Germany-based tourism group TUI resumes business

Following the easing of travel restrictions across Europe, tourism group TUI partially restarted its summer vacation program, the Germany-based company announced on Tuesday.

European markets, including Germany, Belgium, the Netherlands and Switzerland, would resume operations to a limited number of holiday destinations from mid-June or early July, according to TUI.

The remaining European markets and destinations, such as Britain and the Nordic region, would follow in the course of the summer. TUI stressed that it has recorded a "notable increase" in bookings for summer holidays during the last week.

TUI's summer vacation program is currently booked at about 25 percent. Average prices would rise by 14 percent, to support the resumption of business operations with liquidity, according to TUI.

With the restart of operations, flights from Germany, Switzerland and the Benelux countries -- Belgium, the Netherlands and Luxembourg -- would also be "gradually resumed" by July at the latest. The first two flights from Germany to Majorca, one of Spain's Balearic Islands in the Mediterranean, already started operation on Monday. According to TUI, another 20 flights were to follow in the coming days.

TUI expects the partial resumption of business operations would lead to an "immediate working capital inflow," enabling the tourism group to generate a positive contribution towards its fixed costs.