Summary

  • Monarch customers in the UK yet to travel: don't go to the airport

  • Customers abroad: those due to fly in the next fortnight will be brought back to the UK at no cost

  • CAA website: https://monarch.caa.co.uk/

  • CAA helpline: 0300 303 2800 from UK/Ireland and +44 1753 330330 from abroad

  • Get in touch: bizlivepage@bbc.co.uk

  1. Good nightpublished at 21:30

    That's it for tonight. Thanks for reading, and hope you can join us in the morning when the Business Live page will be back at 0600 UK time.

  2. Monarch: 'Biggest peacetime repatriation'published at 21:28

    The FT is headlining on the collapse of Monarch tomorrow, focusing on the efforts to fly 110,000 tourists home. It picks out Transport Secretary Chris Grayling's assertion that the flights are the UK's biggest repatriation in peacetime.

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  3. Wall Street finishes at record highspublished at 21:24 British Summer Time 2 October 2017

    New York Stock ExchangeImage source, Getty Images

    And on Wall Street - US stock markets have finished at fresh records following strong economic data and hopes of another strong quarter of corporate earnings reports.

    All three major indices ended at all-time highs. The Dow Jones Industrial Average jumped 0.7% to 22,557. The broader S&P 500 rose 0.4% to 2,529, while the tech-rich Nasdaq Composite Index gained 0.3% to 6,517.

  4. Equifax hack: Failure to close defences?published at 21:15

    Equifax name on stock exchange screenImage source, EPA

    Away from the Monarch collapse - there's been an update in the US over the giant Equifax data breach. The credit agency's security team failed to patch a vulnerability in March after getting a warning about the flaw, opening up the firm to a breach affecting 143 million people, the former chief executive says.

    Richard Smith, in a statement to a congressional committee released on Monday, offered a timeline of the huge cyber attack.

    He said in the prepared remarks that the company disseminated an internal memo on 9 March warning about a software flaw identified by the government's Computer Emergency Response Team.

    He added that Equifax policy would have required a patch to be applied within 48 hours, but this was not done. Mr Smith could not explain why.

  5. 'So much for a cheap couple of days away'published at 21:07 British Summer Time 2 October 2017

    And here's some more reaction to Monarch going out of business in the UK's biggest ever airline collapse. Here's how customers at Birmingham airport reacted...

    Media caption,

    Monarch passengers left 'gutted' at Birmingham Airport

  6. Monarch: Staff 'left with nothing'published at 20:50 British Summer Time 2 October 2017

    Business live has been flooded with tales of woe from Monarch travellers, but let's not forgot the staff who have lost their jobs. A reader writes:

    "Today, my 20-year-old brother came off his night flight and woke up to an email about a meeting. In this meeting staff were told they were no longer Monarch employees and were being made redundant. No 'thank you' or your service, no apology, just - "we advise you to go to the job centre and sign on".

    "My brother is devastated to lose a job he worked so hard for and served his second summer season this year with the company. He has friends that were taken on just a few months ago for the summer season, moving to Birmingham from as far as Scotland only to be let down and left without redundancy money.

    "For the company to keep this a secret from the staff and for them to wake up with no job this morning is disgusting. Even if they had been given a warning, some may have been able to look for new jobs or at least get a head start on it.

    "I feel so sorry for all the staff, they have been mistreated and deceived and are now left with nothing. Summer season is over now, so other airlines may not have vacancies until next sumner. What are they supposed to do in the meantime?"

  7. Wall Street sets new recordspublished at 20:31 British Summer Time 2 October 2017

    Let's check in with the US stock markets...

    It's turning into another record day on Wall Street with the three main indexes hitting fresh highs. Stronger US manufacturing data was behind the increase.

    With about 30 minutes to go before the closing bell, the Dow Jones was up 0.6% at 22,541 points, the Nasdaq was up 0.23% to 6,511, and S&P was 0.3% ahead at 2,527.

  8. SEC hackingpublished at 20:27 British Summer Time 2 October 2017

    Jay ClaytonImage source, Reuters

    The personal information of two individuals was compromised in a recently uncovered hack of a Securities and Exchange Commission database, according to the financial regulator's chairman.

    Jay Clayton (above) said in a statement on Monday that additional forensic analysis has found that the Social Security numbers, dates of birth, and names of two individuals were made available to the hackers after they breached the SEC's corporate filing system known as EDGAR.

