Travel operator Tui has warned it will take a €200 million (£172m) hit from the grounding of Boeing 737 Max planes.
The firm said the impact is attributed to costs for replacement aircraft, higher fuel charges, disruption and the anticipated impact on trading.
As a result, Tui has downgraded its profit guidance and now expects underlying earnings to be down 17 per cent on last year's €1.18 billion (£1bn), it said.
This compares to previous forecasts of flat earnings.
Tui shares collapsed nearly 10% to 700.4p following the announcement.
The firm said it has made arrangements in order to "guarantee customers' holidays" by utilising spare aircraft in its fleet, extending expiring leases for planes that were supposed to be replaced by the 737 Max aircraft, as well as leasing in additional aircraft.
READ MORE: Shares in Tui tumble as it nurses hit from 'extraordinary hot weather' in 2018
The travel giant also warned that should it not become clear within the coming weeks that flying the 737 Max will resume by mid-July, Tui will need to extend the measures until the end of the summer season.
Drugs giant AstraZeneca is to pay up to $6.9 billion (£5.3bn) to Japan's Daiichi Sankyo to develop and sell a next-generation cancer treatment.
The agreement relates to Daiichi Sankyo's drug trastuzumab deruxtecan and will see AstraZeneca pay $1.35bn (£1bn) upfront, with further payments linked to sales targets.
Under the terms of the deal, the companies will jointly develop and commercialise trastuzumab deruxtecan worldwide, except in Japan where Daiichi Sankyo will maintain exclusive rights.
READ MORE: Firms split by size on the impact that Brexit will have
Daiichi Sankyo will be solely responsible for manufacturing and supply.
Wickes owner Travis Perkins has announced that chief executive John Carter is to step down.
He will be succeeded as CEO by Nick Roberts, currently boss of Atkins, who will join the business as a director and chief-executive designate on July 1.
Mr Carter will step down from the Travis Perkins board on August 5 but remain with the group until the end of 2019 to ensure a smooth handover.
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