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<keyword id="24349" type="LOCATION" weightage="20" keywordseo="Hong-Kong">Hong Kong</keyword> flag carrier <keyword id="94768" type="COMPANY" weightage="20" keywordseo="Cathay-Pacific">Cathay Pacific</keyword> on Wednesday announced that it will eliminate 8,500 job posts, making 5,900 staff redundant, and shut one of its regional airlines with immediate effect in an effort to cope with the Covid-19 pandemic-induced fallout.<br /><br />This is the company's largest jobs cut in its history, the South China Morning Post newspaper reported.<br /><br />In the announcement, the carrier said 5,300 city-based and 600 overseas employees would be made redundant "in the coming weeks", while 2,600 unfilled posts would be abolished.<br /><br />Meanwhile, the company's regional arm, Cathay Dragon, would "cease its operations with effect from today" and seek regulatory approval for most of its routes to be absorbed and operated by Cathay Pacific and budget sister unit HK Express.<br /><br />Of the Cathay Pacific group's 35,000 headcount, 24 per cent of roles would be eliminated, the company said, which would reduce its workforce to a level last seen in 2007.<br /><br />Since the pandemic hit the city earlier this year, the airline witnessed a 99 per cent collapse in its daily passenger volume. <br /><br />Presently, most of its planes are grounded, the South China Morning Post said in its report.<br /><br />In an internal memo, Cathay CEO Augustus Tang told its 35,000 staff: "We have taken every possible action to avoid job losses up to this point... Unfortunately, we will not survive without further measures.<br /><br />"This is a heart-wrenching decision to have to make, for which I am truly sorry."<br /><br />The International Air Transport Association (IATA), which represents the global airline industry, had revealed in a forecast earlier this year that a recovery in air traffic to pre-pandemic levels would take at least four years.<br /><br /><strong>SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-ril-ioc-ongc-cipla-hindustan-zinc-prabhat-dairy-and-others/articleshow/78780036.cms" data-type="tilCustomLink">Top stocks to watch — RIL, IOC, ONGC, Cipla, Hindustan Zinc, Prabhat Dairy, and others</a><br /></strong> <strong><br /> <a href="https://www.businessinsider.in/tech/mobile/news/checkout-samsung-galaxy-m51-mobile-review/articleshow/78780771.cms" data-type="tilCustomLink">Samsung Galaxy M51 review – insane battery life</a><br /> <br /> </strong><a href="https://www.businessinsider.in/defense/news/india-will-be-most-consequential-partner-for-us-in-indo-pacific-this-century/articleshow/78780949.cms" data-type="tilCustomLink"><strong>US Defence Secretary believes India will be the most consequential partner for US in Indo-Pacific this century</strong></a><br />

Cathay Pacific to cut 8,500 jobs and shut one of its regional airlines

<br /> When you plan your next air travel to abroad, make sure you try a Chinese airlines, something like <keyword id="307988" type="COMPANY" weightage="20" keywordseo="China-Southern-Airlines">China Southern Airlines</keyword> or <keyword id="141574" type="COMPANY" weightage="20" keywordseo="China-Airlines">China Airlines</keyword>. By offering lowest fares on busy travel routes between India, the Far East, Australia, <keyword id="22501" type="COUNTRY" weightage="20" keywordseo="New-Zealand">New Zealand</keyword>, right up to the <keyword id="44875" type="UNKNOWN" weightage="60" keywordseo="West-coast">West Coast</keyword> of <keyword id="6378080" type="COUNTRY" weightage="60" keywordseo="North-America">North America</keyword>, along with short transit stops at their hubs, mainland Chinese carriers are attracting Indian passengers.<br />
<br /> "In the past few years we have seen a gradual increase in Chinese carriers operating in India," <keyword id="3184684" type="UNKNOWN" weightage="20" keywordseo="Indiver-Rastogi">Indiver Rastogi</keyword>, president, <keyword id="948093" type="ORGANIZATION" weightage="20" keywordseo="Global-Business-Travel">Global Business Travel</keyword> at <keyword id="87184" type="COMPANY" weightage="20" keywordseo="Thomas-Cook">Thomas Cook</keyword> (India) Limited told <keyword id="6405564" type="COMPANY" weightage="20" keywordseo="The-Times-Of-India">The Times of India</keyword>. "These airlines offer a combination of value-for-money fares and high quality experience that has attracted the price-conscious Indian traveller. These airlines are also popular with corporate travellers who have business interests in China or want to use the country as a hub to fly onward to the <keyword id="6355055" type="COUNTRY" weightage="20" keywordseo="USA">USA</keyword>," he added.<br />
<br /> "The fare difference varies between Rs 20,000 and 25,000 for long-haul destinations like the US and <keyword id="6356687" type="COUNTRY" weightage="20" keywordseo="canada">Canada</keyword> compared to other carriers like <keyword id="6368386" type="COMPANY" weightage="20" keywordseo="Singapore-Airlines">Singapore Airlines</keyword> (SIA), <keyword id="131521" type="COMPANY" weightage="20" keywordseo="Thai-Airways">Thai Airways</keyword> and Malaysian Airlines. The competition price differential for China and <keyword id="6355311" type="COUNTRY" weightage="20" keywordseo="Japan">Japan</keyword> is from Rs 15,000-20,000," <keyword id="5149" type="PERSON" weightage="20" keywordseo="Rastogi">Rastogi</keyword> said.<br />
<br /> The limited access to the Indian market granted to mainland Chinese carriers has saved airlines like SIA, <keyword id="94768" type="CITY" weightage="20" keywordseo="Cathay-Pacific">Cathay Pacific</keyword>, Thai, Malaysian and even <keyword id="2573" type="CITY" weightage="20" keywordseo="Air-India">Air India</keyword> from a Chinese takeover on routes to the east. At the moment, all major Chinese carriers fly mainly to and from Delhi.<br />
<br /> "Under current Sino-Indian bilateral agreements, airlines of both sides can operate 10,000 weekly seats on 42 frequencies. While Chinese carriers are utilizing this fully, India uses only 1,280 seats on the five flights that AI operates every week to <keyword id="6368000" type="COMPANY" weightage="20" keywordseo="Shanghai">Shanghai</keyword>. No other Indian carrier flies to China," said a senior government official. While China has been asking for enhanced bilaterals, the <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword> government's stand has been that they will be hiked when India carriers utilise 80% of the rights given to them bilaterally.<br />
<br /> Hong Kong-based Cathay <keyword id="54594" type="ENTERTAINMENT" weightage="20" keywordseo="Pacific">Pacific</keyword> and <keyword id="3227877" type="UNKNOWN" weightage="20" keywordseo="Cathay-Dragon">Cathay Dragon</keyword> have 48 weekly flights to six Indian cities. While <keyword id="6504436" type="ORGANIZATION" weightage="20" keywordseo="HK">HK</keyword> is now part of China, Cathay continues to enjoy its flying rights under bilaterals that India had with <keyword id="379203" type="CITY" weightage="20" keywordseo="Hong-King">Hong King</keyword> when it was under British rule.<br />
<br /> Among mainland Chinese carriers that operate to India, China Southern has the maximum number of flights with a twice-daily on the <keyword id="3995962" type="UNKNOWN" weightage="20" keywordseo="delhi-guangzhou">Delhi-Guangzhou</keyword> (its hub) route, with both flights on the wide body <keyword id="6356166" type="COMPANY" weightage="20" keywordseo="Airbus">Airbus</keyword> A-330 aircraft. Chengming Yan, China Southern head in Delhi, said: "Almost 60-70% of our flyers from India take connections via <keyword id="106384" type="COMPANY" weightage="20" keywordseo="Guangzhou">Guangzhou</keyword> to US, Australia and New Zealand. We have a great network from our hub to those places. Indian flyers do not need to wait for more than two hours for their connections."

