Hit by the steep price increase in wine, beer and spirits due to Covid cess, consumers in many states are downgrading to lower-priced alcoholic beverages, according to a LocalCircles survey. The survey found that the volumes of liquor sales in the states are falling as consumers say they are buying less than their usual quantity due to increased MRP. This phenomenon might lead to reduced tax collections for the states. Read more.
Embassy Office Parks, India's first listed real estate investment trust (REIT) and the largest in Asia by area, said on Monday its rental collections for the first quarter (April to June) from office occupiers remained robust at 97 per cent. The office rental collections were 98 per cent in April and May, and 95 per cent in June, it said in an operational update for Q1 FY21. There were rental increases of 14 per cent on 1.8 million square feet across 22 office leases. Read more.
Beijing-based unicorn ByteDance, the parent company of short video-sharing app TikTok, has reportedly suspended talks about opening a global headquarters in London. It is feared that the move could lead to strong reactions from China, threatening the start of a tit-for-tat trade war between the two countries. Read more.
The global airline industry has been disproportionately affected by Covid-19 and is one of just a few industries that saw more than 90 per cent of demand fall within weeks of the global spread of the pandemic in March, Moody's Investors Service said. The strain on the industry's previous fundamentals is (and will continue to be) felt across a broad swath of the global economy well into 2022 and beyond, it added. Read more.
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