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<ul class="summary-list"><li><keyword id="6357385" type="LOCATION" weightage="60" keywordseo="florida">Florida</keyword> voters on Tuesday approved an amendment to increase the state's <keyword id="562632" type="UNKNOWN" weightage="60" keywordseo="minimum-wage">minimum wage</keyword> from $8.56 to $15 by 2026.</li><li>Nearly 61% of voters voted in favour of the amendment, making Florida the eighth state — and the most conservative yet — to approve a $15 hourly minimum wage.</li><li>Minimum wage will rise to $11.98 for tipped employees, adjusted annually based on inflation.</li><li>This will increase <keyword id="6356975" type="UNKNOWN" weightage="60" keywordseo="wages">wages</keyword> for around one in four workers across the state, <a style="font-family: LabGrotesque-Black, Helvetica, Arial, sans-serif; font-weight: bold;" href="https://www.floridapolicy.org/posts/citizen-guide-to-amendment-2-raising-florida-s-minimum-wage">the Florida Policy Institute (FPI)</a> said, and "bring Florida a step closer to racial and gender equity."</li></ul>The people of Florida voted Tuesday to increase the state's minimum wage to $15.Just shy of 61% of voters backed the <a href="https://www.businessinsider.com/florida-voting-on-whether-to-raise-the-minimum-wage-2020-11">amendment</a> on <a href="https://www.businessinsider.com/2020-election-results">election night</a>. It needed 60% of the vote to pass, like all other citizen-led ballot measures in Florida.The amendment means Florida's hourly minimum wage will nearly double, from $8.56 currently, by 2026.Minimum wage will rise to $11.98 for tipped employees, adjusted annually based on inflation.Florida is the most conservative state yet to approve the rise to $15, joining California, Connecticut, Illinois, Maryland, Massachusetts, New Jersey, and New York. Florida was the first state to do so via ballot measure.The vote will help bring more than a million households out of poverty, the <a href="https://www.floridapolicy.org/posts/citizen-guide-to-amendment-2-raising-florida-s-minimum-wage">Florida Policy Institute (FPI) said</a>, and increase wages for around 2.5 million people – or one in four workers in the state.This move will benefit service workers the most, the FPI said — especially those in the state's tourism industry.This would also "bring Florida a step closer to racial and gender equity," the FPI said, because women and people of color are "historically overrepresented" in low-wage work.The change in minimum wage will also raise an additional $577 million sales tax revenue in 2026-27, <a href="https://www.floridapolicy.org/posts/florida-could-see-an-extra-577-million-in-sales-tax-revenue-under-amendment-2">data</a> released by the FPI suggested."Florida's current system has long-failed to keep up with the state's rising cost of living," the FPI said, <a href="https://www.floridapolicy.org/posts/statement-on-amendment-2-passage-and-state-policy-landscape">adding:</a> "the COVID-19 crisis and economic recession have disproportionately impacted Floridians already struggling to make ends meet."Opponents say the wage raise <a href="https://www.businessinsider.com/florida-voting-on-whether-to-raise-the-minimum-wage-2020-11?r=US&amp;IR=TIR=T">will hurt small businesses</a>, particularly those in the tourism industry, many of which are already struggling from the impacts of COVID-19.Read more: <a href="https://www.businessinsider.com/canadian-restaurants-betting-on-no-tipping-policies-coronavirus-reopen-2020-10?r=gd-sub">Why the pandemic is the right time for a no-tipping restaurant policy</a>Florida's last minimum wage increase in 2005 was similarly caused by a ballot measure, and <a href="https://www.floridapolicy.org/posts/citizen-guide-to-amendment-2-raising-florida-s-minimum-wage">the state's legislature has never raised the minimum wage</a>.The wage increases will be incremental, and the first raise will bring Florida's minimum wage to $10 an hour in November 2021.The initiative was heavily supported by Orlando lawyer and businessman John Morgan, <a href="https://www.orlandomagazine.com/18-local-leaders-in-an-age-of-crisis-john-morgan/">who spent more than $5 million on the ballot initiative</a>.Democratic presidential nominee Joe Biden wants to increase the federal minimum wage to $15 an hour, up from the current $7.25, but <a href="https://www.businessinsider.com/joe-biden-15-minimum-wage-election-economy-paychecks-low-workers-2020-10?r=US&amp;IR=TIR=T">President Donald Trump says states should be able to set the figure themselves</a>.In 2019, the US House of Representatives passed a plan to incrementally raise the <a href="https://www.nytimes.com/2019/07/18/us/politics/minimum-wage.html">federal minimum wage to $15 an hour by 2025</a>, but this was rejected by the Senate.

