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  • Nio Begins Delivery Of Electric EC6 SUV: What You Need To Know

    Ahead of the China Auto Show 2020, Chinese electric vehicle manufacturer Nio Inc - ADR (NYSE: NIO) announced the first delivery Friday of the newest vehicle in its stable.Nio Meets Delivery Schedule: Nio announced via a tweet that it has officially begun deliveries of the EC6, its five-seater premium electric coupe SUV.The company launched the vehicle at the Chengdu Motor Show 2020 on July 24, and began accepting preorders immediately, with the promise of delivery starting by September.> Today, we officially began delivery of the EC6, our 5-seater premium electric coupe SUV. BlueSkyComing NIOEC6 pic.twitter.com/WDXRjQldw2> > -- NIO (@NIOGlobal) September 25, 2020A Drive Through The EC6: Nio's EC6 comes in three editions: Sporty, Performance and Signature.With the model's lightweight architecture, the EC6 has a drag coefficient of only 0.26. The EC6 has pre-installed Nio Pilot hardware and an internally developed advanced driver assistance system with features covering typical driving scenarios in China.The EC6 accelerates from 0 to 100 kph in 4.5 seconds, Nio said.The EC6 Performance and Signature versions come with either a standard 70 kilowatt-hour battery pack with an NEDC range of 440 km, or an optional 100 kWh battery pack with an NEDC range of up to 615 km.To lure buyers, Nio offered to the first retail buyers a lifetime free power swap, lifetime free warranty, lifetime free car connectivity, lifetime free out-of-town power service and lifetime free roadside rescue.Nio EC6 Pricing: The pre-subsidy price of Nio starts from 368,000 yuan (roughly $54,000), Nio said in July. The high-end model is priced at 526,000 yuan (around $77,000).The competing Tesla Inc (NASDAQ: TSLA) Model Y is priced at 488,000 yuan to 535,000 yuan for the variants.The recently announced battery-as-a-service model makes Nio's vehicles cheaper. The base model of EC6 post-subsidy works out to 350,000 yuan, and with the BaaS option, the price would be around 280,000 yuan.Nio has seen a sales resurgence after COVID-19 cases receded in China. The addition of the EC6 should serve as a catalyst to accelerate the ongoing sales momentum.NIO Price Action: Nio shares ended Friday's session 2.63% higher at $18.32. Related Links:Why Nio Has A Shot At Becoming The 'Tesla Of China'Chinese EV Manufacturer Nio's August Deliveries Jump 104% Year-Over-YearPhoto courtesy of Nio. See more from Benzinga * Nio Shares Volatile After EV Maker Announces Redemption Of 8.6% Nio China Stake * Chinese EV Manufacturer Nio's August Deliveries Jump 104% Year-Over-Year(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • How Tesla, Nikola and Donald Trump are all connected

    On January 9, 1943, two days after Nikola Tesla died destitute in a New York City hotel, the FBI called MIT professor and esteemed electrical engineer, John G. Trump, to determine if any of the belongings in the inventor’s estate.

