TUI to Cut 2,000 Jobs at CP Ships

TUI AG plans to cut 2,000 jobs at the CP Ships cargo shipping company it acquired last year, Forbes reported. The job cuts will be spread across 200 CP Ships locations worldwide. However, it will not cut any jobs in Germany. CP Ships belongs to TUI's Hapag-Lloyd AG shipping unit, which will have a total of 7,000 employees. This total includes 3,000 CP Ships employees who will retain their positions within the merged entity. (Source: Forbes)