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Business Briefs

March 25, 2003

Deutsche Post plans shopping spree in United States and Asia; tour operator TUI plans cost-cutting program; German spending unaffected by war.

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Klaus Zumwinkel is about to go shopping.Image: AP

Deutsche Post To Continue Expansion

Despite posting its first-ever losses and generally weak economic conditions, Germany's mail delivery monopoly, Deutsche Post AG, plans to continue its worldwide expansion. The company is planning a shopping spree to snap up logistics and courier services in the United States and Asia -- among them the ground delivery operations of the third-largest American courier service, Airborne. The company already owns DHL, one of the world's largest parcel companies. Deutsche Post said it planned to invest several billion euros in acquisitions and on Monday announced its full acquisition of British parcel service Securicor Omega Holdings. Deutsche Post already owned 50 percent of the company and has now bought the other 50 percent for €247 million ($262.8 million)

Tourism group TUI cuts costs

The world's largest travel group, TUI, announced on Monday it would implement further cost-cutting measures in 2003 as a result of the slow-down in the travel industry. The company said it would cut an additional €150 million ($159.6 million) from an already ambitious €111 million savings program. The company said one-third of the savings will come through the elimination of personnel, including 100 positions that will be cut at TUI's corporate headquarters.

German spending stable in first days of war

The start of war in Iraq has yet to have a visible effect on German spending habits, according to the country's largest retail association. News from the first three days of the U.S.-led military invasion of Iraq failed to dampen the German consumer's spirit, said Holger Wenzel of the German Retailers Association (HDE). At the same time, the war didn't help ease the hesitation Germans had as war loomed. "The whole thing is still pressuring the atmosphere," Wenzel said. HDE expects a drop in consumer spending of just 0.1 percent this year. But Wenzel said that figure could increase to 1.5 percent if the war lasts longer than expected.

Compiled with material from wire services.