It’s 6.25pm on Monday 2 June 2014 and my heart is racing.
After 20 years as a national newspaper journalist, plus a few years of working in the City before that, I am about to learn whether I can cut it as a television presenter.
I’d done plenty of broadcast journalism over the years – for BBC Radio Five Live’s Weekend Business and Wake Up To Money, BBC Radio Four’s Today programme and regular appearances on Sky News – but these were as a guest pundit or, in media jargon, what is known as the “presenter’s friend”.
This was different. Sky News had entrusted me to step into the sizeable shoes of Jeff Randall, its influential business presenter from September 2007 to March 2014.
After four or five rehearsals using Jeff’s old scripts, under the tutelage of experienced director Neil Hunter and with colleagues Dafydd Rees, Katie Mandel and Hannah Capella acting as guests, I was deemed ready.
Broadcasting from Sky’s original City Studio, on the 15th floor of the iconic Gherkin building on St Mary Axe, I awaited Neil’s cue before uttering the introductory words:
Image: Ian King Live was first broadcast from the Gherkin building in the City of London
“From the heart of the City, this is Ian King Live.”
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That first half hour show whizzed by: our guests were Dorothy Thompson, chief executive of power generator Drax; Clive Efford, the shadow minister for sport; and Lily Cole, the model and actress. Not bad on a slow news day although during the programme, overseen by my first producer Peter Hoskins, we also broke news that Frank Lampard would be leaving Chelsea.
The adrenalin was still pumping after the show but abated somewhat after John McAndrew, then executive editor and director of content at Sky News, called to declare it “a bloody brilliant start”.
Other guests that week included Andy Griffiths, UK chief executive of Samsung; Ed Balls, the shadow chancellor; Sir Tom Hunter, the billionaire entrepreneur and Tom Crotty, director at the chemicals giant Ineos.
Image: Sir Terry Leahy was among the early guests on Ian King Live
The following week our guests included Sir Terry Leahy, the former Tesco chief executive, giving his first public comments on the accounting black hole recently disclosed by the supermarket; Paul Pester, the TSB chief executive, giving his first broadcast interview ahead of the bank’s stock market flotation; Keith Cochrane, chief executive of the FTSE 100 engineer Weir Group; Justin King, in his final broadcast interview as chief executive of Sainsbury’s and James Quincey, then head of Coca-Cola’s European business but now its global chairman and chief executive. We were up and running.
Now, some 11 years on and after more than 2,000 editions of Ian King Live (the show was rechristened Business Live with Ian King at the end of June 2023), Sky News and I are parting company.
Image: Ian often took his show on the road, broadcasting from trading floors to farms and fishing ports. Pic: Martin Kimber
The worlds of business, markets and economics have changed immeasurably in that time. In April 2014, when I joined Sky News, Walmart was the world’s biggest company. It is now only the 15th largest in the S&P 500 – dwarfed by tech giants Apple, Microsoft, Alphabet, Amazon and Nvidia. Reflecting that increase in importance, US companies now make up around 65% of global stock market capitalisation, compared with just 52% then.
Mark Carney was governor of the Bank of England, David Cameron was prime minister and George Osborne was chancellor; in the US, Barack Obama was president; Jack Lew was US Treasury secretary and Janet Yellen was chair of the Federal Reserve. It all seems such a long time ago now.
The central bank chief with the hardest role back in April 2014, though, was Mario Draghi at the European Central Bank.
Although Ireland and Portugal were about to exit the bailout packages they received at the height of the eurozone sovereign debt crisis, there was still a sense that the fire had not quite been extinguished, which was why the ECB’s main policy rate was still zero. The Bank of England and the Fed still had interest rates at close to zero, too, with the latter becoming the first major global central bank to tighten monetary policy in December 2015.
So there was a real sense of crisis still in the air and, over the subsequent decade and a bit, very little has changed. The 2016 Brexit referendum led to some spectacular gyrations in the value of UK equities, bonds and the pound: the day after I did my first live broadcast – from the trading floor at Monex, a stone’s throw from the Bank of England – at 5.30am and was still broadcasting 11 hours later.
Image: Mark Carney, now Canada’s prime minister, was at the helm of the Bank of England ahead of, and after, the EU referendum in 2016
A few months later, Donald Trump was elected for the first time, with markets rattled by his instigation of a trade war with China soon afterwards.