  • J.P. Morgan Says These 3 Stocks Could Surge Over 100% From Current Levels

    After the summer bulls, markets corrected themselves – but more than that, the selling was highly concentrated in the tech sector. The tech-heavy NASDAQ is now leading the on the fall, having lost 11.5% since September 2.JPMorgan strategist Marko Kolanovic points out that much of the market is now well-positioned for a rebound. Kolanovic believes that stocks will head back up in the last quarter of the year.“Now we think the selloff is probably over. Positioning is low. We got a little bit of a purge, so we think actually market can move higher from here,” Kolanovic noted.Acting on Kolanovic’s outlook, JPMorgan's stock analysts are starting to point out their picks for another bull run. These are stocks that JPM believes they may double or better over the coming year. Running the tickers through TipRanks’ database, we wanted to find out what makes them so compelling.NexTier Oilfield Solutions (NEX)The first JPM pick is NexTier, a provider of oilfield support services. The oil industry is more than just production companies. There are a slew of companies that provide drilling expertise, fluid technology for fracking, geological expertise, pumping systems – all the ancillary services that allow the drillers to extract the oil and gas. That is the sector where NexTier lives.Unfortunately, it’s a sector that has proven vulnerable to falling oil prices and the economic disruption brought on by the coronavirus pandemic crisis. Revenues fell from Q1’s $627 million to $196 million in Q2; EPS was negative in both quarters.But NexTier has a few advantages that put it in a good place to take advantage of a market upturn. These advantages, among others, are on the mind of JPM analyst Sean Meakim. “Admittedly we’re concerned about the sector disappointing the generalist 'COVID-19 recovery' crowd given the asymmetry of earnings beta to oil, but with 1) a solid balance sheet (net debt $17mm), 2) our outlook for positive (if modest) cash generation in 2021 (JPMe +$20mm), 3) a pathway to delivering comparably attractive utilization levels and margins, and 4) the cheapest valuation in the group (~20% of replacement), we think NexTier stands out as one of the best positioned pressure pumpers in our coverage,” Meakim opined.In line with his optimism, Meakim rates NEX an Overweight (i.e. Buy) along with a $5 price target. His target suggests an eye-opening upside potential of 203% for the coming year. (To watch Meakim’s track record, click here)Similarly, the rest of the Street is getting onboard. 6 Buy ratings and 2 Hold assigned in the last three months add up to a Strong Buy analyst consensus. In addition, the $3.70 average price target puts the potential twelve-month gain at 124%. (See NEX stock analysis on TipRanks)Fly Leasing (FLY)The next stock on our list of JPMorgan picks is Fly Leasing, a company with an interesting niche in the airline industry. It’s not commonly known, but most airlines don’t actually own their aircraft; for a variety of reasons, they lease them. Fly Leasing, which owns a fleet of 86 commercial airliners valued at $2.7 billion, is one of the leasing companies. Its aircraft, mostly Boeing 737 and Airbus A320 models, are leased out to 41 airlines in 25 countries. Fly Leasing derives income from the rentals, the maintenance fees, and the security payments.As can be imagined, the corona crisis – and specifically, the lockdowns and travel restrictions which are not yet fully lifted – hurt Fly Leasing, along with the airline industry generally. With flights grounded and ticket sales badly depressed, income fell – and airlines were forced to cut back or defer their aircraft lease payments. This is a situation that is only now beginning to improve.The numbers show it, as far as they can. FLY’s revenue has fallen from $135 million in 4Q19 to $87 million 1Q20 to $79 million the most recent quarter. EPS, similarly, has dropped, with Q2 showing just 37 cents, well below the 43-cent forecast. But there are some bright spots, and JPM’s Jamie Baker points out the most important.“[We] conservatively expect no deferral repayments in 2H20 vs. management’s expected $37m. Overall, our deferral and repayment assumptions are in line with the other lessors in our coverage. We are assuming no capex for the remainder of the year, consistent with management’s commentary for no capital commitments in 2020 [...] Despite recent volatility seen in the space, we believe lessors’ earnings profiles are more robust relative to airlines,” Baker noted.In short, Baker believes that Fly Leasing has gotten its income, spending, and cash situation under control – putting the stock in the starting blocks should markets turn for the better. Baker rates FLY an Overweight (i.e. Buy), and his $15 price target implies a powerful upside of 155% for the next 12 months. (To watch Baker’s track record, click here)Over the past 3 months, two other analysts have thrown the hat in with a view on the aircraft leasing company. The two additional Buy ratings provide FLY with a Strong Buy consensus rating. With an average price target of $11.83, investors stand to take home an 101% gain, should the target be met over the next 12 months. (See FLY stock analysis on TipRanks)Lincoln National Corporation (LNC)Last up, Lincoln National, is a Pennsylvania-based insurance holding company. Lincoln’s subsidiaries and operations are split into four segments: annuities, group protection, life insurance, and retirement plans. The company is listed on the S&P 500, boasts a market cap of $5.8 billion, and over $290 billion in total assets.The generally depressed business climate of 1H20 put a damper on LCN, pushing revenues down to $3.5 billion from $4.3 billion six months ago. Earnings are down, too. Q2 EPS came in at 97 cents, missing forecasts by 36%. There is a bright spot: through all of this, LNC has kept up its dividend payment, without cuts and without suspensions. The current quarterly dividend is 40 cents per common share, or $1.60 annually, and yields 4.7%. That is a yield almost 2.5x higher than found among peer companies on the S&P 500.Jimmy Bhullar covers this stock for JPM, and while he acknowledges the weak Q2 results, he also points out that the company should benefit as business conditions slowly return to normal.“LNC’s 2Q results were weak, marked by a shortfall in EPS and weak business trends. A majority of the shortfall was due to elevated COVID-19 claims and weak alternative investment income, factors that should improve in future periods [...] The market recovery should help alternative investment income and reported spreads as well…”These comments support Bhullar’s Overweight rating. His $73 price target indicates room for a robust 143% upside from current levels (To watch Bhullar’s track record, click here)Overall, the Moderate Buy rating on LNC is based on 3 recent Buy reviews, against 5 Holds. The stock is selling for $30 and the average price target is $45.13, suggesting a possible 50% upside for the coming year. (See LNC stock analysis on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

