Travel firm TUI to make big cost cuts to ride out pandemic hit
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LONDON (Reuters) - European travel company TUI on Wednesday said it needs to reduce its fixed cost base by 30% and cut thousands of jobs as it looks to stay aloft in a market weakened by the coronavirus pandemic.The Germany-headquartered group said turnover would decline significantly in the current financial year, with cost savings only partly compensating for the virus-induced downturn.TUI was forced to cancel holidays from mid-March as the virus spread rapidly around the world. It sunk to an..