Samih Sawiris intends to take over a majority interest in FTI Group. The Egyptian investor is already a shareholder of the Munich-based tourism group and is involved in the financing package which was finalized last week.
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Cruise operators are starting to cancel sailings in May due to worldwide Covid-19 travel restrictions, going beyond German package tour operators who have so far cancelled all holidays until the end of April.
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The German tourism industry has welcomed the government’s decision in favour of money-back vouchers for cancelled package holidays, saying it will prevent widespread insolvencies and job losses throughout the sector.
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The German tourism industry needs cash as quickly as possible to survive the coming weeks as well as possible and save something of the summer 2020 season, top managers said in an fvw video conference.
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The German travel and tourism industry is calling for an urgent government aid programme and state-backed ‘holiday vouchers’ to prevent a massive short-term €4.8 billion financial hit that could result in countless insolvencies within weeks.
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Leading tour operators and airlines in Germany have flown up to 100,000 customers home in the country’s biggest-ever repatriation programme and all holiday bookings have been cancelled until the end of April.
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Tens of thousands of German holidaymakers are being flown home in a worldwide 'airlift' after the foreign ministry issued a global travel warning as countries around the world close their borders.
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TUI, FTI, Alltours, Schauinsland-Reisen and other tour operators today cancelled all bookings until at least late March after the German foreign ministry officially advised against all international travel in the next few weeks.
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