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German Travel Giant TUI Forced to Cut Costs

Shares in Europe’s largest travel firm, TUI, sank 3.2 percent after the group announced on Wednesday that its 2002 core earnings and sales had fallen drastically. The German travel giant said that it was impossible to give an outlook for 2003 because of the poor economy and a possible war in Iraq. As part of a new savings program amounting to €111 million ($119.5 million), TUI chairman Michael Frenzel also announced that the company would fire 1,000 employees while at the same time making assurance this isn't beginning of a redundancies wave. As of September, the company employed 70,700 worldwide.