    He had previously said no personally identifiable information had been accessed in the breach, which occurred in 2016.

    US Homeland Security has found critical breaches in the SEC's computer security, sparking suggestions that hackers could have had access to corporate announcements before they were formally released.

  9. 'People loved the frills but would not pay for it'published at 19:54 British Summer Time 2 October 2017

    Radio 4 PM

    The Civil Aviation Authority has begun flying Monarch passengers back to the UK, after the airline collapsed in the early hours of Monday morning.

    About 860 thousand people have lost bookings with 110 thousand of them currently overseas.

    Between 2004 and 2011 Tim Jeans was Managing Director of Monarch airlines. He told Radio 4's PM programme that Monarch realised "a little bit too late" about the competition from EasyJet and Ryanair.

    He added "people wanted the lowest fare - they might have loved the meals, loved the glass of wine, but the reality was they would not pay for it."

  10. Tesco trial: 'accused aware of damaging practice'published at 19:36 British Summer Time 2 October 2017

    Emma Simpson
    Business correspondent, BBC News

    Tesco 3 courtroom sketchImage source, Julia Quenzler

    Southwark Crown Court has heard of the "frenetic" last weeks in August 2014 when it was widely known there was a gap in Tesco's accounts which was spiralling out of control.

    Tesco's former UK managing director, Chris Bush, its former finance director, Carl Rogberg, and its ex-UK commercial food director, John Scouler, are all charged with fraud and false accounting in connection with the retailer's £250m accounting scandal.

    The prosecution counsel, Sasha Wass, QC, has been outlining the timeline leading up to Tesco's dramatic announcement that it had overstated its profits in September 2014.

    The court heard that although it was known that "aggressive" targets were not going to be met, the accused carried on " conniving and manipulating the figures" by incorrectly encouraging others to "pull forward" income and that they must have been fully aware of the damaging effects this practice was having on the financial health of the company.

    The prosecution said that the attempts to plug the financial hole were like a "hamster running around on the wheel".

    The court heard that the accused continually refused to deal with the growing problem and that Mr Rogberg, allegedly told a "bare faced lie" to a senior colleague, when questioned about a potential shortfall.

    And the court heard the lead up to every half year deadline was known as "diving for the line".

    It emerged that the former Tesco chairman, Sir Richard Broadbent, will be a witness for the prosecution.

    The three defendants deny the charges. The prosecution is expected to finish its opening statement tomorrow.

  11. Monarch: almost 1,900 jobs to gopublished at 18:58 British Summer Time 2 October 2017

    Monarch staff leave officeImage source, EPA

    The demise of Monarch will mean 1,858 job losses, the administrators have confirmed. KMPG said that of these, 1,760 were employees of Monarch Airlines, while 98 were employed by Monarch Travel Group.

    Between them the companies employed about 2,100 people. The remainder have been kept on to help with the repatriation process and other admin issues.

    KPMG said in a statement this evening: “Regrettably, with the business no longer able to fly, a significant number of redundancies were made.

    “Over the coming days, my team will be doing all it can to assist the employees in submitting claims to the Redundancy Payments Office for monies owed."

  12. Homeward boundpublished at 18:27 British Summer Time 2 October 2017

    Spanish beachImage source, Reuters

    Aviation regulator the CAA estimates the repatriation of Monarch customers to the UK will cost about £60m. That will come from government funding, it says.

    About 12,000 Monarch customers flew back to the UK today. The CAA has also listed by country the likely number of travellers to be repatriated by the end of this week.

    The vast majority, 32,503 people, will be brought back from Spain and the Canary Islands. From Portugal, it is 9,553, from Italy 3,661, and Croatia 2,086.

    In all 56,120 Monarch customers from 11 countries are expected to by repatriated by the end of the week, the CAA says.

  13. Airline shares jumppublished at 17:50 British Summer Time 2 October 2017

    Investors know how to spot a silver lining, and on the FTSE 100 today it was EasyJet. The airline's shares closed more than 5% up on expectation it would be a beneficiary of Monarch's demise.

    British Airways' owner IAG rose 2.36%, while in Dublin Ryanair closed 3.87% ahead.

    Elsewhere on the FTSE 100, which finished up 0.9% up at 7,438.8 points, housebuilders Barratt and Persimmon each rose more than 4% after the government announced more money for its Help to Buy scheme.