Travel News from ABTA

  • Coronavirus advice for customers

    Coronavirus advice for customers Full Page image sberesford@abt… Fri, 08/28/2020 - 10:54 The coronavirus pandemic is creating exceptional operational and financial challenges for UK travel agents and tour operators, and we fully appreciate the concern this may be causing customers, particularly those who are waiting to find out about future or cancelled bookings. ABTA Members are doing their best to manage arrangements for customers whose holiday bookings have been affected. If your trip is not imminent your travel company may not be in touch with you right away. Travel companies will be managing bookings on a rolling basis by departure date, so please do be patient and keep checking their website for updates about your individual holiday. Please visit the individual websites of our Members to see how they will be communicating with their customers during this crisis. We recognise that travellers will have many questions at this time so we have set out a series of Frequently Asked Questions and answers on the current situation within the below sections, which are: 1. Current travel advice 2. Future travel 3. Cancellations and refunds  These answer the most common questions so please do read through these as they should help you to understand how your booking might be affected. Our Customer Support team is experiencing an extremely high volume of calls during this crisis so unfortunately wait times are considerably longer than usual. We would strongly recommend reading the online FAQs and only contact us by phone if absolutely necessary.  Airlines are not Members of ABTA. If you booked your flight directly with an airline, you will need to contact the airline if you are having any issues with receiving a refund. Not all travel agents and tour operators are Members of ABTA. You can find out if your tour operator or travel company is an ABTA Member using our search tool here. If you have an enquiry about a company that is not a member of ABTA please contact Citizens Advice. 1. Current travel advice The Government’s advice regarding inbound and outbound travel is outlined below. If you are unsure what the current travel advice means for your forthcoming holiday, please speak with your travel provider.   Outbound travel Foreign, Commonwealth & Development Office (FCDO) is generally advising against all non-essential overseas travel for British nationals but has published a list of countries and territories that are exempt from that advice. The countries on that list have been assessed as no longer presenting an unacceptably high risk to British people travelling abroad. To view the list of exempt countries please click here. Whilst the FCDO does not advise against travel to these countries, some have specific entry restrictions that need to be complied with and each country will have their own specific requirements on local coronavirus measures that will need to be followed. You should read the FCDO travel advice page for the country or countries you plan to visit to find the most up to date information. These pages can be found here.    Inbound travel The Government and the devolved administrations of Scotland, Wales and Northern Ireland have published details of the countries and territories that are exempt from quarantine on arrival in the UK known as ‘travel corridors’. You will not have to self-isolate when you arrive in the UK if you: Are travelling or returning from one of the travel corridor countries. Have not been to or stopped in a country that is not on the travel corridor list in the previous 14 days. This applies to all travel to by train, ferry, coach, air or any other route. For full details of the countries featured on the travel corridor lists for England, Scotland, Wales and Northern Ireland can be accessed via these links:  England Scotland Wales Northern Ireland Important information before you travel It is important to check the latest FCDO travel advice to establish if there are entry restrictions or self-isolation procedures on arrival, any other measures that need to be complied with in the destination you are planning to visit or whether you are required to comply with self-isolation procedures on arrival back in the UK. The FCDO advises that the global coronavirus pandemic is ongoing. No travel is risk-free, and disruption is still possible. If you are planning to travel, you should: Read the coronavirus travel guidance to make sure you are prepared for your journey Read the travel advice for your destination for information on local coronavirus measures that you will need to follow For full information relating to the coronavirus outbreak please visit the Government website, Public Health England and the TravelHealthPro website. The FCDO is not advising against travel to my destination, but I want to cancel my holiday. Can I get a refund? If your holiday can go ahead as planned but you have decided that you longer wish to travel, then normal cancellation charges will apply and you should check your travel insurance to see if you can make a claim. You can see if you can transfer your package holiday to another person, as you have the right to do that. What are my options for postponing a trip? As a result of the extraordinary situation and customer concerns over coronavirus, many travel companies and airlines are doing all they can to offer more flexible booking policies at this time, such as giving customers the option to change their travel date should they wish to postpone their holiday. In certain circumstances, this may not be possible and Members are under no obligation to offer a postponement if the FCDO is not advising against travel to your destination. You should please speak to your travel provider to discuss what your options may be. If there are quarantine/self-isolation measures at home or at my intended destination, what will this mean for my holiday? If you go on holiday to a destination where the Government requires you to quarantine or self-isolate on your return to the UK, this does not affect the delivery of your holiday. Therefore, if requirements in the UK mean that you can’t go on your holiday, your travel company will have the right to charge you the normal cancellation charges. You can see if you can transfer your package holiday to another person, as you have the right to do that and you should also check with your travel insurance as to whether you have any cover for this.  You can find out if you will be required to quarantine or self-isolate while on holiday by checking what the rules are in the country you’re travelling to via the FCDO’s travel advice. If the country has mandatory quarantine for all people arriving, you can still go on your holiday and follow the restrictions, for example staying in your villa and only going out for essential shopping, but if you decide you don’t want to go, your travel company should offer you an alternative if they can, or a full refund. We’d always recommend that you speak to the travel company that you have booked with to discuss your options. Please see “My holiday is going ahead, but there are changes to it, or conditions are different e.g. social distancing measures. What are my options?” for further guidance.   If I cannot follow my initial travel plans due to the coronavirus outbreak, am I entitled to compensation? No, as the reason for the holiday not continuing is outside the control of the tour operator.  What happens if I travel to a country where the FCDO advises against travel? If you decide to travel abroad against FCDO advice, you should be fully aware of the increased risks of doing so. That includes the risk that you may not be able to get home if travel restrictions are in place. If you are still considering travel you need to be realistic about the level of disruption you are willing and able to endure, and to make decisions in light of the unprecedented conditions we face. Anyone planning to travel should check the validity of their travel insurance. You are advised to read the Foreign, Commonwealth & Development Office (FCDO) travel advice for the country you are travelling to, which includes entry requirements and a link through to the National Travel Health Network and Centre (NaTHNaC) TravelHealthPro website that provides specific travel health advice for countries.  As a precautionary measure, enhanced health screening procedures have been put in place at arrival and departure areas in many countries.  Many countries have also introduced entry restrictions for people travelling from certain countries, travellers are advised to read the FCDO travel advice and sign up to email alerts for the country they are travelling to, as these are subject to change at short notice. 2. Future travel As international travel restarts please keep in mind that it will continue to be an unprecedented and evolving situation for businesses as well as customers.  