Florida just became the most conservative state yet to approve a $15 minimum wage

New Delhi, Nov 17 () Foreign portfolio investors (FPIs) pumped in a net sum of Rs 19,203 crore into the domestic capital markets in the first half of November amid encouraging domestic and global factors.
 According to the latest depositories data, overseas investors infused a net amount of Rs 14,435.6 crore into equities and Rs 4,767.18 crore into the debt segment during November 1-15, taking the total net investment to Rs 19,202.7 crore.
 Prior to this, FPIs had poured a net Rs 16,464.6 crore in October and Rs 6,557.8 crore in September into the domestic capital markets (both equity and debt).
 "The consistent flows depict that FPIs are fast gaining confidence in the Indian equity markets, after they made harried exit in the months of July and August, due to measures such as rollback of super-rich surcharge, merger and recapitalisation of PSU banks, relief measures for the revival of automobile sector, rationalization of corporate tax rates among others," said Himanshu Srivastava, senior analyst manager research at Morningstar Investment Adviser India.
 On the global front, the major factor contributing towards FPI inflows is expectation of a trade deal between the US and China, said Arun Mantri, technical and derivative analyst at Karvy Stock Broking. 
 However, at the current juncture, further FPI flows will mostly depend on both the global and domestic headwinds and how the government tackles the ongoing slowdown in the Indian economy, Mantri added. SRS 
ABM

FPIs infuse Rs 19,203 cr into Indian capital markets in Nov so far

New Delhi, Investment in the Indian capital markets through <keyword id="6532118" type="General" weightage="20" keywordseo="participatory-notes" source="Orion">participatory notes</keyword> dropped to Rs 88,398 crore month-on-month in February amid higher valuation of domestic markets. This was the third consecutive monthly decline in the investment level. Before this, investment through the route had been on an increasing trend since July 2022 because of a slump in the oil and other commodities prices and the relative outperformance of Indian equity markets. Participatory notes (P-notes) are issued by registered <keyword id="6389755" type="General" weightage="50" keywordseo="foreign-portfolio-investors" source="Orion">Foreign Portfolio Investors</keyword> (FPIs) to overseas investors who wish to be a part of the Indian stock market without registering themselves directly. They, however, need to go through a due diligence process. According to Sebi data, the value of P-note investments in Indian markets -- equity, debt, and hybrid securities -- stood at Rs 88,398 crore at the end of February compared to Rs 91,469 crore in January-end. Prior to that, the investment level through the route was Rs 96,292 crore at the end of December 2022 and Rs 99,335 crore at the end of November 2022. It was Rs 97,784 crore at October-end last year. Investment via P-notes normally moves in line with FPI investment. When there is a global risk to the environment, investment through this route increases and vice-versa. "Last several months have seen a steady decline in investments through P-notes. This is because Foreign Portfolio Investment has seen outflows, particularly since the beginning of 2023. P-notes normally follow the trend in FPI flows. The trend through P-note investment may increase in April since FPI inflows have started looking up," <keyword id="8690584" type="General" weightage="80" keywordseo="vk-vijayakumar" source="Orion">VK Vijayakumar</keyword>, Chief Investment Strategist at <keyword id="824141" type="General" weightage="50" keywordseo="geojit-financial-services" source="Orion">Geojit Financial Services</keyword>, said. Market experts said FPIs are finding Indian markets as expensive compared to other emerging markets. Indian market could probably be the only one where they would have made profits last year. Now, it is a good opportunity for them to book profits and look for cheaper valuations elsewhere. Of the total Rs 88,398 crore invested through this route till February this year, Rs 78,427 crore was invested in equities, Rs 9,851 crore in debt and Rs 119 crore in hybrid securities. Meanwhile, FPIs pulled out Rs 5,294 crore from the Indian equities in February and Rs 28,852 crore in January.

