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Hit by the coronavirus crisis and the nation-wide lockdown, the National Restaurant Association of India (NRAI) has urged landlords in the food and beverage (F&amp;B) or restaurant industry to waive their rents and the common area maintenance charges till June or till the lockdown lasts. In an open letter to the landlords in the food and beverage (F&amp;B) business, the industry body representing over 5 lakh restaurants said that although the shutdown may remain for a month two, the industry will take many more months to revive. "While this shutdown may continue for a month or two, we will take many more months post that to get back on our feeta and we will not be able to sail through this period smoothly without your support," said the letter NRAI also sought that the common area maintenance charge should be taken at 50 per cent of the agreed rate for the six months after the lockdown ends. It also said that there should not be "minimum guaranteed rents for six months post that and instead work on a pure revenue share equivalent to 50 per cent of the agreed terms up to a maximum of 10 per cent of monthly revenues." NRAI President Anurag Katriar said: "This appeal is aimed at ensuring our mere survival during such extraordinarily troubled times. We aren't trying to be profiteer at the expense of the landlords. As long-standing business partners of ours, we are hopeful that the landlords will extend their support in these times of unprecedented crisis." The industry body, last week wrote to the Finance Minister seeking economic relief for the restaurant industry in view of the disruption caused by the coronavirus scare in the country. Acknowledging the recent relief measures by the government including the deferment of GST return filings, he said that the sector would require a larger stimulus package to revive the sector and support its over 70 lakh employees. "We will need a much bigger stimulus package from the government whenever we get back to the stage of rebooting our business," he said. See also: <a href="https://www.businessinsider.in/india/news/coranavirus-cases-in-kerala-news-and-updates/articleshow/74775194.cms">Coronavirus cases in Kerala news and updates</a> <a href="https://www.businessinsider.in/india/news/coranavirus-cases-in-tamil-nadu-news-and-updates/articleshow/74785909.cms">Coronavirus cases in Tamil Nadu news and updates</a> <a href="https://www.businessinsider.in/india/news/coronavirus-cases-in-haryana-news-and-updates/articleshow/74771116.cms">Coronavirus cases in Haryana news and updates</a>

Industry body representing over 5 lakh restaurants urges landlords to waive rent till June amid lock down

New Delhi, Apr 3 () Several retail companies and multiplexes operating in large premises and malls are seeking a waiver and negotiating rentals as their businesses are severely hit by the lockdown imposed by the government to curb the spread of novel coronavirus. Several real estate firms and mall owners have also confirmed receiving requests from retail companies operating from their premises to negotiate the rentals in such difficult times. Their respective organisations, Retailers Association of India and Multiplex Association of India have also already raised the issue regarding the difficulties and challenges ahead once the 21-day long lockdown is lifted on April 14. "We have received letters and emails from almost all retailers to not bill for the month of April. This is very normal as how to bill the space, when someone is not using the space," Select CityWalk CEO &amp; Executive Director Yogeshwar Sharma told . However, he also added that at the same time, mall owners have also not got any benefit as "expenses as salaries, maintenance etc are running. It's a tough situation." When asked if the rental waiver request would be considered, Sharma said, "No one knows how long this would continue. There is no clarity on the issue as to whether all malls and cinemas would be allowed to operate or not. It would be premature to say anything about." The real estate firms and mall owners have already received rentals for March, as they get rent in advance for the month. Mukta Arts, which runs multiplex chain under the brand name ''Mukta A2 Cinemas' said that it is in discussion with mall owners over the unprecedented situation. "We are certainly in discussions with all our partners about how we can best handle the situation in a difficult time for everyone. Our agreements do provide for Force Majure and we are considering every option," Mukta Arts MD Rahul Puri said. Kishore-Biyani led Future Group, which owns and operates several retail formats which include popular Big Bazaar and neighbourhood food and grocery store chain, Easyday Club, has also approached the mall and property owners for waiver of rentals till the time, the business is closed. Presently, complying with the government orders, retail companies are dispensing only essential items which include packed foods and vegetables and some of the FMCG products. V-Mart, which operates stores mainly in tier II and III cities said it has also approached the companies seeking a waiver of the rentals and has plans to put rentals of the month of April on hold. "We have also sent a request to our landlords and have communicated to them about the business conditions in such unusual times. We have told them that under the situation we cannot pay rentals of the lockdown period," said V-Mart Retail Chairman and Managing Director Lalit Agarwal. He further said, "We would need their support even for the period after lockdown is lifted, as it would take some time to reach the normal footfall count at our stores. They would have to accommodate us on the rentals." According to the Retailers Association of India, rent and salaries to employees make a large part of the cost of retailing firms which are facing challenges due to mandatory closure of the stores. "RAI has retailers and mall owners as members. Our belief is that they should sit with each other and share the burden of the agreements because this is an unprecedented situation," said RAI CEO Kumar Rajagopalan. RAI has asked the government to provide several rebates on taxes and others. "Rental rebates would not happen unless there are some tax rebates and GST rebates. How can malls owners'' providers rebate to the retailer on hand while paying taxes on the other hand. Rental is an issue, where the retailers and the malls have to come together and sit on a table," he added. Everyone is expecting the situation to be normalised soon, once the lockdown is lifted and their stores and multiplexes become operational. Sharma, hoped that the situation would be normalised soon as "both are partners in the business. We have long term relations." Pacific Group Executive Director Abhishek Bansal said: "Yes, we have received some request from few brands, but it is too early to gauge the actual impact. We need to wait for some more time to come to any conclusion." Gaurs Group MD Manoj Gaur said: "We consider brands as our stakeholder and partner. Will try to help them to the extent possible, but it has been around 10 days only, so need more time to gauge the extent of losses. We also need to wait and watch the kind of relief measures that Government may announce for industry in coming days." India is presently going through an unprecedented complete lockdown of three weeks, ending on April 14, to prevent the spread of coronavirus. KRH MRMR