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Hong Kong flag carrier, <keyword id="94768" type="COMPANY" weightage="20" keywordseo="Cathay-Pacific">Cathay Pacific</keyword> on Friday said that it expected to make a loss of HK$9.9 billion ($1.28 billion) in the first six months of 2020, the largest in the airline's history.<br /><br />In a profit warning, Cathay said the loss had been caused by the <keyword id="9327113" type="UNKNOWN" weightage="20" keywordseo="ongoing-coronavirus-pandemic">ongoing coronavirus pandemic</keyword>, reports the <keyword id="62481" type="COMPANY" weightage="20" keywordseo="South-China-Morning-Post">South China Morning Post</keyword> (SCMP) newspaper.<br /><br />Cathay reported the biggest loss in the company's reporting of a six-month or full-year period from a HK$1.3 billion net profit in the same time last year. <br /><br />Its previous biggest loss was in 2008 at the height of the global financial crisis, when it lost HK$8.6 billion.<br /><br />The company said 16 Cathay Pacific and Cathay Dragon planes would not re-enter service before the summer of 2021, causing an estimated HK$2.4 billion loss.<br /><br />It is the first time the airline has given an estimate of how many fewer aircraft it would require to operate its optimal schedule post-pandemic, giving a better indication of company size and how many staff it would ultimately need.<br /><br />The airline has been losing up to HK$3 billion a month since February as the <keyword id="43587" type="ORGANIZATION" weightage="20" keywordseo="pandemic">pandemic</keyword> crippled the aviation industry worldwide.<br /><br />In June, Cathay continued to carry less than 1 per cent of its normal passenger volume, handling 900 customers a day on average, a far cry from the 100,000 on average, the SCMP reported. <br /><br />It operated less than 4 per cent of its normal schedule.<br /><br />The airline is expected to unveil its half-year 2020 results on August 12.<br /><br /><strong>SEE ALSO: <a href="https://www.businessinsider.in/india/news/indigo-follows-vistara-to-allow-a-single-passenger-to-book-two-seats-for-safety-during-coronavirus/articleshow/77013041.cms" data-type="tilCustomLink">IndiGo follows Vistara to allow a single passenger to book two seats for safety during coronavirus</a><br /><br /></strong><a href="https://www.businessinsider.in/stock-market/news/dixon-technologies-shares-have-doubled-in-less-than-4-months-and-there-may-be-more/articleshow/77011181.cms" data-type="tilCustomLink"><strong>Jio set-top box maker Dixon Tech shares have doubled in less than 4 months⁠— and there may be more</strong></a><br />

Cathay Pacific warns of historic $1.3 loss as the battered travel industry continues to struggle

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="http://www.cathaypacific.com/cx/en_US.html">Cathay Pacific</a></span></p><p class="caption">Two Cathay Pacific flight attendants in the airline's business class cabin.</p></div><p></p></div></div></p><ul><li><strong><a href="http://www.businessinsider.com/category/cathay-pacific" target="_blank" rel="noopener">Cathay Pacific</a> has scrapped a 71-year old uniform rule that forced female <a href="http://www.businessinsider.com/category/flight-attendants" target="_blank" rel="noopener">flight attendants</a> to wear skirts.</strong></li><li><strong>The policy change comes after years of pressure and complaints from female flight attendants who claim their uniforms are too revealing.</strong></li><li><strong>The airline may require as much as three years to create revamped uniforms with non-skirt options.</strong></li></ul><p>Female flight attendants at Cathay Pacific Airways are now allowed to wear pants at work. The Hong Kong-based airline abolished its 71-year-old, skirts-only uniform policy after considerable pressure from its female flight attendants and their unions, the <a href="http://www.scmp.com/news/hong-kong/economy/article/2139700/almost-3000-female-cabin-crew-cathay-pacific-and-cathay" target="_blank" rel="noopener">South China Morning Post reported</a>.</p><p>The new uniform rule is expected to cover both Cathay Pacific and regional subsidiary, Cathay Dragon Airlines.</p><p>Representatives from Cathay Pacific were not immediately available for comment. However, in a statement to the <a href="http://www.scmp.com/news/hong-kong/article/1503791/cathay-pacific-union-says-female-cabin-crews-uniforms-too-sexy" target="_blank" rel="noopener">BBC</a>, the airline said: "Just as we recognize it is important to provide our customers with more choice, the same is also true for our colleagues."</p><p>The current Cathay Pacific uniforms by designer Eddie Lau were introduced with great fanfare in 2011. However, female flight attendants have complained that the skirts and blouses are too short, too tight, and too revealing.</p><p>As a result, Cathay's <a href="http://www.scmp.com/news/hong-kong/article/1503791/cathay-pacific-union-says-female-cabin-crews-uniforms-too-sexy" target="_blank" rel="noopener">flight attendants and their union claim the uniforms have</a> made it more difficult for the crew members to do their jobs while contributing to a rise in reported sexual harassment.</p><p>The new uniform policy "<span>not only provides us one more </span>option, but also provides us with protection," Pauline Mak, vice chair of the Hong Kong Dragon Airlines Flight Attendants Association, told the BBC.</p><p><span>According to the SCMP, roughly 2,500 of Cathay Pacific's 7,000 female flight attendants have indicated they were in favor of wearing pants. </span></p><p><span>However, it is unlikely you'll see Cathay Pacific's female cabin crew in pants anytime in the near future. Since there aren't any non-skirt options in the airline's current uniform package, it may have to wait for its next uniform revamp to include the necessary pieces. This could take as many as three years. But, union leaders are said to be pushing for pants to be added in the interim. </span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/wall-street-divided-stocks-after-latest-meltdown-intelligent-investing-2018-3">Wall Street is divided over whether stocks can storm back from their latest meltdown</a></h3>        <div>                    </div>    </div>

Female Cathay Pacific flight attendants pressured the airline to change a 71-year-old rule that forced them to wear skirts at work

<ul class="summary-list"><li>A funeral planner told the NYT she uses the <keyword id="12193287" type="UNKNOWN" weightage="60" keywordseo="skills" source="Orion">skills</keyword> she got from her previous <keyword id="11955373" type="UNKNOWN" weightage="60" keywordseo="flight-attendant" source="Orion">flight attendant</keyword> <keyword id="11893504" type="UNKNOWN" weightage="60" keywordseo="job" source="Orion">job</keyword>.</li><li>She said she had to calm stressed passengers but now she deals with people with bigger problems.</li></ul><p>A former <keyword id="12039900" type="UNKNOWN" weightage="60" keywordseo="flight" source="Orion">flight</keyword> attendant for Cathay Dragon said the skills she used to deal with upset air passengers have transferred to her new role as a funeral planner, according to <a href="https://www.nytimes.com/2022/07/24/world/asia/covid-career-change-hong-kong.html">The New York Times</a>.</p><p>Connie Wong worked for Cathay Dragon, the regional arm of Cathay Pacific, for six years until she was made unemployed in 2020 after COVID-19 forced <a href="https://www.businessinsider.in/india/news/cathay-pacific-to-cut-8500-jobs-and-shut-one-of-its-regional-airlines/articleshow/78782378.cms">the airline</a> to cut jobs and shut down, The Times reported.</p><p>Wong told The Times that she applied last summer to become a life celebrant — someone who creates personalized funeral ceremonies — at a Hong Kong nonprofit organization called Forget Thee Not. The funerals she organizes are designed to be affordable for poor families, Wong added.</p><p>Working as a flight attendant has given Wong useful skills for working as a funeral planner, Wong told The Times. As part of her airline job, she would be required to relax passengers who were experiencing flight delays, she said in the interview. Wong has transferred those skills to her funeral planning role, where she meets people who are going through much worse situations, she told The Times.</p><p>Although she misses flying, she is more satisfied in her job as a funeral planner because she can help grieving families with their loss of a loved one, she said.</p><p>Still, Wong has endured difficult times in the job, she said in the interview. She became so stressed out by the funeral job that her hair started falling out and she struggled to eat and sleep. She decided in November to go on sick leave until April, she added.</p><p>When Wong returned to the job, Hong Kong was in its <a href="https://www.businessinsider.com/hong-kong-corporate-exodus-destinations-covid-quarantine-measures-2022-4#hong-kongs-stringent-pandemic-measures-have-taken-a-toll-on-the-citys-residents-with-exits-picking-up-pace-over-the-last-two-years-as-the-citys-zero-covid-strategy-wears-on-1">fifth wave</a> of the COVID-19 pandemic and <a href="https://www.businessinsider.com/charts-deadly-omicron-wave-hitting-hong-kong-right-now-2022-3">officials warned</a> about the lack of resources, including hospitals and medication, leading to more deaths. </p><p>She arranged livestreams and narrations of the funerals she planned for those attendees who couldn't be present because they had COVID-19, Wong told The Times. </p><p>The Times interviewed another person, Mandi Cheung, who also switched from working in the aviation sector during the pandemic. Cheung quit his job in March as a security guard at an aircraft engineering company to become a cleaner at a COVID-19 quarantine center, he told The Times.</p>

An ex-flight attendant says the skills she used when calming down passengers helps in her new job as a funeral planner

