TUI AG, owner of the Hapag-Lloyd shipping line, has agreed to pay €1.7 billion in cash for CP Ships, a British container company, in an effort to increase capacity and reduce costs.

THE British Airports Authority (BAA) is to take court action against Ryanair over the non-payment of £1 million landing fees at Stansted Airport.

Aer Rianta Shannon has announced that low-fares airline Thomsonfly.com will begin operating a daily a service from Shannon Airport direct to Coventry on November 3.

RYANAIR believes it will have to pay out millions of euro as its worst fears have been confirmed in its "state aid" battle with the EU Commission, which could also impinge on the future growth of Cork, Shannon and Dublin airports.