DESPITE LOSSES, FIRM REDEPLOYS STAFF TO ENSURE QUICK REPAYMENTS
by S NEERAJ KRISHNA
WHEN countries worldwide imposed lockdown measures to stop the spread of the pandemic and global flight restrictions disrupted the travel plans of millions of people, Jaymin Borkhatria, the chief commercial officer of Southall Travel, had one priority – their customers.
“I was clear from day one: the customer is king,” said Borkhatria, who has been in the travel industry for 35 years.
And his business mantra saw the Southall group – which handles 1.1 million clients annually in the UK – rapidly process refunds amounting to more than £22 million to about 95 per cent of its customers.
“The customers will remember the agents who stood by them during these challenging times and we are probably the only agent who has refunded majority of our customers,” Borkhatria said.
The lockdowns in the UK and India had a “huge impact” on operations, he told Eastern Eye.
“The India contact centre is huge and very important for us, mainly because of the huge market share of India business we have here in the UK,” he said.
Borkhatria also heads Southall’s online travel agent brands, Travel Trolley and Sky Sharp.
The company quickly redeployed staff to increase its customer care capacity – the refunds processing workforce was increased from 15 to 300. “This saw our average call waiting time decrease to just two minutes,” he said.
“I believe we are the only online travel agent to waive off admin fees for refunds – which we could legally charge – to help our customers during these challenging times when many agents are just talking and delivering very little.”
About 95 per cent of the airlines grounded their operations and the refunds process was cumbersome, he said. “The airlines implemented a manual process for payment clearances, which meant agents had to complete an application form for each and every passenger on the booking, which is both time-consuming and labour-intensive,” said Borkhatria.
For refunds of package holidays, the agents are the “principals”, he explained, adding the company had refunded customers who had booked for vacations in April, May and June. “This we did even if we may not have received the refunds from the airlines or hotel partners,” said Borkhatria.
“For flight only or single component, we are not the principals, the airline is the principal and we have to adhere with the airlines policy on refunds, which can be challenging and frustrating not only for us, but more important, our customers.”
Borkhatria said he wouldn’t blame the airlines because they, too, were left devastated, staring at uncertainty. Notably, he had previously worked with airlines such as Sabena and KLM in Tanzania, where he was born and brought up, before migrating to the UK.
“We have been regularly liaising with our airline partners for the refunds of our customers, and had good success with major airlines,” he added.
The Southall group, too, is facing losses. “However, I have been so busy with ensuring that our customers are refunded and reassured that I am yet to assess the pandemic’s financial impact on our business,” said Borkhatria, who joined the group in 2005.
“Moreover, as a successful, privately-owned UK travel business which has been operating for more than 35 years, we are in an enviable position whereby we have a strong business model with significant cash reserves, that will see us through the current crisis.”
Borkhatria said the government support for businesses was “exceptional”, but added he wanted “some roadmap following the introduction of a 14-day quarantine for arriving passengers”.
“The quarantining restrictions will have a significant impact on customer demand for holidays and business trips, and it will cause massive damage to the UK economy, beyond the transport and tourism industries,” he said.
“We call on the government to reconsider this move and instead, introduce a plan that will help the travel and tourism sectors’ safe return, sooner rather than later.”
He said instead of a “blanket norm”, quarantine should be made mandatory only for those who are identified under “high risk” category through screenings at the airport, especially at the point of embarking.
On some media reports and speculation about travel industry groups lobbying the government and the airlines planning to legally challenge the “blanket quarantine”, Borkhatria said: “I am quite sure the government will soon come out with a better plan.”
He said once the international flight restrictions begin to ease, the initial phase of travel would mainly be VFR – visit family and friends.
“Markets such as India, Pakistan, Bangladesh, the Philippines and the Middle East would be priority for the mainstream travel from the UK,” said Borkhatria, adding that he was awaiting commercial flights for a personal trip to India, Southall’s largest destination market with a 45-50 per cent share. For travel packages, beach holidays will be the top choice, as social distancing can be achieved far better than city breaks.
“I see huge potential for destinations such as Maldives, Mauritius and Sri Lanka, which have been investing a lot in tourism,” he said.
And once the bookings restart, Southall Travel will be in a “very strong position” in the market because of its steadfast efforts to ensure that, as always, “customer is king”.
