Lufthansa CEO to sign Air Berlin deal today

Banking giant Citigroup said its third-quarter earnings per share stood at $1.42 on revenues of $18.73 billion while JP Morgan’s net income was $6.73 billion

Germany's biggest airline Lufthansa will buy more than half of the aircraft of its bankrupt competitor Air Berlin, chief executive Carsten Spohr said on Thursday.

Spohr said in Berlin that both airlines will sign the agreement later on Thursday in Berlin.

"We will see a milestone in the history of Lufthansa and Berlin today", he said.

The deal will leave Lufthansa, a traditionally high-cost "flag carrier", in a much better position to compete with the likes of EasyJet and Ireland's Ryanair, which have taken large chunks of its share in short-haul routes within Europe.

Germany's second-largest carrier filed for bankruptcy in August after its main shareholder, Etihad, said it would not give further financial support.

Easyjet is negotiating with Air Berlin to possibly acquire the remaining 20 to 30 aircraft from the carrier, which a year ago ran up a loss of about 782 million euros and has debts totaling almost 1.2 billion euros.

Flights continued after a transitional loan of €150m from the German government.

Analysts at Bernstein Research raised their rating on Lufthansa's shares to "outperform" from "market-perform", saying they expected a deal with Air Berlin to add around 70 to 90 million euros to annual operating profits at Lufthansa's budget unit Eurowings in the medium term. But the pressure was on to reach a deal this week, as Air Berlin's planes will no longer be allowed to fly after October 28 under insolvency rules.

Flights operated by Air Berlin subsidiaries Niki and LG Walter, which are not insolvent, will continue indefinitely, the company said.

Related News:

  • Facebook Reveals its VR Headset Oculus at $199

    Facebook Reveals its VR Headset Oculus at $199

    As the name suggests, the device will run independently of a PC, phone, etc., and will be dependent entirely on its own hardware. Mark Zuckerberg announced today at this year's Oculus Connect conference the latest addition to the family, the Oculus Go .
    Smith & Nephew plc (SNN) Position Increased by Wells Fargo & Company MN

    Smith & Nephew plc (SNN) Position Increased by Wells Fargo & Company MN

    BidaskClub upgraded Smith & Nephew SNATS from a "hold" rating to a "buy" rating in a research note on Tuesday, August 1st. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock.
    Koscielny to return, Kolasinac update, Mustafi injury long term

    Koscielny to return, Kolasinac update, Mustafi injury long term

    Arsenal are on a run of four consecutive wins in all competitions and have not lost since the 4-0 reverse to Liverpool in August. Arsenal manager Arsene Wenger reveals that Skhodran Mustafi will be missing for up to six weeks with a thigh injury.
  • Liberia polls: Nigeria senator calls 'fake' victory for Weah

    Liberia polls: Nigeria senator calls 'fake' victory for Weah

    Correspondents say that irregularities would taint the country's first democratic transfer of power in more than 70 years. The National Elections Commission (NEC) had on Wednesday cautioned against the spread of what it called 'fake results'.

    SpaceX launches, lands recycled rocket

    Successfully placed in orbit, the dual-mission satellite will be shared by Colorado-based EchoStar and SES, a Luxembourg company. This is SpaceX's 15th mission of the year, and the second time it has pulled off bicoastal launches in a three-day period.
    Stock In Spotlight: Abbott Laboratories (NYSE:ABT)

    Stock In Spotlight: Abbott Laboratories (NYSE:ABT)

    RBC Capital Markets maintained Abbott Laboratories (NYSE:ABT) on Friday, January 29 with "Outperform" rating. The Cheesecake Factory Incorporated had 43 analyst reports since July 24, 2015 according to SRatingsIntel.
  • Pakistan Election Commission issues non-bailable arrest warrant against Imran Khan

    Pakistan Election Commission issues non-bailable arrest warrant against Imran Khan

    The five-member ECP, bench headed by Chief Election Commissioner (CEC) Justice (retd) Sardar Raza Khan, heard the case. Imran Khan's bailable warrants that were issued on Sept 20 by Election Commission of Pakistan (ECP ).
    Google Kills Google Home Mini's Top Touch Functionality

    Google Kills Google Home Mini's Top Touch Functionality

    The rationale behind the move is Google giving people "complete peace of mind" when they use Google Home Mini , the company said. We have made the decision to permanently remove all top touch functionality on the Google Home Mini .

    Snapchat's New Context Cards Update Is Making It a Truly Useful App

    Context cards are rolling out to Snapchat starting today, and more partners will be added as time goes on. Restaurant and local attraction reviews from critics and customers on TripAdvisor and Foursquare.
  • What Analysts Have to Say About Pretium Res Inc (PVG)?

    What Analysts Have to Say About Pretium Res Inc (PVG)?