Retail Cos and Multiplex owners asks waiver of rent for lockdown period

Mumbai, Apr 5 () The Multiplex Association of India (MAI) has appealed to landlords across the country to waive off rent and common area maintenance (CAM) for all the multiplex operators during the period of the current nation-wide lockdown.India is currently under the lockdown with around 1.3 billion people asked to stay home in view of the coronavirus outbreak.Formed under the aegis of FICCI in 2000, the national multiplex trade body represents more than 18 regional and national multiplex chains, including PVR, INOX, Carnival and Cinepolis, and operates more than 2900 screens across the country. In a statement released by the MAI, its President Deepak Asher said due to the shutdown, "our Industry is going through an unprecedented crisis that threatens our very existence.""As compared to some other businesses, which have seen a revenue drop, multiplex revenues have overnight become zero. This has put us in a very grim situation as we struggle to meet our commitments to pay our staff salaries on time and meet our fixed overheads," the statement read.The association said, with with zero revenues, they have "virtually no ability to pay any rent or CAM dues or meet our other fixed overheads.""While the lockdown may continue for the next month or two, the cinema industry will take several months ('recuperating period') even after the lockdown is lifted, to get back to its feet, as the pipeline of content begins to flow again, and our patrons gain the confidence to step out of their homes and start visiting crowded places like cinemas. "We will be unable to survive as an industry through this period of lockdown and recuperating, without your support. We seek your support in granting us complete waiver from payment of rent &amp; CAM dues during the lock down and recuperating period, to help us tide over this unprecedented situation which is completely beyond our control," the statement added. The association said they are seeing a "temporary relief" to ensure that cinema industry does not die an "instant death" leaving a significant impact on shopping malls across the country. JUR SHDSHD

Multiplex Association appeals to landlords to waive off rent of operators amid lockdown

New Delhi, Mar 31 () Realty firm Unity Group, which has four shopping malls in the national capital, will not charge rent for the month of April worth Rs 10 crore, to provide relief to its retailers and other merchants affected by the nationwide lockdown. Unity Group has exempted all merchants at its 'Unity One' malls and 'Vegas' mall from paying rent for a month, said Harsh Bansal, Director, Unity Group and Pratham Group. "The total rent waiver will be about Rs 10 crore," he told . Unity Group has more than 300 retailers in various locations of Delhi including Dwarka, Rohini, Janak Puri and CBD Shahdara. "Due to this coronavirus pandemic, retail sales and footfall of commercial properties are gravely impacted at this initial stage itself, the retail sector became an instant victim as soon as the intensity of the coronavirus spread became known. "We will continue to do everything we can to support the retailers and maintain business continuity until the crisis ends," Bansal said. Since 1996, Unity Group has delivered more than 15 Million Sq Ft across 150 real estate projects across Delhi-NCR. It is developing a luxury housing project at Karol Bagh here. MJH SHWDRR

Lockdown: Unity Group exempts merchants at its malls from paying one month's rent