Then, in 2020, came COVID and, for a few months, it felt as if I was never off the air, bringing news first of the market turmoil that accompanied the lockdowns and then, later, the financial responses to the pandemic from governments, central banks and businesses alike.
By then, having relocated initially to the ‘Baby Shard’ in 2017, Sky’s City Studio had moved again, this time to Fleet Place, close to the Old Bailey. Everyone will have their own memories of lockdown, suffice it to say, going into a deserted City every day was a weird and depressing experience. Not as depressing, though, as interviewing distraught business owners weeping at what the lockdowns were doing to their livelihoods and those of their employees.
Some people, even some in the media industry, disparage business news as being somehow distanced from the human condition. They do not know what they are talking about.
Image: Michael O’Leary, Ryanair’s boss. Pic: Reuters
The post-COVID bounce back in late 2021 and early 2022 was great fun to report on. Animal spirits, especially in the US, were back. But then, in September 2022, came Kwasi Kwarteng’s mini budget and the eventual departure of both him and Liz Truss.
The latter, incidentally, was one of the more surprising interviews I did at Sky News.
While in the post of justice secretary, she appeared on the programme on the evening of Philip Hammond’s autumn statement in November 2016 and, in response to one particularly tricky question on the public finances, replied: “I don’t know.”
That episode serves to remind just how many changes of personnel we have had during the last 11 years. Past and present chancellors I interviewed at Sky News included Nigel Lawson, Norman Lamont, Ken Clarke, Philip Hammond and Rachel Reeves.
The Bank of England has proved rather more stable although I still interviewed three governors past and present: Lord King, Mark Carney and Andrew Bailey.
Companies too have undergone frequent changes of leadership. During the last 11 years I have interviewed three different chief executives of Tesco, Sainsbury’s and BP, two each from – to name a few – Rio Tinto, Centrica, Land Securities, Lloyds Banking Group, Marks & Spencer, GlaxoSmithKline, BAE Systems, National Grid, British Airways, John Lewis Partnership, Prudential, easyJet, Greggs and RBS/NatWest.
Few have had the same chief executive for the entire period but two CEOs who have remained in place throughout are easily among the most outstanding of their generation. One is Sir Pascal Soriot, the French genius who helped AstraZeneca stave off an unwanted takeover bid from Pfizer, before building the drugmaker into the UK’s most valuable company.
The other is Michael O’Leary of Ryanair, a man with a rare talent for judging customer demand and for ruthlessly exploiting gaps in the market, even though some may cavil at his communications style.
And now, sadly, it is over.
Thank you to the thousands of guests who submitted themselves to interview over the years and to colleagues past and present. While the presenter is the only person the viewers see on air, TV is a huge team effort, with producers, directors, runners, lighting and sound technicians and make-up artists all contributing.
Above all, thank you to Sky News viewers from around the world and especially those who would get in touch with feedback. It has been a pleasure and a privilege appearing on screens on your laptops, mobile devices, trading floors, gyms, hotels and, even now, living rooms.
The boss of Ryanair has told Sky News the president of the European Commission should “quit” if she can’t stop disruption caused by repeated French air traffic control strikes.
Michael O’Leary, the group chief executive of Europe’s largest airline by passenger numbers, said in an interview with Business Live that Ursula von der Leyen had failed to get to grips, at an EU level, with interruption to overflights following several recent disputes in France.
The latest action began on Thursday and is due to conclude later today, forcing thousands of flights to be delayed and cancelled through French airspace closures.
Mr O’Leary told presenter Darren McCaffrey that French domestic flights were given priority during ATC strikes and other nations, including Italy and Greece, had solved the problem through minimum service legislation.
He claimed that the vast majority of flights, cancelled over two days of action that began on Thursday, would have been able to operate under similar rules.
Mr O’Leary said of the EU’s role: “We continue to call on Ursula von der Leyen – why are you not protecting these overflights, why is the single market for air travel being disrupted by a tiny number of French air traffic controllers?
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Image: Ryanair has cancelled more than 400 flights over two days due to the action in France. File pic: PA
“All we get is a shrug of their shoulders and ‘there’s nothing we can do’. We point out, there is.”
