German tourism and shipping group TUI AG plans to cut up to 400 jobs in Germany as it aims to reduce costs, Germany's Sueddeutsche Zeitung reported on Saturday. The cutbacks will affect the Hanover headquarters of TUI Travel's German business, the paper said, without specifying its sources. TUI Travel is 55.5 percent-owned by Germany's TUI AG, which also holds a stake in container shipping company Hapag-Lloyd.
The paper said a TUI spokesman confirmed the company was in talks with labour representatives over cutbacks but that he would not comment on the number of jobs at stake. TUI AG has abandoned its forecast for higher 2011 profit, as uprisings in North Africa put tourists off and in the face of a tough shipping environment.
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