Ryanair, Europe’s biggest low-cost airline, made a new offer to buy the 70 percent of its Irish rival Aer Lingus that it does not already own.

The chief executive of Ryanair said the economic downturn will force weaker carriers to cut routes, allowing his airline to move in.

Among the reasons for the sharp drop in half year profits, the low-cost airlines cited higher fuel prices accounted for half of Ryanair’s operating costs in the time period.

Europe’s biggest no-frills carrier on Monday warned that it might post its first annual loss as a public company.

Europe’s biggest no-frills carrier on Monday warned that it might post its first annual loss as a public company.

European stocks fell back following sharp declines in Asia after oil rose to a record of more than $140 a barrel.