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<ul class="summary-list"><li><keyword id="11945446" type="UNKNOWN" weightage="60" keywordseo="us-futures" source="Orion">US futures</keyword> rose on Thursday, as healthy corporate earnings helped offset some concern about the <keyword id="11894140" type="UNKNOWN" weightage="60" keywordseo="inflation" source="Orion">inflation</keyword> outlook.</li><li>Asian <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> were up after <keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword> cut key lending rates, while European <keyword id="11893878" type="UNKNOWN" weightage="60" keywordseo="stocks" source="Orion">stocks</keyword> were mixed.</li></ul>US stock <keyword id="12109007" type="UNKNOWN" weightage="60" keywordseo="futures" source="Orion">futures</keyword> rose on Thursday, as investors took heart from a flurry of upbeat fourth-quarter earnings that helped offset some of the concern around a less friendly environment for equities if inflation keeps rising.The <keyword id="6357328" type="UNKNOWN" weightage="60" keywordseo="nasdaq" source="Orion">Nasdaq</keyword> entered a correction and closed down 10% from its record high on Wednesday. For the past month, the Dow Jones Industrial Average is down 2.03%, the S&amp;P 500 is down 3.49%.Inflation is running at its hottest in 40 years right now and the Federal Reserve is widely expected to start rapidly tightening monetary policy to ward off any damaging spikes in price pressures. Tech stocks in particular have been hard hit.Futures on the <a href="https://markets.businessinsider.com/futures/dow-futures">Dow</a>, <a href="https://markets.businessinsider.com/futures/s&amp;p-500-futures">S&amp;P</a>, and <a href="https://markets.businessinsider.com/futures/nasdaq-100-futures">Nasdaq</a> were last up 0.37%, 0.46%, and 0.73%, respectively, suggesting a stronger open for the benchmark indices.Corporate earnings in the US are helping counter nervousness about the outlook for inflation and rates. Consumer goods giant Procter &amp; Gamble, investment bank Morgan Stanley and lender Bank of America all delivered upbeat results for the fourth quarter on Wednesday. "Tech stocks taking a hit from higher discount rates makes intuitive sense, and the last time the Nasdaq had a -10% correction was February 2021, when real 10 year rates had also sold off around 50 basis points," Deutsche Bank strategist Jim Reid said. "Next week we see a slew of tech earnings which have the ability to magnify or reverse the move," he said. Streaming platform Netflix was due to report earnings later on Wednesday. Several of the biggest tech companies report next week, many of which have been big beneficiaries of the "work from home economy" that has prevailed since 2020, with Apple, Microsoft and Tesla all due to release <a href="https://markets.businessinsider.com/earnings-calendar">results</a>. US Treasury Secretary Janet Yellen told the US Conference of Mayors on Wednesday that she did not believe the Omicron variant would derail the US economic recovery, according to <a href="https://www.bloombergquint.com/onweb/yellen-confident-omicron-won-t-derail-u-s-economic-recovery">Bloomberg</a>.Stocks in Asia got a boost after the Chinese central bank cut key lending rates to lower borrowing costs and help shore up the economy, which is grappling with outbreaks of Covid-19 and the fallout from the debt crisis in its massive property sector. The <a href="https://markets.businessinsider.com/index/csi-300">CSI 300</a> was up 0.90% while the <a href="https://markets.businessinsider.com/index/hang_seng">Hang Seng</a> was up 3.42%. The <a href="https://markets.businessinsider.com/index/shanghai_composite">Shanghai Composite</a> started high but closed down 0.09%.UK markets got a jolt on Wednesday from data that showed inflation soaring by 5.4% in December, a 30-year high, as the country faces spiraling energy costs and wage pressures from labor shortages. The <a href="https://markets.businessinsider.com/index/ftse_100">FTSE 100</a> was down 0.07%. Other European stocks were more mixed. The French <a href="https://markets.businessinsider.com/index/cac_40">CAC 40</a> was down 0.1%. The <a href="https://markets.businessinsider.com/index/stoxx_europe_600">Stoxx 600</a> was up 0.13% and Germany's <a href="https://markets.businessinsider.com/index/dax">DAX</a> was up 0.18%"Concerns over rising inflation remain as real as ever, along with worries about how much damage consistently higher prices could do to consumer confidence, as well as wider demand," CMC Markets strategist Michael Hewson said in a daily note.Bond US yields were also in focus, with the <a href="https://markets.businessinsider.com/rates/u-s--rates-10-years">10-year US Treasury</a> yield holding at around 1.84%, down 3 basis points on the day, having hit a two-year high just above 1.9% the day before. The benchmark yield started the month at 1.5% and has risen along with mounting expectations for the Fed to raise rates to stamp out inflation. Oil briefly touched a new seven-year high on Thursday, before retreating, with <a href="https://markets.businessinsider.com/commodities/oil-price">Brent</a> crude last down 0.2% on the day at $88.26 a barrel while <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">WTI</a> crude was flat around $85.81 a barrel.

