TUI plans to merge German airlines
TUI, Europe’s biggest tourism firm, said that its supervisory board had approved plans to merge its German airlines, the holiday carrier Hapagfly and the budget airline HLX, as it tries to fend off competition. The board also approved the departure of two senior managers, including Eric Debry, who is responsible for TUI’s loss-making Western Europe tourism division.
Europe to end banana subsidies
The European Commission is planning to stop shielding less efficient banana producers from market forces and allow governments to hand out cash instead if they want to keep growers in business. In a proposal for reforming present policy, the Commission suggests shifting most banana subsidies into a separate budget to boost the economies of remote EU regions.
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Babcock acquires BNP Residential
BNP Residential Properties, which owns US apartment properties, has agreed to be acquired by Babcock & Brown Real Estate Investments for $316 million (£166 million) plus the assumption of debt, giving the Australian company a more diversified US apartment property portfolio. A wholly owned unit of Babcock & Brown would pay BNP shareholders $24 per share.
Static ad revenue for US newspapers
Advertising revenue for newspapers and their websites in the US crept up a little more than 1 per cent in the quarter to June 30, hurt by retail consolidation and a drop in classified car sales. Total ad spending rose 1.1 percent to $12.4 billion (£6.5 billion), according to data released by the Newspaper Association of America. Online ad revenue rose by a third to $667 million.