Good Morning Folks!!! Steering clear of any ominous events, today, we will be catalyzing the discourse on the ever increasing rise of ghost malls in tier 1 cities. No, not the spooky kind! Ghost malls are referred to Grade C shopping centers with a vacancy of more than 40%. Riddled with deficient management and poor tenant mix, these complexes have foregone customer trust, hammering the last nail to their coffin!

BUSINESS
PVR Inox Resets to Sports and Concerts Amid Movie Slump

One Liner:  PVR Inox is shifting to screening sports and concerts to attract crowds amid continued movie struggles and a significant quarterly loss.

PVR Inox, India’s largest cinema operator, reported a net quarterly loss of Rs 130 crore. Shifting its focus to attract crowds by screening key ICC Men’s T20 World Cup matches, concerts, and K-Pop performances, CFO Nitin Sood emphasized staying relevant as movies struggle at the box office. To compete with streaming services, PVR Inox introduced loyalty programs that offer cheaper tickets and host film festivals. The company narrowed its losses but attributed slow growth to a sluggish movie period, with major releases expected after June’s national elections.

ENERGY
The Reason Behind The Massive Dip In Coal’s Share

One Liner: Despite accommodating a high stake in the total energy output, in the first quarter of 2024, coal’s share in the total installed capacity stooped to a record-breaking low of less than 50% since the 1960s. 

Mirroring global trends, investment in energy renewables in India has witnessed a substantial surge, divesting burden from non-renewables. Being a tropical country, solar energy remains an immense opportunity of growth for India. Although, inconsistent weather patterns remain a threat to its development.

Insurance
A Grace Period of 3 Years To Fulfill LIC’s Shareholding Requirements

One Liner: SEBI rules that all listed companies maintain a 25% public float within 3 years of an IPO and the extension to an additional 2 years for companies with higher post value market capitalizations. LIC however received an extension of an additional term from SEBI.   

Recently, SEBI finalized a grace period of 3 years for LIC to comply with the MPS. This is after the company was exempted from complying with the norms from the Ministry of Finance last December, the revised stake being 10%.

WORLD

The Canadian government has levied a gigantic fine of over 1.34 lakh Canadian dollars (Rs.82 lakh) on Infosys for a seemingly subtle underpayment of employee health tax for the December 31, 2020 culmination. However, the tax levy has no tangible impact on its operations, financial endeavors, or other initiatives. Infosys secured the order from the Canadian Finance Ministry on May 9.

The two superpowers, the US and EU, have joined forces and poured $81 billion into semiconductor production, skyrocketing the competition with its Chinese counterpart. This has posed considerable challenges for Beijing’s industrial policy and reinvigorated the battle dynamics of the trade war between the two superior nations. The funding further bolsters Intel’s call to reinstate its position against Nvidia and TSMC, its rivals for the longest time.

Uber made an exhilarating announcement of its acquisition of Delivery Hero’s Foodpanda business in Taiwan, along with its purchase of $300 million in novel shares of the German entity at a premium of 30%. This deal is a game changer for Uber in lifting up its liquidity for delivery operations amidst the meaty competition in Asia. For Delivery Hero, this had been on their agenda as part of the restructuring process they had been envisaging in Southeast Asian markets.

Watch: Warner Brothers released Godzilla x Kong: The New Empire trailer.

Read: MakeMyTrip releases most searched foreign locations by Indians this summer.

Boost: How to implement the Pomodoro Technique into your life.

 Did You Know??

In Korean folklore, Fan death is a belief that people who sleep with an electric fan in a closed room with no open windows, die.