Business
The around-the-world cruise that is yet to set sail
Suranjana TewariAsia Business Correspondent
BBC“Throw your current lifestyle overboard!” boasts the advert for Victoria Cruises Line (VCL), which bills itself as the world’s first affordable residential cruise.
Cabins typically go for US$3,840 (£2,858) a month for a three-year voyage to 115 countries, and travellers from all over the world have the option of doing the route for as long as they like.
For Australians Dennis and Taryna Wawn from Perth, excited by the prospect of a home at sea, the advert on Facebook couldn’t have come at a better time as they planned their retirement.
Three years later, the ship has yet to sail. In fact, they and other would-be cruise residents have found that VCL does not even own or have a lease on the ship that is being advertised.
The Wawns are just two of dozens of people who have been waiting for VCL to refund their deposits, the BBC has learned.
Other would-be residents told the BBC they sold their homes, rehomed cats and put their belongings into storage. One woman said she had put down her sick dog, believing she would be gone for years.
Another couple have now had to move into a retirement community because of their advanced ages and failing health. They could no longer commit to a residential cruise that might or might not ever sail.
“The people that put down a deposit for this cruise were sold a dream… and it has turned into nothing short of a nightmare,” said Adam Glezer, who runs a consumer advocacy company. “What VCL has done is disgusting.”
Those affected have contacted the company, some have launched legal cases and others have filed consumer complaints to government agencies. One even wrote to the FBI.
VCL told the BBC that it still needs more customers before a vessel can be chartered and so is continuing to advertise the cruise.
The company said customers knew about the occupancy condition when booking, and the company denies targeting or harming anyone, adding that it advised some clients not to sell homes to pay deposits.
Many of those who signed up have given up hope of the ship ever sailing, or of getting their money back.
‘All above board’
Taryna, 64, said that in May 2022, she and Dennis were starting to think about their future and what it could look like when they came across the residential cruise. The couple feel they did their due diligence.
Taryna said the company had a well-built and detailed website, they also spoke to a man from the company “who answered all the questions”, and they joined a Facebook group made up of other cruise “residents”.
“We did some checking, thought it was all above board,” she said.
Within a month, they took the step of paying a deposit of US$10,000 (£7,450). Their bank transfer has been viewed by the BBC.
But weeks before they were due to set sail in May 2023, VCL postponed the scheduled departure date.
In an email viewed by the BBC, VCL said the cruise hadn’t reached a roughly 80% occupancy – something the company said it needed in order to charter a vessel.
When VCL postponed twice more, the couple started to think something was up.
Then a fellow would-be resident got in touch, saying: “I’ve dug a little bit further. Get out.”
‘Our shared dream is very much alive’
VCL’s marketing promised a fully-fledged cruise liner that could house 1,350 guests, with pools, tennis courts and an Italian restaurant.
“We do have a beautiful, seaworthy ship, the former Holland American Veendam, now the Majestic,” VCL’s US representative wrote on the company’s Facebook page.
But the BBC has learned that on being contacted by some would-be residents, the firm that owns the ship denied any association with VCL.
Although it has not yet leased a ship, the company said it has continued to advertise the cruise and collect deposits in order to reach the necessary occupancy rate.
“If we had signed the lease agreement at the beginning of 2024, we would have had to pay approximately USD 18 million for nothing,” VCL said in an email to the BBC.
It also acknowledged that there had been 132 cancellations, and said it investigated 38 complaints, but found none justified a refund.
VCL also denied there were any “victims”, and said that 38 customers who asked for refunds cannot accept they were not entitled to one.
The company added that the refunds were withheld for administrative reasons, missing or incorrect bank details, failure to return termination administration agreements within deadlines, and anti-money laundering checks.
VCL’s cruise was last scheduled to depart on 26 July 2025, according to its website. But once again it failed to set sail.
“Despite the delay, we’ve been encouraged by a surprising influx of new interest in recent weeks – a strong signal that our shared dream is very much alive,” VCL’s website reads.
‘It got dirty’
Graham Whittaker, a former journalist based in Australia, estimates that VCL has taken money that goes into the millions.
“It got dirty because we started to find scores and scores more people who had never been refunded, who had asked for their money back, who had been lied to,” Whittaker said.
When passengers pushed harder – asking about refunds, and talking to the media about the case – they were threatened with legal action. The BBC has seen dozens of such emails.