US futures rise, as strong earnings and a China rate cut help investors shrug off inflation fears for now

<ul><li>Just when Bollywood seemed to be getting back on track with releases being planned and film shoots announced, a second surge in the number of Covid-19 cases has brought everything back to square one.</li><li>If there are no cinema halls, movies will go to OTT, but they will co-exist. A lot of good films cannot be held back, and for good reasons, they have gone to OTT, which may not have been their first choice. But they had to do it because of the pandemic.</li><li>Jehil Thakkar, Partner and media &amp; entertainment industry leader, <keyword id="6358918" type="COMPANY" weightage="20" keywordseo="deloitte">Deloitte</keyword> India shares how the cinema industry will change after all of this is over.</li></ul>Once again, the boards outside box-office windows across India read ‘Closed’, with no clarity as to when they will open. For theatres in states where there is no government advisory, lack of business is forcing theatres to down their shutters. On the other hand, COVID-19 and its accompanying health issues and restrictions have brought the film industry to a complete halt in terms of shoots, production and releases. The domino effect is massive as several other sectors in entertainment, media and many other businesses depend on films. The theatrical business, which in India forms the main revenue source for most films, has dropped to a trickle and is likely to remain there for the short term. As the second wave of COVID-19 accelerates across the country, theatres and production will be more widely impacted. While majority of the box office revenue in the country is generated now through multiplexes, single screens do remain a critical part of the distribution chain. The COVID-19 related lockdowns have hurt this part of the value chain much more than the multiplexes, which tend to be part of more resilient larger organisations. Many of these single screens and a few independent multiplexes may not ever open again. We lost a few in 2020 and we may lose some more in 2021. What many in the industry fear is the acceleration of a shift in viewing patterns. Consumers will make very judicious choices about the kind of film they want to consider viewing in the theatre. A larger than life, star film is more likely to draw an audience rather than a dialogue-based comedy or drama – which consumers may prefer to watch at home. This change had already been in process in large markets like the US and had begun to make its presence felt in India too. Going to see a film in a theatre is a family or community occasion across India, so we may see the Hindi film industry stage a strong comeback in the theatres later in 2021 if we see the COVID-19 tide recede. But what the pandemic may have forever changed is an established practice that saw films progress from one medium to another — from theatres to OTT to television, with fixed exhibition windows and gaps between each. With cinema halls still half-empty, and increasingly strained due to the lockdown in many parts of the country, many producers are opting to release their films on streaming platforms without waiting for a theatrical release; ‘windowing’ is, in effect, out of the window. The days when every film, without exception, would first go to the cinemas may not ever come back. We saw these industry practices break down in the US and are seeing this in India too. Over the last year – we saw many films that were intended for theatrical release but then premiered on OTT – as producers ran out of patience. While the performance of these films was mixed, many producers were determined to hold back films and wait for the situation to improve. There was a window of hope that theatrical revenue would return – especially early in the year as audiences trickled in and some films – Hollywood and south Indian releases – performed better than expected. These films may now yet again explore a release on OTT as the promise of return to normalcy stretches out. Even under-production films will see some costs rise due to COVID-19 related SOPs, lengthening timelines and regulatory restrictions. Another factor that will influence this trend is the hunger for content and capacity from OTT platforms. With over 45 OTT services in India, there is a battle for consumers. Quality content is key to drive consumers to platforms and also to convert them from free to paying subscribers. Production capacity too in the industry is limited. Production companies that can churn out film level production values at scale consistently are limited. Many OTT players, with large budgets for originals, are trying to up production capacity, which in turn may affect films and drive budgets and costs higher. The pressure to release capital and escalating costs may drive producers to explore all possible release windows in the short and medium term. To be sure, box office in India has a future and a robust one at that. The film sector will adapt and rejuvenate, as it always has. According to a Deloitte study, 83% of India watches video content on their mobiles, and this still makes the cinema experience something unique. Pundits had predicted the demise of the cinema when television was launched, then again when the video players were introduced and then again when DVDs came out. They were wrong every time. For the industry, no doubt these are challenging times, but this too shall pass and the show will go on.

