Weekly News 18 - 22 September 2023
18 September 2023 - (Economic Times) Future Retail's creditors extend the voting timeline on SpaceMantra's bid to September 30
The committee of creditors (CoC) for Future Retail (FRL) has extended the voting period once again as they are undecided on whether to approve a low offer from SpaceMantra or opt for liquidation. The creditors have until September 30 to make a decision. SpaceMantra is the only bidder to acquire FRL, offering a recovery of about 2.79% for creditors. Lenders are uncomfortable with the offer and have raised concerns about valuations and the inaccessible nature of many FRL stores.
The decision was taken on Saturday after the second timeline ended on September 15, three people familiar with the developments said. The majority of the creditors have yet to decide on the takeover plan under consideration. Kishore Biyani's flagship retail venture owes 38 creditors close to ₹20,000 crore. Bondholders, represented by Bank of New York Mellon (BNYM), own 21% of the debt, or ₹4,109 crores, followed by Bank of Baroda at ₹1,826 crores or 9.24%, Union Bank of India at 9%, or ₹1,779 crores, and Central Bank of India at 8.38%, or ₹1,656 crores.
19 September 2023 - (Live Trading News) India: A Growing Market for Thai Tourism
Thailand is looking to India to boost its tourism recovery after the COVID-19 pandemic. Thailand’s Prime Minister, Srettha Thavisin, plans to visit India this year to meet with his counterpart, Narendra Modi, and discuss increasing flight frequency between the two countries. Thailand is also waiving visas for travellers from India, China, and Kazakhstan starting next week. These measures are aimed at attracting more tourists from these countries and helping Thailand’s tourism industry recover.
India is a large and growing market for Thailand’s tourism industry. In 2019, over 2 million Indian tourists visited Thailand. India’s middle class is also growing rapidly, and more and more Indians are able to afford to travel abroad. The World Travel and Tourism Council’s report predicts that the outbound tourism market in India will experience a robust annual growth rate of 9.3% over the next decade, indicating a substantial rise in the number of Indian tourists travelling abroad in the coming years.
20 September 2023 - (Mint) Sizzling oil worldwide, rising worries in India
The recent upward pressure on oil prices is primarily led by supply-side concerns, with Saudi Arabia and Russia deciding to extend their voluntary output cuts till the end of December. When oil prices rise, India tends to feel the heat as India imports most of its oil requirements. Costlier oil pushes the oil import bill, which ultimately weighs on the country’s current account deficit.
21 September 2023 - (Economics Times) Current law stifles innovation: Separate law needed for cosmetics products, says HUL
Consumer goods firm Hindustan Unilever has said innovation is suffering in the beauty and personal care space and there is a need for a separate legislation to govern these products instead of the high levels of regulatory control under the existing Drugs and Cosmetics Act 1940.
At present, the making of cosmetics is regulated under a system of inspection and licensing by the state licensing authorities, and products including soaps, skincare and cosmetics are treated to the highest levels of regulatory control like drugs under the Drugs and Cosmetics Act. However, two years ago, a committee was set to examine the present law, which had become archaic, and to have a separate chapter for cosmetics and personal care products.
IBHA has made representations to the government to make the transition like in the case of food law that moved from prevention of adulteration to a law based on safety and science-based standards.
22 September 2023 - (Economics Times) JPMorgan is adding India to its emerging-markets bond index
JPMorgan Chase & Co. will add Indian government bonds to its benchmark emerging-market index, a keenly awaited event that could drive billions of foreign inflows to the nation’s debt market. The decision is the latest sign of India’s growing appeal to international investors as the country’s economic growth outstrips peers, its geopolitical influence grows and global companies including Apple Inc. look for alternatives to China. While foreigners play a small role in the Indian bond market, inflows have been picking up in recent years and the country’s assets have proven resilient to financial turbulence that has roiled other developing nations.
The index provider will add Indian securities to the JPMorgan Government Bond Index-Emerging Markets starting June 28, 2024. The South Asian nation will have a maximum weight of 10% on the index, according to a statement Thursday.
https://economictimes.indiatimes.com/industry/services/retail/future-retails-creditors-extend-voting-timeline-on-spacemantras-bid-to-sept-30/articleshow/103739442.cms
https://www.livetradingnews.com/india-a-growing-market-for-thai-tourism-222132.html
https://www.livemint.com/market/mark-to-market/the-ghost-of-rising-oil-prices-haunts-economy-impact-on-india-and-asian-economies-markets-brace-for-volatility-11695224117964.html
https://economictimes.indiatimes.com/industry/cons-products/fashion-/-cosmetics-/-jewellery/current-law-stifles-innovation-separate-law-needed-for-cosmetics-products-says-hul/articleshow/103818981.cms
https://economictimes.indiatimes.com/markets/bonds/jpmorgan-is-adding-india-to-its-emerging-markets-bond-index/articleshow/103850612.cms
