About 45 Tunisian Hotels Affected by Collapse of Thomas Cook

Shopkeepers wait for customers in front of a souvenir shop following Thomas Cook's collapse, in Hammamet, Tunisia, September 24, 2019. (Reuters)
Shopkeepers wait for customers in front of a souvenir shop following Thomas Cook's collapse, in Hammamet, Tunisia, September 24, 2019. (Reuters)
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About 45 Tunisian Hotels Affected by Collapse of Thomas Cook

Shopkeepers wait for customers in front of a souvenir shop following Thomas Cook's collapse, in Hammamet, Tunisia, September 24, 2019. (Reuters)
Shopkeepers wait for customers in front of a souvenir shop following Thomas Cook's collapse, in Hammamet, Tunisia, September 24, 2019. (Reuters)

About 45 hotels have been affected in Tunisia after the collapse of Thomas Cook, and the government will help the hotels with soft loans, Tunisia's tourism minister said on Tuesday.

Tourism is a vital sector of Tunisia’s economy and a key source of foreign exchange earnings. It accounts for around 8 percent of economic output and employs 400,000 people.

The collapse of Thomas Cook, one of Britain's oldest companies, has stranded more than half a million tourists around the world. It ran hotels, resorts and airlines for 19 million people a year in 16 countries.

Thomas Cook owes Tunisian hotels 60 million euros ($66 million) for stays in July and August, Tourism Minister Rene Trabelsi told Reuters earlier on Monday.

On Tuesday, Trabelsi held a crisis meeting with the British ambassador in Tunisia and hotel owners over Thomas Cook´s debt.

He said that the British government has pledged to pay Thomas Cook's debt but had not set a fixed term.

About 45 Tunisian hotels deal exclusively with Thomas cook.

"We have a proposal to open a line of financing of the affected hotels...we will call for ministerial council to study how we can help them," Trabelsi said.

The British government repatriated about 1,200 tourists via planes sent to Tunisa’s Enfidha airport, and another 4,000 still in Tunisia will return after their holidays.

Tunisia had expected to receive a record 9 million tourists by the end of 2019, up from 8 million last year.



S&P Affirms China's Sovereign Credit Rating at A+ with Stable Outlook

A man rides a bike on a street in Beijing, China, 04 August 2025.  EPA/WU HAO
A man rides a bike on a street in Beijing, China, 04 August 2025. EPA/WU HAO
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S&P Affirms China's Sovereign Credit Rating at A+ with Stable Outlook

A man rides a bike on a street in Beijing, China, 04 August 2025.  EPA/WU HAO
A man rides a bike on a street in Beijing, China, 04 August 2025. EPA/WU HAO

Ratings agency S&P Global on Thursday affirmed China's long-term credit rating at A+ and said its strong fiscal stimulus will keep economic growth resilient amid headwinds from the property sector and tariff pressures.

S&P said the outlook on China's rating is "stable."

"The stable outlook on the long-term sovereign credit rating reflects our view that China will return to self-sustaining economic growth of 4% or more annually over the next one to two years," Reuters quoted S&P as saying in a statement.

"This will allow the government to gradually reduce policy support for the economy over the next several years."

S&P said it could lower China's rating if it expects the government to pursue larger fiscal stimulus over the next three to five years, but may raise the rating if fiscal consolidation proceeds faster than anticipated.

S&P also affirmed China's "A-1" short-term foreign and local currency sovereign credit rating.

China's finance ministry said on Thursday it was glad to see S&P had reaffirmed China's sovereign credit ratings, and pledged to "dynamically" adjust policy reserves and strive to achieve the annual growth target.

In April, Fitch downgraded China's sovereign credit rating, citing rapidly rising government debt and risks to public finances, as policymakers gear up to shield the economy from rising US tariffs.

The world's No.2 economy grew at a slightly faster pace than expected in the second quarter. But July economic data so far have been mixed, with manufacturing activity shrinking for a fourth straight month even as exports posted an unexpected surge.