Holiday company Tui has swung back to profit despite the summer heatwaves and associated wildfires in many European destinations this year.
The group said that the heatwaves affecting vast areas of the continent and the spread of the wildfires in several southern European countries have only “dampened, temporarily”, demand for trips to the Mediterranean.
Mediterranean destinations, including Italy, Spain and Greece have been hit by heatwaves and wildfires.
Greece, Italy, Algeria and Tunisia combined lost more than 1,350 square km to fires that affected 120,000 people in late July, according to EU estimates.
A forest fire is currently threatening the Algarve region of Portugal.
Tui cancelled holidays to parts of the Greek island of Rhodes until the middle of August.
The group said that there would be “costs for cancellations and lost business, customer compensation and repatriation flights” associated with those Rhodes holiday bookings, which are expected to be around €25 million (£21.5 million).
About 8,000 Tui customers had to be evacuated from their hotels on Rhodes island during the forest fire outbreak.
However, the company said 80 per cent of its guests travelling to Rhodes spend their holidays in the northern part of the island, which was not affected by the fires.
Tui said that it currently has 12.5 million summer customers so far this year and bookings are at 95 per cent of 2019 pre-pandemic levels.
The group posted underlying earnings before interest and tax of €169 million (£145 million) in the third quarter, up from a loss of €27 million (£23 million) for the same period last year.
Meanwhile, Tui said its third-quarter revenue was up by 20 per cent on a 6 per cent rise in summer bookings.
“Summer 2023 is going very well and demand for holidays remains high,” the travel company's chief executive, Sebastian Ebe, said.
“The Mediterranean remains the most sought-after destination for summer holidays.”
However, Mr Ebe said holiday-buying patterns could change due to the effects of climate change, and that will have a “significant impact” on the packages Tui sells.
The means the company could broaden its range of destinations to include those with more moderate temperatures, such as northern Europe.
In addition, Mr Ebe said the German company might introduce new insurance for travellers going to destinations at risk of climate change-related disruption.
Some observers point out that the high temperatures and threat of wildfires could deter some late-booking tourists this year.
“Record-setting temperatures in European countries such as Greece, Italy and Spain are not scheduled to ease up as we enter August, so it might be considered a much safer option to opt for a stay in northern Europe,” said Tim Hentschel, chief executive of digital booking platform HotelPlanner.
'Firing on all cylinders'
Overall, analysts said Tui's numbers show an impressive bounce-back in the summer holiday market, which was decimated by the Covid-19 pandemic and the various travel restrictions that were put in place as a result.
“Demand is looking brighter as travel rebounds, and flight capacity at the start of the important summer season has been firing on all cylinders,” said Aarin Chiekrie, an equity analyst at Hargreaves Lansdown.
“Tui doesn't just run flights; it has a much wider package holiday business.
“In some ways that makes it more defensive – there's more to offer and plenty of cross-selling opportunities.
“But the drains on cash when you have planes, huge hotels and even cruise ships to fill are enormous. So, returning to pre-pandemic levels is key and good progress is being made on this front.”
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
Killing of Qassem Suleimani
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
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Where to submit a sample
Volunteers of all ages can submit DNA samples at centres across Abu Dhabi, including: Abu Dhabi National Exhibition Centre (Adnec), Biogenix Labs in Masdar City, NMC Royal Hospital in Khalifa City, NMC Royal Medical Centre, Abu Dhabi, NMC Royal Women's Hospital, Bareen International Hospital, Al Towayya in Al Ain, NMC Specialty Hospital, Al Ain
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Killing of Qassem Suleimani
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4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
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Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Juliot Vinolia’s checklist for adopting alternate-day fasting
- Don’t do it more than once in three days
- Don’t go under 700 calories on fasting days
- Ensure there is sufficient water intake, as the body can go in dehydration mode
- Ensure there is enough roughage (fibre) in the food on fasting days as well
- Do not binge on processed or fatty foods on non-fasting days
- Complement fasting with plant-based foods, fruits, vegetables, seafood. Cut out processed meats and processed carbohydrates
- Manage your sleep
- People with existing gastric or mental health issues should avoid fasting
- Do not fast for prolonged periods without supervision by a qualified expert
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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