Ryanair Holdings Plc will submit a non-binding offer for Cyprus Airways tomorrow as Europe’s No 1 discount carrier seeks to extend its footprint eastward to an island increasingly popular with Russian and Israeli visitors.

British Airways is in talks with communications satellite operator Inmarsat plc on establishing Europe’s first high-speed inflight internet service.

The International Air Transport Association raised its 2012 global airline profit forecast 37% as carriers slow capacity growth to cope with higher fuel prices and waning travel demand.