Italy has asked bidders willing to take over Ita Airways to come up with improved proposals, the economy minister said on Thursday, because the government does not deem the current bids to be sufficient. Neither of the two rival bids currently fully met the government's goals for the privatisation of the company, Economy Minister Daniele Franco told a news conference. Shipping group MSC and Germany's Lufthansa are facing a rival bid made by a consortium comprising US private equity fund Certares, Air France-KLM and Delta. Lufthansa CE Carsten Spohr said earlier on Thursday that the German airline was the best partner for Ita but warned that the company's patience in this instance was not endless. PM Mario Draghi, who will remain in a caretaker position until a new government is formed after next month's election, told reporters he wants his administration to complete the sale procedure.<br/>
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Korean Air Lines said Thursday its Q2 net profit more than tripled from a year earlier on robust cargo deals and recovering travel demand. Net profit for the three months ended in June jumped to 450.41b won (US$344m) from 129.96b won during the same period of last year, the company said. "On top of strong cargo demand amid the extended COVID-19 pandemic, recovering demand on international passenger routes gave a boost to the quarterly bottom line," the statement said. Operating profit also more than tripled to 735.87b won in Q2 from 196.91b won a year ago. Sales jumped 71% to 3.33t won from 1.95t won during the same period. Sales in the passenger business jumped more than four times to 874.2b won in the June quarter from 214.6b won a year ago. Sales in the cargo division rose 44% to 2.17t won from 1.51t won, the statement said. The national flag carrier shifted to foreign exchange losses worth 194b won in Q2 from foreign exchange gains of 11b won a year ago due to a weak won, it said. The dollar rose to an average of 1,259.57 won in the second quarter from 1,121.23 won a year ago, according to the Bank of Korea. A weak won drives up the carrier's dollar-denominated debts when translated into the local currency and pushes up jet fuel costs.<br/>