July, 2021

• 6 July

  India needs a new round of bankruptcy reform

  

  Five years ago, India came up with a legal answer to its perennial economic challenge of rescuing the money stuck in zombie firms. Unlike China, which has the cushion of high savings, India’s inefficient use of limited domestic capital has meant a chronic inability to put its swelling ranks of youth to work. After toying with the idea for more ...

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• 6 July

  For Didi, US is a fairyland of amateurs

  

  The Chinese have a nickname for unsophisticated stock investors. They call them chives, a healthy crop that can flourish soon after planting, which keep coming up again and again — just like the chumps chasing meme stocks and blank-check companies for spectacular returns. The US market seems to be the perfect place for Chinese companies to harvest chives. This sure ...

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• 6 July

  UK’s Sunak is a realist in financial deals with EU

  As Kenny Rogers sang in “The Gambler”: “You’ve got to know when to hold ‘em, know when to fold ‘em, know when to walk away.” UK Chancellor of the Exchequer Rishi Sunak has apparently taken that lesson to heart. He called an end to the drawn-out negotiations with the European Union to agree on so-called equivalence, or common regulations on ...

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• 6 July

  What does 8% growth mean amid deaths?

  A tidy financial centre of 5.7 million people is gradually preparing for life after the pandemic, as vaccination rates increase, social distancing measures ease and residents once again dare to daydream about leisure travel. A short ferry ride away, a sprawling archipelago with a population of 270 million is struggling to get oxygen, daily Covid cases are north of 20,000 ...

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• 6 July

  Apollo mulls bid for Morrison, heating up takeover battle

  

  Bloomberg Apollo Global Management Inc said on Monday it’s considering an offer for Wm Morrison Supermarkets Plc, heating up a takeover battle for the UK grocer. Morrison just agreed over the weekend to a 6.3 billion-pound ($8.7 billion) takeover from a consortium led by Fortress Investment Group. That offer trumped private equity firm Clayton Dubilier & Rice LLC’s earlier 5.5 ...

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• 6 July

  Egypt’s MaxAB plans Gulf, North Africa expansion

  

  Bloomberg An Egyptian e-commerce business linking traditional retailers with suppliers of products such as food and groceries plans to expand in North Africa and the Gulf after an early-stage funding round. Cairo-based MaxAB raised $40 million from RMBV and seven others including the International Finance Corp and Flourish Ventures, according to a statement on Monday. It plans to use the ...

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• 6 July

  US to require airlines to refund passengers for delayed bags

  

  Bloomberg The US Department of Transportation is moving to require airlines to refund fees to passengers for checked bags if the luggage is significantly delayed to the destination, according to a person familiar with the measure. The proposal will also require airlines to promptly make refunds for other services air passengers pay for and don’t receive — including advance seat ...

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• 6 July

  Sydney Airport gets $17b offer in bet on travel rebound

  

  Bloomberg Sydney Airport received a A$22.3 billion ($17 billion) takeover offer from a group including IFM Investors in what would be Australia’s largest acquisition and one of the boldest bets on a recovery in global travel since the pandemic started. The offer values Sydney Airport shares at A$8.25 each, the company said in a statement on Monday. While that’s 42% ...

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• 6 July

  New Zealand’s TIA slams hike in air passenger levy

  Bloomberg New Zealand plans to more than triple a levy it charges travelers crossing the border, running the risk of slowing a fragile recovery in the tourism sector, according to the industry body. The government has in principle agreed to raise the border processing levy for air passengers to NZ$63 ($44) from NZ$20.11 on December 1, Tourism Industry Aotearoa (TIA) ...

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• 6 July

  Brazilian supermarket chain weighs IPO

  Bloomberg A Brazilian supermarket chain controlled by L Catterton, the private equity firm backed by French billionaire Bernard Arnault, has chosen banks for a potential initial public offering that could raise as much as 800 million reais ($159 million), people familiar with the matter said. Sao Paulo-based Grupo St Marche is working with Banco Santander Brasil SA, Banco Itau BBA ...

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