<p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><ul class="summary-list"><li><strong>Hong Kong's ninth consecutive week of protests disrupted flights at the city's airport amid a general strike on Monday.&#xa0;</strong></li><li><strong>More than 230 flights had been canceled as of Monday evening local time, mostly on Cathay Pacific, the region's flag carrier airline.&#xa0;</strong></li><li><strong>Protesters have been demonstrating against proposed extradition legislation that would have allowed residents to be sent to mainland China to stand trial.</strong></li><li><strong><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</strong></li></ul><p><a href="https://www.businessinsider.com/category/cathay-pacific">Cathay Pacific</a>, the flag carrier airline of <a href="https://www.businessinsider.com/category/hong-kong">Hong Kong,</a> and other airlines have been forced to cancel more than 200 flights as <a href="https://www.businessinsider.com/hong-kong-protests-carrie-lam-says-she-will-not-resign-2019-8">protests continue to rage in the city.</a></p><p>More than 14,000 people pledged a general strike on Monday, <a href="https://www.bbc.com/news/world-asia-china-49231143"><span>the BBC reported</span></a>, as the <a href="https://www.businessinsider.com/hong-kong-protests-carrie-lam-says-she-will-not-resign-2019-8">demonstrations against more Chinese control in the autonomous region enter their ninth week.</a> Specifically, protesters have been decrying leader Carrie Lam and <span>proposed extradition legislation that would have allowed residents to be sent to mainland China to stand trial.</span></p><p>Air-traffic controllers and other workers did not report to work at the airport on Monday, <a href="https://www.scmp.com/news/hong-kong/politics/article/3021412/hundreds-flights-cancelled-leaving-travellers-facing-chaos"><span>the South China Morning Post reported</span></a>. As a result, the airport was using just one of its two runways for takeoffs and landings.</p><p>Cathay Pacific and Cathay Dragon were the most disrupted, with Hong Kong Airlines also cancelling flights Monday, data from FlightAware showed. As of 8:30 p.m. local time, 230 total flights had been delayed and another 338 delayed, the site said.</p><p>&#xa0;</p><p>"<span>Cathay Pacific and Cathay Dragon have been informed by the Airport Authority of Hong Kong that air traffic flow control measures are being implemented on 5 August 2019," <a href="https://www.cathaypacific.com/cx/en_HK/travel-information/travel-preparation/travel-advisories/disruptions-affecting-flights-tofrom-hong-kong-20190805.html">the airline said in a statement.</a>&#xa0;</span></p><p><span>"As a result, many flights have been delayed or cancelled. Customers are advised to postpone non-essential travel. We strongly advise customers not to go to the airport unless they have a confirmed booking. Please note that standby travel is not available at this moment."</span></p><p><span>Flights have also been cancelled into Tuesday morning, the airline said.&#xa0;</span></p><p><span>Cathay employees also called in sick as part of the strike, internal messages published by the Hong Kong Free Press showed.</span></p><p>At the airport, protesters flooded the terminal. Videos posted to YouTube by travelers <a href="https://www.youtube.com/watch?v=4EaF1XTfPRo"><span>showed long lines and crowded terminals </span></a>amid the travel chaos.</p><p>Shares of Cathay Pacific fell more than 4% in trading in Hong Kong on Monday, outpacing the benchmark Hang Seng index's 2.85% decline. Markets around the world were roiled by new trade tensions between the United States and China, which <a href="https://www.businessinsider.com/trade-war-china-currency-hits-7-per-dollar-for-first-time-in-11-years-2019-8"><span>sent Asian markets into a major selloff while US futures also dipped well into the red.</span></a></p><p><span>Elsewhere in Hong Kong, protesters blocked rush hour subway and commuter trains, the Associated Press reported, preventing commuters from leaving their stations.&#xa0;</span></p><h2>Now read:</h2><ul><li><a href="https://www.businessinsider.com/hong-kong-protests-carrie-lam-says-she-will-not-resign-2019-8">Hong Kong leader Carrie Lam says she will not resign as protests rage into their 9th week</a></li><li><a href="https://www.businessinsider.com/embarrassed-china-threatens-a-violent-end-to-hong-kong-protests-2019-8">As Hong Kong fights for its life, an embarrassed China has only violence to offer</a></li><li><a href="https://www.businessinsider.com/video-hong-kong-protesters-point-lasers-blind-facial-recognition-cameras-2019-8">Video shows Hong Kong protesters using lasers to disrupt government facial-recognition cameras</a></li></ul><div></div><div></div><div></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/inside-japans-underground-custom-lamborghini-crew-2019-7">We rode with a fleet of custom Lamborghini supercars on the Tokyo Expressway</a></h3>        <div>                    </div>    </div>

Ongoing protests in Hong Kong and a general aviation strike are escalating travel nightmares as hundreds of flights are cancelled

<ul class="summary-list"><li>Last year saw an influx of <keyword id="44023" type="ORGANIZATION" weightage="60" keywordseo="airlines">airlines</keyword> close up shop as the pandemic forced travelers to stay home. </li><li>All 11 major US airlines remained intact but smaller regional carriers were forced to close or merge due to the drop in <keyword id="6354692" type="UNKNOWN" weightage="60" keywordseo="Travel">travel</keyword> demand. </li><li>Not all were due to the pandemic, however, as the first two months of the year saw high-profile closures due to mounting losses. </li></ul><p>Each year sees a small number of airlines close up shop for any number of reasons, but last year had the pandemic to speed some along. </p><p>A surprise announcement in February that the promising Qatar Airways-backed Air Italy would be liquidated set the stage for a year of losses even before lockdowns grounded the world's airlines. And while the coronavirus was well-known by then, its destructive power in the airline industry was still yet to be realized. </p><p>In the US, all 11 major airlines remained intact but smaller regional carriers folded amid an unprecedented drop in passengers that remains low even into the new year. Three carriers operating flights on behalf of larger carriers both closed up shop after their services were no longer required by the majors, costing thousands of jobs in the industry amid an already grim period of furloughs. </p><p>Brett Snyder of the aviation blog CrankyFlyer's yearly list of "<a href="https://crankyflier.com/2020/12/31/airlines-we-lost-2020/">airlines we lost</a>" that reveals just how many didn't live to see the new year.</p><p><em><strong>Read more</strong>: <a href="https://www.businessinsider.com/coronavirus-airlines-business-class-pandemic-finance-covid-19-vaccine-2020-11?r=tp-sub">5 charts reveal how badly the loss of business travel is hurting America's biggest airlines - and why a COVID-19 vaccine won't ease the pain</a></em></p><p>Here are the most notable airlines we said goodbye to in 2020.</p><h2>Compass Airlines</h2><h2><div type="image" title="American Eagle E175" height="2827" width="3769" msid="80315208" hostid="261"></div></h2><p>Compass Airlines was a regional airline that shut down in April 2020 after ending operations with American Airlines and Delta Air Lines, according to <a href="https://www.flightglobal.com/strategy/compass-airlines-to-shut-down-operations/137408.article">FlightGlobal</a>. The Minneapolis-based carrier primarily flew the Embraer E175 aircraft with bases on the West Coast in its last years. </p><h2><keyword id="1476925" type="PERSON" weightage="60" keywordseo="ExpressJet">ExpressJet</keyword> Airlines</h2><h2><div type="image" title="United Express Embraer ERJ145 ExpressJet" height="1666" width="2223" msid="80315211" hostid="261"></div></h2><p>ExpressJet Airlines was a regional airline that ceased operations on September 30, 2020, after United Airlines chose rival CommutAir to fly regional services. Major airlines like American Airlines, Delta Air Lines, and most recently, United Airlines had contracted the airline to fly its regional hubs to smaller cities. </p><p>One pilot who flew for <a href="https://www.businessinsider.com/expressjet-airlines-ceases-operations-regional-airline-history-2020-10">ExpressJet described the airline to Insider as reliable and professional to the end</a>, earning the nickname "SureJet." </p><p> "We were the little airline that could," Colin Crane, a former ExpressJet pilot, told Insider in a prior interview.</p><p>The carrier had a small stint as an independent airline selling its own tickets and <keyword id="52392" type="CITY" weightage="60" keywordseo="Flying">flying</keyword> its own routes but rising oil prices at the time put an end to that plan. </p><h2>Ernest</h2><h2><div type="image" title="Ernest airline" height="1441" width="1922" msid="80315213" hostid="261"></div></h2><p>Italy's Ernest suspended operations less than two weeks into 2020 after only five years of service, <a href="https://airlinegeeks.com/2019/12/29/italian-carrier-ernst-airlines-suspends-operations/">AirlineGeeks</a> reported. The carrier primarily served European destinations with a fleet of four Airbus aircraft. </p><h2>AtlasJet</h2><h2><div type="image" title="AtlasGlobal" height="1668" width="2223" msid="80315216" hostid="261"></div></h2><p>Turkish carrier AtlasGlobal suspended operations in February 2020 after having just resumed operations following a challenging economic environment in its home country, according to <a href="https://www.flightglobal.com/airlines/turkeys-atlasglobal-reportedly-set-to-halt-flights-again/136720.article">FlightGlobal</a>. The airline operated flights within the Middle East and Europe with an Airbus fleet.</p><h2>Trans States Airlines</h2><h2><div type="image" title="Trans States Airlines" height="1113" width="1484" msid="80315218" hostid="261"></div></h2><p>Trans States Airlines was a regional airline that flew Embraer ERJ145 services for United Airlines, While originally planning to cease operations by the end of 2020 after consolidating operations with ExpressJet Airlines, the pandemic saw the airline cease operations on April 1, as <a href="https://www.businessinsider.com/coronavirus-airlines-that-failed-bankrupt-covid19-pandemic-2020-3#trans-states-airlines-us-march-2020-2">Insider's David Slotnick reported</a>.</p><p>Its parent company, Trans States Holdings, was also the parent company of Compass Airlines.</p><h2>Air Italy</h2><h2><div type="image" title="Air Italy" height="1665" width="2221" msid="80315220" hostid="261"></div></h2><p>Air Italy was an Italian airline reborn in 2018 under new ownership and strong backing from Qatar Airways. The airline could trace its routes back to the 1960s and flew under the Meridiana brand from the early 2000s until its rebrand. </p><p>Meridiana and the former Air Italy had combined to create an airline to rival Alitalia. The first new intercontinental flight launched to New York from Milan in June 2018 with subsequent expansions across the US and Canada. </p><p>Operations were ultimately ceased in February 2020 as its first years saw massive losses, as <a href="https://www.businessinsider.com/air-italy-to-liquidate-and-end-flights-latest-airline-bankruptcy-2020-2">Insider's David Slotnick reported</a>. The Boeing 737 Max grounding had also cost the airline since it relied on the aircraft for its European route network. </p><h2>Flybe</h2><h2><div type="image" title="Flybe Portugal" height="800" width="1066" msid="80315223" hostid="261"></div></h2><p>Flybe was an independent regional airline in the UK that ceased operations in March 2020 due to the pandemic, as the <a href="https://www.nytimes.com/2020/03/05/business/flybe-administration-coronavirus.html#:~:text=Flybe%2C%20an%20ailing%20regional%20airline,financial%20strains%20caused%20by%20coronavirus.">New York Times</a> reported. The airline had served the furthest and most obscure reaches of the British isle, especially cities that had been shunned by the country's larger carriers. </p><p>A group of companies including Virgin Atlantic Airways, Stobart Group, and Cyrus Capital had purchased the airline in 2019, the <a href="https://www.nytimes.com/2020/03/05/business/flybe-administration-coronavirus.html#:~:text=Flybe%2C%20an%20ailing%20regional%20airline,financial%20strains%20caused%20by%20coronavirus.">Times</a> reported, but that couldn't keep the airline from going under.</p><h2>Germanwings</h2><h2><div type="image" title="germanwings plane" height="2331" width="3108" msid="80315227" hostid="261"></div></h2><p>Germanwings was one of the Lufthansa Group's low-cost carriers that ceased operations in April 2020 due to the pandemic, as <a href="https://www.businessinsider.com/lufthansa-grounds-germanwings-in-sweeping-restructuring-2020-4">Reuters</a> reported. The Lufthansa Group started these carriers as a way of competing with the likes of Ryanair and EasyJet, which had offered incredibly low fares for flights across the continent. </p><p>The airline had suffered a massive public relations disaster when a co-pilot committed suicide by crashing a plane during a <a href="http://uk.businessinsider.com/plane-flying-from-barcelona-to-dusseldorf-crashes-in-france-2015-3">scheduled flight from Spain to Germany in 2015, killing all on board.</a></p><h2>SA Express</h2><h2><div type="image" title="SA Express" height="1392" width="1857" msid="80315229" hostid="261"></div></h2><p>SA Express was an independent regional airline in South Africa that ceased operations in May 2020 due to the pandemic, as <a href="https://airlinegeeks.com/2020/05/01/south-african-express-placed-under-liquidation-s-african-aviation-on-the-verge-of-collapse/">AirlineGeeks</a> reported. The airline had entered bankruptcy protection in February 2020. </p><h2>Tame</h2><h2><div type="image" title="TAME airline" height="1666" width="2222" msid="80315232" hostid="261"></div></h2><p>Tame was the flag carrier of Ecuador and shut down operations in May 2020 due to the COVID-19 pandemic, as <a href="https://www.routesonline.com/news/29/breaking-news/291391/tame-to-be-liquidated-but-essential-routes-to-continue/">Routesonline</a> reported. The carrier had flown within Latin America and North America during its tenure. </p><h2>Makani Kai</h2><div type="image" title="Mokulele Airlines Cessna 208" height="1232" width="1642" msid="80315235" hostid="261"></div><p>Makani Kai was a Hawaiian commuter airline that merged with Mokulele Air in June 2020, according to the <a href="https://www.staradvertiser.com/2020/06/03/breaking-news/mokulele-airlines-and-makani-kai-air-announce-merger/">Star-Advertiser</a>. Both airlines merged as the pandemic has crippled traffic with Hawaii largely closed to tourists at the time. </p><h2>Level</h2><h2><div type="image" title="LEVEL airline" height="1666" width="2223" msid="80315237" hostid="261"></div></h2><p>Level was a low-cost airline that ceased operations in June and July 2020. The carrier was initially started by the International Airlines Group to rival the likes of Norwegian and Wow Air on transatlantic and intra-European routes.</p><p>Flights were operated from Barcelona and Paris to cities across Europe and across the Atlantic to the Americas.  Both the European and the transatlantic divisions of the airline ceased operations due to the pandemic, as <a href="https://www.flightglobal.com/strategy/level-france-becomes-latest-coronavirus-crisis-airline-casualty/139242.article">FlightGlobal</a> reported.  </p><h2>NokScoot</h2><h2><div type="image" title="Nokscoot airline" height="1362" width="1816" msid="80315239" hostid="261"></div></h2><p>NokScoot was a Thai airline that ceased operations in June 2020, as the <a href="https://www.bangkokpost.com/business/1941572/nokscoot-goes-out-of-business">Bangkok Post</a> reported, citing the effects of the pandemic. The six-year-old airline was the result of a partnership between Scoot and Nok Airlines.</p><h2>LIAT</h2><h2><div type="image" title="LIAT airline" height="1666" width="2223" msid="80315241" hostid="261"></div></h2><p>LIAT was a Caribbean regional airline that ceased operations in July 2020 due to the pandemic after connecting the region's islands for years, the <a href="https://www.caymaniantimes.ky/news/liat-may-never-fly-again">Caymanian Times</a> reported. Prime Minister Gaston Browne of Antigua and Barbuda had said the airline had been posting losses before the pandemic and hoped a replacement airline supported by Caribbean governments would form. </p><h2>Cathay Dragon</h2><h2><div type="image" title="Cathay Dragon Airbus A330-300" height="1357" width="1809" msid="80315242" hostid="261"></div></h2><p>Cathay Dragon was a regional airline based in Hong Kong that <a href="https://news.cathaypacific.com/cathay-pacific-group-announces-corporate-restructuring">ceased operations in October 2020</a>. The carrier's operations were restructured under the Cathay Pacific Group with Cathay Pacific Airways. </p><h2>Laudamotion</h2><h2><div type="image" title="Lauda Airbus A320" height="3623" width="4830" msid="80315244" hostid="261"></div></h2><p>Austria's Laudamotion was a European airline that ceased operations in 2020 to form a new airline, Lauda Europe, according to <a href="https://airlinegeeks.com/2020/07/30/laudiamotion-to-close-transfer-assets/">AirlineGeeks</a>. It was formed by Formula One driver Niki Lauda and owned by the Ryanair Group to provide low-cost flights across Europe. </p><h2>Austral</h2><h2><div type="image" title="Austral Argentina" height="1781" width="2375" msid="80315245" hostid="261"></div></h2><p>Argentina's Austral ceased to exist on December 1, 2020, after a merger with the country's flag carrier, Aerolineas Argentinas, according to <a href="https://airlinegeeks.com/2020/12/01/goodbye-penguins-austral-lineas-aereas-brand-disappears-after-merge/">AirlineGeeks</a>. The carrier had formed in 1971 and provided regional services in Argentina and neighboring countries.  </p><h2>German Airways</h2><h2><div type="image" title="German Airways" height="1666" width="2223" msid="80315246" hostid="261"></div></h2><p>German Airways was a charter airline that ceased operations in April 2020 due to the pandemic, according to <a href="https://www.ch-aviation.com/portal/news/89443-germanys-lgw-files-for-voluntary-administration">CH Aviation</a>. The carrier provided 15 aircraft to Lufthansa Group's Eurowings including the Dash 8-400.</p><h2>Montenegro Airlines</h2><div type="image" title="Montenegro Airlines Fokker 100." height="3133" width="4177" msid="80315247" hostid="261"></div><p>Montenegro Airlines was a European carrier that ceased operations in December 2020 after its government stopped providing financing, the <a href="https://www.usatoday.com/story/travel/airline-news/2020/12/27/montenegro-airlines-indebted-state-airline-ceases-operations/4054535001/">Associated Press</a> reported. The flag carrier only operation regional services within the continent with no overseas flights beyond the continent. </p>

The pandemic devastated airlines in 2020 and forced many out of business - here's the most notable that didn't make it to 2021

<ul class="summary-list"><li><keyword id="12018329" type="UNKNOWN" weightage="60" keywordseo="aviation" source="Orion">Aviation</keyword> ranking firm <keyword id="11921291" type="UNKNOWN" weightage="60" keywordseo="skytrax" source="Orion">SkyTrax</keyword> has unveiled the best <keyword id="11921290" type="UNKNOWN" weightage="60" keywordseo="airports" source="Orion">airports</keyword> in the world for 2022.</li><li>Asia and Europe dominated the list, with Qatar's <keyword id="14230225" type="UNKNOWN" weightage="60" keywordseo="hamad-international-airport" source="Orion">Hamad International Airport</keyword> maintaining its top title.</li></ul><p>The top 100 airports in the world have once again been unveiled.</p><p>Aviation rating firm SkyTrax has <a href="https://skytraxratings.com/hamad-international-airport-is-named-the-worlds-best-airport">announced</a> its annual World Airports Awards for 2022 on Thursday, and Asia and Europe dominated the list. The organization uses global customer satisfaction surveys taken from 2021 to 2022 to determine the top airports. </p><p>According to SkyTrax, the surveys, which include over 550 airports worldwide, are the "quality benchmark for the world airport industry" and are "independent of any airport control, influence or input." </p><p>The survey covers things like terminal layout, comfort, seating, WiFi availability, restaurant options, retail vendors, and level of staff service, per the firm.</p><p>Doha's Hamad International Airport held onto its crown this year after being named the top airport in the world in 2021. <a href="https://www.businessinsider.com/skytrax-revealed-top-20-airports-in-the-world-for-2021-8">Last year was the first time in eight years</a> that Singapore's Changi International Airport was dethroned as the number one airport.</p><p>Among the top 20 airports in the world, there were 10 in Asia and 10 in Europe. Australia's Melbourne International Airport came in at number 26, while only two North American airports made the top 30, including Seattle-Tacoma and Vancouver.</p><p>Overall, 12 US airports managed to crack the top 100 list, while Canada only earned three spots. </p><p>Here's a closer look at the top 20 airports in the world, according to SkyTrax.</p><h2>20. Hong Kong International Airport</h2><div type="image" title="Hong Kong International Airport." height="768" width="1024" msid="92303807" hostid="261"></div><p>Hong Kong International Airport fell from number 10 in 2021 to number 20 this year. The airport is the gateway to Hong Kong, once serving as one of the largest cargo and passenger airports in the world. However, the COVID-19 pandemic caused the hub to lose significant traffic, and effectively fall "off the map," <a href="https://www.bloomberg.com/news/articles/2022-04-06/hong-kong-has-fallen-off-map-as-aviation-hub-airline-group-says">Bloomberg reported</a>.</p><p>Despite the low numbers, it still earned the title of best airport with less than two million passengers, according to SkyTrax. The airport serves as a base for Cathay Pacific, Cathay Dragon, Hong Kong <keyword id="11898285" type="UNKNOWN" weightage="60" keywordseo="airlines" source="Orion">Airlines</keyword>, Hong Kong Express Airways, and cargo carrier Air Hong Kong.</p><h2>19. Vienna International Airport</h2><div type="image" title="Vienna International Airport." height="768" width="1024" msid="92303812" hostid="261"></div><p>Vienna International Airport jumped four spots from number 23 in 2021 to number 19 in 2022. The airport is a gateway to Central Europe, Eastern Europe, and the Middle East, and acts as a hub for Austrian Airlines. Vienna is also a focus city for Eurowings Europe, ultra-low-cost airline Ryanair, Korean Air Cargo, and Hungarian-based Wizz Air.</p><h2>18. Guangzhou Baiyun International Airport</h2><div type="image" title="Terminal 2 at Guangzhou airport" height="3840" width="5119" msid="92303815" hostid="261"></div><p>China's Guangzhou Baiyun International Airport ranked number 18 in 2022, falling four spots from last year. Besides earning a top 20 spot, the airport also earned several other awards, including being the best airport in China, the cleanest airport in China, and the best airport with over 40 million passengers.</p><p>Guangzhou acts as a hub for China Southern Airlines, 9 Air, FedEx Express, Shenzhen Airlines, and Hainan Airlines, and as a focus city for China Eastern Airlines.</p><h2>17. Copenhagen Airport</h2><div type="image" title="Copenhagen Airport." height="768" width="1024" msid="92303817" hostid="261"></div><p>Copenhagen Airport, which serves as a gateway to the Oresund region of Denmark, jumped one spot from number 18 in 2021. The airport also earned an award for the best immigration processing. Copenhagen serves as a hub for Scandinavian Airlines and Norwegian Air Shuttle, and a focus city for Danish carrier DAT. </p><h2>16. Madrid-Barajas Airport</h2><div type="image" title="Madrid-Barajas Adolfo Suárez Airport." height="2245" width="2994" msid="92303819" hostid="261"></div><p>Spain's Madrid-Barajas Airport rose four spots in 2022 after barely making the top 20 list last year. The airport is the gateway to Madrid, as well as a popular connection point for Europeans traveling to and from Latin America. Madrid-Barajas is a hub airport for Iberia, Air Europa, easyJet, Ryanair, and Vueling.</p><h2>15.  Amsterdam Schiphol Airport</h2><div type="image" title="Amsterdam Schiphol Airport." height="3468" width="4624" msid="92303822" hostid="261"></div><p>Amsterdam Schipol Airport fell three spots in 2022. The airport is one of the busiest and largest in the world, acting as a gateway to Europe and the Netherlands. Amsterdam also won the award for best airport website and digital services. Dutch flag carrier KLM, KLM Cityhopper, KLM Cargo, and cargo carrier Martinair use the airport as a hub.</p><h2>14. Dubai International Airport</h2><div type="image" title="Dubai International Airport." height="725" width="966" msid="92303824" hostid="261"></div><p>Dubai International Airport rose five spots this year, ranking number 14 in 2022. The airport is a major gateway to the United Arab Emirates, is one of the largest airports in the Middle East, and is a major cargo hub in the region. Dubai has become a key hub for Emirates, which operates the largest fleet of Airbus A380 jumbo jets. The airport is also home to FedEx Express and Flydubai.</p><h2>13. London Heathrow Airport</h2><div type="image" title="London Heathrow Airport." height="767" width="1022" msid="92303829" hostid="261"></div><p>London Heathrow Airport fell out of the top 10 this year, having ranked number eight in 2021. The airport is one of the busiest in the world and serves as the main international gateway to London. Heathrow is a base for British Airways and a focus city for Virgin Atlantic.</p><h2>12. Chubu Centrair International Airport</h2><div type="image" title="Chubu Centrair International Airport." height="2680" width="3574" msid="92303832" hostid="261"></div><p>Japan's Chubu Centrair International Airport still felt short of making the top 10 list this year after ranking 11 in 2021. The airport is the gateway to the Chubu region of the country and was named the best regional airport in the world. Chubu is a hub for All Nippon Airways and Jetstar Japan, and a focus city for Japan Airlines and Polar Air Cargo.</p><h2>11. Helsinki-Vantaa Airport</h2><div type="image" title="Helsinki-Vantaa Airport." height="2654" width="3539" msid="92303834" hostid="261"></div><p>Finland's Helsinki-Vantaa Airport was named the number 11 best airport in the world for 2022, jumping two spots from last year. The airport also earned the title of the best airport in northern Europe. Helsinki is home to Finland flag carrier Finnair and Nordic regional airline Norra.</p><h2>10. Kansai International Airport</h2><div type="image" title="Kansai International Airport." height="768" width="1024" msid="92303837" hostid="261"></div><p>Rounding out the top 10 best airports is Kansai International Airport at number 10, which serves as the main gateway to the Greater Osaka region of Japan. In addition to making the top 10 list, Kansai earned two other awards, including the best low-cost terminal and the best airport for baggage delivery. All Nippon Airways, FedEx Express, Japan Airlines, Jetstar Japan, Nippon Cargo Airlines, and Peach are hubbed at Kansai.</p><h2>9. Zurich Airport</h2><div type="image" title="Zurich Airport." height="768" width="1024" msid="92303839" hostid="261"></div><p>Zurich Airport maintained its top 10 spots this year but fell two spots from number seven in 2021. The airport is one of Switzerland's busiest airports, acting as a hub for Edelweiss Air and Swiss International Airlines. Zurich won a handful of additional awards, including being the best airport for security processing and being the cleanest airport in Europe.</p><h2>8. Istanbul Airport</h2><div type="image" title="Istanbul Airport." height="724" width="965" msid="92303842" hostid="261"></div><p>Located on the European side of Turkey, Istanbul Airport jumped nine spots from number 17 in 2021 to number 8 in 2022. The hub airport is new, officially opening in April 2019 and becoming the city's main international gateway. Istanbul Airport is still being expanded, and, by 2025, is set to become the world's largest airport by passenger traffic with the capability to handle 200 million travelers per year, <a href="https://istanbul-international-airport.com/">according to the airport</a>.</p><p>Istanbul is home to Turkish Airlines and won several other awards, including the best family-friendly airport, best airport shopping, best airport in southern Europe, and best airport with 30-40 million passengers.</p><h2>7. Munich Airport</h2><div type="image" title="Munich Airport." height="768" width="1024" msid="92303847" hostid="261"></div><p>Munich Airport stayed in the top 10 this year, only falling one spot from 2021. The airport earned several other awards, including being named the best airport in central Europe, being the best airport with 10 to 15 million passengers, and having the best airport hotel. Munich is one of the busiest in Germany by passenger traffic and acts as a hub for Lufthansa and Lufthansa CityLine. </p><h2>6. Paris Charles de Gaulle Airport</h2><div type="image" title="Paris Charles de Gaulle Airport." height="1329" width="1773" msid="92303849" hostid="261"></div><p>Paris Charles de Gaulle Airport jumped nine spots from number 15 in 2021 to number six in 2022. The airport, which is one of the busiest in the world, was also named the best airport in Europe and the best airport in Western Europe. Charles de Gaulle is home to Air France, Air France Cargo, and FedEx Express.</p><h2>5. Incheon International Airport</h2><div type="image" title="Incheon International Airport." height="768" width="1024" msid="92303853" hostid="261"></div><p>Rounding out the top five airports in the world is South Korea's Incheon International Airport. The airport is a major international gateway and is home to several carriers, including Air Busan, Air Incheon, Air Seoul, Asiana Airlines, Eastar Jet, FedEx Express, Jeju Air, Jin Air, Korean Air, Polar Air Cargo, and T'way Air. Incheon is also a focus city for Thai Airways, China Eastern Airlines, and China Southern Airlines.</p><h2>4.  Narita International Airport</h2><div type="image" title="Narita International Airport." height="768" width="1024" msid="92303855" hostid="261"></div><p>Japan's Narita International Airport stayed in the top five this year, coming in at number four. The airport is the second-largest in the city and a main international gateway into the Greater Tokyo region. Narita was named the best airport for five to 10 million passengers and serves as a hub for Japan Airlines, All Nippon Airways, Jetstar Japan, Nippon Cargo Airlines, Peach, Spring Airlines Japan, and ZIPAIR Tokyo.</p><h2>3. <keyword id="14230226" type="UNKNOWN" weightage="60" keywordseo="singapore-changi-airport" source="Orion">Singapore Changi Airport</keyword></h2><div type="image" title="Singapore Changi Airport." height="1281" width="1709" msid="92303858" hostid="261"></div><p>After losing its crown in 2021, Singapore Changi Airport has been named the third-best airport in the world for 2022. The airport earned the top title from 2013 to 2020 but was beat out by Doha's Hamad International Airport last year.</p><p>Despite once-again falling short, the airport still won several awards this year, including best airport staff in the world and Asia, best airport dining, and best airport for two to five million passengers. Changi has several amenities, like a swimming pool and movie theater, and is home to Singapore Airlines, Jetstar Asia Airways, Scoot, and SilkAir.</p><h2>2. Tokyo International Airport</h2><div type="image" title="Tokyo International Airport." height="768" width="1024" msid="92303862" hostid="261"></div><p>Tokyo International Airport, commonly known as Haneda Airport, is once again the second-best airport in the world. The airport is the busier of the two airports serving Tokyo, having been restricted to just domestic and regional flying for many years. However, international flights were launched in 2010, and the airport is a convenient option for inbound passengers visiting Tokyo.</p><p>The airport won a handful of other awards this year, including being the world's cleanest airport, the world's best domestic airport, having the best accessible facilities, and being the best airport in Asia. Haneda is home to Air Do, Japan Airlines, All Nippon Airways, Skymark Airlines, and Skynet Asia Airways.</p><h2>1. Hamad International Airport</h2><div type="image" title="Hamad International Airport in Doha, Qatar — Doha, Qatar Trip 2021" height="1666" width="2223" msid="92303865" hostid="261"></div><p><a href="https://www.businessinsider.com/inside-2021s-best-airport-in-the-world-hamad-international-airport-2021-9">Doha's Hamad International Airport</a> is once again the best airport in the world, having dethroned Singapore Changi Airport for the top title in 2021. Hamad is the primary gateway to Qatar after replacing the country's old airport in 2014.</p><p>The airport is home to several amenities and vendors, as well as a convenient passenger train that easily shuttles travelers through the terminals. Flag carrier Qatar Airways is the main airline hubbed at Hamad.</p>

The top 20 best airports in the world according to passengers

<ul class="summary-list"><li>For centuries, Asian <keyword id="11893303" type="UNKNOWN" weightage="60" keywordseo="fashion" source="Orion">fashion</keyword> has been appropriated by Western designers.</li><li>Asian American designers talked to Insider about how traditional garments influenced their works, from the cheongsam to the áo dài to the kurta.</li></ul><p>Áo dàis, cheongsams, samfus, and hanboks aren't only reserved for Lunar New Year anymore.</p><p>Representative Marilyn Strickland wore a hanbok, a traditional Korean dress, as she was sworn into Congress in 2021.</p><p>Actress Kelly Marie Tran, who has starred in movies like "Raya and the Last Dragon" and the Star Wars franchise, graced the 2022 Oscars red carpet in a glimmering emerald áo dài, a traditional Vietnamese dress.</p><p>"To have my name authentically 'Thai Nguyen' and then having that áo dài on the world's biggest red carpet, it's proud," the dress's designer, Thai Nguyen, told Insider. </p><p>Having that kind of authentic representation on a red carpet can have lasting <keyword id="14138453" type="UNKNOWN" weightage="60" keywordseo="ripple-effects" source="Orion">ripple effects</keyword>. Nguyen said when a follower's daughter first saw Tran wearing an áo dài to the 2021 virtual "Raya" premiere, she instantly grabbed her own áo dài from her closet. Her mother said she didn't want to wear Cinderella dresses anymore. </p><p>"It woke me up, and it woke our community up," Nguyen said.</p><div type="image" title="A model wears an outfit designed by John Galliano for Christian Dior's Spring-Summer 2003 Haute Couture collection" height="1484" width="1979" msid="92813303" hostid="261" sizebytes="276180"></div><h2><strong>Cultural appropriation of Asian fashion has existed for centuries</strong></h2><p>Throughout history, Western nations and luxury fashion houses have fetishized Asian cultures through their garments. That hasn't stopped in recent years.</p><p>Until 2020, retailer Pretty Little Thing's website sorted qipaos complete with <a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.prettylittlething.us%2Fpetite-black-thigh-split-oriental-jumpsuit.html%3Futm_source%3Dgoogle%26utm_medium%3Dcpc%26utm_campaign%3Dgoogle_shopping_usa%26utm_content%3Dusa%26utm_term%3Dproduct_target%26istCompanyId%3Db972e4de-de58-4ac9-9a3c-d255a815fef9%26istFeedId%3D48a9adb1-6dc5-403b-88e6-f2c612356ac6%26istItemId%3Diwrqwlwmq%26istBid%3Dtzwt%26gclid%3DCj0KCQjw-daUBhCIARIsALbkjSaz1k-tUoVIF7DOOjsMluM_jkg2XACnMyhbFiL-if1FoydYrxO_knIaAoGIEALw_wcB%26gclsrc%3Daw.ds">leg-slits</a> under the "Oriental" category.</p><p>In the luxury fashion space, Dolce &amp; Gabbana canceled what was to be <a href="https://www.vogue.com/article/dolce-gabbana-cancels-shanghai-great-show">the biggest show </a>in the house's 33-year-history after airing <a href="https://www.youtube.com/watch?v=GzoxIb2Fa74&amp;t=55s&amp;ab_channel=RheaLi">commercials</a> of a narrator ridiculing an Asian model for using chopsticks to eat pizza and cannoli. </p><p>During a 2003 Christian Dior show, a white model walked wearing geisha-style makeup and a ballooning, silk dress. That same year, Roberto Cavalli designed a leg-revealing mini qipao — Kim Kardashian would later <a href="https://www.dailymail.co.uk/tvshowbiz/article-6892405/Kim-Kardashian-shows-legs-eye-catching-heels.html">wear</a> one boarding a plane in 2019. </p><p>The history of appropriating Asian garments is long. The Silk Road first brought Chinese silk and fabrics <a href="https://wp.nyu.edu/compass/2018/04/24/the-chinoiserie-paradox-fashion-creating-the-self-through-the-other/">to Europe</a> beginning as far back as 130 B.C.E. As centuries went on, European royals and elites would seek out the intricate embroidery for their court dresses and ball gowns. It eventually spun out to create its own, fusionized aesthetic: <a href="https://www.metmuseum.org/art/collection/search/84062">Chinoiserie.</a></p><div type="image" title="A woman standing on the red carpet with a mustard color dress and gold design." height="2530" width="3374" msid="92813304" hostid="261" sizebytes="567826"></div><h2><strong>A history in seams</strong></h2><p>After creating the gown that rocked 2015's Met Gala, Guo Pei became a global name. Photos of Rihanna wearing the yellow, fur-lined dress with a 16-foot-train took over the internet, making the Chinese designer a hot topic.</p><p>Pei spent her decades-long career reviving China's revered art of embroidery — which, under the Cultural Revolution, was forbidden in the country — stitching dizzying threads etching what she calls the "DNA of a nation" into her work. </p><p>"The embroidery and skillset involved is not necessarily just some sort of a rote recovery of the past, but it also is a combination with my own imagination and also a connection to the textile culture of the world," Pei told Insider, through a translator.</p><p>Rihanna's 2015 Met Gala dress weighed 55 pounds. The threads themselves took over <a href="https://www.theguardian.com/fashion/2017/oct/18/guo-pei-chinese-designer-who-made-rihanna-omelette-dress">50,000 hours</a> of hand embroidery to make.</p><p>"It carries thoughts and spirits of the Chinese people. And it also is one of the languages of the culture that I was born and grew up in," Pei said.</p><h2><strong>A symbol of women's liberation gets a modern twist</strong></h2><p>Like Pei, Cheryl Leung draws on Chinese tradition through her fashion label, Sau Lee. </p><p>"I was really just inspired by my upbringing in Hong Kong," Leung told Insider. "It was actually over the years that I really developed a sense of wanting to represent my culture and realizing that I'm not seeing it anywhere."</p><p>While Leung emphasized there are other retailers who create traditional cheongsams — a close-fitting dress style that <a href="https://philstarlife.com/geeky/428796-the-history-and-politics-of-the-cheongsam?page=2">originated</a> in 1920s Shanghai as a symbol of women's liberation — her label aspired to "add cheongsam elements to international designs." </p><p>The cheongsam is one of the most appropriated pieces of traditional Asian clothing. Thus, Leung said it's important her designs avoid evoking fetishized stereotypes. </p><p>"I wouldn't design anything that I wouldn't wear as an Asian woman," Leung said. Her spin on modernizing the garment might mean using jacquard in lieu of the traditional embroidered silk, or attaching buttons in an asymmetric silhouette. These modern pieces have become Sau Lee's best-sellers.</p><p>"It is so empowering that these Eastern designs are so widely appreciated," Leung told Insider.</p><h2><strong>'Code-flexing'</strong></h2><p>Nyla Hasan's brand, the øther, was born to challenge strict, cultural boundaries. </p><p>Inspired by Hasan's South Asian roots, the brand brings kurtas — a loose, collarless tunic — to everyday, Western fashion. </p><p>"The øther kind of came from this amalgamation exploring identity, what it means to be mixed, what it means to be American," Hasan told Insider.</p><div type="image" title="Nyla Hassan" height="2927" width="3896" msid="92813305" hostid="261" sizebytes="1171188"></div><p>Hasan returned to the United States after the events of September 11th. After she finished her schooling, Hasan said, she had "a little bit of an edge where I didn't give a shit if I belonged or not."</p><p>She began wearing kurtas and jeans to school, popular among South Asian teens.</p><p>While a traditional kurta is often simple and boxy, Hasan's version plays with garment, adding silk, high-low shirttails, or fully-split sides. One of Hasan's kurtas even includes a hidden belt. </p><p>Hasan said she sees the øther as her way of "code-flexing" — as she describes, "the harmonious state of being, not conforming to a space, but choosing how to flex our identity in the spaces we exist in."</p><h2><strong>No longer 'too' anything</strong></h2><p>As one of the few Vietnamese designers in high fashion, Nguyen said he is "proud, proud, proud." But, only five years ago, he said he would struggle to say the same. </p><p>After leaving his job at the fashion brand BCBG, Nguyen said he was constantly shut down for not following "mainstream rules."</p><p>"I wanted to follow my roots," Nguyen said. "I wanted to put the áo dài in my collection. And then they'll be like, 'No, that's too ethnic. That's too Vietnamese.'" The Vietnamese dress is similar to a cheongsam, but is worn with long pants and features a full side-slit.</p><p>Now, Nguyen designs gowns for the likes of Ariana Grande, Sarah Hyland, and Laverne Cox, to name a few. </p><p>His Hollywood looks, while Western, present subtle nods to the áo dài: a high, collared neck and full sleeves, a long, straight skirt. </p><p>Nguyen says his pieces are the "East silhouette with Western fabrication." To Nguyen, the áo dài is contemporary.</p><p>Of wearing áo dài to an event, Nguyen said "I don't want people to have that question anymore."</p><h2><strong>Updating 'Grandma's favorite wardrobe staple'</strong></h2><p>Trixie Chua, co-founder of dear samfu, found inspiration in her grandmother's wardrobe.</p><p>"Asian women of the past used to wear [samfus] a lot, but it's not so well-known," Chua told Insider. "So we decided to really shine a spotlight on it."</p><div type="image" title="Trixie Chua's grandmother (left) wearing a samfu" height="2488" width="1472" msid="92813306" hostid="261" sizebytes="271132"></div><p>"Samfu" simply means shirt and pants. The timelessness of this Chinese fashion staple is the foundation for the brand. It's a comfortable version of the "t-shirt and jeans." </p><p>More deeply than the simplicity, Chua said dear samfu celebrates heritage. Not only is the brand dedicated to "grandma's fashion" creatively, it is also sustainable. Sustainability, Chua said, before it became a buzzword, was practiced by her ancestors. </p><p>Cathay Liu, a dear samfu customer, purchased her piece because it was an homage to her Chinese heritage.</p><p>"As I get older, I'm embracing my Chinese heritage more. And so just being able to wear something like a samfu out in public is something that I'm glad I can do now," Liu told Insider.</p><p>Liu posts collections of her daily outfits on <a href="https://instagram.com/antinakedclub?igshid=YmMyMTA2M2Y=">Instagram</a> — many posts featuring the samfu.</p><p>"Over time, I've just noticed there's such a lack of Asian-inspired clothing in the Western world. And so I really wanna be able to promote it when I can to other people," Liu said.</p>

