01.11.2019 – 13:42
GCE news mail: German market news week 44
German market news week 44
Please find hereby the weekly 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.
- 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.
- 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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