Thomas Cook Slashes 500 Jobs

German travel conglomerate Thomas Cook said on Saturday it would cut 500 jobs worldwide by the end of next year in a bid to prop up business as demand for tourist travel continues to fall. The company, which employs 28,000 people worldwide and is part-owned by Lufthansa and the German retail chain KarstadtQuelle, said it would also ground six of its charter planes. At least 150 of the jobs will be eliminated in Germany. Many of the cuts are planned for the company's administrative and hotel divisions.