<ul class="summary-list"><li>The charter companies, aircraft management firms, and ground operations and maintenance companies that comprise the private jet industry <a href="https://www.businessinsider.com/private-jet-firms-buying-new-planes-hiring-pilots-during-downturn-2020-8">have recovered more thoroughly and swiftly</a> than commercial <keyword id="44023" type="ORGANIZATION" weightage="60" keywordseo="airlines">airlines</keyword>. </li><li>Some of these companies accessed funds from two or even three buckets of federal aid. </li><li>The industry is made up of about 1,900 companies and employs about 1.2 million people. Yet out of the $2 trillion <keyword id="9073299" type="UNKNOWN" weightage="60" keywordseo="cares-act">CARES act</keyword>, it scooped up a disproportionate $666 million.</li><li>Thirty-six private jet companies have received $7,538,300 in Economic Injury Disaster Loans from the <keyword id="6359222" type="UNKNOWN" weightage="60" keywordseo="Small-Business">Small Business</keyword> Administration and at least 95 private jet firms got Paycheck Protection Program loans, totaling between $64.3 million and $149.9 million.</li></ul>The impact of an ongoing pandemic best fought by a population of shut-ins has devastated the travel industry: Airlines are hunkering down for a years-long recovery. Planemakers have slashed production plans. Cruise companies are all but shuttered, and hotels are doing everything they can to attract guests. One pocket of the travel business, though, has handled the turbulence surprisingly well: the private jet industry. The charter companies, fractional ownership organizations, aircraft management firms, and ground operations and maintenance companies that cater to elite air travelers have been hit less severely, and <a href="https://www.businessinsider.com/private-jet-firms-buying-new-planes-hiring-pilots-during-downturn-2020-8">have recovered more thoroughly and swiftly</a>, than commercial airlines. That's partly because private aviation was able to successfully market itself as a safer way to travel, essentially allowing well-heeled access to vacation homes and quarantine hideaways without the risks associated with commercial air travel. But during the spring months when the pain was real, when even the rich and famous stayed terrestrial, the industry enjoyed unusually helpful government largesse. By virtue of their hybrid nature — they're both airlines and small businesses — some of these companies accessed funds from two or even three buckets of federal aid. And while more than 100,000 small businesses failed for a lack of aid and major airlines are already begging for a fresh round of relief. The private aviation industry is made up of about 1,900 companies — including everything from charter services with dozens of jets to sightseeing operations with just a single propeller plane — which employs about 1.2 million people, yet out of the $2 trillion CARES act, it scooped up a disproportionate $666 million."The Trump administration's priorities are hurting those who need help the most and helping the already wealthy and well-connected," said Kyle Herrig, president of Accountable.US, a watchdog group that produced a report on how private jet operators have received federal aid. "They have abandoned struggling small businesses and slashed aid for workers while allowing the booming private jet industry — including many Trump donors — to triple-dip in taxpayer money."<h2>CARES Act funding hasn't done enough to support small businesses — or, some would argue, major airlines.</h2>When Congress passed the CARES Act in late March, it included $58 billion for airlines, half under a Payroll Support Program (PSP) and half as low-interest operational loans. A separate bit of the law made small businesses eligible for fully forgivable loans of up to $10 million through the Paycheck Protection Program (PPP), as well as facilitated loans of up to $2 million through the Economic Injury Disaster Loan (EIDL) program. <div type="image" title="american airlines" height="1520" width="2026" msid="77823250" hostid="261"></div>Even though airlines like American have received as much as $5.8 billion in PSP aid, it has not been enough to cover their entire payroll, leading airlines to encourage workers to take unpaid leaves and early retirements, according to Sara Nelson, president of the Association of Flight Attendants. Now, as restrictions on furloughs and layoffs expire, airlines are preparing to layoff tens of thousands of workers."Did the Payroll Support Program save jobs and keep people on payroll? Yes. So on balance, the program worked," Nelson told Business Insider. "I don't mean to say it worked perfectly, but it saved jobs.""It was never funded to cover more than six months," Nelson added. "At the time, everyone hoped we'd be in a different place by now. We're not, so there needs to be an extension. A lot can change in six more months."Meanwhile, the two programs set up to help small businesses were <a href="https://www.businessinsider.com/chaotic-launch-cares-ppp-federal-loan-program-for-small-businesses-2020-4">quickly overwhelmed by applications</a>, and exhausted their funds within two weeks. By May 11, about 100,000 small businesses had collapsed, <a href="https://www.washingtonpost.com/business/2020/05/12/small-business-used-define-americas-economy-pandemic-could-end-that-forever/">according to a study</a> by researchers at University of Illinois, Harvard Business School, Harvard University and the University of Chicago.<h2>A bunch of companies that were considered 'airlines' also landed small business grants and loans.</h2>Although the Payroll Support Program seems written with large passenger airlines and cargo operators in mind, some 320 smaller carriers and private aviation firms have received about $935 million of the total $25 billion allocated, according to Treasury numbers. (The vast majority went to the 15 biggest commercial airlines.) Some of those were companies like<a href="http://www.berylair.com/scenicflights"> Beryl Air</a>, an Alaskan sightseeing company which operates a single float plane and received just $2,149 in PSP funds. More than half were private jet charter companies, which together received $508,645,759 in payroll support. That makes sense: Many of these companies employ just a few dozen people and, despite their wealthy clientele, operate on thin margins.But that's not all they got. Because many smaller private jet companies also fit the standard definition of a small business, they were eligible to receive funds under the programs meant for places like restaurants and hardware stores. Thirty-six private jet companies have received $7,538,300 in Economic Injury Disaster Loans from the Small Business Administration. At least 95 private jet firms got Paycheck Protection Program loans, totaling between $64.3 million and $149.9 million (loan recipients were approved for minimum and maximum loan amounts; the Small Business Administration has not disclosed specific amounts.) Each of those companies also received grants through the airline-focused Payroll Support Program, according to data compiled by Accountable.US.Between these three programs, 170 private jet firms received about $666 million, according to Accountable.US. Those firms also benefited from federal excise and fuel tax waivers as part of the relief bill.Delaware-based Dumont Aviation Group, for example, received nearly $2 million in PSP grants, up to $5 million in forgivable PPP loans, and $500,000 in EIDL loans, for a total of nearly $7.5 million. (Dumont did not respond to a request for comment.)