Low-fare flights under threat

THE future of cheap flights and regional airports was cast into doubt last night after low-fares airlines braced themselves for a forthcoming EU ruling.

In the first major setback to his airline's soaring success story, Ryanair boss Michael O'Leary saw €70 million wiped off his personal shareholding in the company yesterday.

As Ryanair's value plummeted by almost €1.5 billion, Dr Tony Ryan, the airline's founder, lost €18m as company shares fell 25% on the day, fuelled by a profit warning.