Protecting public health is a priority and ABTA Members will be following stringent health, safety, hygiene and security measures, working closely with their suppliers such as accommodation and transport providers so these measures are considered for every step of the journey. As part of this, they will examine whether changes to operations and safety practices are needed to protect customers’ health. Any updates to your package holiday will be made with these considerations in mind, and ABTA Members will continue to prioritise your health and follow the best medical and scientific advice. For information on future travel plans, please visit ‘Restarting travel – a guide for customers’   Please note the below advice is based on the premise that the FCDO or relevant national authority is not advising against travel to your destination. My holiday is going ahead, but there are changes to it, or conditions are different e.g. social distancing measures. What are my options?  It is quite possible that, for the reasons outlined above, there might be some changes to your package holiday. Whether the changes to your particular holiday are significant or not will depend on the specific circumstances and will determine what your options are.   We’d always recommend that you speak to the travel company that you have booked with to discuss your options. ABTA cannot determine what is and isn’t a significant change to your particular holiday, however, a general overview is below: If there are minor changes, your holiday company should give you as much information on these changes as possible. If the main services included in your holiday can go ahead, there’s no entitlement to a free cancellation. It could depend on the type of holiday you’ve booked, but the following are likely to be examples of minor changes: social distancing, wearing of masks, changes to the way meals are provided e.g. no buffets, self-check-in, closure of bars/ restaurants/ entertainment in the resort or access to facilities can’t be provided to all people all the time. If some of the facilities that are included in your holiday can’t be provided, you might be entitled to some money back in respect of those.  If you decide you don’t want to go on the holiday, you have a right to transfer a package holiday to another person if you want to (paying any reasonable additional costs that arise). If there are significant changes to the main characteristics of the holiday that mean a significant change to the holiday as whole, you are entitled to an offer of an alternative holiday, or a refund of your holiday cost. If the holiday or trip can’t actually be provided due to closures and limitations, then you have a right to a refund. This might apply for example if you’ve booked a cultural tour and the fact that museums etc are closed means that the holiday can’t go ahead.    My hometown has been put into local lockdown and I’m due to travel imminently, what does this mean for my forthcoming holiday? If the holiday can be provided but you are unable to travel because of local restrictions, then this does not affect the delivery of the holiday. Many travel companies and airlines are doing all they can to offer more flexible booking policies at this time, such as giving customers the option to change their travel date if they need to postpone their holiday, so you should speak to your travel provider to discuss what their options may be. In certain circumstances this may not be possible and Members are under no obligation to offer a postponement if the FCDO is not advising against travel to your destination.  You can see if you can transfer your package holiday to another person, as you have the right to do that. If you unfortunately can’t go, the holiday company will have the right to charge you the normal cancellation charges.  You should also check with your travel insurance as to whether you have any cover for this. Part of my holiday has been cancelled e.g. my flight or hotel/resort, but the other part has not, what are my options? It is quite possible that, for the reasons outlined above, there might be some changes to your package holiday. Whether the changes to your particular holiday are significant or not will depend on the specific circumstances and will determine what your options are. We’d always recommend that you speak to the travel company that you have booked with to discuss your options.  If there are minor changes, your holiday company should give you as much information on these changes as possible. If the main services included in your holiday can go ahead, there’s no entitlement to a free cancellation. It could depend on the type of holiday you’ve booked, but the following are likely to be examples of minor changes: social distancing, wearing of masks, changes to the way meals are provided e.g. no buffets, self-check-in, closure of bars/ restaurants/ entertainment in the resort or access to facilities can’t be provided to all people all the time. If some of the facilities that are included in your holiday can’t be provided, you might be entitled to some money back in respect of those.  If you decide you don’t want to go on the holiday, you have a right to transfer a package holiday to another person if you want to (paying any reasonable additional costs that arise). If there are significant changes to the main characteristics of the holiday that mean a significant change to the holiday as whole you are entitled to an offer of an alternative holiday, or a refund of your holiday cost. ABTA cannot determine what is and isn’t a significant change to your particular package holiday, however a general overview of what might be a significant change is below: a change of resort;  a change of accommodation to that of a lower category and/or price;  a change of flight time or delay of flight of more than 12 hours (in respect of a 14-day duration.  A change of flight time less than 12 hours may still be regarded as a significant change in respect of a lesser duration) or involving a reduction in time spent at the resort which is significant in relation to the length of the holiday;  a change of airport that's inconvenient to you.  If the holiday or trip can’t actually be provided due to closures and limitations, then you have a right to a refund. This might apply for example if you’ve booked a cultural tour and the fact that museums etc are closed means that the holiday can’t go ahead.  If you have an accommodation-only or a flight-only booking, these are not covered by the Package Travel Regulations which may mean that you are not entitled to a refund. You should read the terms and conditions to establish your rights. Please see “I have an accommodation-only or flight-only booking – why is my travel company not offering a full refund?” for further guidance. What if I or anyone I’m travelling with falls ill with Covid-19 before we’re due to go on holiday? As with any illness that means you have to cancel your holiday; cancellation charges will apply and your travel insurer will be able to tell you what cover your policy provides. What happens if I or anyone I’m travelling with falls ill with Covid-19 while we’re on holiday? Before you go away, check that you can take out suitable travel insurance that covers you for Covid-19 related illnesses and ensure that it is in place as soon as you have booked your holiday. Keep the policy number and insurance phone number with you while on holiday and leave a copy of the policy with a family member or friend.  I fall within a ‘clinically vulnerable’ group and have been told by the Government that I should be taking extra steps to protect myself (otherwise known as shielding). I can’t be expected to travel on my holiday? If your holiday can go ahead as planned but your circumstances unfortunately mean you should not travel, normal cancellation charges will apply and you should check your travel insurance to see if you can make a claim. You can see if you can transfer your package holiday to another person, as you have the right to do that. I’m due to go on holiday shortly but have been contacted by the Test and Trace system to say I’ve had contact with someone who has tested positive for Covid-19 and I should now self-isolate. Can I get a refund for my holiday? Your holiday company might be able to change the date of your holiday, but if not and you can’t travel, cancellation charges will apply. These might be recoverable under your travel insurance policy. You can see if you can transfer your package holiday to another person, as you have the right to do that. I’m visiting a country that requires me to have a negative COVID-19 test done immediately on arrival in the country / show the negative result to a recent COVID-19 test. Where can I go to obtain a test in the UK prior to my holiday? Travellers should discuss their travel plans with their GP, pharmacist or a travel clinic to get the latest advice regarding COVID-19 tests. NaTHNaC have some general advice for travellers on the TravelHealthPro website, so please click here for more information. What should I do if I have a trip booked to a sports event and the event has been postponed or cancelled? This depends on how you booked your holiday and what the terms and conditions say. If the event has been postponed, you should please speak to your travel company about rearranging your trip once the new date has been confirmed. 3. Cancellations and refunds For information about amendments to your booking, refunds for the booking or the availability of Refund Credit Notes, please speak to the travel company that you have booked with. We recognise the urgency of the situation and financial distress that customers may be experiencing. Travel companies are doing all they can to ensure that holidays can go ahead where it is safe to do so and will be keen to offer you a range of options so that you can get the holiday you want.    