<div type="image" title="Gulfstream G550 private jet" height="1666" width="2500" msid="77823257" hostid="261"></div>"Only the Trump administration would find three separate ways to bail out high flying private jet companies while 25% of Americans face food insecurity and unemployment tops 10%," said Kyle Herrig, the Accountable.US president. "This is an industry that can charge clients $25,000 or more for a single flight – this government aid should've gone to support truly small businesses and the communities they serve."<h2>The reality is more complicated for small private aviation firms.</h2>Scorn on the private jet industry is easy to understand, especially as small businesses collapse, unemployment assistance slows, and record numbers of Americans remain jobless. Before the CARES Act was passed, Dean Baker, senior economist at the Center for Economic Policy, <a href="https://www.cnbc.com/2020/03/29/private-jet-companies-could-get-billions-in-aid-from-coronavirus-bailout.html">told CNBC</a>, "Putting up public money to support an industry that serves the rich would be hard to justify. It's absurd."But private aviation connotes more than extravagance.While the rich and famous make up some of the industry's clientele — especially for leisure travel — a large share of private aviation business comes from more restrained businesses using it to access hard-to-reach or far-flung sites.Classic examples include a regional manager for an automaker visiting several car dealerships across a few states, or manufacturing plants spread out across a region. Of the nearly<a href="https://www.bts.gov/content/number-us-airportsa"> 5,000 public airports in the US</a>, only about 500 serve commercial flights. Where a work trip could take a week flying between commercial airports, renting cars, and driving out to destinations, it could only take a day or two using a chartered plane.Nearly 2,000 private aircraft operators are certified by the FAA to charter flights, ranging from major charter operations like Jet Linx and fractional owner companies like NetJets, to helicopter couriers and sightseeing companies, to outfits with a single propeller plane taxiing passengers between remote rural areas and airports frequented by small regional airlines. The private aviation industry creates 1.2 million jobs and generates $77 billion in income,<a href="https://www.cnbc.com/2020/03/29/private-jet-companies-could-get-billions-in-aid-from-coronavirus-bailout.html"> according to industry lobbyists</a>.The majority of these companies have just a few dozen employees, most of them specialized and certified as pilots, flight attendants, maintenance technicians, dispatchers, and the like. Although passengers pay a lot for flights, private aviation firms often operate with relatively slim margins thanks to fixed capital and operational expenses.And the pandemic didn't leave them be. <div type="image" title="Private plane interior jet" height="1499" width="1999" msid="77823263" hostid="261"></div>"In April we did see a 75 percent drop in business," Nick Tarascio, CEO of New York-based Ventura Air Services — one of the companies that received funds through all three available programs — said in an email to Business Insider. "This was not for us alone, this was the experience across the private aviation sector."As business slowed in April and initial PPP funds were delayed, Ventura furloughed 10 of its 45 employees. Once PPP and PSP funding came in, Tarascio said, the company rehired all of them.Meg Bianco, president of an Ohio-based company that also received funds through all three programs, said that her 165-employee company likely would have collapsed without the emergency funding. (Bianco spoke with Business Insider on the condition that her company's name not be printed in the context of discussing business troubles.) The company's maintenance, repair, and operational services work dropped by 40%. Business for its ground operations unit plunged as much as 90%."We would have had to shut down our ground operations division without the help," Bianco said of the Payroll Support Program and SBA loans. "Margins were so slim, we wouldn't have had a choice." <h2>The outlook for private aviation is growing even stronger. Commercial airlines and small businesses, however, are preparing for a difficult few years.</h2>Six months into the pandemic's seizure of the United States, the outlook for the commercial aviation sector remains bleak. Analysts don't expect demand to fully recover until 2024. Small businesses overall — and especially restaurants — face a similarly grim situation. According to<a href="https://www.mckinsey.com/industries/public-and-social-sector/our-insights/us-small-business-recovery-after-the-covid-19-crisis#"> McKinsey</a>, it will likely take at least five years for affected sectors to recover from the pandemic. Between 1.4 million and 2.1 million US small businesses could close permanently.The private jet business, however, is approaching cruising altitude. Through membership programs, package sales, fractional ownership, and other schemes, demand for private aviation is continuing to grow as the wealthy find ways to travel while limiting their exposure to COVID-19.By the end of June, traffic for private jet operators was up to 78% of the previous year's numbers, while commercial airlines were closer to 25%, according to the<a href="https://www.nytimes.com/2020/07/30/travel/private-jets-coronavirus.html"> New York Times</a>. Over the July 4 weekend, private jet demand actually increased 5% over 2019 levels.For the private jet industry, a heavy helping of federal aid worked exactly as intended. Companies facing downturns were able to survive the immediate and devastating impact of the pandemic, and now find themselves strongly positioned as their unique industry sees a boom in demand."Many who once thought of ownership as a luxury, now see jet ownership as a necessity for protecting health and getting to places that they need to get to safely and efficiently," said Tarascio, the Ventura Air CEO. He predicts strong growth ahead, and is in the process of acquiring three more planes.

