Travel giant TUI plans to axe 8,000 jobs despite government bailout ...United Arab Emirates

Multinational travel firm TUI Group has announced that it will slash 10 percent of its workforce worldwide in an effort to cut costs amid the coronavirus pandemic. In its half-year financial results presented on Wednesday, the company said it will have to reduce operational costs to cope with the fallout from the pandemic, “the greatest crisis the tourism industry and TUI has ever faced.” “We are targeting to permanently reduce our overhead cost base by 30 percent across the entire Group. This will have an impact on potentially 8,000 roles globally that will either not be recruited or reduced,” CEO Fritz Joussen said in a press release

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