While winding up the interview, asked how he stayed calm and self assured in these tumultuous times, Borkhatria said, “I come from a family of singers, mainly traditional devotional songs like bhajan and classical music.
So, all of us in the family picked up music, much like people living near on the river bank learning swimming. Music has been somewhat like that in our family. Devotional songs bring you close to spirituality.”
Dr Sudhir Ruparelia emphasised Uganda’s growing real estate, agriculture and tourism sectors.
Lord Dolar Popat called for closer Commonwealth ties between Africa, the UK and India.
Uganda’s ministers outlined regional integration, investment climate and agricultural transformation.
Spiritual leader Sant Trilochan Darshan Das Ji urged ethical entrepreneurship rooted in integrity.
The 15th edition of the UK–Africa Business Summit took place on Friday, 12 September at The Royal Horseguards Hotel & One Whitehall Place, bringing together senior government leaders, entrepreneurs, investors and diaspora stakeholders to strengthen trade and investment ties between the UK and African nations.
One of the most anticipated interventions came from Dr Sudhir Ruparelia, Uganda’s richest businessman with an estimated fortune of $1.6 billion. Speaking of his family’s deep commitment to Uganda, Ruparelia said: “We’ve created thousands of jobs, benefiting millions of Ugandans. The real estate sector remains vibrant and agriculture presents countless opportunities. Hospitality and tourism are thriving – let’s seize the moment.”
Lord Dolar Popat, Member of the House of Lords and former UK Prime Minister’s Envoy to Africa, addressed Africa’s pivotal role amid shifting global trade realities. He urged closer Commonwealth ties, emphasising collaboration between Africa, the UK and India to strengthen trade resilience.
The summit also hosted influential voices from government and diplomacy:
Rt Hon Rebecca Kadaga, Uganda’s First Deputy Prime Minister and Minister for East African Community Affairs, set out East Africa’s integration agenda, focusing on accelerating AfCFTA adoption, removing non-tariff barriers and coordinating infrastructure to position the region as a competitive investment market.
Uganda featured prominently throughout the summit. Col Edith Nakalema highlighted the enabling investment climate under President Yoweri Kaguta Museveni, particularly through technology-driven efficiency in SHIPU’s operations to safeguard investors against cyber fraud.
UK–Africa business summit 2025
Dr Hillary Musoke Kisanja, Senior Presidential Advisor on Agribusiness and Value-Addition Development, unveiled Uganda’s roadmap to transform agriculture into a high-value, climate-resilient driver of growth.
HE Nimisha Madhvani, Uganda’s High Commissioner to the UK, joined other diplomats in a flagship session on trade, resilience and diplomacy, where participants examined how Africa can redefine its partnerships with the UK in an era of shifting alliances.
The Ugandan delegation also included Ruth Nankabirwa, Minister of Energy and Mineral Development; Gen David Muhoozi, Minister of State for Internal Affairs; Lt Gen Joseph Musanyufu, Permanent Secretary of the Internal Affairs Ministry; and Maj Gen Apollo Kasiita-Gowa, Director of Citizenship and Immigration Control.
UK–Africa business summit 2025
Faith and ethical entrepreneurship
Spiritual leader Sant Trilochan Darshan Das Ji, head of Das Dharam-Sachkhand Nanak Dham, graced the summit as Honorary Chief Guest. He urged delegates to embrace ethical entrepreneurship and align economic ambition with values of integrity and social good.
Spiritual leader Sant Trilochan Darshan Das Ji, head of Das Dharam-Sachkhand Nanak Dham, graced the summit as Honorary Chief Guest
A platform for resilience
Summit founder and chairman Willy Mutenza acknowledged the challenges posed by renewed US tariffs and shifting geopolitical alignments, but stressed Africa’s resilience, pointing to expanding markets, a youthful population and growing infrastructure as long-term opportunities for investors.
Prof Augustus Nuwagaba, Deputy Governor of the Bank of Uganda, reinforced this vision with a presentation on Uganda’s sustained economic growth trajectory.