Where no suitable alternative is possible, your travel company may offer you a refund of the money you paid depending on the terms and conditions of your booking and depending on whether or not you booked a package holiday. Alternatively, some companies might offer you a refund credit note, which is financially protected and entitles you to rebook a holiday or receive a cash refund at a later date, up until the expiry date of the note – please see ‘What is a Refund Credit Note? (RCN)’ below for more information.  You should check your travel insurance policy to see if you have cancellation cover in these circumstances. If you do, you will need to provide evidence of the booking and the reason that it has not gone ahead. Your travel company will be able to assist you with the paperwork for this. If you booked a package holiday which cannot go ahead as planned, you are entitled to a refund. We completely understand that for those customers that would prefer a refund to rebooking, you may be frustrated and concerned by the amount of time it is taking. In normal circumstances a refund should be paid within 14 days. But these circumstances are extraordinary, and it is simply impossible for many companies to pay monies back as quickly as they would like to as many have not yet received money back from hotels, airlines and other suppliers affected by the crisis.  If your travel provider has said they will offer a cash refund, they should let you know how long this will take.   If you have a package holiday booking through a travel agent Many customers will have booked travel arrangements through a travel agent. Your travel agent will have made your booking with a company such as a tour operator or airline, and this is who you have a contract with and who any refund will be due back from. Your travel agent will pass on any refund they receive from these companies as soon as they receive it. As with other Members, travel agents are working very hard behind the scenes pursuing refunds on your behalf as well as taking calls from customers who may be finding it difficult to contact their travel supplier. Why is my refund being delayed? Travel businesses are operating in exceptionally difficult circumstances, with higher volumes of enquiries and often with fewer staff, and because of this it may be taking them longer to process refunds, which is understandably frustrating for customers.  In addition, many tour operators don’t have the cash to pay customers a cash refund for a package holiday in a 14-day period, as they have not yet received money back from hotels, airlines and other suppliers affected by the crisis. Forcing them to do so would put many of them out of business, which would mean customers would not get their money back for many more months, as the Government-backed ATOL scheme of financial protection could not cope with the sheer volume of refunds. It would also result in significant long-term damage to the UK travel industry. What can ABTA do to ensure I get a refund for my package holiday? If your package holiday cannot go ahead as planned and you do not wish to rebook, you are entitled to a refund. Your travel provider might also offer you a Refund Credit Note (RCN) (see FAQ on Refund Credit Notes), which can either be used to rebook at a future date or be redeemed for a cash refund. If neither of these options are offered we will be able to contact the Member for you.  If you would like a refund sooner than the expiry date of the RCN, or you do not want an RCN, you should let your travel provider know. You should ask the company for a timeframe for when you should expect to receive the refund. ABTA can contact the company if they do not respond to you or if they refuse a refund entirely. Airlines are not Members of ABTA and not all travel agents and tour operators are either. Unfortunately, we are not able to help customers who have booked with a company that is not a Member of ABTA. You can find out if your tour operator or travel company is an ABTA Member using our search tool here. If you have an enquiry about a company that is not a member of ABTA please contact Citizens Advice.  I can’t get hold of my travel company – can you help? Many travel businesses are operating in exceptionally difficult circumstances, with higher volumes of enquiries and often with fewer staff so they may take longer than normal to respond to your query. Please check their website for their specific help and guidance and allow extra time for responding to queries.  If, after extra time you have made every effort to contact your travel company and still not heard back, and your query has become urgent, please contact ABTA and we will do what we can to assist. Do I need to pay the remaining balance for my upcoming holiday?  You do not have to pay the remaining balance for your holiday if you do not want to take it due to the ongoing uncertainty. However, if the remaining balance has not been paid the company is able to cancel the holiday due to non-payment and retain the deposit or other cancellation charges.  Remember that, if the booking has not already been cancelled, and is for a package holiday, you will be due a refund for that holiday if you have paid in full and if it is cancelled by your travel company because the services cannot be provided or because the FCDO is advising against travel at the time of departure. Each company will have their own process for managing future departures and will be contacting customers due to travel imminently. Some travel companies are experiencing operational delays with collecting payments that are due, as a result of their staff working remotely or being furloughed or made redundant. If you’re unable to get through to pay your balance then please email the travel company and wait for their response – it is unlikely they will cancel the holiday if you have made attempts to pay.  I cancelled my holiday as I was worried about travelling and had to pay cancellation charges. The FCDO is still advising against travel to my destination and the tour operator has now cancelled trips there, can I get my cancellation charges back? No, if you choose to cancel the holiday before the tour operator cancels it as a result of FCDO advice or for any other reason you will be liable to pay cancellation charges. Each company will have their own process for managing future departures and will be contacting customers due to travel imminently. There is no legal definition of ‘imminent travel’, however it is generally considered to be within the next few weeks or days. Our advice to customers with future bookings is to be patient and wait to be contacted by your travel provider. Travel companies are extremely busy, given the pressures of the current crisis, and will be looking at imminent departures first and deciding how far in advance they will offer alternative arrangements or refunds. What is a Refund Credit Note? (RCN) A Refund Credit Note (RCN) entitles you to rebook a holiday or receive a cash refund at a later date, up until the expiry date of the note. It also retains any financial protection that you may have had with your original booking.  If your original booking, for example a package holiday with flights, came with ATOL financial protection, the RCN will still provide this protection. If your original booking came with ABTA financial protection, for example a cruise holiday or other package holiday including rail or coach travel, the RCN will still provide this protection. A guide to Refund Credit Notes (RCNs): A Refund Credit Note entitles customers to rebook a holiday at a future date or receive a cash refund up until the expiry date of the note.  The expiry date on an RCN lets you know when that company’s financial protection runs out. If you wish to receive a refund before the expiry date, you should make this clear to your travel provider.  An RCN retains the financial protection that came with the original booking – for a flight-package this is ATOL, for a non-flight package this is likely to be ABTA.  Holiday vouchers are NOT the same as Refund Credit Notes and do not come with financial protection of ATOL or ABTA. RCNs only cover package holiday bookings. If an airline offers you a voucher for a cancelled flight, check the terms and conditions with the airline, it’s not the same as an RCN. What should a Refund Credit Note (RCN) look like? Refund Credit Notes (RCNs) may look different depending on your travel provider, but they should all comprise the following: An expiry date, which is the date to which your money is protected, and is based on your travel company’s financial protection arrangements. You are entitled to re-book or have a cash refund by this date at the latest (if your original booking was for a package holiday). The value of the RCN must be equal in value to the amount you paid for the original booking (or less any amount you have been given as a part refund).   The RCN must include the original booking details and reference. Additional information: The RCN must not include any other amount offered as a rebooking incentive or other offer. Any such offers must be documented separately and are not covered by any scheme of financial protection. You should retain all previous booking documentation including booking confirmations, ATOL Certificates where appropriate and proofs of payment.   