TUI board announced yesterday that the company's two German airlines, leisure carrier Hapagfly and low-fare scheduled airline Hapag-Lloyd Express, will merge "in order to ensure that results targets in the tourism division are met. Even though margins remain under pressure, further efficiency improvements are being realized," TUI said. "Deterioration of exogenous market conditions in both areas of business [tourism and shipping]" has resulted in "unsatisfactory results and an unsatisfactory ...

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