tv Business Deutsche Welle September 23, 2019 3:45pm-4:01pm CEST
just one country badly affected by a changing climate as world leaders gather in new york for the u.n. climate summit. this is the business i'm joined on in berlin while we begin with the collapse of the world's oldest travel company thomas cook had stopped operating after failing to secure a last minute bailout that's left more than half a 1000000 holidaymakers around the world stranded well have more on that in a minute but here's a look back at that era that's now come to an end it all began 178 years ago as a father and son outfit offering modest trips between english cities but it grew into a multi $1000000000.00 travel firm with global reach and $22000000.00 customers at the turn of the century the group expanded rapidly buying up tour operators hotels and airlines across europe among the firm's subsidiaries are tour operator necromancer which offers trips to customers in germany switzerland austria and others to that coax planes the groups the airline business comprise comprises of
thomas cook airlines and condor germany together they have $105.00 jets. despite the group's collapse condor remains an operation flights are running normally but it's requested a bridging loan from the government and has said it cannot honor bookings made by a top thomas cook putting affected passengers in the same situation as thousands of others around the world. holidays a chance to distress and recharge the batteries not so for these travelers among hundreds of thousands of thomas cook customers wondering how on earth they're going to get hold. they just how disconnected i think the iberia jets get we should get more information but we're not too sure this is a nightmare they mistrust. not wanted really before would hold your thought can you do if you're overseas on
a thomas cook holiday and you can continue to enjoy your holiday the cia is launching. this is the largest repression since the 2nd world war and we will be bringing home every party. back back to the u.k. as close as possible to their return date 150000 brits need to be flown home in all 600000 holidaymakers are affected. the farm has been struggling in recent years mounting debts at high interest rates alongside changing consumer habits combine to create rough conditions in the travel and aviation market uncertainty surrounding breaks it didn't help matters things came to a head last month in order to raise cash quickly the bosses put the airline business and condo up for sale before scrapping the proposal and presenting a rescue plan to investors despite huge if it's over the number of months. and that intense negotiations in recent days we have not been able to
secure at the usual to say business for some. of the $20000.00 workers at europe's 2nd biggest travel company there may be smiles but the future is far from clear. for more let's bring in clifford coonan from our business team and really bartz at the frankfurt stock exchange early i want to start with you what does this mean for customers and for investors. well for many customers it means that they will either not be departing for their holiday there are about a 1000000 people that said who were booked and who now can no longer travel with thomas cook many will be repatriated as we heard in the report many will not conjure wants to continue flying but it needs money and it's unclear how long it will be continuing to fly and customers regardless of what situation they're
particularly in will have to look for governments and insurance companies to cover their costs investors are looking at a disaster the company's share dropped by about 95 percent within the past year and of course tanked after this news. non-official trading here in germany it suspended in london the share was trading at one point under one cent. a painful time financially to be sure but clifford turning to now thomas cook's biggest shareholder is follow suit and what role does this chinese company play in all of this well. it was supposed to be thomas cook's corporate savior that was the idea instead it's been put into this rather difficult position but it's run by gwar guangcheng who's one of china's richest people he's a billionaire who sees himself as the warren buffett type of figure he's known in the u.k. maybe for best known for owning wolverhampton wanderers the ball club quite a flashy figure and we have here then what looks like a clash of business cultures in
a way you have this chinese new money coming in to rescue the oldest tour operator in the world and coming up against a more traditional institutional investments wall with the banks who have appeared to have stopped this deal have been going through yes indeed it hasn't appeared to have worked but have we heard any reaction from them at all well it's been interesting they said in a statement that they had deepest sympathy for the people who were who'd been shocked by this they basically they're putting the blame i think that going through the language very much of the at the feet of the banks and saying that it's their fault and we may not have heard the last of those and yes and we can maybe something left to run the story turning to you really then how does thomas cox collapse impact the larger travel sector. well some people think that it will take over capacity out of the market and the benefit of those that remain tour operator to a for example or love tongs or ryanair or easy jet their shares are are going up but some people warn like an airline consultant i heard that the next collapse may just
be around the corner problems besetting thomas cook are also basically the environment in which everyone in the travel insurance industry is operating over capacity price wars thank you very much only bartók the frankfurt stock exchange for san clifford going in from the doubly this is good to talk to you 2. leaders from around the world are meeting in new york today for the un's climate summit but they're not the only ones asking what the world can do to fight climate change over 50 banks and international lenders have announced they will start tracking the climate impact of their livings and investments it's called the partnership for carbon accounting financials and is a response to pressure from investors to pull out of heavily polluting projects in total the partnership manages around 3 trillion dollars in assets.
