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150,000 Customers Stranded, 20,000 Jobs to be Lost as Thomas Cook Collapses

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Thomas Cook, a UK tour operator collapsed on Sunday night leaving hundreds of thousands of travelers stranded and placing 21,000 jobs at risk 9,000 which are in UK.

In a statement the 178 – year – old company said that its board concluded that it had no choice but to take steps to enter into compulsory liquidation with immediate effect. This was after talks on a financial rescue failed.

All the bookings that were made with Thomas Cook have been cancelled. However, the company’s Chief Executive, Peter Fankhouser has apologized to the customers, employees, suppliers and partners.

“This marks a deeply sad day for the company which pioneered package holidays and make travel possible for millions of people around the world. ” he said.

Peter Fankhouser also added that “Despite huge effects over a number of months and further intense negotiations in recent day, we have not been able to secure a deal to save our business. I know that this outcome will be devastating to many people and cause a lot of anxiety, stress and disruption.”

The UK company has been struggling over the weekend to avoid the collapse after the Royal Bank of Scotland and a range of other banks demanded that Thomas Cook Group PLC find $250 million in funding by this week.

Grant Shapps, the United Kingdom Secretary of state for transport said in a statement that the government and the Civil Aviation Authority (CAA) are working towards helping the people affected by the collapse.

“Our contingency planning has helped acquire planes from across the world – some from as far away as Malaysia – and we have put hundreds of people on call centers and at airports” said Grant.

Thomas Cook on Friday confirmed to CNN that it had 600,000 customers on vacation including those 150,000 from the United Kingdom.

While speaking to BBC’s, Andrew Marr, the UK Foreign Secretary, Dominic Raab, said that the government would not ‘systematically step in’ to save businesses unless there was a good strategic national interest.

In a statement, Dominic Raab said that the UK government have got all the contingency planning to make sure that none will be stranded. “I don’t want to go into detail of it because it depends on the nature of which people are out there, whether they’d booked a package or just paid fro flights,” he said.

The country’s Civil Aviation Authority confirmed to CNN that the plan nicknamed Operation Matterhon would coast the UK government an estimate of $750 million, the country’s Civil Aviation Authority.

BBC reported that CAA has chartered 45 jets to bring customers home from locations including Central America and Turkey. It will fly 64 routes on Monday in an undertaking called Operation Matterhorn.operators including easyJet and Virgin have supplied some aircraft, with jets coming from as far afield as Malaysia.

All Thomas Cook holidays are now cancelled and customers will need to seek compensation via the government’s Atol scheme, or from their credit card or insurance companies. BBC Reported.

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Companies

Uber Faces Tax Crisis London

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Recent report by the Uber Technologies In-cooperation in London has brought to light an interesting report as the United Kingdom seeks to give the Uber company a new classification as a transport provider, putting the company at a risk of incurring new tax charges that could weigh heavily on the business, this according to UK recent days accounts filings.

The new tax charges possibility comes as a great discomfort for the company and causes it further headache as it is coupling up with the regulatory problems which the ride-hailing company is facing in London, one of its largest markets.

Uber says that the tax charges are to be 20% on the gross booking fees or rather, the amount passengers are expected to pay or on the service fees normally accorded to drivers, typically about 20-30% of the entire fare. This situation will leave Uber no choice but to increase its passenger fee charges which will leave it vulnerable to the competition who have over the years been complaining about Ubers’ non-payment of VAT.

Uber said that it risked a back tax claim which could run to hundreds of millions of pounds as the charges could apply in both a retroactively and prospectively way. The company is defending itself vigorously by explaining its beliefs on Her Majesty’s Revenue and Customs. Currently, the structure of Uber is in such a way that for tax purposes, it exports digital services driver based in the United Kingdom from a Dutch subsidiary, Uber BV.  In future, Uber could be exposed to VAT because HMRC could deem its operation in UK to be a transport provider.

Uber failed to secure a 5 year term operating license by only being able to receive a 2 month London operating license in a battle with the regulator which has a history with the company of having stripped off its right to take rides.

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How this Company is Making it easy for Kenyans to own Smart Homes

Kimani Patrick

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From outright fraud to poor financial management claims by rogue developers, prospective homeowners in Kenya have become very skeptical on where to invest their money and achieve their dream of owning a dream home.

This notwithstanding, real estate is a lucrative industry and everyone should get a piece. But how can one identify a genuine dealer? Through professional management, industry experience, timely delivery and setting a track record right from the beginning, a concept that the newest affordable homes developer, Nyumbani Concepts, understands very well.

Founded in June 2019 and guided by the core values of integrity, transparency, professionalism, timeliness, prudence and honesty, the company started out on a mission to redefine affordable housing delivery in Kenya and to positively empower families across the country through home ownership.

The directors of the company Joseph Nderitu (Managing Director), Martin Njoroge (Chief Executive Officer) And Loontubu Caroline (Director Sales & Marketing) have a combined 15 years’ experience in real-estate, financial services and marketing ensuring that your investment is with the right professional team.

Nyumbani team is hands-on when it comes to ensuring site approvals are done within the set timeframes and that all properties are in good condition, location and perfect view before handing over to their clients. And with every transaction, the firm stresses on creative problem solving coupled with judicious application of sound real estate principles.

The company has created housing opportunities for all kinds of pockets at very fair and almost unbelievable deals with its flagship project already at the roofing stage – three months after laying its foundation. Installation of windows and doors have also been done and the contractor has already commenced on house plastering this week.

One of the houses at the Boma Estate by Nyumbani ConceptsWith at least Ksh 1.6M deposit, one is able to own a home with Nyumbani Concepts. The company allows you to pay remaining balance within a flexible period of 12 months as your home gets constructed. As an investor, the flexible investment terms give you an opportunity to strike amazing deals for a very fancy, fascinating and well-constructed home which matches your dream that will be a delight to own and reside.

With three projects in progress so far, Nyumbani is not just the first Kenyan company to grow with trackable speed but also the first to develop internet-ready homes. In every project, the company is installing CCTV security cameras and intercom connectivity for gate security.

Taking a look at the inaugural project, Boma Estate, a gated estate containing 3-bedrooms master en-suite bungalows which sold out within two weeks; the estate provides the owners with a shelter which not only soothes it but also inspires and energizes it like never before, beyond your wildest dreams.

Guided by the right principles, led by the right team and staring out setting the right track record, Nyumbani Concepts is the firm to trust in delivering your dream to own a home. But do not take our word for it, visit the company’s offices at Western Heights 1st floor right wing, Karuna Road, Westlands, Nairobi and ask for a free site visit. You can also call or send them a message on 0723 310000.

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KCB M-Pesa to Be Unavailable for 5 Hours on Saturday Morning to Allow System Upgrade

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KCB M-pesa service will be unavailable this Saturday on a scheduled maintenance. The maintenance is set to take 5 hours starting 2am Saturday October 4 2019 to 7am same day.

“Due to a planned system maintenance KCB M-PESA services will be unavailable on Saturday 5th Oct from 02:00am – 07:00am. We apologize for the inconvenience.” read a text sent to the service subscribers on Friday night.

Throughout the period subscribers will not access any KCB Mpesa services.

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