    The Firm is focused on the acquisition, development and commercialization of therapeutics for cancer and other medical needs. Royal Bank Of Canada reiterated an outperform rating on shares of Pretium Resources in a report on Thursday, September 7th.
    Gucci Goes Fur Free, Looking to Change Luxury Sector

    Gucci Goes Fur Free, Looking to Change Luxury Sector

    The HSUS and LAV said they will continue to support Gucci in identifying and reducing its impact on animals and the environment. At present, Gucci sells several fur-involved items, including a $30,000 mink coat and a $13,500 lamb fur coat.
    Jamie Carragher's Premier League XI from the season so far

    Jamie Carragher's Premier League XI from the season so far

    Only one Manchester United star has made the line-up while the defence is split between Chelsea and Tottenham. And here is what the Liverpool legend came up with - and he gave his explanation on each selection.


Most liked

Tillerson Expresses 'Profound Concern' About Turkey's Detention Of US Employees
Defense Secretary Jim Mattis said the dispute has not affected the U.S. military's relationship with Turkey's armed forces. He added that the arrest of an employee of the US Consulate General was carried out within the law.

Assembly polls dates likely to be announced today for Gujarat & Himachal
If sources are to be believed the Assembly elections in Himachal Pradesh will be held in single-phase. Elections in Gujarat in 2012 were held in two phases on 13 and 17 December 2012 respectively.

N Korea says Trump has 'lit fuse of war'
It has twice tested intercontinental ballistic missiles, shot missiles directly over Japan and has conducted its sixth and largest nuclear weapon test.

Fortune Brands Home & Security Inc (NYSE:FBHS) Sentiment Increased in Q2 2017
Sentry Investment Management LLC increased its stake in Fortune Brands Home & Security by 1.2% in the 2nd quarter. The number of shares now owned by investors are 155.37 mln. 77 funds opened positions while 125 raised stakes.

Low-priced carrier Southwest to launch service to Hawaii
Southwest became the nation's largest domestic air carrier in 2003 and maintains that ranking based on the U.S. Watterson said Southwest has been waiting for delivery of the 737 Max 8 to deploy it on routes to Hawaii.

Amazon introduces waterproof 7-inch Kindle Oasis with Audible integration, metal body
This direct sequel to the Kindle Oasis first introduced in 2016 with a 6-inch display is thus considerably bigger. The new Kindle Oasis features a high-resolution Paperwhite display, thin ergonomic design and IPX8 waterproofing.

Gilead Sciences, Inc. (GILD) Shares Bought by Schwab Charles Investment Management Inc
Among 30 analysts covering Gilead Sciences (NASDAQ:GILD), 18 have Buy rating, 0 Sell and 12 Hold. (NASDAQ:GILD) for 7,723 shares. It improved, as 78 investors sold GILD shares while 538 reduced holdings. 110 funds opened positions while 462 raised stakes.

RSS to consider women shakhas, says Manmohan Vaidya after Rahul's attack
Congress vice-president Rahul Gandhi had accused the organisation of having no place for women. We are working for the social cause by holding 50,000 shakhas daily.

Hamas announces reconciliation deal with Palestinian rival Fatah
Head of Hamas political bureau, Ismail Haniyeh, confirmed at dawn that an agreement was reached between Fatah and Hamas. Sissi has stressed that he believes reconciliation between Fatah and Hamas could pave the way for Middle East peace.

Afastamento de parlamentares deve ser submetido ao Congresso, decide STF
A finalidade da norma é dizer parlamentares não podem ser afastados antes do trânsito em julgado. Durante as discussões, Gilmar Mendes criticou a decisão da 1ª Turma que afastou Aécio.

U.S. dollar slides amid Fed minutes
But in the end, they decided that they should continue to signal the possibility of a third rate hike this year. During the meeting, committee members made a decision to hold rates at 1 to 1.25 percent.

Bed Bath & Beyond Inc. (NASDAQ:BBBY) Continuing to Trade Below Moving Averages
The stock has experienced bearish momentum as it's ATR or Average True Range has dipped consistently over the past 10 sessions. Its mean Altman Z-Score: 5.31 during the last 7 years, while average Beneish M-Score: -2.57 during the last 7 years.

Royal Bank Of Canada Initiates Coverage on Ball Corporation (BLL)
Focused Wealth Mgmt Incorporated invested 0% in Alcoa Corp (NYSE:AA). 102,500 were accumulated by Cullinan Associates Inc. Indiana Trust & Investment Management Co increased Ball Corp Com (BLL) stake by 100% reported in 2017Q2 SEC filing.

Texans' Watt will miss rest of National Football League season
Watt underwent multiple back surgeries past year and missed all but three games in 2016. The Texans signed two pass rushers to the active roster this week after J.J.

What Are Analysts Suggestions On BlackBerry Limited (BBRY)
It represents a security's price that, if achieved, results in a trader recognizing the best possible outcome for his investment. There are advantages to using a moving average in your trading, as well options on what type of moving average to use.