German logistics entrepreneur Klaus-Michael Kuehne has increased his stake in Germany's flag carrier Lufthansa to 10%, Kuehne Holding AG said Monday. Kuehne, 84, had earlier boosted his stake in Lufthansa to 5% about a month ago, becoming the airline's second-biggest shareholder behind the German government, according to Refinitiv data. Kuehne Holding AG has acquired a stake of 10% in Lufthansa on the market via a wholly owned German subsidiary, the holding company owned by Klaus-Michael Kuehne said. "The investment in Deutsche Lufthansa represents an excellent rounding off of the existing portfolio, in which logistical knowhow is bundled through various independent holdings," Kuehne was quoted as saying. The German billionaire is also the controlling shareholder of Swiss logistics firm Kuehne & Nagel and has a 30% stake in container shipping company Hapag-Lloyd. Lufthansa said last week it had signed a revolving credit facility of E2.0b with a syndicate of international relationship banks to boost its liquidity.<br/>
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Ailing Portuguese airline TAP posted an annual loss of E1.6b Monday, while voicing "cautious optimism" that 2022 would bring better results despite uncertainties caused by the Ukraine war and the pandemic. The airline, which is 72.5% controlled by the Portuguese state, is under a Brussels-approved rescue plan worth E3.2b and was forced to reduce its fleet size, cut more than 2,900 jobs and reduce wages. TAP said its 2021 results were hurt by the closure of its aircraft maintenance business in Brazil and the depreciation of the euro against the dollar. The company, along with the rest of the industry, was still facing "unprecedented levels of uncertainty" due to various factors, from COVID-19 to Russia's invasion of Ukraine, CEO Christine Ourmieres-Widener said. Rising inflation may create further challenges, mostly due to the cost of materials and fuel, she said. CFO Goncalo Pires said the airline would need to "continue to perform in line" with its restructuring plan in order to present better results in the future. "Delivering the plan is about maximising revenue but also controlling costs," Pires said. "There are many external factors, so we need to find strategies to mitigate those." Under the restructuring plan, TAP also had to wind down and close its aircraft maintenance business in Brazil, which represented a non-recurring loss of E1.03b.<br/>
Asiana Airlines said Monday it will resume the Incheon-Rome route in June to meet pent-up demand amid eased virus curbs. Asiana plans to offer two flights a week to Rome from June 18 and gradually increase the number depending on demand, a company spokesperson said over the phone. The carrier suspended the Rome route two years and three months ago as countries strengthened entry restrictions to stem the spread of the COVID-19 pandemic. Asiana used to provide two flights a week on the routes from Incheon to Rome and Venice during the summer peak season. The company will consider reopening the Venice route if the pandemic slows down further later this year, he said. On the same day, Korean Air Lines said it is considering resuming services on the routes to Rome and Milano.<br/>