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Article: Gov't body backs $1.75-B Hapag aid plea, sets terms.(Shipping)
- Article from:
- Manila Bulletin
- Article date:
- October 4, 2009
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HANOVER/BERLIN, Oct. 4 (Reuters) – The German budget committee backed Hapag-Lloyd's request for state aid but asked the government to demand further concessions from the owners of the container shipping company.In a draft paper for the budget committee's ruling seen by Reuters, the committee said that the government should look into whether restrictions on remuneration and a ban on dividend payouts also applied to Hapag's request for state aid.TUI declined to comment. Hapag-Lloyd, the world's fifth-largest container shipping company, has been hit by a steep downturn in global trade and is expected to post a loss of $900 million this year.It has asked for 1.2 billion ...