    FTSE 100 top winners and loser
  14. Monarch: Brexit uncertainty partly to blamepublished at 17:18 British Summer Time 2 October 2017

    Simon Jack
    BBC Business Editor

    One thing that Monarch lacked was scale. Its fleet of thirty or so aircraft was dwarfed by competitors like EasyJet and Ryanair which have 200 and 300 respectively.

    When terror attacks in Egypt, Tunisia and Turkey saw the industry refocus on the Western Mediterranean, competiton became intense and prices fell. Monarch could not achieve the economies of scale the big players could.

    Management realised this and made progress on tie ups with several interested parties. Company sources tell me that those talks were derailed by uncertainty surrounding the future regulation of the UK aviation industry thrown up by the Brexit vote.

    The fall in the value of the pound after the vote also pushed up the cost of fuel and aircraft leases which were priced in dollars adding £50m per year to their costs.

    It was operating in a viciously competitive market, it was too small to absorb any additional costs and potential partners wanted to wait for more clarity on post-Brexit airline regulation.

    Brexit didn’t kill Monarch on its own, but it added cost and helped shut off some of its potential escape routes.

  15. Monarch: an isolated problem, says Graylingpublished at 16:26 British Summer Time 2 October 2017

    Chris GraylingImage source, Reuters

    Transport Secretary Chris Grayling has dismissed suggestions Monarch's crisis is part of wider problems with Britain's aviation sector. Far from it, he told the Tory party conference, Monarch was a casualty of the success of its rivals.

    He says: "As soon as it became apparent that the airline was struggling we acted quickly. We are today mounting the biggest civilian repatriation exercise this country has seen in peacetime and we will bringing back 100,000 people who are stranded overseas.

    "And we’ve spoken to all the other airlines and asked them to do what they can to make sure people affected can rebook their trips elsewhere as quickly as possible.

    "But let nobody think this is a sign of general problems in our aviation sector. Monarch has been a victim of the success of other airlines, like Easyjet and Jet 2. This summer most of our airports carried more passengers than ever before.

    "And they did so because of the success of our economy. We have a great record to build on."

  16. Your rightspublished at 16:03 British Summer Time 2 October 2017

    Monarch customers at check-inImage source, AFP

    For everyone still tearing their hair out about their rights following the Monarch crisis, here's a link to our feature.

    Consumer champion Martin Lewis has also tweeted some usual advice, below.

  17. Don't exploit crisis, airlines toldpublished at 15:38 British Summer Time 2 October 2017

    Transport Secretary Chris Grayling has asked airlines not to exploit the Monarch crisis by raising prices, according to his PR team.

    A Department for Transport spokesman says he has "asked all airlines to keep their prices reasonable for passengers affected".

    The spokesman added: "We expect airlines, irrespective of whether they are members, to honour the International Air Transport Association agreement to make their best efforts to help passengers stranded away from home.

    "These passengers should be provided access to discounted 'rescue fares', subject to available capacity, for up to two weeks after the event to anywhere within Europe."

  18. Job offerspublished at 15:13 British Summer Time 2 October 2017

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  19. Postpublished at 14:47 British Summer Time 2 October 2017

    Away from Monarch for a moment, here's our usual update on the start of trading on Wall Street.

    The week has begun well, with the three major US share indexes hitting record highs at the open on hopes of progress on President Donald Trump's tax reform plan.

    The Dow Jones was up 15.59 points, or 0.07%, at 22,420.6, the S&P 500 was up 1.53 points, or 0.06%, at 2,520.89, and the Nasdaq was up 10.21 points, or 0.16%, at 6,506.17.

  20. Dream wedding groundedpublished at 14:24 British Summer Time 2 October 2017

    Alan JeeImage source, PA

    Alan Jee and his fiancee - and 30 friends and family - were about to board a Monarch plane bound for the Canaries for their wedding on Saturday.

    "We went past passport control, then five minutes before we were due to go on the plane they just put an (announcement) out saying everything's been cancelled and if we want to get flights anywhere else we have to pay for them ourselves," says Mr Jee, from Dorset.

    There were plenty of tears, he tells the Press Association. "They (Monarch) are doing absolutely nothing about it whatsoever, they've palmed us off. No-one's told us anything about it; we've tried speaking to Monarch."

    They've found alternative flights on Wednesday, but at up to £400 each.

    "I've spent nearly £20,000 on the wedding as it is. I don't know how they can treat people like that. We've got wedding planners to see, hair and make-up, bits and pieces - we can't get out there to do them."