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World’s Oldest Travel firm and British travel giant Thomas Cook collapses, stranding hundreds of thousands

Thomas Cook , the World’s Oldest and British travel giant firm on Monday, September 23, declared bankruptcy after failing to reach a last-ditch rescue deal, triggering the UK’s biggest repatriation since World War II to bring back stranded passengers.

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[vc_row][vc_column][vc_column_text]Thomas Cook , the World’s Oldest and British travel giant firm on Monday, September 23, declared bankruptcy after failing to reach a last-ditch rescue deal, triggering the UK’s biggest repatriation since World War II to bring back stranded passengers.

The 178-year-old operator had been desperately seeking £200 million ($250 million) from private investors to save it from collapse.

“Despite considerable efforts, those discussions have not resulted in agreement between the company’s stakeholders and proposed new money providers,” Thomas Cook said in a statement. “The company’s board has therefore concluded that it had no choice but to take steps to enter into compulsory liquidation with immediate effect,” it added. 

Chief Executive Peter Fankhauser said it was a matter of profound regret that the company had gone out of business after it failed to secure a rescue package from its lenders in frantic talks that went through the weekend.

“I would like to apologise to our millions of customers, and thousands of employees, suppliers and partners who have supported us for many years,” Fankhauser said in a statement.

“It is a matter of profound regret to me and the rest of the board that we were not successful,” he added.

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

British Prime Minister Boris Johnson pledged to get stranded British travellers home and revealed that the government had rejected a request from Thomas Cook for a bailout of about 150 million pounds ($187.1 million) because doing so would have set up a “moral hazard”.

“It is a very difficult situation and obviously our thoughts are very much with the customers of Thomas Cook, the holiday makers who may now face difficulties getting home we will do our level best to get them home,” he told  reporters on a plane as he headed to the UN General Assembly in New York.

The government said it had hired planes to fly home an estimated 150,000 holidaymakers to the UK, in an operation starting on Monday.

British Transport Minister Grant Shapps said the government had managed to “acquire planes from across the world” to get people home, and call centres had been established to answer travellers’ queries.

Transport Secretary Grant Shapps also announced that the government and UK Civil Aviation Authority has hired dozens of charter planes to fly customers home free of charge,” a separate statement said, describing it as the largest repatriation in peacetime history.

“All customers currently abroad with Thomas Cook who is booked to return to the UK over the next two weeks will be brought home as close as possible to their booked return date,” he said. 

The firm’s creditors held a marathon meeting on Sunday, September 22, to try and work out a deal, followed by a meeting of the board of directors.

 Reports said a collapse of the group would mean the repatriation of 600,000 tourists, including around 150,000 seeking government help returning to the UK.

Two years ago, the collapse of Monarch Airlines prompted the British government to take emergency action to return 110,000 stranded passengers, costing taxpayers some £60 million on hiring planes.

Not only the grounding of its planes, Thomas Cook has been forced to shut travel agencies, leaving the group’s 22,000 global employees, 9,000 of whom are in Britain, out of a job.

Holidaymakers had already reported problems, with guests at a hotel in Tunisia owed money by Thomas Cook being asked for extra money before being allowed to leave, according to reports.

Ryan Farmer, from Leicestershire, told BBC Radio Five’s Stephen Nolan the hotel had on Saturday afternoon summoned all guests who were due to leave to go to reception “to pay additional fees”.

With many tourists refusing to pay on the grounds they had already paid Thomas Cook, security guards were keeping the hotel’s gates shut, refusing to allow guests out, or to let new visitors enter.

“We can’t leave the hotel. I’d describe it as exactly the same as being held hostage,” Farmer said.

Thomas Cook in May revealed that first-half losses widened on a major write-down, caused in part by Brexit uncertainty that delayed summer holiday bookings. The group, which has around 600 stores across the UK, has also come under pressure from fierce online competition.

Cabinet maker Thomas Cook created the travel firm in 1841 to carry temperance supporters by train between British cities. It soon began arranging foreign trips, being the first operator to take British travellers on escorted visits to Europe in 1855, to the United States in 1866 and on round-the-world trips in 1872.

The company was also a pioneer in introducing “circular note” — products that would later become traveller’s cheques.

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S Jaishankar says India is a natural option for Russia amid Europe tensions

External Affairs Minister S Jaishankar said India remained a natural option for Russia as Moscow increasingly turned towards Asia amid strained relations with Europe. He highlighted the continuity of India-Russia ties and their significance for the balance of power in Asia.

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External Affairs Minister S Jaishankar has described India as a natural option for Russia as Moscow increasingly looks towards Asia amid deteriorating relations with Europe. He said India’s longstanding relationship with Russia had remained steady despite significant changes in the international strategic landscape.

Jaishankar made the remarks during a conversation with John Micklethwait, editor-in-chief of the Bloomberg New Economy Forum. He discussed how the Russia-Ukraine war had affected Moscow’s relationship with Europe and contributed to Russia’s growing focus on Asia.

Jaishankar highlights Russia’s shift towards Asia

Jaishankar said Russia’s relationship with Europe had become deeply strained following the Ukraine war. He noted that Russia had historically viewed itself as a European country and placed considerable importance on its relations with Europe and the United States.

However, the conflict had pushed Moscow to look increasingly towards Asia,with much of that shift directed towards China.