“The threats and the harassments are getting serious for some,” Whittaker said.
VCL justified the threat of legal action in its email to the BBC.
“Yes, we will take legal action against anyone who tries to settle their complaint on social media,” it said.
The paper trail
Company records reviewed by the BBC show a web of shell businesses registered to the same address in Budapest, some now no longer trading.
The company is also registered in Florence, Italy, but as a specialised wholesaler of food, beverages and tobacco.
In Hungary, Viktória Takács-Ollram is listed as the founder, while her 79-year-old mother is registered as the chief executive.
Another company is registered under the same address to Viktória’s son, Marcell Herold, who is named as the vice president of VCL on its website.
In Hungary, VCL was registered in 2017 under a different name as an accounting and tax advising firm.
That changed to VCL in 2022, with “services auxiliary to waterborne transport” and “rental of water transport equipment” added.
In 2023 new activities were added: “car rental”, “lending of other machinery and equipment”.
As of 1 January 2025, its main activity is listed as “passenger transport by sea”.
Tax filings indicate more than $253,000 in unpaid taxes.
Taking matters into their own hands
A couple won a case in Hungary, overturning VCL’s contract changes, but enforcement stalled when VCL shifted its base to Italy.
VCL admitted to the BBC that it changed contracts after customers signed, and that new terms would apply retroactively.
“When drafting a contract, lawyers try to include everything. But sometimes life happens and the contract needs to be amended. That is what happened in this case,” VCL said.
“These contracts work this way for all shipping companies.”
Another couple filed a complaint in the US state of Utah, with the investigation finding that a berth was not booked on a stated departure date.
It also found that people purporting to be hired staff on the website did not plan to be on the cruise, nor had they received offers of employment.
The investigation ruling said that VCL’s US representative encouraged people to sign up for the cruise.
The investigation found that she truthfully believed the residential cruise was going to sail, but she agreed to sign a compliance order barring her from promoting such travel services in the future.
‘Not a phantom company’
Despite all of this, VCL continues to advertise its cruise on Facebook and Instagram.
Accounts on the platforms show glossy brochures of the ship’s decks, menus and cabins.
New “residents” are shown posing on board – many of them are actually stock images widely available on the internet.
To encourage lengthy stays, the cruise company has been offering hefty discounts, flash sales and cashback schemes.
Alleged victims say they have reported the ads repeatedly, but Meta – which owns Facebook and Instagram – has declined to take them down.
“It is reprehensible that these platforms are allowing advertising for VCL despite the significant amount of evidence. They should be held accountable for this,” said consumer champion Adam Glezer.
In a statement, Meta told the BBC that its advertising standards strictly prohibit deceptive or misleading ads, including scams, but it found no evidence that the page violates its policies.
VCL denied that it was running a scam, saying those affected were unable to accept that they were not entitled to a refund.
“Our company has never disappeared, we have responded to every email, so we are not a phantom company.”
Taryna said the idea of the cruise isn’t too good to be true – some people who signed up for the VCL cruise were currently travelling the world with other cruise liners.
However, for her and Dennis, going on another such cruise is no longer something they can afford.
“It was a dream for us and we were really focusing on it as a lovely adventure. It’s been traumatising.”
Additional reporting by Orsolya Polyacsko
Inflation fell to 3.6 per cent in October, in a pre-Budget boost to Rachel Reeves – as well as to consumers and businesses.
The latest update from the Office for National Statistics (ONS) showed Consumer Prices Index (CPI) inflation dropping from September, when it surprisingly held at 3.8 per cent. That has led to most analysts to declare inflation has peaked across the UK.
It is the first time the rate of inflation has been at this level since June of this year – though just three months prior to that, in March it was as low as 2.6 per cent.
Some economists were expecting CPI to fall to as low as 3.5 per cent last month, and while that has not quite transpired, the downturn in price growth will be cause for relief for households and firms which have had to deal with constant price pressures and uncertainty this year.
The anticipated fall was “primarily based off last year’s big increase in energy prices dropping out of the annual comparison”, explained RSM UK’s chief economist Thomas Pugh, as well as continued slowdown in food price inflation.
It comes just a week before the chancellor, Rachel Reeves, presents the Budget in which it is expected a raft of tax increases will be unveiled.