Private jet companies scored a pile of federal aid meant for airlines and small businesses, boosting the industry as other sectors collapsed

<ul><li><keyword id="6354743" type="COMPANY" weightage="20" keywordseo="Amazon-India">Amazon India</keyword> announced that it is strengthening its partnership with <keyword id="6355455" type="DEFINITION" weightage="20" keywordseo="indian-railways">Indian Railways</keyword> to ramp up its operations across 55 lanes during lockdown. </li><li>In 2019, Amazon had initially partnered with Indian Railways across 13 lanes to transfer inter-city goods.</li><li>E-commerce platforms are currently allowed to deliver only essential items.</li></ul>Amazon India will now use the Covid-19 special trains of the Indian railways to transfer food faster. The e-commerce major announced that it is strengthening its partnership with Indian railways to ramp up its operations across 55 lanes during the lockdown. In 2019, Amazon had initially partnered with Indian Railways across 13 lanes to transfer inter-city goods. “In these unprecedented times, we understand the importance of ensuring that critical supplies reach our customers across the country. With the support of COVID-19 Parcel Special trains introduced by the Indian Railways, we are confident that we can further fulfil customer orders with enhanced speed and capacity,” said Abhinav Singh, Director, Amazon Transportation Services, Amazon India. Amazon India and Indian Railways have a long-term partnership that is focused on “developing the rail network to supplement the road and air networks for transportation of customer packages with improved speed and reliability”. Currently owing to the <keyword id="8637077" type="UNKNOWN" weightage="20" keywordseo="Coronavirus-lockdown">coronavirus lockdown</keyword> in India, e-commerce platforms are allowed to deliver only essential goods. However, in the past week, there has been a mixed signals lot of back and forth from the Ministry of Home Affairs wherein it first allowed e-commerce services to deliver non-essential goods but within a day, it rolled back the advisory to limit delivery only for essential goods. Meanwhile, Amazon also said that it has partnered with National Skill Development Corporation (NSDC). Through this partnership, Amazon plans to drive awareness on physical hygiene and social distancing in light of the coronavirus pandemic. “The partnership will identify volunteers, namely ‘COVID-19 Digital Heroes’ through digital outreach across various platforms. Students who are a part of Amazon’s ALEXA student ambassador program will also act as COVID-19 Digital Heroes and help amplify the campaign further,” Amazon said in a statement. See Also: <a href="https://www.businessinsider.in/business/news/as-malls-continue-to-stay-shut-retailers-turn-to-the-government-for-support-for-rent-waivers-gst-concessions-and-more/articleshow/75405599.cms">As malls continue to stay shut, retailers turn to the government for support for rent waivers, GST concessions and more</a>

Amazon to use Covid-19 Parcel Special trains in India to transport goods

Kolkata, Apr 7 () Stating that the real estatesector in West Bengal has been badly hit by the nationwidelockdown imposed in the wake of the coronavirus outbreak,industry body CREDAI on Tuesday wrote to the centralgovernment demanding several relief measures.In the letter, CREDAI's West Bengal chapter presidentSushil Mohta said the outbreak has spelt disaster for the realestate sector.It said that following the lockdown demand for homesand offices has totally evaporated, severely affecting cashflow from sales.It also affected the payment of rents by occupants,the letter said.The industry body sought deferment of GST and incometax payments due in March, April and May by at least 180 days,besides waiver of interest and penalty on delayed tax paymentsfor the current financial year.It also said that the government should give amoratorium of six months on all due and overdue EMI/intereston all loans, including term loans.The real estate sector, once the lockdown is lifted,will require at least six months to mobilise people and otherresources, it said.CREDAI said that to maintain business continuityduring these six months, SEBI may kindly not treat as defaultthe delays in debt servicing capital market instruments. dcSOM SOM

Realtors in Bengal seek relief from govt, say COVID-19 lockdown badly hit demand

New Delhi, Mar 24 () The Reserve Bank is likely to allow banks to give relaxation to customers in paying their EMIs as the forced lockdown across sectors due to coronavirus pandemic has impacted earnings severely, crippling repaying capacity of many businesses and individuals, sources said. "There has been a demand for this, it will require some dispensation from the Reserve Bank actually. IBA has already discussed the issue with the RBI. This is under consideration," a bank official told . The banker said that the issue of delayed EMI (equated monthly instalment) is under active consideration of the government. In a major relief, Finance Minister Nirmala Sitharaman on Tuesday announced waiver of charges for withdrawals from any ATMs as well as doing away of the minimum balance requirement till June this year. SBI had already announced to do away with the minimum balance requirement a few days earlier. Many industry representatives have already demanded the government to allow late repayment of loans as businesses are badly hit due to no activity as the spread of coronavirus has led to a forced lockdown across the nation as well as globally. While, individuals mainly who are self-employed, have small businesses, have to pay towards rents for shops, small vendors etc have taken loans for various purposes such as home, car, business or any other personal requirements are more concerned about their immediate loan liabilities. A bank customer who runs a business and has to pay up towards loan will have to pay up from savings as there has been no business recently. Coronavirus has claimed thousands of lives globally in the past three months and has been spreading fast globally. As a proactive measure to cut short the spread of this deadly disease Covid-19, central government as well as states have announced major lockdown, shutting borders and strict policing to keep people indoors. In India, as many as nine deaths are reported from Covid-19, while more than 500 are reported to have caught the disease. KPM MRMR

RBI likely to allow banks to accept delayed loan repayments from customers

Mumbai, Apr 23 () Struggling in the face of the coronavirus outbreak, the domestic ground handling industry has sought stimulus package, including moratorium on interest on borrowings, waivers on certain fixed costs and deferment of statutory taxes, among others. The Rs 4,000-4,500 crore ground handling industry, which heavily depends on the airlines operations, has lost as much as 90 per cent of the business amid suspension of all commercial air passenger services due to the lockdown to tackle the coronavirus pandemic. However, cargo and special flights have been kept away from the lockdown. "I think it is also important for the government to have a very structured approach to such kind of situations. It has to be a balanced economic stimulus to everybody. We haven't got any stimulus except for advisory from the RBI to the banks to help us on a three month moratorium, which is not enough. "For a business which is already impacted over a year, we need at least a one-year moratorium on our cost to the banks," ground handling industry leader and Clebi Aviation-India CE, Murali Ramcahandran told in an interaction. Clebi, which commands 25 per cent market share of the domestic industry, has the mandate to carry out ground handling business at Mumbai, Delhi, Bangalore, Hyderabad, Cochin, Ahmedabad and Kannur airports. Pointing out that not many businesses can continue paying to their employees with no revenue coming in, he said at a point of time it becomes imperative to have some sort of stimulus. Global aviation consultancy, Centre for Pacific Aviation in one of its reports released on March 25, had estimated USD 3.3-3.6 billion losses for the domestic aviation industry with the losses for the ground handling segment pegged at USD 80-90 million. "As an association for ground handlers and cargo warehouse operators we have asked for 6-7 (relief) measures. What we wanted is whatever possible support is provided by the bank or the government towards employees payroll costs, which is very critical for us. Many governments (abroad) have done it " he said. Stating that his industry needs some substantial support to be able to continue paying salaries , he said the business cannot run on its own unless there is cash flow. "We have asked for complete waiver of our fixed costs to the airports for at least six months, which is based on the hope that recovery will happen in the next three months or so. Therefore, the rent and utilities cost that is being imposed on us should be waived for us. We are not seeking postponement as it will not help us," Ramchandran said. The ground handling industry has also asked for deferment of the settlement of statutory taxes payment for managing the cash flows, he said, adding, the GST payment which is done at present on an accruement basis should be done on realization because airlines are not paying to the companies. "And we are expected to pay GST upfront based on what we have accrued. So we need a dispensation on that on real realization rather than accrued business. I don't know how much of this may become bad debts as well for us because the airlines are going bust as we see," he said. IAS ANUANU

Airports ground handling industry seeks stimulus to mitigate COVID-19 impact

New Delhi, Apr 24 () Faced with liquidity crisis and loss of business due to the nationwide lockdown, the country's top co-working space operators have come together to form an association to chalk out strategies to deal with immediate cash-flow challenges and future roadmap. The industry body named Indian Workspace Association (IWA) will represent the problems faced by the industry to the government as well as other stakeholders. The co-working segment has been growing at a rapid pace over the past few years. The operators take space on lease from realty firms or landlords and then sub-lease to their clients which are startups, freelancers and corporates. However, following the lockdown, these players are facing a huge liquidity crisis as many of their clients have shown reluctance in paying rents and some of them even cancelling agreements. "Co-working and flexible workspace providers across the country have come together to form the Indian Workspace Association, that will be the de-facto voice of the workspace industry in India," the industry body said in a statement. Although the association has been formed to represent and protect the wider interests of the industry as a whole, the IWA's immediate goal is to define protocols and practices for the industry to address the ongoing COVID-19 crisis. The association would plan strategies for the way forward in a post-coronavirus world, it said. IWA will represent majority of companies in the co-working and flexible workspace segment. It currently comprises more than 40 players - at both national and state levels. The association is led by a core team of six members who have been nominated by the larger group to advocate the industry's concerns and put forth demands to the key stakeholders. Karan Virwani, CEO, WeWork India; Akshit Mehta, Founder, Vorqspace; Pranay Gupta, Co-founder, 91 Springboard; Shesh Rao Paplikar, CEO, BHIVE Workpsace; Srishti Dhir, founder, Hub and Oak; Vikas Lakhani, Co-founder, InstaOffice and Yatin K Thakur, Founder, CoworkIn are the six members. "Like most industries, the co-working industry has also been considerably impacted by the COVID 19 pandemic. Thus, we felt the need to create an association to synergise our efforts to help us present our unified position in front of our partners, industry stakeholders, as well as the government," said Pranay Gupta. In the current environment, he said the IWA's top priority is to seek government support, rent waiver from landlords and discounts from service providers. "We are liaising with the relevant ministries and authorities to get support and relief for the industry, which could eventually be passed on to our clients," Gupta said. MJH ANSANS

Co-working space operators form Indian Workspace Association amid COVID-19 crisis

