German-based tour company TUI says it is suspending most of its operations until further notice in light of the deepening coronavirus crisis and applying for government help. TUI said late Sunday night it has decided "to suspend the vast majority of all travel operations until further notice, including package travel, cruises and hotel operations.'' It withdrew its earnings guidance for this year and said it was refraining from issuing new guidance in the current circumstances. "We are taking substantial cost measures to mitigate the earnings effect,'' TUI said. ``Moreover, we have decided to apply for state aid guarantees to support the business until normal operations are resumed.

Source: The Standard March 16, 2020 07:18 UTC