P-notes investment declines to Rs 88,398 cr in February

The <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword>'s (<keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword>) move to relax regulations to boost foreign exchange inflows will not have any material change in receipts, but certainly helpful in directional forex signalling to speculators, said <keyword id="141615" type="General" weightage="80" keywordseo="emkay-global" source="Orion">Emkay Global</keyword> Financial Services Ltd. Reacting to RBI's moves on Wednesday, Emkay Global in a report said: "While these measures to boost capital account are helpful, they may not have a material impact on flows. Nonetheless, they will still ease the pressure of the RBI to intervene to some extent." According to Emkay Global, with low forward premia, this mobilisation may still make some sense for banking entities. The timing of RBI's move coincides with the typically strong remittance/deposit season that comes with the beginning of the festive season. This can take the pressure off banks to raise domestic deposits amidst accelerating credit growth, and also somewhat cool-off domestic borrowing rates, Emkay Global said. The easing of all the available channels of foreign portfolio investors (<keyword id="725142" type="General" weightage="50" keywordseo="fpi" source="Orion">FPI</keyword>) investments in debt may not lead to material change in FPI flows given the free limits that are already available. However, the new tenors added in Fully Accessible Route (FAR) securities are fairly active. "Thirdly, the all-in cost ceiling under the <keyword id="60971" type="General" weightage="50" keywordseo="ecb" source="Orion">ECB</keyword> (external commercial borrowings) framework is also being raised by 100 bps, subject to the borrower being of investment grade rating, however we seek more clarity on this front as to whether it leads to any change in caps (from existing 450bps), and if it makes sense for domestic good investment-grade borrowers to borrow in foreign currency, except when they are facing a credit crunch back home," the report said. While it is debatable if these steps can lead to significant flows, they could be effective in preventing speculative attacks on the currency and giving directional policy signals to the markets, Emkay Global added. The key measures announced by RBI on Wednesday were: 1. Cash Reserve Ratio + Statutory Liquidity Ratio (CRR+ SLR) exemptions: Incremental FCNR Bank and Non-Resident External (NRE) deposit liabilities now exempt from <keyword id="626944" type="General" weightage="50" keywordseo="net-demand-and-time-liabilities" source="Orion">Net Demand and Time Liabilities</keyword> (NDTL) computation for maintenance of CRR and SLR. Transfers from Non-Resident Ordinary (NRO) accounts will not qualify for this relaxation. This relaxation is available till November 4, 2022. 2. Interest rates on FCNR and NRE deposits: Banks are temporarily allowed to raise fresh FCNR(B) and NRE deposits without having to adhere to the regulations on interest rates on these deposits. 3. FPI debt investment: Easing all the available channels of FPI investments: (i) All new issuances of 7-year and 14-year G-secs (including fairly active current issuances of 7.10 per cent GS 2029 and 7.54 per cent GS 2036 <keyword id="1351125" type="General" weightage="50" keywordseo="ato" source="Orion">Ato</keyword> be now covered under Fully Accessible Route (FAR). At present, 5-year, 10-year and 30-year tenors are covered. (ii) FPI investments in G-secs and corporate debt will not be subject to the short-term limit, i.e., not more than 30 per cent of investments in G-secs and corporate debt can have a residual maturity less than one year. (iii) FPIs can invest in commercial papers and non-convertible debentures with an original maturity of up to one year as against earlier mandate of at least one year. These investments will not be included as part of the short term limit on investments in corporate securities. 4. Foreign currency lending by banks: Banks can utilise overseas foreign currency borrowings (OFCBs) for lending for a wider set of purposes, not just export finance. The measure is expected to facilitate foreign currency borrowing by a larger set of borrowers who may find it difficult to directly access overseas markets. 5. ECB limits: The limit for ECBs under the automatic route has been raised from $750 million to $1.5 billion per financial year. The all-in cost ceiling has also been raised by 100bps. The measures 2-5 above are valid till 31st October 2022, Emkay Global said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/stopped-russian-imports-in-april-says-essar-oil/articleshow/92714422.cms">Stopped Russian imports in April says Essar Oil</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/space/news/elon-musk-is-confident-that-humanity-will-reach-mars-in-our-lifetime/articleshow/92714414.cms">Elon Musk is confident that humanity will reach Mars in our lifetime</a>

RBI's moves to boost forex inflows could have an impact on domestic borrowing rates

