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Britain’s biggest carrier Monarch Airlines shuts, leaving thousands stranded

Monarch Airlines collapsed on Monday, the biggest ever failure of a British airline, stranding tens of thousands of travellers overseas and prompting the country’s biggest-ever peacetime repatriation effort. Monarch cancelled about 300,000 future bookings and apologised to customers and staff as it became the UK’s largest carrier to go into administration. “I am so sorry that thousands now face a cancelled holiday or trip, possible delays getting home and huge inconvenience as a result of our failure,” Monarch Chief Executive Andrew Swaffield told employees in a message. “I am truly…

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AirAsia launches year-end sale, starting fare at Rs 1,299

Budget carrier AirAsia India on Sunday rolled out a heavily discounted fares scheme, offering customers starting ticket prices as low as Rs 1,299 for domestic travel and Rs 2,399 for international flights for a limited period. The bookings under the offer commence from 12.01am on Monday and will remain in effect till October 15, for the travel between October 2 and March 31, a release said. As part of the year-end, AirAsia offers fares from as low as Rs 1299 for domestic travel on the AirAsia India network covering destinations…

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Blow for Reliance Communications as wireless unit merger with Aircel collapses

Embattled telecom company Reliance Communications Ltd faced another setback on Sunday after a deal to merge its wireless business with smaller rival Aircel was called off, raising fresh doubts around its debt restructuring plans. The company, widely known as RCom, said it had agreed with Aircel to call off the proposed deal due to regulatory delays and legal uncertainties. RCom has been trying to reduce its debt by 250 billion rupees by merging its wireless business with Aircel and by selling a stake in its mobile masts arm to a unit of…

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India replaces China as top retail destination in 2017: Study

India has replaced China as the numero uno retail destination in 2017 as part of the global retail development index, according to industry experts. “India has replaced China this year as the top retail destination as part of the study on global retail development index,” AT Kearney partner Subhendu Roy said on the concluding day of the two-day India Retail Forum 2017. The change in ranking was an outcome of four factors including increased consumer spending, beyond essentials, rising mobile and internet penetration, favourable foreign investment climate and bold action…

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SBI Life IPO subscribed 9% on Day 1

The initial share sale offer of SBI Life Insurance Company was subscribed 9% on the first day of the three-day bidding on Wednesday, stock exchanges data showed. The Rs 8,400 crore initial public offer (IPO) received bids for 83,67,555 shares against the total issue size of 8,82,00,000 shares, data available with the NSE showed. The category reserved for qualified institutional buyers (QIBs) was subscribed 6%, non-institutional investors 1% and retail investors 16%. The IPO received over 1.6 lakh applications on the first day, investment banking sources said. SBI Life Insurance…

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Will support startups with passionate founders: Ratan Tata

Tata group chairman emeritus Ratan Tata, a serial start-up investor, said on Wednesday that he will support startups that have founders who have passion to build sustainable company rather than scaling it up just to sell it. Tata has been investing in startups in India and abroad. Some of these firms include Snapdeal, Urban Ladder, CarDekho, Xiaomi, Ola, DogSpot.in, CashKaro, FirstCry and Teabox. “A founder who has a passion to stay with something and build it into a sustainable company is somebody I tend to support,” he said in an…

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