The minister said it was in India’s interest, as well as the wider world’s interest, for Russia to maintain multiple relationships in Asia rather than having its options concentrated in one direction.

Against this backdrop, he described India as a natural partner for Russia, pointing to the longstanding nature of the relationship between the two countries.

India-Russia ties remain steady despite global changes

Jaishankar said India and Russia had maintained a consistent relationship over several decades. He emphasised that New Delhi continued to engage with Moscow even as the global order and Russia’s strategic calculations evolved.

According to the minister, India was reassuring Russia that the relationship built over nearly eight decades remained steady despite the changes in Moscow’s relations with Europe and the wider West.

He stressed that India was not passing a value judgment on those changes but was continuing its bilateral engagement with Russia.

Jaishankar said the relationship had benefited both countries and contributed to the balance of power and the broader status quo in Asia. 

Why the relationship matters for Asia

Jaishankar’s remarks highlighted India’s position in Russia’s changing regional outlook. As Moscow increasingly turns towards Asia, India continues to maintain its longstanding ties with Russia while navigating a changing international environment.

The minister’s comments underscored the importance he placed on preserving India-Russia ties and ensuring that Russia maintained multiple relationships in Asia. 

His assessment came against the backdrop of strained Russia-Europe relations following the war in Ukraine, which has reshaped Moscow’s engagement with Western countries and increased its focus on Asian partners.

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Putin praises PM Modi, says he has very good ideas on Ukraine war

Russian President Vladimir Putin has praised Prime Minister Narendra Modi for repeatedly raising the need to end the Ukraine war, describing his ideas for a settlement as “very good”.

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Vladimir Putin

Russian President Vladimir Putin has praised Prime Minister Narendra Modi for his continued efforts to promote an end to the Russia-Ukraine war, saying the Indian leader has “very good ideas” aimed at finding a mutually acceptable solution.

Putin made the remarks while addressing the Valdai Forum of international Russia experts, where he spoke about Modi’s repeated efforts to raise the issue of ending the conflict.

What Putin said about PM Modi

Putin said Modi has continued to raise the question of ending the conflict despite the close and friendly relationship between India and Russia.

According to Putin, the Prime Minister has shown a strong interest in finding a solution and has ideas that could help identify mutually acceptable ways to resolve the conflict.

Putin also described India’s position as neutral while highlighting Modi’s interest in bringing the conflict to an end through peaceful means.

The Russian president expressed gratitude to Modi for his ideas and his desire to see the conflict end as soon as possible.

Modi’s position on the Ukraine war

PM Modi has repeatedly called for dialogue and diplomacy to resolve conflicts, including during his meetings with Putin.

During their September 11 meeting in New Delhi, Modi reiterated that dialogue and diplomacy are the way forward for resolving conflicts.

Modi had also told Putin during their meeting on the sidelines of the Shanghai Cooperation Organisation summit in Bishkek that the situation needed to move from “endless war” towards an end to the war.

India has consistently maintained that conflicts should be addressed through dialogue and peaceful means, with Modi previously describing the present period as not being an era of war.

The Russia-Ukraine conflict began in February 2022 and has continued despite repeated diplomatic efforts to seek a resolution.

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S Jaishankar calls Pakistan a “serial practitioner of terrorism” at UN

S Jaishankar criticised Pakistan at the UN General Assembly, referring to a “serial practitioner of terrorism” and warning against attempts to normalise terrorism.

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S Jayshankar

External Affairs Minister S Jaishankar criticised Pakistan during his address to the 81st session of the United Nations General Assembly in New York, saying that a “serial practitioner of terrorism” had misrepresented facts and that arguments were being made to normalise terrorism. 

Jaishankar’s remarks came a day after Pakistan Prime Minister Shehbaz Sharif addressed the UN General Assembly and spoke about the 2025 military confrontation between India and Pakistan.

Jaishankar’s message to Pakistan

Referring to Pakistan without naming it directly in that remark, Jaishankar said a “serial practitioner of terrorism” had misrepresented facts before the UN General Assembly.

He said arguments were being made to normalise terrorism and claim immunity from its consequences, adding that such an approach would not stand. 

Jaishankar reiterated India’s position that the country would exercise its right to defend itself against terrorism.

He also said that friendship and goodwill could not coexist with terrorism and that understandings based on such circumstances would naturally be called into question. 

“It is for the perpetrator of terrorism to mend its ways,” Jaishankar said.

India stresses zero tolerance on terrorism

Jaishankar described terrorism as a persistent threat to peace and called for governments involved in cross-border terrorism to be held accountable.

He also stressed that there should be no dilution in India’s zero-tolerance approach towards terrorism and particularly called for greater attention to its financial aspects.

His remarks came a day after Pakistan Prime Minister Shehbaz Sharif referred to the 2025 India-Pakistan military confrontation during his UN General Assembly address. 

Jaishankar backs two-state solution for Palestine

During his UN address, Jaishankar also spoke about the situation in West Asia and said India was prepared to contribute to efforts addressing food and energy security amid continuing tensions and violence.

On the Palestine issue, he reiterated India’s longstanding support for a two-state solution.

Jaishankar said India was also contributing humanitarian assistance and relief efforts for the Palestinian people.

He also warned about continuing threats and pressures around the world and stressed the need for greater stability, security and predictability.

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