City morning headlines: TUI counts cost of Tunisia attack as China moves on yuan again

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Today starts with some bad news for investors in travel giant TUI and commodities behemoth Glencore, but an attempt at reassurance from Beijing on China’s currency.

Here’s a look at this morning’s breaking business news:

These stories may develop throughout the day. Keep checking the Standard’s business pages for the latest.

TUI feels impact of Tunisia

TUI, the company behind holiday operators Thomson and First Choice, have outlined the impact that June’s terrorist attack in Tunisia.

TUI said the incident, which left 38 people dead, has cost the company around £7 million due to cancellations.

Uncertainty in Greece has also knocked the firm in recent weeks, but TUI said it was prepared for the knock-on effects. 

“Within our business model there is an inherent assumption that we will face a level of disruption as a result of external events,” said joint chief executives Friedrich Joussen and Peter Long.

Beijing calls a halt to devaluations

China lowered the guiding rate for the yuan for a third day running.

The People’s Bank of China said that would be the last such move for now, adding that there was no basis for a further fall in the currency and lauding the country’s economic fundamentals.

Companies news highlights:

Nestle profits are hit by the rising Swiss currency and India’s Maggi Noodles recall.

Recruiter Michael Page offers a special dividend sweetener to shareholders as it reports stronger markets, despite a dent from currency movements.

Rising cinema ticket prices fatten Cineworld profits, which more than triple. The average ticket price in the UK and Ireland is up 7.9% to £6.02 versus £5.58 in 2014 as more adults go to cinema and 3D/IMAX films like Avengers and Jurassic World. 

A booming London market prompts developer and landlord Derwent London to raise rental growth targets this year.

The world’s biggest PC maker – China’s Lenovo – cuts 3200 jobs after plunging sales of Motorola handsets.

Landlord Grainger appoints Lazard to sell off German properties, leaving it focusing solely on the UK market.

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August 13, 2015 |
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