Greece’s Aegean Airlines to buy rival Olympic Air

ATHENS (Reuters) Greece Aegean Airlines is making a fresh attempt to Canada Goose Online buy Olympic canada goose Air, this time for an agreed 72 million euros, in a bid to generate savings to Canada Goose Jackets cope with the country deep recession and create a stronger domestic competitor to foreign rivals.

The European Commission in 2011 blocked a previous attempt by the two airlines to merge on the grounds the combined company would dominate the domestic air market. However, both canada goose clearance sale firms have since seen their market shares shrink and made losses last year.

Greece economy is in its fifth year of recession as uk canada goose it drives through austerity measures to deal with a debt crisis that led canada goose factory sale to an international bailout. The country banks are Canada Goose online also consolidating buy canada goose jacket in an effort to cope with the cheap Canada Goose downturn.

Greece tourism industry accounts for around one in five jobs in the country and is crucial to its economic Canada Goose Parka recovery.

subscale size, combined with the effects of the canadian goose jacket unprecedented Greek crisis, restrict our ability to successfully compete within the European and global aviation buy canada goose jacket cheap market, Aegean canada goose uk shop Chairman Theodore Vassilakis said in a statement.

a result, we are faced with the immediate danger of Greek tourism, essential for the canada goose uk outlet country recovery, becoming entirely dependent on foreign carriers, he said.

Aegean, with a market value of about 121 million euros, expects to make canada goose store savings from the deal via improved buying power and the elimination of duplicate systems.

Its shares ended 2.9 percent higher in light volume.

Olympic Air will become a subsidiary of Aegean and the brand Canada Goose Coats On Sale names and logos of the two companies will be maintained and each will have distinct aircraft and flight staff, Aegean said.

Sources close to the two airlines had told Reuters earlier on Monday that Aegean was in advanced talks to buy Olympic.

Olympic fell into steady decline after being operated canada goose black friday sale for many decades by the Greek government and burdened the state budget with losses.

Aegean offered 170 million euros to buy the debt ridden Olympic when it was privatized in 2009, but lost out to MIG.

During their failed merger attempt in 2010 11, Aegean and Olympic offered to cede take off and landing slots in Greece, but the European Commission canada goose coats on sale ruled this was not enough as Greek airports did not suffer from the uk canada goose outlet levels of congestion affecting others in Europe.

Olympic and Aegean rejected suggestions of giving up cheap canada goose uk part of their fleet related site canada goose sale or one of their two brand names to new entrants.

Aegean flies Canada Goose sale to 51 foreign destinations while Olympic only services seven routes abroad. Olympic flies more domestic routes.

Aegean had sales of canada goose clearance 668 million euros last year, almost three times the revenues of Olympic. It canada goose coats ended the year canada goose uk black friday with a net loss Canada Goose Outlet of 27.2 million euros. Olympic lost 37.6 million euros in 2011.

The percentage increase was the largest in almost 20 years

home prices cap year with biggest rise since 2006

home prices closed out 2012 with the biggest canada goose coats annual gain in more than six years while sales of new homes spiked in January, the latest sign that the long suffering housing market was on the mend, data showed on Tuesday.

American consumers, meanwhile, grew more optimistic in February even as payroll taxes rose and about $85 billion buy canada goose jacket worth of government spending cuts were due to take effect on March 1.

numbers are all pretty strong. It a significant rise in confidence and a strong rise in new cheap canada goose uk homes sales there is not really much to canada goose store argue in those numbers, Canada Goose Online said David Sloan, an economist at 4Cast Ltd in New York. housing market.

Separately, Commerce Department data showed sales of new homes jumped 15.6 percent to a 4 1/2 year high. The percentage increase was the largest in almost 20 years.

Home prices Canada Goose Jackets have been rising since last February, helping housing contribute to growth last year for the first time since 2005. Historically low interest rates have also enticed buyers, and Federal Reserve Chairman Ben Bernanke strong defense of central bank policy suggested those rates would not rise soon.

no doubt when Canada Goose Outlet you look at all the housing Canada Goose online data that come out, canada goose clearance sale it certainly paints a picture of continued improvement in that market, said Anthony Chan, chief canada goose clearance economist at canada goose uk outlet Chase Private Client.

have the best canada goose factory sale of all possible worlds. You uk canada goose have low mortgage rates, which are going to stay for a while, and you have price appreciation. You take those two things into account and you have a formula for further significant improvement. stock indexes rallied while Treasury yields rose after the stronger than expected data. banking industry recorded the highest earnings last year since before the financial crisis also contributed to a rosier economic outlook.

CONSUMERS MORE CONFIDENT Improvements in canada goose uk shop housing helped lift fourth quarter profits at Home Depot. The world largest home improvement chain also forecast higher sales and earnings per share for the current fiscal year.

Some economists expect rising Canada Goose Parka home prices and recent stock market gains to blunt the impact of tax increases for consumers, which should help spending improve in the second half of 2013.

Macy Inc, which also operates the Bloomingdale chain of luxury stores, said Tuesday it expected same store sales to rise about cheap Canada Goose 3.5 percent this year.

Consumers were certainly feeling more cheerful in February. The Conference Board said its consumer confidence index rose more than expected in February canada goose uk black friday as Americans shrugged off worries about higher taxes.

But while Washington averted the full brunt of tax increases and spending cuts that were scheduled to go into effect in 2013, taxes did rise for some Americans and the payroll deduction holiday came canadian goose jacket to an end, leaving consumers with less spending money.

FEDERAL canada goose black friday sale RESERVE SUPPORT Government spending cuts worth about $85 billion homesite black friday canada goose are also due at the end of the week unless Washington agrees to postpone Canada Goose Coats On Sale them, and some fear those could take a big bite out of growth and hurt spending.

What more, the housing market is far from fully healed. Some 20 percent of mortgages are underwater and foreclosure rates remain elevated.

However, Federal Reserve efforts to hold interest rates low, which involve buying Canada Goose sale mortgage backed and other assets each buy canada goose jacket cheap month until the labor market improves, look set to continue.

Fed Chairman Ben Bernanke on Tuesday strongly defended those efforts on Tuesday, canada goose coats on sale saying the benefits outweigh the costs.

Minutes from the Fed last meeting showed some officials thought the central bank would have to slow purchases before seeing the hiring increase the program was designed to deliver.

is arguing that continued stimulus is necessary uk canada goose outlet despite nascent signs of improvement in canada goose the economy, said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington.