Headwinds: Travel group Tui racks up huge losses but points to demand revival

Travel giant Tui has revealed the pandemic pushed it to a €1.1 billion (£995 million) loss in its third quarter after it halted holidays, but insisted demand was bouncing back. The group’s losses for the three months to June compare with year earlier earnings of €102.3m and came after it had to suspend its operations for most of the quarter amid global lockdowns, while it was also hit by extra costs from the crisis. It said widespread cost-cutting action helped limit losses as it pushed ahead with a plan announced in May which will cost up to 8,000 jobs worldwide.