Is a holiday voucher the same as a Refund Credit Note (RCN)? No. A holiday voucher is different to an RCN. Holiday vouchers, gift vouchers and other discount vouchers are not protected by the schemes of financial protection.  If I accept a Refund Credit Note (RCN), will I lose my right to a cash refund? No. A Refund Credit Note (RCN) preserves your right to a cash refund, which can be redeemed up until the expiry date of the note. If your original holiday was covered by a financial protection scheme (e.g. ATOL or ABTA), your Refund Credit Note (RCN) is financially protected by ATOL or ABTA (whichever covered your original booking) in the event your travel business fails. It is important that your Refund Credit Note (RCN) includes certain things, please see more detail on this there (see ‘What is a Refund Credit Note?’ above). I have heard that the law relating to package holidays has changed. Is this correct? The laws relating to package holidays have not been changed as a result of the Covid-19 crisis, and they provide a number of protections for travellers. One of the protections is the right to a refund where a package holiday cannot continue as a result of unavoidable and extraordinary circumstances at the holiday destination. The law requires that this refund is provided within 14 days. Unfortunately, many travel companies cannot meet this period due to difficulties in recovering monies from suppliers and operational difficulties in the UK due to current lockdown restrictions. Our aim is to ensure that if travel companies ask their customers for more time to process a refund, they do this in a way that protects fundamental customer rights – in the case of a package holiday that means the right to a cash refund and financial protection. We also expect Members to refund customers as soon as they are able to. The details that we’ve set out for our Members on Refund Credit Notes (RCNs) are a way for us to guide our Members and hold them to account, through ABTA’s Code of Conduct.   The advice that we’ve developed for customers is to help you to understand what an RCN is, what detail you should look out for if you’re offered one and how it provides protection. This guidance, and the RCNs, do not override or remove your statutory rights but are intended to give a practical solution to a very real problem. If you do not wish to accept an RCN you are still entitled to a refund. The refund should be processed as soon as the company is able to. You should ask the company for a timeframe for when you should receive the refund. I’m experiencing genuine financial difficulties, is there anything I can do to get my money back sooner? We recognise the urgency of the situation and financial distress that customers may be experiencing. If you are experiencing particular hardship – for example, if you have been made redundant during the Covid-19 crisis and your travel insurance policy does not cover you for that risk, you can ask your travel company if they can prioritise your case.  A number of our Members have put in place special arrangements for such circumstances. If you find yourself in that situation, do ask your travel company how to apply for exceptional assistance and the evidence that would be required to help them to prioritise your case. When can I redeem my Refund Credit Note (RCN) for another holiday or a cash refund? Your RCN should include an expiry date which is based on your travel company’s financial protection arrangements, or a date sooner than this.  Refunds can be requested at any time before the end date of the RCN. The refund should then be processed as soon as the company is able to do so. You should ask the company for a timeframe for when you should receive the refund. How is my money protected and why is it important? The majority of package travel arrangements provided by ABTA Members are protected by either the CAA’s ATOL scheme or by a bond taken out by the Member company. These schemes protect a refund that was due for a holiday that has not taken place if a travel company fails. ABTA is an independent organisation, recognised by the UK Department for Business (BEIS) as an Approved Body under the 2018 Package Travel Regulations. Some of our Members provide bonds through bonds held by one of the other two Approved Bodies – ABTOT or the CPT Bonded Coach Holidays schemes. Some Members also use financial failure insurance products rather than Bonds. These are also permitted under the 2018 Package Travel Regulations. Further information on the ATOL scheme can be found on the Civil Aviation Authority website. My travel company has extended the expiry date of my Refund Credit Note (RCN) – is this allowed? If the RCN has already been issued then both parties – you and your travel company – would need to agree to the RCN being reissued with a new expiry date. You do not have to agree to this if you don’t want to. My travel company has not refunded me but the supplier, such as an accommodation provider or airline, has given them a cash refund. Can I demand a refund? If you have proof that the specific supplier has refunded your travel company you should provide this to the company as part of your request for a refund. I was promised a refund initially, but the company says I now have to accept a Refund Credit Note (RCN)? If you were offered and accepted a refund this should be processed as soon as the company is able to. You should ask the company for a timeframe for when you should receive the refund. I am concerned that my travel provider isn’t following the rules for Refund Credit Notes (RCNs). What should I do? ABTA expects its Members to follow its rules for RCNs and, if necessary, we will carry out investigations under our Code of Conduct if they do not adhere to these rules.  If you have evidence that they are not following the above rules, in the first instance please register a complaint with us. If your travel provider is not an ABTA Member you may wish to contact Citizens Advice or Trading Standards or the Competition & Markets Authority (CMA) using their online form.  I hold a Refund Credit Note with a 31 July validity date, what should I do? You can use it to rebook a holiday, or you can exchange it for a cash refund. Your holiday company may offer you a new Refund Credit Note with a new expiry date. If you need more time to decide on a new booking, this could be a good option for you.     If you want to exchange it for cash, make this clear to your holiday company. If you’re having a problem, and the holiday company is an ABTA Member, we can chase our member for the refund and advise you how to pursue the matter further if it remains unresolved. What you need to do is register a complaint on our website and an adviser will be in touch within 28 days.    You can find out if your tour operator or travel company is an ABTA Member using our search tool here. Questions on airlines and accommodation Should I contact ABTA if I’m having an issue getting a refund from my airline? Airlines are not Members of ABTA. If you booked your flight directly with an airline, you will need to contact the airline if you are having any issues with receiving a refund. Not all travel agents and tour operators are Members of ABTA. You can find out if your tour operator or travel company is an ABTA Member using our search tool here. If you have an enquiry about a company that is not a member of ABTA please contact Citizens Advice. I have an accommodation-only or flight-only booking – why is my travel company not offering a full refund? Accommodation-only or flight-only bookings are not covered by the Package Travel Regulations. This may mean that you are not entitled to a refund, so you should read the terms and conditions to establish your rights. Many companies that make accommodation-only or flight-only bookings are acting as an agent for the flight or accommodation provider. You might be able to contact the provider directly to obtain a refund, as this is ultimately who you have the contract with. If you are not happy with the situation, you should contact your travel company to establish if and, if so, when they will pay a refund. If you feel that you are being treated unfairly in respect of cancellation terms in the wake of Covid-19, your legal and statutory rights remain and you can report the matter to the Competition & Markets Authority using this online form. I have a booking for accommodation only in the UK. Where do I stand? If your accommodation is closed or can’t be provided, talk to your travel company about the terms and conditions that apply to your booking.  If it is still available and you decide not to go, look at the terms and conditions to see if you are entitled to any refund or released from any obligation to pay. My travel company is only offering me a partial refund for my package holiday and asking me to approach the airline for my flight refund. Is this ok? Many airlines are offering different options for cancelled flights such as amendments or future booking discounts which you might wish to accept. That will then form part of your refund for your package holiday. If you do not wish to accept those options the airline must give you a cash refund. If you encounter difficulties in getting the refund from the airline your travel company will be able to help you. If the booking is for a package holiday, you are entitled to a full refund for the monies you have paid for the package.