He added: “We are calling on Ursula von der Leyen, who preaches about competitiveness and reforming Europe, if you’re not willing to protect or fix overflights then quit and let somebody more effective do the job.”
The strike is estimated, by the Airlines for Europe lobby group to have led to at least 1,500 cancelled flights, leaving 300,000 travellers unable to make their journeys.
Image: Michael O’Leary believes the EU can take action on competition grounds. Pic: PA
Ryanair itself had axed more than 400 flights so far, Mr O’Leary said. Rival easyJet said on Thursday that it had cancelled 274 services over the two days.
The beginning of July marks the start of the European summer holiday season.
The French civil aviation agency DGAC had already told airlines to cancel 40% of flights covering the three main Paris airports on Friday ahead of the walkout – a dispute over staffing levels and equipment quality.
Mr O’Leary described those safety issues as “nonsense” and said twhile the controllers had a right to strike, they did not have the right to close the sky.
DGAC has warned of delays and further severe disruption heading into the weekend.
Many planes and crews will be out of position.
Mr O’Leary is not alone in expressing his frustration.
The French transport minister Philippe Tabarot has denounced the action and the reasons for it.
“The idea is to disturb as many people as possible,” he said in an interview with CNews.
Passengers are being advised that if your flight is cancelled, the airline must either give you a refund or book you on an alternative flight.
If you have booked a return flight and the outbound leg is cancelled, you can claim the full cost of the return ticket back from your airline.
The CBI has begun a search for a successor to Rupert Soames, its chairman, as it continues its recovery from the crisis which brought it to the brink of collapse in 2023.
Sky News has learnt that the business lobbying group’s nominations committee has engaged headhunters to assist with a hunt for its next corporate figurehead.
Mr Soames, the grandson of Sir Winston Churchill, was recruited by the CBI in late 2023 with the organisation lurching towards insolvency after an exodus of members.
The group’s handling of a sexual misconduct scandal saw it forced to secure emergency funding from a group of banks, even as it was frozen out of meetings with government ministers.
One prominent CBI member described Mr Soames on Thursday as the group’s “saviour”.
“Without his ability to bring members back, the organisation wouldn’t exist today,” they claimed.
Mr Soames and Rain Newton-Smith, the CBI chief executive, have partly restored its influence in Whitehall, although many doubt that it will ever be able to credibly reclaim its former status as ‘the voice of British business’.
Its next chair, who is also likely to be drawn from a leading listed company boardroom, will take over from Mr Soames early next year.
Egon Zehnder International is handling the search for the CBI.
“The CBI chair’s term typically runs for two years and Rupert Soames will end his term in early 2026,” a CBI spokesperson said.
“In line with good governance, we have begun the search for a successor to ensure continuity and a smooth transition.”
Ryanair and easyJet have cancelled hundreds of flights as a French air traffic controllers strike looms.
Ryanair, Europe’s largest airline by passenger numbers, said it had axed 170 services amid a plea by French authorities for airlines to reduce flights at Paris airports by 40% on Friday.
EasyJet said it was cancelling 274 flights during the action, which is due to begin later as part of a row over staffing numbers and ageing equipment.
The owner of British Airways, IAG, said it was planning to use larger aircraft to minimise disruption for its own passengers.
The industrial action is set to affect all flights using French airspace, leading to wider cancellations and delays across Europe and the wider world.
Ryanair said its cancellations, covering both days, would hit services to and from France, and also flights over the country to destinations such as the UK, Greece, Spain and Ireland.
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Group chief executive Michael O’Leary has campaigned for a European Union-led shake-up of air traffic control services in a bid to prevent such disruptive strikes, which have proved common in recent years.
He described the latest action as “recreational”.
Image: Michael O’Leary. Pic: Reuters
“Once again, European families are held to ransom by French air traffic controllers going on strike,” he said.
“It is not acceptable that overflights over French airspace en route to their destination are being cancelled/delayed as a result of yet another French ATC strike.
“It makes no sense and is abundantly unfair on EU passengers and families going on holidays.”
Ryanair is demanding the EU ensure that air traffic services are fully staffed for the first wave of daily departures, as well as to protect overflights during national strikes.
“These two splendid reforms would eliminate 90% of all ATC delays and cancellations, and protect EU passengers from these repeated and avoidable ATC disruptions due to yet another French ATC strike,” Mr O’Leary added.