Deloitte India's Jehil Thakkar on the future of Indian cinema industry

<ul><li>The Kishore Biyani-led company has repaid $14 million interest on foreign bonds to investors </li><li>With this repayment, Future Retails has averted a default and concerns over rating downgrade </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul><keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> has averted a default as it repaid around $14 million (around 100 crore) interest on foreign bonds to investors. The company had to pay the interest on bonds worth $500 million due in 2025. The company was given a grace period of 30 days, which officially ended on Saturday, but being a holiday, Monday (August 24) will be considered as the last day. <keyword id="44949" type="CITY" weightage="20" keywordseo="Future-group">Future Group</keyword> runs the Big Bazaar chain of stores. "Today, we are pleased to inform that the Company has made the payment of said interest for the half year ended for an amount of $14 million on above USD Notes," the company said in a regulatory filing. The shares of Future Retail took a hit and fell by 5% on the back of debt repayment deadline concerns. <div type="image" title="future retail new (1)." msid="77713106" hostid="261"></div> The board of Future Group was set to assemble on Saturday, for an important meeting on the acquisition. However, that meeting has been postponed by a week, according to <a href="https://www.business-standard.com/article/companies/future-enterprises-board-meet-on-group-firms-merger-postponed-by-a-week-120082200178_1.html">reports.</a> The group has debts of over $2 billion. And while Biyani and his family hold a 33.5% stake in Future Group, almost all of it has been pledged to lenders. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></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 </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 of pledged stake </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;">Future Lifestyle </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;">99.78% </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;">Future Supply (FSCL) </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;">97.62% </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;">Future Consumer </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;">92.97% </td></tr></tbody></table> The already-weak Future Group businesses, too have been hit by the COVID-19 pandemic, which has forced malls and retailers to shut down. Earlier in July, the company had sought an extension on its earnings reports, which has already been pending for two quarters. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-on-monday-indiabulls-housing-finance-future-enterprises-ril-tata-power-dixon-tech-rossari-biotech/articleshow/77712262.cms">Top stocks to watch on Monday— Indiabulls Housing Finance, Future Enterprises, RIL, Tata Power, Dixon Tech, Rossari Biotech and more</a>

Kishore Biyani-led Future Retail averts a default — settles $14 million interest payment to investors

