The revival of the package holiday helped TUI Travel's profits last week - this week it's the turn of its parent group TUI AG. The German travel and tourism group has just reported a surprise full year net profit of 4.3 million euros. Analysts had been predicting a loss of more than 27 million euros. It's partly down to a restructuring of the cruise and hotel operations under Chief Executive Friedrich Joussen.
Demand for the European Central Bank's newly announced long-term loans will be strong, traders polled by Reuters said, but they will do little to boost interbank lending. ECB President Mario Draghi last week announced a slew of measures to combat low inflation - including cutting interest rates to record lows and a new series of long-term loans, known as Targeted Long-Term Refinancing Operations.
Between them, they control a third of the world's liquid assets, and for one day only they're gathered in the same room. 250 names, 30 trillion dollars of investment worthy income, the Conference on Inclusive Capitalism knew it had to aim high.
India's ruling Congress party, facing a likely general election defeat, defended its economic track record over a decade in power and sought to woo voters with offers of further costly welfare measures. The party, controlled by the Nehru-Gandhi dynasty and its scion Rahul Gandhi, is expected to lose due to public anger over graft scandals, high inflation and an economy growing at its slowest pace in a decade.
General Motors said on Tuesday its global sales grew 4 percent in 2013 on strong demand in the world's two largest auto markets, China and the United States. Sales of the top U.S. automaker hit 9,714,652 cars and light trucks, an increase of more than 417,000 vehicles, as demand surged 11 percent to a record high in China and rose 7 percent in the United States.
Defying tough economic times, French luxury group HermÃ¨s has yet again posted a rise in sales. It says the forecast-beating 14 percent rise in first-half profit is thanks to strong demand for its leather and silk accessories. The maker of Birkin and Kelly bags - costing up to 30,000 euros each - says operating profit is over 584 million euros . Last month, HermÃ¨s reported a 16 percent rise in second-quarter sales, up over 3 percent from the first quarter.
It's being touted as a sign that Spain's financial sector is turning itself around. Demand for Bankia shares was two and half billion euros - almost twice the offer. Those shares were sold at just over one and half euros each - around 12 per cent higher than what the government paid, netting a 300 million euro profit. Reuters Breakingviews Pierre BrianÃ§on.
The CEO of American Airlines says travel demand is still strong and he is not worried about airlines adding so many flights that they will drive down prices. American Airlines Group. CEO Doug Parker says airlines can charge profitable fares even as they add seats, which is different than in past years, when they were losing money.