UK–Africa business summit 2025
Innovation and Africa’s future
The summit concluded with a high-level panel on digital trade, e-mobility, AI and climate-resilient investment. Industry leaders highlighted Africa’s emerging innovation-led growth model, from Kenya’s fintech ecosystems to Uganda’s science-based industrial strategy. The session underscored the importance of digital sovereignty, blended finance and ESG-aligned investment to unlock inclusive economic growth.
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Donald Trump and Narendra Modi shake hands as they attend a joint press conference at the White House on February 13, 2025.
INDIA and the United States will hold trade discussions in New Delhi on Tuesday, officials and Indian media reports said, as the two countries look to resolve a tariff dispute.
India currently faces high US tariffs on most of its exports and has not yet been able to reach a trade deal that would ease the pressure.
Trump has sought to increase pressure on Moscow over the war in Ukraine. The move has added to tensions between Washington and New Delhi.
Both governments, however, have said they remain committed to talks.
Commerce ministry official Rajesh Agarwal said on Monday that officials would meet in person on Tuesday for discussions, The Indian Express reported.
According to broadcaster NDTV, Brendan Lynch, assistant trade representative for South and Central Asia, will be part of the US delegation. The report said the discussions would be a “precursor” to a later full round of negotiations.
The talks come a week after Trump said discussions would continue between the two sides to address trade barriers.
“I feel certain that there will be no difficulty in coming to a successful conclusion for both of our Great Countries!,” Trump posted on Truth Social last week, without providing details.
Indian prime minister Narendra Modi responded by calling India and the United States “close friends and natural partners” and said teams from both sides were working to conclude discussions “at the earliest”.
(With inputs from agencies)
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Piyush Goyal recalled that in February, Narendra Modi and Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025. (Photo: Getty Images)
INDIA’s commerce and industry minister Piyush Goyal on Thursday said that negotiations on the proposed trade agreement between India and the United States, which began in March, are progressing in a positive atmosphere and both sides are satisfied with the discussions.
He recalled that in February, Indian prime minister Narendra Modi and US president Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025.
“Discussions have been going on in a positive atmosphere with seriousness since March. It is progressing, and both the countries are satisfied with the progress,” Goyal told reporters. On Wednesday, he had also said that India is in “active dialogue” with the United States.
Trump this week said there would be “no difficulty” for the two countries to reach a successful conclusion and that he looked forward to speaking with his “very good friend” Modi in the coming weeks. In a post on Truth Social, he wrote he was “pleased to announce that India, and the United States of America, are continuing negotiations to address the Trade Barriers between our two Nations.”
Modi responded on X, welcoming Trump’s statement and expressing confidence that the negotiations would help unlock the potential of the partnership. He said India and the US are close friends and natural partners and are working to conclude the discussions at the earliest.
The two countries have completed five rounds of negotiations since March. The sixth round, scheduled to take place in India last month, was deferred after Washington imposed an additional 25 per cent tariff on Indian goods over purchases of Russian crude oil.
The aim of the pact is to more than double bilateral trade in goods and services to USD 500 billion by 2030 from the current USD 191 bn. Trade ties have been strained due to tariffs, with the US imposing a 50 per cent import duty on Indian goods from August 27. The move has hit exports from labour-intensive sectors such as shrimp, textiles, leather and footwear. India has described the tariffs as unfair, unjustified and unreasonable.
Talks have also been delayed over US demands for greater access in sensitive sectors such as agriculture and dairy. India has said repeatedly that it will not compromise the interests of small and marginal farmers and cattle rearers.
The US is India’s largest trading partner. In 2024-25, bilateral trade in goods was USD 131.8 bn, with India’s exports at USD 86.5 bn and imports at USD 45.3 bn. The US is also the third-largest investor in India, with foreign direct investment of USD 76.26 bn between April 2000 and June 2025, accounting for 10 per cent of India’s total FDI inflows.
On protests in Nepal, Goyal said the Indian government is monitoring the situation and working to bring back Indian citizens stranded there. He added that the Indian mission in Nepal is ready to provide support and expressed hope for normalcy to return soon.
(With inputs from agencies)
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At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. (Photo: Getty Images)
INDIAN-AMERICAN entrepreneur Baiju Bhatt, co-founder of the commission-free trading platform Robinhood, has been named among the 10 youngest billionaires in the United States in the 2025 Forbes 400 list.
