Spending
SpiceJet hikes cancellation charges
The cancellation charges for domestic flights were revised to Rs1,800 from Rs1,500 while for international flights it will now be at Rs2,250, SpiceJet said
 
Low-cost carrier SpiceJet on Sunday hiked the ticket cancellation charges for both domestic and international travel.
 
The cancellation charges for domestic flights were revised to Rs1,800 from Rs1,500 while for international flights it will now be at Rs2,250, SpiceJet said.
 
Now a passenger cancelling more than 2-48 hours before departure has to pay Rs2,250 per ticket, up 50 percent from earlier.
 
A cancellation before 2-7 days will cost Rs2,000 and a person who cancels 7-30 days earlier will pay Rs1,500.
 
Customers who cancel 30 days or before will be charged Rs1,250 while those who cancel less than two hours before departure cannot have any refund.
 

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Shopping through mobile phones may cross $638 bn by 2018
Global e-commerce sales made through mobile devices are expected to cross $638 billion by 2018, says a joint study by ASSOCHAM and Deloitte.
 
At present, the availability of e-commerce applications on various mobility devices is helping to drive sales and revenue. E-tailers like Flipkart, Amazon and Jabong now get 50 percent of their revenues from consumers shopping on their mobile phones, D.S. Rawat, secretary general ASSOCHAM said.
 
However, while shoppers want real-time, relevant, and personalised information and offers, retailers will need to surround this service with very strong privacy and security. Trust, transparency, and protecting customer information will be critical in retaining loyalty as mobile retailing becomes the norm, the study said. 
 
"Online commerce companies should enable all features from search-to-purchase on mobile apps, such as facilitating product research, price comparison, view ratings and reviews, and payment."
 
The launch of wearables, such as Google Glass and Apple Watch, has opened new opportunities for reaching out to customers, the study said, adding that e-tailers would keep an eye on developments in this arena.
 
The e-marketplaces are growing significantly with the increase in the internet penetration and smartphone usage. Internet enabled mobiles are making shopping a unique experience for buyers.
 
According to the joint study "Global Powers of Retailing 2015", online marketplaces rather than pure inventory-led companies tend to serve as the primary e-commerce model in Asia.
 
"The high costs of holding inventory, poor logistics and supply chain challenges in India are shifting the inventory-led companies and new entrants to adopt marketplace model," the study said.
 
It also said cash-on-delivery is the most preferred mode of payment in India with 45 percent of the shoppers using it, while 21 percent shoppers opt for debit cards and another 16 percent go for credit cards.

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Greek finance minister quits after 'No' vote in referendum
Greek Finance Minister Yanis Varoufakis announced his resignation on Monday after the country voted “No” to a bailout offer in a landmark referendum.
 
In a posting on his website, Varoufakis said the decision was made in view of "a certain 'preference' by some Eurogroup participants, and assorted 'partners', for my...'absence' from its meetings".
 
“Soon after the announcement of the referendum results, I was made aware of a certain preference by some Eurogroup participants, and assorted ‘partners’, for my...‘absence’ from its meetings; an idea that the Prime Minister (Alexis Tsipras) judged to be potentially helpful to him in reaching an agreement,” he stated. 
 
“For this reason, I am leaving the ministry of finance today.”
 
Varoufakis said the Greek citizens' “historic rejection” of the Eurogroup’s June 25 ultimatum “comes with a large price tag attached”.
 
“It is, therefore, essential that the great capital bestowed upon our government by the splendid NO vote be invested immediately into a YES to a proper resolution - to an agreement that involves debt restructuring, less austerity, redistribution in favour of the needy, and real reforms,” he stated.
 
“I consider it my duty to help Alexis Tsipras exploit, as he sees fit, the capital that the Greek people granted us through yesterday’s referendum," Varoufakis said.
 
“And I shall wear the creditors’ loathing with pride,” he added.

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