<ul><li><keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> is reportedly set to take a 9.5% stake in <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> in a ₹25 billion deal that includes the option for a larger buyout of Biyani’s 46.5% stake in the company in the long-term. </li><li>The agreement, which will see Amazon acquire the minority stake through the foreign portfolio investor (FPI) route, is expected to close next month. </li><li>Future Retail, which notched up sales of ₹184.8 billion in the previous financial year, manages about 80 consumer brands and has more than 1,100 physical outlets across the nation.</li></ul>After reports surfaced in May 2018 that Amazon was looking to purchase <a href="https://www.businessinsider.in/amazon-and-walmart-prepare-for-a-face-off-in-indias-physical-retail-and-online-grocery-markets-just-like-in-the-us/articleshow/64286470.cms">a 10% stake in Kishore Biyani’s Future Retail</a>, things went quiet for a while. However, last month, buzz around the deal began again after the <a href="https://economictimes.indiatimes.com/industry/services/retail/amazon-in-talks-with-biyanis-future-to-buy-stake/articleshow/66250134.cms">Press Trust of India </a>reported that <keyword id="191583" type="PERSON" weightage="20" keywordseo="Jeff-Bezos">Jeff Bezos</keyword>, the founder-CEO of Amazon, was in talks for an investment of over ₹20 billion in the Indian brick-and-mortar retailer. As things currently stand, Amazon is reportedly set to take a 9.5% stake in Future Retail in a ₹25 billion deal that includes the option for the complete buyout of Biyani’s 46.5% stake in the company in the long-term, according to the <a href="https://economictimes.indiatimes.com/industry/services/retail/jeff-bezos-may-buy-kishore-biyani-out-in-new-business-deal/articleshow/66819379.cms">Economic Times</a>. The agreement, which will see Amazon acquire the minority stake through the foreign portfolio investor (FPI) route, is expected to close next month. The FPI route will limit Amazon’s investment to a 10% holding. However, Indian laws currently allow for up to 51% holding by a foreign entity in the multi-brand retail space. The move signals Amazon’s larger plans for India’s offline retail market. Future Retail, which notched up sales of <a href="http://www.futureretail.in/pdf/Annual_Report_2017_18.pdf">₹184.8 billion</a> in the previous financial year, manages about 80 consumer brands, including <keyword id="6357823" type="COMPANY" weightage="20" keywordseo="big-bazaar">Big Bazaar</keyword>, Easyday and Foodhall brand of supermarkets, and has more than 1,100 physical outlets across the nation. Earlier this year, Amazon took a position in <a href="https://economictimes.indiatimes.com/industry/services/retail/more-buyer-witzig-confirms-amazon-backing/articleshow/65927554.cms">Witzig Advisory Services</a>, which is acquiring the Aditya Birla Retail’s More supermarket franchise in India. In November 2017, it also bought a 5% stake in Shoppers Stop, also through the FPI route. More importantly, the Future Retail deal will give the American online retail giant a pan-India presence. That will be a significant leg up when it comes to directly competing in India with <keyword id="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword>, which sealed the acquisition of a 77% stake in Indian <keyword id="35621" type="PERSON" weightage="20" keywordseo="e-commerce">e-commerce</keyword> major <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> earlier this year. Walmart also has presence in India’s offline retail space through its wholesale cash-and-carry stores, the number of <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/walmart-to-open-50-new-stores-in-india-in-4-years/articleshow/64106655.cms">which it plans to triple</a> by 2022. Amazon’s plans indicate its awareness of the ground realities in India. While online retail receives all the hype as one of India’s fastest growing industries, the importance of physical retail cannot be discounted. A large majority of the Indian populace still buy their goods at physical outlets, and that doesn’t look to change anytime soon. Amazon can leverage Future Retail’s supply chain and warehousing network to distribute goods in smaller cities and hold inventory for its e-commerce operations, all of which will justify its decision to increase its stake in the company in the future. SEE ALSO: <a href="https://www.businessinsider.in/amazon-and-walmart-prepare-for-a-face-off-in-indias-physical-retail-and-online-grocery-markets-just-like-in-the-us/articleshow/64286470.cms">Amazon and Walmart prepare for a face-off in India’s physical retail and online grocery markets, just like in the US</a> <a href="https://www.businessinsider.in/amazon-walmart-seek-us-help-against-indias-new-draft-e-commerce-policy/articleshow/65228547.cms">Amazon, Walmart seek US help against India’s new draft E-commerce Policy</a> <a href="https://www.businessinsider.in/amazon-takes-the-fight-to-walmart-by-investing-another-27-billion-in-india/articleshow/65404423.cms">Amazon takes the fight to Walmart by investing another ₹27 billion in India</a>

Amazon is making a big push into India’s offline retail market by purchasing a minority stake in Future Retail — a move that could eventually lead to a larger buyout

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Florida just became the most conservative state yet to approve a $15 minimum wage

Grace Dean

FPIs infuse Rs 19,203 cr into Indian capital markets in Nov so far

PTI

P-notes investment declines to Rs 88,398 cr in February

PTI

RBI's moves to boost forex inflows could have an impact on domestic borrowing rates

IANS

Amazon is making a big push into India’s offline retail market by purchasing a minority stake in Future Retail — a move that could eventually lead to a larger buyout

Dilsher Dhillon

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