joining me now is the president of the european investment bank than ohio welcome mr higher now there's been a big push to see financial institutions invest more in dealing with the climate crisis what is the i you be doing. me the you bank is the by far biggest multilateral and international lender when it comes to time the projects we have been very active when it came to the race 4 years ago we are going to have seen that the community of nations has made progress but not enough we are behind schedule when it comes to the carbonation objectives so we need a fresh start and it's so encouraging to see that this general assembly seems to be a very exciting one. a quantum leap in effort toward stick urbanization. now earlier this year the i the announced it would stop the financing fossil fuels can you get us up to speed in terms of how much has been achieved in this regard.
well pretty much we have been out of court filings of for a very long time of the other hand i must say that our energy lending policy is not resource dependent it's emission dependent and we believe that the gas emissions for instance are too high and can be maintained we must move out of these fossil fuels so we are aware that it takes a transition period we are aware that it takes to help those regions which are dependent upon coal and guys but one should not hide behind these arguments in order to perpetuate the use of. these kinds of materials. thank you very much the president of the european investment bank on ohio there for us. the melody of a group of islands in the indian ocean is one of the countries that could be affected more than others by rising sea levels but at the same time it is dependent on tourism a major contributor to greenhouse gases our reporter robert was there. the mall
deaves turquoise blue sea bright beaches a paradise on earth but the lowest country in the world is in danger bit by bit the sea swallows the islands eroding beaches dead palm trees pictures that don't fit into the postcard image for even him name from the environmental protection authority it's an all too familiar scene. the effects of climate 10 were already in the mob it's like if you go to the islands you see because the leadership it's really the same dog it. rains more frequently and thunderstorms more frequently this year 8 new luxury resorts will open such as the waldorf astoria if there are food rising sea levels have been taken into account the night costs approximately 1600 euros there are 11 specialty restaurants on the
islands one of which is the long for 160 euros you can have a signature peking duck roasted in the maldives 1st classic wood fired oven the duck is flown in from germany the wood comes from australia the luxury guests are becoming more demanding requiring superdelegates and the resorts are delivering what they want. you have such an increase of of results opening because there's definitely a demand in terms of my d.v.d. a truly beautiful nutri distillation the number of visitors has been rising for years every 5th visitor comes from china this year for the 1st time more than $1500000.00 tourists are expected the archipelago in the indian ocean is especially popular for honeymooners pretty alexy pretty amazing everything you have offered but we have nice places in germany also hidden ones but i think here it's
a bit like paradise i think you have to see that once in a lifetime when if not now. the maldives is unique as a tourist destination investors are now switching to lagoons on coral reefs they are building artificial islands these deals were arranged under the corrupt predecessor government. which withdrew the control for tourism projects from the environmental protection authority. that's it for me and the business team here in berlin for more business news and features check out d.w. dot com slash business or follow us on social media thank you very much for watching.
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code. was october 11th on d w 5. enough. with. the but. this is the news coming to you live from above and the ball is in their court now global leaders gather for an emergency climate summit this as the young around the world maintain the momentum of last week's mass rallies demanding action from our correspondent at the u.n. and. also coming up more than half a 1000000 vacations around the was