house republican speaker kevin mccarthy to discuss the impasse over government borrowing. staff members from both sides reconvened at mccarthy's office in the capitol on sunday evening for talks that lasted about two—and—a—half hours. without a deal, there are repeated warnings that the us treasury could run out of money as early as next week. india has begun the process of withdrawing its 2,000 rupee bank note from circulation — leading to an increase in gold buying as people look for another way to save. the 2,000 ruppee note — india's highest denomination note — will be fully retired at the end of september. a timescale that is hoped to avoid the economic slowdown caused by the overnight removal of banknotes in 2016.

those are your business headlines and more on the website and we will see you soon. keeping active and going adventures have the body and mind but as we age are coming, more of a challenge. this oxford care homes using virtual reality to help residents overcome that. it reality to help residents overcome that. , ., , ., ,': ~:: reality to help residents overcome that. , ., , ., g; ~:: ., that. it provides a 360 review of the world- _ that. it provides a 360 review of the world. we _ that. it provides a 360 review of the world. we use _ that. it provides a 360 review of the world. we use low friction . that. it provides a 360 review of - the world. we use low friction shoes so there is simple to do. the treadmill _ so there is simple to do. the treadmill can _ so there is simple to do. the treadmill can be _ so there is simple to do. the treadmill can be used by people who don't usually walk at all. the technology can take them to real places where they can even meet up with friends. we places where they can even meet up with friends-— with friends. we need to live [on . er, with friends. we need to live longer, better, _ with friends. we need to live longer, better, not- with friends. we need to live longer, better, notjust - with friends. we need to live longer, better, notjust livel with friends. we need to live - longer, better, notjust live longer so we need to be active and the way of doing that is to maintain

physical activity but also social connection. physical activity but also social connection-— physical activity but also social connection. ' ., ., connection. the 17 month trial run b the connection. the 17 month trial run by the innovation _ connection. the 17 month trial run by the innovation hub _ connection. the 17 month trial run by the innovation hub at - connection. the 17 month trial run i by the innovation hub at oxfordshire by the innovation hub at 0xfordshire has seen 40 people test the kid. it looks very interesting and useful and nice — looks very interesting and useful and nice i— looks very interesting and useful and nice. i enjoyed it. | looks very interesting and useful and nice. i enjoyed it.— and nice. ien'oyed it. isay there's and nice. ienjoyed it. isay there's definitely _ and nice. ienjoyed it. isay there's definitely a - and nice. ienjoyed it. isay there's definitely a change | and nice. i enjoyed it. i say. there's definitely a change in motivation _ there's definitely a change in motivation. we _ there's definitely a change in motivation. we had - there's definitely a change in motivation. we had a - there's definitely a change in motivation. we had a couple| there's definitely a change in. motivation. we had a couple of residents— motivation. we had a couple of residents that _ motivation. we had a couple of residents that were _ motivation. we had a couple of residents that were very - motivation. we had a couple of. residents that were very resistant to the _ residents that were very resistant to the idea — residents that were very resistant to the idea of— residents that were very resistant to the idea of going _ residents that were very resistant to the idea of going for— residents that were very resistant to the idea of going for a - residents that were very resistant to the idea of going for a walk - residents that were very resistantj to the idea of going for a walk but after— to the idea of going for a walk but after a _ to the idea of going for a walk but after a few— to the idea of going for a walk but after a few times _ to the idea of going for a walk but after a few times using _ after a few times using the technology— after a few times using the technology they— after a few times using the technology they feel- after a few times using the technology they feel a - after a few times using the technology they feel a lot i after a few times using the - technology they feel a lot more comfortable. _ technology they feel a lot more comfortable. i— technology they feel a lot more comfortable.— technology they feel a lot more comfortable. i went 200 metres. hurra . comfortable. i went 200 metres. hurray- lt's _ comfortable. i went 200 metres. hurray. it's hoped _ comfortable. i went 200 metres. hurray. it's hoped the _ comfortable. i went 200 metres. hurray. it's hoped the positive i hurray. it's hoped the positive experience as he will encourage other care homes to meet a virtual road a reality for the residents.

hello from the bbc sport centre the real madrid manager carlo ancelotti says spain's top division has a problem with racism after his star player, viniciusjunior, was once again subjected to abuse during a match. real lost at valencia 1—0 on sunday. the brazilian has been the target of racial abuse multiple times this season and he released a statement after the game saying "racism the brazilian , who was also sent off for clashing with an opponent in injury time, has been the target of racial abuse multiple times this season and he released a statement after the game saying ' racism

is normal in la liga. the competition thinks it's normal, the federation does too