International Business

EU Clears Subsidies for Air France, Olympic: The European Union has approved billions of dollars in subsidies for Air France and Greece’s Olympic Airways for the next three years. The EU’s executive commission will let France pump $3.7 billion into its money-losing carrier and approved Greek plans to inject $2.28 billion to help restructure state-owned Olympic. Even before the decision, Britain threatened to take the commission to court if it approved the subsidies. SAS, the Scandinavian airline, said it would keep an eye on Air France to ensure it does not use the subsidies to reduce fares and undercut competitors. The EU said the money is to be used only to make both airlines financially sound, and it put conditions on both deals.