  • Both resolutions passed at ABTA’s Annual General Meeting

    Both resolutions passed at ABTA’s Annual General Meeting Full Page image dhewitt@abta.co.uk Fri, 09/25/2020 - 13:52 At the ABTA AGM on 24 September, held virtually due to the ongoing COVID-19 pandemic, ABTA Members voted to pass both special resolutions to amend the Articles of Association. The first resolution amended Article 9 to require Members to notify ABTA of any Insolvency Event affecting the business of the Member. The amendment will require notification of an Insolvency Event affecting the Member or the officers of a Member company in any event. The second resolution amended the definition of Insolvency Event in the Articles to make explicit reference to any statutory arrangements or composition with creditors made by an individual with creditors.   About ABTA: ABTA has been a trusted travel brand for 70 years. Our purpose is to help our Members to grow their businesses successfully and sustainably, and to help their customers travel with confidence.  The ABTA brand stands for support, protection and expertise. This means consumers have confidence in ABTA and a strong trust in ABTA Members. These qualities are core to us as they ensure that holidaymakers remain confident in the holiday products that they buy from our Members. We help our Members and their customers navigate through today's changing travel landscape by raising standards in the industry; offering schemes of financial protection; providing an independent complaints resolution service should something go wrong; giving guidance on issues from sustainability to health and safety and by presenting a united voice to government to ensure the industry and the public get a fair deal. ABTA has more than 4,300 travel brands in Membership, providing a wide range of leisure and business travel services, with a combined annual UK turnover of £39 billion. For more details about what we do, what being an ABTA Member means and how we help the British public travel with confidence visit www.abta.com. 

