Send to Kindle
TUI Group is stepping up investments in countries like Bulgaria and Cape Verde to compensate for a slump in demand for travel to Turkey, the world’s largest tour operator announced on Tuesday.
TUI Group data show that bookings to Turkey for Summer 2016 have decreased by 40% due to security concerns caused by the recent terrorist attacks in the country and its proximity to war-torn Syria.
The decrease has caused financial losses for TUI. By comparison, during the same period last year, more than 14% of the company’s clients chose Turkey as their holiday destination.
Along with Turkey, Egypt, Tunisia and Paris have also became less popular among TUI Group’s clients due to the recent terrorist attacks carried out at those tourist destinations.
London-based TUI Group kept a forecast for a rise in underlying earnings by up to 10% on a constant currency basis, confirming that customers were instead choosing to go on a vacation in Spain and the Canary Islands.
Bulgaria has been chosen as one of the countries in which the company will increase its activities since price levels in the country are comparable to those in Tunisia, TUI CEO Friedrich Joussen has announced.
According to Joussen, the interest in Turkey as a tourist destination will be restored but the company’s forecasts for 2016 suggest a 50% decrease in the number of people who will visit Turkey using TUI Group’s services.
The company reported on Tuesday a lower first-quarter underlying loss before interest, tax and amortisation (EBITA) of EUR 101.7 million, in addition to a EUR 42 million loss from its investment in the German shipping company Hapag-Lloyd.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
A recent study conducted by the sociological agency "Global Metrics" on behalf of UNICEF Bulgaria and the Ministry of Health sheds light on the attitudes of Bulgarian parents towards vaccination
This marks the third consecutive election in which "We Continue the Change" and "Democratic Bulgaria" have joined forces
In a concerning revelation, the ad hoc committee investigating the activities of Gleb Myshin uncovered that over the past three to four years, a staggering 343 candidates from the Russian Federation seeking Bulgarian citizenship were discovered to have su
Bulgaria has crowned not one, but two Spelling Bee champions this year
President Rumen Radev, along with experts in winter sports and infrastructure development, has spearheaded discussions on Bulgaria's potential bid to host the 2028 Winter Youth Olympic Games
As the summer season draws near, the issue of staffing in the tourism sector in Bulgaria comes to the forefront once again, with the workforce having to depend on individuals from foreign countries for yet another year
In a concerning revelation, the ad hoc committee investigating the activities of Gleb Myshin uncovered that over the past three to four years, a staggering 343 candidates from the Russian Federation seeking Bulgarian citizenship were discovered to have su
As the summer season draws near, the issue of staffing in the tourism sector in Bulgaria comes to the forefront once again, with the workforce having to depend on individuals from foreign countries for yet another year
According to recent data from the Confederation of Independent Trade Unions of Bulgaria (CITUB), the financial strain on Bulgarian households continues to intensify
Deputy Minister of Transport and Communications, Anna Natova, announced the commencement of construction for an outdoor parking lot at Terminal 2 of Sofia Airport
The Nuclear Regulatory Agency (NRA) has greenlit the phased transition to a new type of nuclear fuel for Unit 5 of Kozloduy Nuclear Power Plant (NPP), manufactured by Westinghouse
Experts suggest that Bulgaria's admission to the Eurozone is more realistic in January 2026
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022
