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01.11.2019 – 13:42

Global Communication Experts

GCE news mail: German market news week 44

German market news week 44

Dear all,

Please find hereby the weekly market news:

Market News:

- Ministry of Justice stops insolvency protection report: The research project 
  on customer money protection has been cancelled. The Ministry of Justice wants
  to find faster ways to reform insolvency protection. The authority is taking a
  stand on points of contention with FVW. The Federal Government wanted to find 
  out as soon as possible whether the German insolvency insurance system for 
  package tours is efficient enough to guarantee the full protection required by
  the EU This after the implementation of the new travel law in mid-2018. At the
  end of 2018, a corresponding research project was put out to tender but never 
  has been awarded. At the request of the fvw editorial staff, the Federal 
  Ministry of Justice and Consumer Protection (BMJV), which is responsible for 
  this matter, declared: "The expert opinion has been stopped. The reason: After
  the bankruptcy of the organizer Thomas Cook, the authority no longer wants to 
  rely on a "time-intensive" research project, but to work out "timely" options 
  for action. The duration of the expert opinion was set at two and a half years
  in the invitation to tender. The BMJV cannot yet say exactly how the 
  decision-making process will now proceed.  
- Lufthansa, Hurtigruten and Booking are "Brands of the Year": On the basis of 
  900,000 online interviews, the market researchers from Yougov and the 
  "Handelsblatt" award this year's winners. Lego is again the number one in all 
  industries before DM and Ravensburger. Lufthansa wins at the airlines ahead of
  Emirates, Etihad, Qatar and Condor.The podium for cruises board Hurtigruten in
  front of Aida and TUI Cruises. In the category "Travel Agencies & Booking 
  Pages", Booking wins ahead of TUI, Meier's Weltreisen, Berge & Meer and HRS. 
  This category is idiosyncratic, because the booking pages can only offer what 
  the travel providers in the portfolio. Assessment criteria for the 
  classification are general impression, quality, price-performance ratio, 
  customer satisfaction, readiness to recommend and employer Image.  

Tour Operator News:

- Thomas Cook insolvency - Tour operators face higher insurance costs: 
  According to FVW, tour operators in Germany may have to pay out much more for 
  insolvency insurance in future after the Thomas Cook collapse left customers 
  reportedly facing up to EUR400 million worth of losses. The collapse of the 
  country's second-largest tour operator has shown that even one of the market 
  leaders is not "too big to fail" and can seriously damage the entire system, 
  according to experts. This is because, in contrast to other EU countries, 
  Germany has a low level of insolvency insurance for tour operators with a 
  moderate maximum liability level. An insurance company only has to cover 
  potential total losses of EUR110 million from all the tour operators that it 
  insures. But the total losses for customers caused by Thomas Cook's insolvency
  could reach EUR400 million, according to the newspaper BILD. It calculated the
  total value of the 660,000 future holidays booked through Cook at the time of 
  its insolvency at the end of September as EUR500 million. 
- Thomas Cook Nordics - lucrative takeover target: The Scandinavian 
  subsidiaries of the insolvent British travel group Thomas Cook have found a 
  new owner. The Norwegian investor and hotel magnate Petter Stordalen and the 
  two investors Altor and TDR Capital jointly take over the Ving Group, which 
  includes Globetrotter, Spies, Tjäreborg and the airline Thomas Cook Airlines 
  Scandinavia. Stordalen and Altor will each hold 40 percent, TDR 20 percent. 
  The new owners' extensive industry experience and financial strength will 
  ensure the long-term stability the Group needs, said Magnus Wikner, CEO of the
  Ving Group. All 2300 jobs within the group would be saved by the business. 
  Stordalen, one of the richest Norwegians, said he was pleased to take over the
  "crown jewels among Scandinavian travel providers". The British Thomas Cook 
  Group filed for insolvency at the end of September. Following the bankruptcy 
  of the parent company, the German subsidiary and the Swiss service companies 
  also had to file for insolvency. The tour operator and airline business of 
  Thomas Cook in Scandinavia maintained operations after the Thomas Cook 
  insolvency.  

Aviation News:

- EU Parliament demands bankruptcy protection for airlines: In view of 32 
  airline bankruptcies in the EU since 2017, the European Parliament calls for 
  airlines to be covered against insolvency similar to tour operators, reports 
  REISEVOR9. Package travelers should also be better protected according to the 
  resolution passed by MEPs last week. In its resolution of 24 October, the 
  European Parliament stressed that "passengers who have booked an independent 
  service such as an individual flight should enjoy the same protection as 
  passengers who have booked a package holiday". This also includes the 
  protection of passengers in the event of the insolvency or bankruptcy of an 
  airline. For example, "by airlines setting up guarantee funds or concluding 
  insurance contracts to provide assistance, reimbursement, compensation and 
  rebooking". In addition, the EU Parliament stresses the need for better 
  supervision of the financial situation of airlines by national supervisory 
  authorities. In future, this should prevent "European passengers from becoming
  victims of such defaults, as 32 airlines have gone bankrupt since the 
  beginning of 2017", according reisevor9.  

Hotel News:

- TUI Blue targets one million guests in 2020: According to FVW, TUI Blue is 
  aiming to welcome one million guests next year as TUI Group's global flagship 
  hotel brand expands to 100 properties through a mix of re-branding and 
  openings. The growing 'lifestyle hotel' brand will start the summer 2020 
  season with 97 hotels in 18 countries, clustering the tailored offerings of 
  TUI Blue, TUI Sensimar and TUI Family Life properties under one umbrella 
  brand. The portfolio additionally comprises new hotels in various locations, 
  including promising long-haul destinations such as Vietnam or Zanzibar, and 
  further hotels are in the pipeline to take it past the 100-hotel mark. The 
  expansion is a core part of the German tourism group's strategy to further 
  consolidate its leading position within the international leisure hotel 
  sector. The group is planning to further increase its portfolio in future, and
  has identified southern Europe, the Caribbean, South East Asia and the Indian 
  Ocean as growth regions. 

Best regards and enjoy your weekend,

your GCE Team

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