Market regulator SEBI gave a go-ahead on Wednesday to <keyword id="44949" type="CITY" weightage="20" keywordseo="Future-group">Future Group</keyword>'s scheme of arrangement and sale of assets to <keyword id="10926" type="CITY" weightage="20" keywordseo="Reliance">Reliance</keyword>, based on which the Bombay Stock Exchange also granted its "no adverse observation" report to the Rs 24,713-crore deal. Amazon had written several letters to the SEBI and other regulatory agencies to suspend their review of the deal and not grant it a no objection certification on ground that its challenge to the agreement was before the Delhi High Court. The Securities and Exchange Board of India allowed the deal with some riders, five months after it was announced last August. While seeking shareholders or the National Company Law Tribunal approval, the SEBI has asked Future Group to specifically mention the litigation pending before the Delhi High Court and arbitration proceedings by the e-commerce major Amazon contesting the deal, the Bombay Stock Exchange stated in its observation letter. The BSE has also held that SEBI's go-ahead on the draft scheme of arrangement would be subject to the outcome of these proceedings. "It is observed that there are certain ongoing litigations/arbitration/legal proceedings against the draft scheme," the SEBI said. "In view of the same, the company is advised that these comments of SEBI on the draft scheme of arrangement are subject to the outcome of any of the ongoing litigations/arbitration/legal proceeding involving the draft scheme and/or the decision by any competent authority/competent court in this regard," it said. Commenting on the development, a Amazon spokesperson said: "The letters issued by BSE &amp; NSE clearly state that comments of SEBI on the "draft scheme of arrangement" (proposed transaction) are subject to the outcome of the ongoing arbitration and any other legal proceedings. We will continue to pursue our legal remedies to enforce our rights." The SEBI has directed that Future Group shall ensure that the details of the complaints made by Amazon.com NV Investment Holdings LLC and submission of its group firm <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword>. The market regulator directed Future Group to ensure that suitable disclosure about the latest financials of the companies involved in the scheme being not more than six months old was done before filing the same with the NCLT, the BSE said its observation letter. "In the light of above, we hereby advise that we have no adverse observations with limited reference to those matters having a bearing on listing/de-listing/continuous listing requirements within the provisions of Listing Agreement, so as to enable the company to file the scheme with Hon'ble NCLT," the BSE said. The validity of this observation Letter shall be six months, within which the scheme shall be submitted to the NCLT, according to BSE. The exchange reserves its right to withdraw its 'no adverse observation' at any stage if the information submitted is found to be incomplete/incorrect/misleading/false or for any contravention of rules, by-laws and regulations of the exchange, listing agreement, guidelines/regulations issued by statutory authorities," it said. In August 2019, Amazon had agreed to purchase 49 per cent of one of Future's unlisted firms -- Future Coupons Ltd -- with the right to buy into the flagship Future Retail after a period of three to 10 years. Future Coupons holds 7.3 per cent equity in the BSE-listed Future Retail, which operates popular supermarket and hypermarket chains like Big Bazaar -- through convertible warrants. Amazon had dragged Future Group to arbitration at the Singapore International Arbitration Centre (SIAC), arguing that Future violated its contract with the US firm by entering into the deal with rival Reliance. Last October, the SIAC had passed an interim award in favour of Amazon with a single-judge bench of V K Rajah barring Future Retail from taking any step to dispose of or encumber its assets or issuing any securities to secure any funding from a restricted party. Later, the Future Group approached the high court requesting to restrain Amazon from writing letters to regulatory authorities about the SIAC arbitral order. On December 21, a single-member bench rejected it but gave a go-ahead to the regulators to decide over the deal. The court had also made several observations indicating that Amazon's attempt to control Future Retail through a conflation of agreements Amazon has with an unlisted unit of the Indian company would be violative of the Foreign Exchange Management Act and the foreign direct investment rules. Amazon has now challenged the order before the division bench. Moreover, a three-member tribunal comprising Singaporean barrister Michael Hwang, Albert van den Berg and Jan Paulsson, has been formed at the SIAC to look into the tussle between Amazon and Future Group. It has countered Amazon's claims, saying the e-commerce giant had failed to provide any help to the debt-laden firm that suffered a massive setback during the coronavirus lockdown. Amazon contends that there were ongoing discussions on multiple options with partners and with the promoters of Future.

Future Retail-Reliance deal gets SEBI approval, Amazon says it will continue to fight legally

New Delhi, Nov 29 () Shares of <keyword id="44949" type="CITY" weightage="20" keywordseo="Future-group">Future Group</keyword> companies rallied in early trade on Friday after the CCI approved Amazon.com NV <keyword id="6355120" type="UNKNOWN" weightage="20" keywordseo="investment">Investment</keyword> Holdings' proposal to acquire about 49 per cent share in Future Coupons. Future Enterprises was trading 18.96 per cent up at Rs 26.35 on the BSE. Future Consumer hit a high of Rs 27.90, up 10.06 per cent. It gained as much as 14.79 per cent in early trade.
 Future Retail surged nearly 18.22 per cent to Rs 387.90. After shedding some gains, it was trading 13.61 per cent up at Rs 372.75.
 Shares of Future Lifetsyle Fashions rose 5.45 per cent to Rs 428.45. Later, it was trading at Rs 413.35, up 1.74 per cent.
 The Competition Commission of India (CCI) on Thursday said it has approved Amazon.com NV Investment Holdings' proposal to acquire about 49 per cent share in Future Coupons.
 "The proposed combination pertains to the acquisition by the acquirer (Amazon) of approximately 49 per cent of the voting and non-voting equity shares of the target (Future Coupons Ltd)," a statement said.
 A detailed order of the CCI will follow, it added.
 Amazon.com NV Investment Holdings is a direct subsidiary of Amazon.com, Inc (ACI) and belongs to the Amazon group. ACI is the ultimate parent entity of the Amazon group, as per the statement. RUJ ANS
ANS

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US futures rise, as strong earnings and a China rate cut help investors shrug off inflation fears for now

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Deloitte India's Jehil Thakkar on the future of Indian cinema industry

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Kishore Biyani-led Future Retail averts a default — settles $14 million interest payment to investors

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Future Retail-Reliance deal gets SEBI approval, Amazon says it will continue to fight legally

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