  • Omega Travel (Hale) Ltd ceases trading – advice for customers

    Omega Travel (Hale) Ltd ceases trading – advice for customers Full Page image dhewitt@abta.co.uk Fri, 09/25/2020 - 10:09 ABTA 72367 We are sorry to inform you that Omega Travel (Hale) Ltd has ceased trading with effect from 25 September 2020. Omega Travel (Hale) Ltd operated under the following website: www.omegahale.com  The information below sets out specific advice for customers to follow depending on what holiday and travel arrangements you have booked. The majority of holidays sold by Omega Travel (Hale) Ltd were sold as an agent for other tour operators. Omega Travel (Hale) Ltd also sold a small number of scheduled airline tickets under its IATA licence.   Holidays booked through Omega Travel (Hale) Ltd with another tour operator If you booked a package holiday through Omega Travel (Hale) Ltd and the holiday is provided by another tour operator, you will need to contact the tour operator named on your paperwork or ATOL Certificate for a flight inclusive package (listed on your ATOL certificate under “Who is protecting your trip”).   Your tour operator should be able to confirm that they have your booking. Your tour operator will be responsible for your booking going forward.     Flight-only bookings If you booked a flight-only with Omega Travel (Hale) Ltd and were issued with a ticket or e-ticket you will need to contact the airline that you are due to be travelling with to check if your flight will go ahead.    Further assistance Customers requiring further assistance can contact 020 3758 8730 or claimsrequest@abta.co.uk. Please note that we will answer calls as quickly as possible but call waiting times may be significant during the current crisis.  Please only call if you have already followed al the advice issued above.  

  • ABTA responds to the Chancellor’s Winter Economy Plan

    ABTA responds to the Chancellor’s Winter Economy Plan Full Page image dhewitt@abta.co.uk Thu, 09/24/2020 - 13:34 Mark Tanzer, Chief Executive of ABTA – The Travel Association said: “Since the start of the pandemic we have been stressing to the Government the unique challenges the crisis has created for the UK travel industry and the toll it has taken on jobs and businesses. We welcome today’s announcements from the Chancellor regarding ongoing salary support and renewed business support measures, which are an important part of ABTA’s plan to Save Future Travel and support travel businesses through the difficult winter season ahead. We await the full details of today’s announcements in order to truly assess what this will mean for travel businesses going forward. “The Chancellor spoke today about the desire of people to get back to doing the things that enrich our lives, which clearly includes the ability to travel – whether for holidays, to conduct business, or to see family and friends.  “ABTA will continue to urge the Government to do all it can to ensure travel businesses are supported through the crisis, and that the maximum number of jobs can be retained in our industry. In addition to the financial support measures outlined, we also need to see progress on the full regionalisation of the Government’s quarantine policy, as well as the introduction of testing to reopen the UK’s links with countries around the world. Getting those measures in place as quickly as possible is vital to boost confidence in travel, and that will be critical to the survival of many travel companies. We also believe that the Chancellor should consider an APD cut ahead of next summer to incentivise people to book their well-deserved holidays in 2021.”   Notes to editors ABTA has been a trusted travel brand for 70 years. Our purpose is to help our Members to grow their businesses successfully and sustainably, and to help their customers travel with confidence.  The ABTA brand stands for support, protection and expertise. This means consumers have confidence in ABTA and a strong trust in ABTA Members. These qualities are core to us as they ensure that holidaymakers remain confident in the holiday products that they buy from our Members.  We help our Members and their customers navigate through today's changing travel landscape by raising standards in the industry; offering schemes of financial protection; providing an independent complaints resolution service should something go wrong; giving guidance on issues from sustainability to health and safety and by presenting a united voice to government to ensure the industry and the public get a fair deal. ABTA has more than 4,300 travel brands in Membership, providing a wide range of leisure and business travel services, with a combined annual UK turnover of £39 billion. For more details about what we do, what being an ABTA Member means and how we help the British public travel with confidence visit www.abta.com.

  • Chancellor pledges ongoing salary support

    Chancellor pledges ongoing salary support Full Page image dhewitt@abta.co.uk Thu, 09/24/2020 - 12:46 Today the Chancellor announced ongoing salary support and renewed business support to help UK companies deal with the impact of the pandemic – necessary actions we highlighted as part of ABTA’s plan to Save Future Travel.  Since the start of the pandemic we have been stressing to the Government the unique challenges the crisis has created for the UK travel industry and the toll it has taken on jobs and businesses, and the actions Government needs to take to support the industry.  We welcome today’s announcements and await the full details to truly assess what this will mean for ABTA Members. We will continue to urge the Government to make progress on the full regionalisation of the Government’s quarantine policy, the introduction of testing and cutting APD ahead of next summer. Events to support Members through difficult times Our lobbying activities are just part of the work we are doing to support Members through the crisis, we’re also working hard to share insight and expertise on business critical issues. Alongside our free webinars, Regional Business Meetings and fortnightly conference calls, ABTA is also bringing together industry leaders through one-day virtual conferences. Yesterday the Association hosted its most significant virtual event yet, ABTA’s Travel Law Seminar, where industry leaders and legal experts shared practical guidance and the latest updates affecting travel. The industry has clearly suffered its most difficult six months ever, and the event explored topics such as the Package Travel Regulations, consumer rights, and Brexit, which, among others, are covered in articles published in the latest issue of Travel Law Today, which is now available free to all Members here. Yesterday’s themes will also be relevant to this year’s Travel Convention, which this week we are pleased to announce will include the Secretary of State for Transport, Grant Shapps, as a speaker. No other event in the calendar brings together so many leading figures in one virtual place at the same time and I would like to encourage all Members to take a look at the agenda which includes opportunities to network, specialist workshops and discussion sessions, which are all available to see at a later date on demand. These two significant events however represent only a small fraction of the number that our teams put together for the benefit of all Members. The upcoming conferences, webinars and virtual events can be found here and there are also free webinars to view on demand. These webinars are delivered in collaboration with trusted ABTA Partners and, as well as all our events, are designed to help Members through these difficult times.Mark Tanzer, Chief Executive ABTA responds to the Chancellor’s Winter Economy Plan

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