At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. Forbes estimates his net worth at around USD 6–7 billion (£4.4–5.1 billion), primarily from his roughly 6 per cent ownership in Robinhood.
Bhatt was born in 1984 in Poquoson, Virginia, to immigrant parents from Gujarat, India. His father, an aerospace engineer, worked at NASA. He grew up in a household where English was a second language and money was limited. He later attended Stanford University, where he studied physics and earned a master’s degree in mathematics.
In 2013, Bhatt co-founded Robinhood with Vlad Tenev, a fellow Stanford graduate. The platform introduced commission-free stock trading to retail investors in the United States and later expanded into retirement accounts and high-yield savings products. The company gained widespread attention during the Covid-19 pandemic, when trading activity surged around so-called meme stocks.
Robinhood went public in 2021 at the height of the retail investing boom. Bhatt served as co-CEO with Tenev until 2020, when he moved into the role of chief creative officer. In 2024, he stepped down from his executive position but continues to serve on Robinhood’s board of directors while retaining his 6 per cent stake.
Robinhood’s stock has seen significant gains over the past year, rising by about 400 per cent. The increase has been linked to a boost in cryptocurrency-related sales, new products such as individual retirement accounts and high-yield savings, and a strong performance in 2024, when the company reported USD 3 billion (£2.2 billion) in revenue.
Bhatt’s recognition in the Forbes 400 list underscores the continuing influence of technology entrepreneurs in the American financial sector. His career reflects the trajectory of several Indian-origin leaders in the United States, who have made a mark in technology and finance in recent years.
Forbes’ annual ranking of the 400 wealthiest Americans is based on estimates of net worth, which include publicly disclosed stakes in companies, real estate holdings, and other assets. Bhatt joins the ranks of young billionaires who have built fortunes through technology-driven ventures.
In addition to his role with Robinhood, Bhatt has been noted for his early life influences. Growing up in Virginia, he was exposed to science and technology through his father’s aerospace career. His academic path at Stanford provided the foundation to pursue entrepreneurial opportunities in financial technology.
Robinhood, under the leadership of Bhatt and Tenev, has changed how millions of Americans approach investing by lowering barriers to entry. While Bhatt is no longer in an executive role, his continued stake in the company keeps him closely tied to its growth and future direction.
Bhatt’s inclusion in the 2025 Forbes 400 as one of the youngest billionaires highlights his role in shaping retail investing and signals the growing presence of Indian-origin entrepreneurs in the US technology and finance industries.
(With agency inputs)
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The Canary Wharf business district including global financial institutions in London. (Photo: Getty Images)
UK's ECONOMY showed no growth in July, according to official data released on Friday, adding to a difficult week for prime minister Keir Starmer’s government.
The Office for National Statistics (ONS) said gross domestic product was flat in July, following a 0.4 per cent rise in June.
The government has faced two major setbacks this week. Deputy prime minister Angela Rayner resigned over failing to pay a property tax, and on Thursday, Starmer dismissed Peter Mandelson as ambassador to Washington after new disclosures about his ties with sex offender Jeffrey Epstein.
While the July GDP figure matched market expectations, limiting the effect on the pound, the government admitted challenges in lifting growth.
"We know there's more to do to boost growth, because, whilst our economy isn't broken, it does feel stuck," a Treasury spokesperson said, as Labour prepared for its budget announcement in late November.
The data showed a 1.3 per cent fall in production, offsetting gains in services and construction.
"The stagnation in real GDP in July shows that the economy is still struggling to gain decent momentum in the face of the drag from previous hikes in taxes and possible further tax rises to come in the budget," said Paul Dales, chief UK economist at Capital Economics.
Chancellor Rachel Reeves said last week that she would maintain a "tight grip" on public spending, setting November 26 for her budget speech.
The UK economy has faced weak growth since Reeves raised taxes and reduced public spending after Labour’s election win in July last year.
Separate ONS data on Friday showed exports of goods to the United States rose in July but stayed below levels seen before US president Donald Trump’s tariff measures.
Exports to the US increased by £800 million after London and Washington reached a trade deal that eased some tariffs, particularly on UK-made vehicles.
Trump will visit the UK next week for a state visit that includes talks with Starmer and a banquet hosted by King Charles.