Thomas Cook in trouble

The tour operator Thomas Cook lost two-thirds of its market value after it admitted dire trading had forced it back to its banks for more financial help.

The dramatic slump came during a steadier session for the FTSE 100 Index, which declined 2% on Monday following the failure of a cross-party committee of politicians to agree a reduction in the US budget deficit.

Despite the deadlock in Washington, Standard & Poor's reassured markets that it had no plans for a further downgrade of the US credit rating. That shored up the FTSE 100 Index, which was up 41 points at 5263.6.

However, the focus in the City was on Thomas Cook shares, which have now fallen by 93% since the start of the year. They dived by 66% - 27.2p to 13.9p - to give it a market value of just £120 million.

Thomas Cook's stand-in boss insisted the company was "robust" but investors were spooked by its need for an additional £100 million in funding headroom over December and January - just a month after a similar request to banks. Rival operator TUI Travel was impacted by the update, with its shares down by 7% or 10.2p to 140.4p.

German tour operator TUI forces Greek hotel owners to accept payments in Drachma!!!

The last couple of weeks German Tour operator TUI has been sending out letters to Greek hoteliers on the island of Crete notifying them that in the event of Greece leave the EURO, TUI will be paying the hotel owners in the new Drachma!!!

A copy of such a contract has been provided to us and the outrageous clauses have been highlighted bellow.