<ul class="summary-list"><li><keyword id="2978297" type="PERSON" weightage="60" keywordseo="intu">Intu</keyword>, one of <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>'s largest <keyword id="6368952" type="UNKNOWN" weightage="60" keywordseo="Shopping">shopping</keyword> centre owners, has warned it may enter <keyword id="45620" type="ORGANIZATION" weightage="60" keywordseo="Administration">administration</keyword>, which would hand ownership of the business to a third-party.</li><li>It has appointed <keyword id="50041" type="CITY" weightage="60" keywordseo="KPMG">KPMG</keyword> to put together a contingency plan.</li><li>Intu is relying on standstill agreements ahead of a funding arrangement deadline with lenders on June 26.</li><li>Intu was struggling before the coronavirus pandemic. It had failed to fill some of its centres or secure necessary funding.</li></ul>Intu, one of UK's biggest shopping centre owners, <a href="https://www.intugroup.co.uk/en/news/news-and-press-releases/update-on-creditor-discussions/">said on Tuesday</a> that it may have to shut down some of its sites because of its financial woes.It has appointed KPMG to make contingency plans for administration, which would see it lose legal ownership of its business. If a company is in debt and is unable to repay the money it owes, it can enter administration, where it can wind up without paying all its debts. The struggling <keyword id="130462" type="ORGANIZATION" weightage="60" keywordseo="shopping-mall">shopping mall</keyword> operator was reportedly in debt before the start of the COVID-19 pandemic. It had struggled to secure funding and fill outlets at some of its sites.It is currently discussing financial restructuring with lenders, but it could file for administration as early as Friday, June 26, if a standstill agreement does not materialize, according to <a href="https://www.propertyweek.com/news/intu-in-final-crunch-talks-as-administration-looms/5108578.article">Property Week</a>. <a href="https://www.intugroup.co.uk/en/news/news-and-press-releases/update-on-lender-discussions/">Last month</a>, Intu announced it would rely on standstill agreements until a revolving credit facility waiver deadline on June 26. According to Intu's latest update, discussion points with stakeholders include the duration of a standstill agreement, which is not expected to exceed 15 months, the extent to which creditors will share future valuation recovery, and how its individual shopping centres will be funded. "Some centres have reduced rent collections as a result of COVID-19 and cash trapped under their financing arrangements which restrict their ability to pay for support (such as shopping centre staff) from other entities in the intu group," Intu said in a statement. In the event that it is unable to reach a standstill agreement, the mall operator said it is likely to fall into administration, and that some sites could close.

Some of the UK's biggest shopping centres are at the risk of shutting down as malls giant Intu struggles with funding

Mumbai, Apr 1 () Airports Council International (ACI) has urged the government to defer aviation specific taxes till December 31 to safeguard airports' operational and business continuity amid COVID-19 pandemic.In a letter to Prime Minister Narendra Modi on Tuesday, ACI Director General Angela Gittens has said COVID-19 has drastically impacted the airport business and is posing a serious threat to survival of the industry in many countries."Airports are the engine of your national economy in terms of jobs created and GDP growth. The airport industry in Asia-Pacific employs more than 63 per cent of aviation industry jobs, providing a variety of services. This unique resource for the society and the economy should be fully preserved and supported to prepare for its revival, as soon as the negative effect of the COVID-19 starts to decrease," the ACI DG said in the letter, dated March 31.ACI's Asia Pacific arm had on March 27 estimated that the airport industry in the APAC region is expected to report USD 5.6 billion loss in the first quarter following a traffic volume loss of about 1.5 billion passengers at the airports in the region due to prolonged duration of coronavirus outbreak.Besides, it also revised the revenue forecast for 2020, according to which the revenue impact on the aerodromes in the APAC region is expected to the tune of USD 23.9 billion, and USD 5.75 billion for the airports in the Middle-East region."The airport industry is equally impacted by the COVID-19 outbreak. Every passenger lost by an airline is equally a passenger lost by an airport. We would urge your authority to provide relief measures for the aviation sector to benefit all affected parties of the aviation sector and which will be strategic for the relaunch of the economy as soon as the crisis is over," the global airports grouping said. It requires "urgent measures -- immediate suspension of national, regional, local taxes specific to the aviation sector, including passenger departing taxes, which will also incentivise passenger confidence to travel, and moratorium on new national and local aviation specific taxes until December 31, 2020," ACI added.Airports are reliant on revenue from charges on airlines, passengers and commercial activities, ACI said in the letter, adding, "any global alleviation of airport charges or introduction of blanket discounts, therefore, will place airport operators in greater financial distress. Any discount in charges in favour of airlines should be decided by the airport operator on a voluntary basis".The group has also sought from the government exceptional and time-limited waiver of the slot 80/20 rule until June-end.The rule stipulates that airlines could lose their slots at congested airports if they did not use them at least 80 per cent of the time.Dynamic aviation markets such as Singapore and UAE are offering dispensation of the slot 80/20 rule only for certain markets. Other countries such as the US, China, South Korea and Japan have introduced a waiver for a shorter period than the entire summer season, it said.From an operational perspective, the aviation system would benefit from the introduction of a mandatory requirement to airlines to notify flight cancellations, resulting from structural capacity adjustments due to COVID-19 under a specific timeline in advance, and hand back to coordinators/slot pools unused airport slots within 24 hours of flight cancellations within booking systems, the letter said.The body also urged the government to consider, on a case-by-case basis, waiving airport rents and concession fees applicable to airport operators, irrespective of ownership status, given the financial stress they are experiencing.Such waiver could be a one-time waiver for a period of time, without the requirement for airports to pay-back the waived amounts at a later stage. This will allow airports to re-deploy these funds to continue operations and support recovery strategies, according to ACI.It has also sought loans and secured lending facilities at preferential rates to meet fixed expenses of airports for at least the next six months and ad-hoc facility to issue additional bank guarantees besides the ability to renegotiate existing covenants. IAS BAL