How 5 Asian designers are reimagining traditional designs into modern fashion

<ul><li><keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">Crypto</keyword> — not stocks — is going to be the asset-class of choice, Lightspeed Ventures said.</li><li>Lightspeed is not alone. Business Insider spoke to a few other VC firms like Pi Ventures and Speciale Invest to understand the rationale for big money chasing crypto.</li><li>Big investors with $100 trillion of capital are getting into <keyword id="6357017" type="General" weightage="20" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword>, according to a Bloomberg report dated November 13.</li><li>Check out the latest news and trends in cryptocurrencies on<a href="https://www.businessinsider.in/cryptocurrency"> Business Insider</a>.</li></ul>At a time when the bigger part of the investment community is still cautious, US-based venture capital firm Lightspeed — whose popular investments include OYO, ShareChat and Epic Games — says crypto, not stocks, is going to be the asset-class of choice for the new-to-investing millennials in India and South East Asian markets.<br /><br />Lightspeed has already invested multi-million in blockchain technology, including cryptocurrencies, like FTX, Wintermute, Zerion, DeversiFi and Blockchain.com as of August 2021. “There is a lot more fiat (currency) that is outside of crypto entering crypto so yields in crypto are likely to stay high for the foreseeable future, and that might mean that for the foreseeable future, those that look for high yields — often the younger investors — will gravitate to crypto,” Hemant Mohapatra, partner at Lightspeed, told Business Insider. <br /><br />The venture capital firm believes that the high rate of interest, coupled with crypto regulation being a part of mainstream politics, are just a couple of factors that are going to attract more investors towards this value creation opportunity.<br /><br />“In India as well, years of regulatory pushback has begun to ease off, starting with the Supreme Court of India overturning a prior directive by the Reserve Bank of India (RBI) prohibiting banks from dealing with cryptocurrencies,” Hemant Mohapatra, partner at Lightspeed, said in a<a href="https://medium.com/lightspeedindia/lightspeeds-india-sea-crypto-landscape-7038eaa473e"> blog post</a>. <br /><br /><strong>ALSO WATCH:</strong> Crypto is crying for regulation because the ads are misleading<br /><br />        <div type="javascript" title="Custom" contenttype="Video"><cdata><![CDATA[ ]]></cdata></div><br /><strong>Lightspeed is not alone in being bullish about crypto<br /></strong><br />According to a <a href="https://www.bloomberg.com/news/audio/2021-11-13/big-investors-with-some-100-trillion-are-getting-crypto-curious">report</a> published by Bloomberg on November 13, institutional investors with a capital of $100 trillion are interested in investing in crypto. <br /><br />Global cryptocurrency monthly trading volumes have also significantly increased in 2021, growing from $271 billion in June quarter of 2020 during the first wave of covid to $2.2 trillion in May 2021. An advertisement by Indian Crypto exchanges, launched in November 2021, said that Indians have ₹6 lakh crore invested in cryptocurrencies triggering a spate of social media conversations on the topic of their legitimacy. <br /><br />        <div type="image" title="The partner at a VC firm backing OYO, ShareChat and Epic Games explains why it’s betting big money on crypto ⁠— and he’s not alone" msid="87710484" hostid="261"></div><br />The craze of crypto currencies is also imminent in India, as one in six urban Indians intend to invest in these virtual tokes in the next six months, according to a consumer research firm <a href="https://www.financialexpress.com/brandwagon/16-urban-indians-currently-own-cryptocurrency-kantar-study/2338566/">Kantar</a>.<br /><br />This has the potential to eat into the larger investment pie according to Shubham Sandeep, principal at investment firm Pi Ventures (known for backing startups like Locus, Agnikul and Google-backed Wysa). This cannot be defined as a capital outflow but more like an opportunity lost for equity investments. <br /><br />“The last generation wanted to invest in real estate, then came the generation of 90s-2010s when their investments went into equity and over the next 10-20 years, the upcoming generation will get their first exposure on investment through crypto,” Sandeep added. He noted that investments are not being diverted from equity to crypto as of now.<br /><br />The volatility of the crypto market has allowed investors to maximise their profits from this underregulated segment. It is also getting much earlier to use these virtual currencies for varied uses. “But it is not for the faint hearted,” Sarabjot Singh Anand, director of computer science and engineering at School of Engineering and Technology, adds.<br /><br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Companies<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Percentage growth in 2021 to date<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bitcoin<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">127.7%<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ethereum <br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">555%<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Binance Coin<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1628%<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Solana<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">53%<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cardano<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,071%<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Doge<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4,614.22%<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><br />The market still has a long way to go, Avinash Shekhar, co-CEO of ZebPay and a member of Blockchain and Crypto Assets Council (BACC), noted. <br /><br />The remarkable growth and returns of cryptocurrencies is the major reason why $8 billion was invested in this crypto and blockchain domain in 2021 so far. Indian companies — CoinDCX, Coinswitch Kuber and others — have raised half a billion dollars this year as well. <br /><br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fundraise<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investors<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FTX<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$900 million<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paradigm, Sequoia Capital, Ribbit Capital<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Circle<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$440 million<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Fidelity Management and Research Company, Marshall Wace, Digital Currency Group<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ledger<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$380 million<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10T Holdings, Cathay Innovation, Draper Esprit, Draper Associates, Draper Dragon, DCG<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BlockFi<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$350 million<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bain Capital Ventures, partners of DST Global, Pomp Investments, Tiger Global<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Solana Labs<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$314 million<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Andreessen Horowitz, Polychain Capital, Alameda Research<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><br />“Cryptocurrencies undoubtedly have the potential to give high returns, but as they say, there is no free lunch. So the high returns come with greater risk.... I personally feel that crypto will become part of most institutional and individual portfolios which will see money flowing out of stocks but stocks will continue to remain an important part of any portfolio,” he added.<br /><br /><strong>Regulation is not necessarily a bad thing <br /></strong><br />The India Parliament is <a href="https://www.cnbctv18.com/cryptocurrency/govt-likely-to-move-cryptocurrency-bill-in-parliaments-winter-session-work-on-to-modify-bill-11385552.htm">reportedly</a> planning to debate a new bill on the cryptocurrency bill in the Winter Session. You can read the highlights of what the bill is likely to propose <a href="https://www.businessinsider.in/cryptocurrency/news/indias-crypto-bill-will-still-have-a-few-hurdles-to-clear-before-becoming-a-law-even-if-the-cabinet-approves/articleshow/85397358.cms">here</a>. <br /><br />“Government has pulled back from a blanket ban and we do expect, and welcome, thoughtful regulation to bring crypto safely and broadly to the masses in ways that allows the benefits of crypto to see into tradfi [Traditional Finance] and avoids the common pitfalls and risks that this emerging ecosystem presents,” Mohapatra said.<br /><br />Arjun Rao of Speciale Invest — an investor in The ePlane Company, RocketLane and others —  echoed the same, highlighting there is a greater scope of innovation in crypto as well. “We expect more innovation in crypto and conducive regulation to be the main drivers of increase in crypto investing in the coming years, the impact of macro economic trends (like rise in inflation) is harder to predict,” he told Business Insider. <br /><strong><br />SEE ALSO:<br /></strong><a href="https://www.businessinsider.in/science/news/blue-origin-teaches-space-tourists-who-land-in-the-desert-what-to-do-if-their-rocket-lands-next-to-a-cactus/articleshow/87698700.cms">Blue Origin teaches space tourists who land in the desert what to do if their rocket lands next to a cactus</a><br /><br /><a href="https://www.businessinsider.in/stock-market/news/elon-musk-sold-nearly-7-billion-worth-of-tesla-stock-this-week-and-says-hes-incurring-higher-taxes-on-purpose/articleshow/87699239.cms">Elon Musk sold nearly $7 billion worth of Tesla stock this week - and says he's incurring higher taxes on purpose</a><br /><br /><a href="https://www.businessinsider.in/tech/news/former-spacex-engineer-accuses-company-of-racial-discrimination-denying-its-claims-that-he-was-fired-for-making-inappropriate-facial-expressions/articleshow/87699444.cms">Former SpaceX engineer accuses company of racial discrimination, denying its claims that he was fired for making inappropriate facial expressions</a><br />

The partner at a VC firm backing OYO, ShareChat and Epic Games explains why it’s betting big money on crypto ⁠— and he’s not alone

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Chime</span></p><p class="caption">Chime offers a "no-fees" bank account.</p></div><p></p></div></div></p><ul class="summary-list"><li><strong>Challenger bank Chime now has a $1.5 billion valuation following a $200 million funding round. </strong></li><li><strong>The new round was led by DST Global, which has backed Twitter, Facebook, and the UK digital bank Revolut, alongside new and exiting investors. </strong></li><li><strong>This new deal means Chime's valuation has now tripled in a year. </strong></li></ul><p>Challenger bank Chime closed a new financing round that trippled the firm's valuation. It brought in DST Global, the investment<span> firm led by Yuri Milner</span>, as an investor.  </p><p>Chime said Tuesday it raised $200 million in its Series D financing round led by DST Global, with participation from Coatue, General Atlantic, ICONIQ Capital, and Dragoneer Investment Group. Existing investors like Menlo Ventures, Forerunner Ventures, and Cathay Innovation also joined in the round.</p><p>This brings the total funds raised by Chime to $300 million, the firm's cofounder and CEO Chris Britt told Business Insider. </p><p>Chime was valued at $500 million as of its last round back in May, and this new deal represents a tripling of the firm's worth in a year's time.  </p><p>A group of fintechs recently have raised at much higher valuations, including German challenger bank N26 and the spare-change investment app Acorns. </p><p>"There is a trend where, increasingly, financial services will be delivered digitally through your phone, and I think that allows us to offer the no costs services and give people a greater sense of control over the money," Britt said. </p><p>With the new cash, the firm aims to hire new staff, expanding to 200 employees by the end of the year. It's also looking to explore new short-term lending and credit card offerings, including a credit product that focuses on helping its customers build credit scores.  </p><p>Founded in 2013, the firm currently offers a fee-less digital checking account, enabling customers to deposit and make everyday purchases, and it also operates a peer-to-peer lending system without fees. Customers have opened 3 million bank FIDC-insured accounts on its platform to-date.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/vitalik-buterin-created-ethereum-one-of-the-worlds-three-largest-cryptocurrencies-2019-1">Vitalik Buterin created one of the world's largest cryptocurrencies in his early twenties - here's how he did it and why</a></h3>        <div>                    </div>    </div>

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