On the falling figures, Ms Reeves said: “This fall in inflation is good news for households and businesses across the country, but I’m determined to do more to bring prices down. That’s why at the budget next week I will take the fair choices to deliver on the public’s priorities to cut NHS waiting lists, cut national debt and cut the cost of living.”
In disagreement, Sir Mel Stride MP, shadow chancellor of the exchequer, said: “Inflation has been above target every single month since Labour’s last Budget, leaving working people worse off. Labour’s last Budget hiked borrowing and taxes, stoking the inflation now hitting families. If Labour had any backbone, they would adopt our £47 billion savings plan and our Golden Economic Rule next week to ease inflationary pressures.”
Daisy Cooper, deputy leader for the Liberal Democrats added: “As the cost-of-living crisis rages on, the Chancellor mustn’t look this small gift horse in the mouth. Hitting people with a stealth tax at next week’s Budget would prolong the pain of higher taxes for much longer and unfairly pull poorer pensioners and low-income workers into paying tax for the first time.
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“We Liberal Democrats are calling for emergency measures to slash people’s energy bills, save our high streets with a VAT cut for hospitality and boost growth in every corner of the UK – funded fairly by taxing the banks. The Chancellor must put households and high streets first and put an end to the most vulnerable from having to choose between heating and eating.”
The ONS have said that housing and household services made “the largest downward contribution” to the changing rate of CPI; while food and non-alcoholic beverages made the largest offsetting upward contribution.
Costs from health, communication and transport also dropped to contribute towards lowered inflation rates, while education and recreation and culture costs rose.
The continuing disinflation – plus recent data around rising joblessness – is likely to mean the Bank of England cut interest rates in December.
George Brown, senior economist at Schroders, said the situation beyond that remains cloudy and will depend very much on Rachel Reeves’ Budget. “Evidence inflation has peaked should tip the scales towards a December rate cut. But any further rate cuts will largely depend on the contents of the Chancellor’s red box. If VAT and green levies are eliminated from household energy bills, inflation could fall by as much as half a percentage point,” he said.
“But we remain concerned that broader price pressures will prove persistent. Wage growth is still well above a target-consistent pace, especially given repeatedly weak productivity.”
Lindsay James, strategist at Quilter, added that risks to the wider economy remain. “Although the direction of travel is improving, the wider economic backdrop remains fragile. Growth has been subdued all year, and the labour market is now cooling at a faster pace. The economy is clearly at a point of significant risk as we move towards 2026,” she said.
“Amidst rising unemployment , ill thought-out plans to target the tax relief on offer from salary sacrifice pensions not only store up greater problems for the future but also make workers even more expensive for companies who have already been hit hard by hikes to National Insurance and the minimum wage.”
The National Institute of Economic and Social Research (NIESR) also added that they expected two further rate cuts from the Bank of England next year, after inflation had “reached its peak”. “Unlike the announcements in the autumn 2024 budget, where a rise in business costs may have contributed to price increases in 2025, we think the upcoming budget is less likely to be inflationary,” added the NIESR in a statement.
“Falling inflation is welcome news and provides some relief for households heading into the winter months,” said Raisin UK’s co-founder Kevin Mountford. “While borrowing costs remain high, stabilising price pressures may pave the way for lower interest rates in the future, which could make mortgages and loans more affordable over time.”
Consumers were reminded that falling inflation, while a positive, wouldn’t be of help if they over-stretched themselves across the upcoming period – particularly with rates on borrowing still higher.
“No matter how healthy your finances, Christmas is an expensive time, so, while it’s good news that inflation is falling, many households will be spending more in the coming weeks on festive gifts, food and going out. The Black Friday sales can be very tempting, but – no matter how big the discount, it’s not a bargain if you have to take on unaffordable debt to buy it,” said Sarah Pennells, consumer finance specialist at Royal London.
Those with cash sat in accounts earning interest below the rate of inflation were urged to move their money elsewhere by Derek Sprawling, head of money at Spring.
“A fall in inflation offers some relief, but I urge savers not to become complacent. Even with a lower rate, billions remain in accounts paying below inflation, which remains relatively high. Savers should take this opportunity to review their savings options and switch to accounts that deliver returns above inflation, ensuring their money continues to grow in real terms,” he explained.