ACI urges govt to defer aviation specific taxes till Dec 31

<ul><li>Shopping malls across India opened on June 8.</li><li>A survey from the Retailers Association of India said that a majority 67% of the consumers surveyed showed little to no excitement in shopping post the lockdown. </li><li>Moreover, major retail centres like Delhi, Mumbai are still grappling with a rapidly rising number of coronavirus cases which is keeping people from venturing out. </li></ul>Shopping malls across India opened on June 8, after a long wait since March. But as mall owners are happy, retailers are still worried. From directives like those from the UP government where malls can stay open, but not the shops in them to the rising number of coronavirus cases in India, consumers are still shying away from retail therapy. A survey from the Retailers Association of India said that a majority 67% of the consumers surveyed showed little to no excitement in shopping post the lockdown. Moreover, 78% of the respondents said their shopping expenditure would decrease. This has also brought down the battered retail stocks which had seen some respite before the June 8 reopening. <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;">Stocks </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;">Share price change since June 8 </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 Retail </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;">-8% </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;">Shoppers Stop </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;">-8.5% </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;">Trent (Westside) </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;">-3.4% </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;">Spencer’s Retail </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;">-2.5% </td></tr></tbody></table> “With most consumers demonstrating hesitation to resume shopping in the coming months, the retail sector needs the support of all stakeholders to revive sentiment. Retailers will need to prioritize safety and hygiene measures to reassure consumers that they will receive a safe shopping experience. Despite a strained quarter, the sector will have to make investments in implementing the necessary safeguards to win back consumer confidence,” said Kumar Rajagopalan, CEO, Retailers Association of India. Another threat to retailers continues to be online shopping – with non-essential e-commerce too having opened up, major online players like<a href="https://www.businessinsider.in/business/ecommerce/news/orders-on-amazon-flipkart-snapdeal-show-indians-are-preparing-to-stay-home-for-a-long-time/articleshow/76086148.cms"> Amazon, Flipkart </a>have seen a surge in orders. Moreover, major retail centres like Delhi, Mumbai are still grappling with a rapidly rising number of coronavirus cases which is keeping people from venturing out. In Delhi NCR, malls are also taking time to open doors as they get accustomed to the new normal of sanitization. Big brand retailers too aren’t opening up shop in a hurry, which is beginning to worry mall owners. “We are reaching out to retailers individually to discuss and we are sure that as we open gradually, everyone will open their stores. We need to collaborate at this time and they are our partners,” Pushpa Bector, executive director, DLF Malls told<a href="https://timesofindia.indiatimes.com/business/india-business/jolt-for-malls-as-retailers-restaurants-refuse-to-open/articleshow/76272596.cms"> TOI.</a> This is despite the fact that mall owners had offered rent waivers to retailers. Earlier, credit rating agency CARE ratings has given the retail sector in India a ‘Negative’ outlook. “The impact on demand, which is expected to remain muted at least for the next three or four quarters, will be more in case of players with presence in non-essential items and luxury segments,” said the ratings agency in its report. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/markets/news/nestle-reliance-industries-britannia-and-hul-stocks-that-have-doubled-investor-wealth-in-the-last-three-years/articleshow/76294547.cms">These four stocks have doubled investor wealth in the last three years</a> <a href="https://www.businessinsider.in/business/news/reliance-jio-may-have-to-pick-between-google-and-microsoft-for-its-final-tranche-of-investments/articleshow/76261727.cms">EXCLUSIVE: Reliance Jio may have to pick between Google and Microsoft for its final tranche of investments</a>

You Searched For "rent waiver coronavirus" and got 13 results

Industry body representing over 5 lakh restaurants urges landlords to waive rent till June amid lock down

IANS

Retail Cos and Multiplex owners asks waiver of rent for lockdown period

PTI

Multiplex Association appeals to landlords to waive off rent of operators amid lockdown

PTI

Lockdown: Unity Group exempts merchants at its malls from paying one month's rent

PTI

Private jet companies scored a pile of federal aid meant for airlines and small businesses, boosting the industry as other sectors collapsed

David Slotnick

Amazon to use Covid-19 Parcel Special trains in India to transport goods

Sanchita Dash

Realtors in Bengal seek relief from govt, say COVID-19 lockdown badly hit demand

PTI

RBI likely to allow banks to accept delayed loan repayments from customers

PTI

Airports ground handling industry seeks stimulus to mitigate COVID-19 impact

PTI

Co-working space operators form Indian Workspace Association amid COVID-19 crisis

PTI

Some of the UK's biggest shopping centres are at the risk of shutting down as malls giant Intu struggles with funding

Shalini Nagarajan

ACI urges govt to defer aviation specific taxes till Dec 31

PTI

Shopping malls are open but retailers face the next big challenge – getting people to the stores

Sanchita Dash

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