The largest travel company in the world is receiving further state aid in response to the revenue losses caused by Corona. But there is criticism of the corporate management from unions.
- The largest travel company in the world is dependent on further state aid.
- The federal ministry announced that this should give employees a perspective.
- Unions criticize the corporate management.
Hanover - Fresh money for the largest travel company in the world. It is no secret that the travel industry in particular is suffering extremely from the Corona * pandemic . In these uncertain times, people forego vacation trips abroad and instead stay at home. Those who suffer: the travel companies .
đź”´ EIL: #TUI should receive further #State aid. The existing loan from the KfW development bank is to be increased by 1.05 billion euros. pic.twitter.com/spsevpMedO
- DW Wirtschaft (@dw_wirtschaft) August 12, 2020Lufthansa has already received help from the state and TUI - the largest travel company in the world - has already received financial support. This is now being expanded again. As the tour operator itself announced, the corona * -tacked group will receive another 1.05 billion euros. The company had previously received a first aid loan of 1.8 billion euros from the KfW development bank - as one of the first major German companies. TUI is to receive a further 150 million euros through the construction of a convertible bond. This would allow the federal government to invest up to nine percent in the travel company as the owner.
TUI receives further billions in government aid - unions criticize corporate management
TUI CEO Fritz Joussen responded positively to the renewed help: “The additional stabilization package allows us to focus on the operational business while at the same time pushing ahead with the realignment of the group. The change to a digital platform company. This change is now being accelerated significantly. Our integrated business model is intact. ”The Ministry of Economic Affairs also confirmed the second state aid . They want to give the employees a perspective, it is said from Berlin.
Current figures on #Corona aid: around € 66.4 billion have been approved so far. As part of the # bridging aid for # SMEs, over 27,400 applications totaling around € 550 million have already been submitted. More on this here: https://t.co/UNLVHkJ0zV #KMU pic.twitter.com/AK6aCYs4FA
- BMWi Bund (@BMWi_Bund) August 12, 2020In response to the loss of sales due to the spread of the corona virus * , TUI announced that it would cut up to 8,000 jobs. However, these measures should primarily be carried out abroad. In addition, the Group's own airline Tuifly should be reduced by more than half. However, this step could cause up to 900 employees to lose their jobs. There is therefore criticism from unions who accuse corporate management of mismanagement. In the past, too little reserves were built up, instead the company paid high dividends to shareholders.
TUI with another billion from the state - travel company now collects 2.4 billion euros in aid
Most recently, there was great hope that the situation would improve with the gradual opening of important travel markets such as Turkey. But TUI also suffered a setback in the cruise line . After the cruise season finally started at the beginning of August, the group had to cancel the first trips a little later.
Competitor Lufthansa continues to suffer from the corona crisis. There was also reprimand from the top. Chancellor Angela Merkel * (CDU *) felt compelled to sharply criticize the airline for the hesitant reimbursement of flights canceled due to corona * . * Merkur.de is part of the nationwide Ippen-Digital editors network
List of rubric lists: © Matthias Balk / dpa / picture alliance