“Furthermore, with the Budget due, the outlook for interest rates is volatile regardless of the inflation rate. Moving your rainy-day savings to an account that gives a better return without restricting access provides better returns now and flexibility in the future.”
“There remains a significant gap between the best and worst rates available, so ensuring you’re regularly reviewing your interest rate and switching where possible is key,” added Shawbrook Bank’s Sally Conway.
The Target bullseye logo is seen on the outside of its store at the Lycoming Crossing Shopping Center.
Paul Weaver | Lightrocket | Getty Images
Target will report earnings on Wednesday morning as the big-box retailer gears up for the holiday season, gets ready for a new CEO and tries to snap a sales slump.
Here’s what Wall Street expects for the Minneapolis-based retailer’s fiscal third quarter, according to a survey of analysts by LSEG:
- Earnings per share: $1.72 expected
- Revenue: $25.32 billion expected
Target’s sales have been roughly stagnant for four years as it faces stiffer competition and has grown weaker in some of the areas that set it apart in the past, including its eye-catching merchandise, its well-organized stores, and its friendly and helpful customer service. Some customers also boycotted the retailer after it rolled back key diversity, equity and inclusion programs, a dynamic that Target blamed in part in May for its weaker sales results.
Target expects sales to decline again this year by a low single-digit percentage. It said adjusted earnings per share for the year, excluding gains from litigation settlements, will range from about $7 to $9. Most of that range would come in lower than last year, when adjusted earnings per share were $8.86.
Target announced in August that Michael Fiddelke, the company’s chief operating officer and former chief financial officer, would become its next CEO. He will succeed longtime Chief Executive Brian Cornell in February.
On an earnings call in August, the day of Target’s CEO announcement, Fiddelke laid out his three top priorities: reestablishing Target’s reputation as a retailer with stylish and unique items, providing a more consistent customer experience, and using technology more effectively to operate an efficient business.
He said he wouldn’t wait until stepping into the role to make changes.
Last month, Target announced it would cut 1,800 corporate jobs — its largest layoff in a decade. It’s made moves to sharpen its merchandise and get back its fashion sense, including sending its designers to rodeos and ski lodges for inspiration. And it’s tweaked its online fulfillment strategy at stores to try to free up employees’ time to stock shelves and assist customers.
It also rolled out a policy change that shoppers may notice during the holiday season, which it dubbed the 10-4 program. When store employees are within 10 feet of a customer, Target has asked them to smile and show friendly and welcoming body language, such as waving and making eye contact. When a customer is within 4 feet, Target is asking store employees to initiate a conversation by personally greeting the shopper along with smiling.
Target isn’t the only big-box retailer getting a new CEO. Its rival Walmart announced last week that John Furner, the chief executive of its U.S. business, will succeed longtime CEO Doug McMillon. He will start the role on Feb. 1, the same day Fiddelke takes over at Target.
Business
PM Kisan 21st Installment Live Updates: PM Modi To Release Rs 18,000 Crore To Nearly 9 Crore Farmers
PM Kisan 21st Installment Live Updates: The wait for the PM Kisan Samman Nidhi’s 21st installment is now going to be over today, after Prime Minister Narendra Modi is set to release the next tranche of Rs 2,000 shortly at an event in Coimbatore, Tamil Nadu.
“The prime minister will release the 21st installment of PM-KISAN on November 19, 2025, in Coimbatore, Tamil Nadu,” according to PM Kisan’s portal.
As per the government data, Rs 18,000 crore will be transferred to nearly 9 crore farmers nationwide. Combined with state schemes, many farmers are receiving additional income buffers ahead of the agri season.
“This instalment comes at a crucial moment: rising input costs, mandi price volatility, and liquidity gaps continue to challenge small and marginal farmers. A deeper lens on how direct benefit transfers are influencing farm decisions, post-harvest management, storage choices, and credit dependency could make for a compelling industry story,” said Amith Agarwal, co-founder and CEO of StarAgri Warehousing & Collateral Management.
PM Kisan: How To Check Beneficiary Status?
1. Visit the official PM Kisan portal: https://pmkisan.gov.in
2. On the homepage, under the ‘FARMERS CORNER’, click on ‘Beneficiary List’.
3. Enter your state, district, sub-district, block, and village.
4. Click ‘Get Report’ to view the list of beneficiaries in your village.
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