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Israeli airline Israir purchases 20% stake in credit cards company
Israir, the Israeli airline, announced on Tuesday that it would buy 20% of a local card company for 12 million dollars. The move is part of an effort to increase its passenger base. Israir is buying the stakes from Rami Levy, a retailer and Isracard, a credit card company. SuperFly, a new credit-card from the flag carrier El Al Israel Airlines will compete with FlyCard. Israir stated that the SuperFly card would allow them to develop a deeper relationship with their Israeli customers beyond just the flight ticket. This is a strategic decision that will change the way customers view airlines. Israir has stated that it plans to issue 300,000 cards by the end 2026. "This will turn the card into an engine of growth for its larger target of flying 2,5 million passengers in the year 2026." It is a smaller competitor to El Al, and it flies mostly domestic routes as well as to Europe.
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Hong Kong Government proposes first ride-hailing regulations
After years of discussions and complaints by licensed taxi drivers in Hong Kong, the Hong Kong government has presented proposals to regulate ride-hailing services, such as Uber. Uber, the first ride-hailing service in Hong Kong to operate without regulation, was launched in 2014. Uber drivers were arrested for driving without a licence after police raided the office of Uber in 2015. Ride-hailing services have an unfair advantage over taxis, according to the city's taxi sector, which is struggling with a decline in income. The Transport and Logistics Bureau stated in a document submitted to the Legislature that all platforms offering ride-hailing must have a license and adhere to specific conditions. A person who operates a ride-hailing service without a licence could face imprisonment and fines. Uber HK's spokesperson said in a press release that the new regulation is an "important landmark". The spokesperson stated that "we are encouraged to see the safety and service standards, such as mandatory driver exams, regular vehicle inspections, and mandatory insurance, placed at the heart of the proposed regime." Uber also expressed concern about the proposed cap on ride-sharing vehicles. The statement said that artificial limits could increase wait times for riders and raise prices, while limiting the earning potential for drivers. Uber surveyed more than 4,800 Hong Kong taxi drivers and found that nearly 80% of them feared their livelihoods could be threatened by strict quotas or high licensing fees. John Lee, the city's leader said at a press conference held on Tuesday that there is a consensus among society to regulate ride-hailing service providers in order to protect passengers. "I accept that this issue is complex. However, I believe the government should find a solution to the problem as soon as possible," Lee said. He said that it is important to create a coexistence between ride-hailing and taxis. Transport and Logistics Bureau announced that quota arrangements will be proposed during the first half 2026. The proposals stipulate that the Hong Kong Legislative Council will be notified of the proposed legal amendments in the third quarter this year. According to the new law anyone who wants a ride-hailing driver's licence must be 21 years old and have a private driving licence for atleast one year. They also need to pass mandatory assessments and undergo training. (Reporting by Jessie Pang; Editing by Barbara Lewis)
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Sources say that India's GMR Group companies are looking to tap the bond market for 25 billion rupies.
Three sources familiar with the matter have confirmed that two companies of India's GMR Group will tap the corporate bond markets in the next few days to raise a total of 25 billion rupees (US$291.27m). Sources said that GMR Airports Holdings Co., the holding company for the GMR Group’s airport businesses, is looking to raise 15 billion rupees via three-year bonds. One source said that large mutual funds will be heavily involved in this issue. The source said that the yields could be as high as single digits, or even lower than double digits. This makes the debt fund an attractive proposition. Delhi International Airport, a joint-venture between GMR Airports & the Airport Authority of India is likely to raise another 10 billion rupees via the sale of bonds for 15 years. GMR Airports Holdings (GMR) and DIAL have not responded to email requests for comments. The second source stated that "DIAL had already begun talks with a private and foreign bank in order to place an issue of bonds, which should be done prior to the GMR." DIAL last sold bonds in July 2024 when it raised 25,13 billion rupees by selling 10-year bonds with a coupon of 9.50% payable quarterly. $1 = 85.8300 Indian Rupees
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The Indian Rupee is rising along with most Asian currencies; US CPI data in focus
The Indian rupee gained on Tuesday, following gains in many Asian peers. Meanwhile, the dollar index fell ahead of an important U.S. reading on inflation, which will provide clues about the Federal Reserve's future monetary policy. The rupee closed the day at 85.81 US dollars, an increase of 0.2%. The local currency briefly fell below the 86-handle in the previous session. However, the quick recovery of the currency prompted traders to place short bets on its liquidation, which boosted its upward momentum. Bankers say that the rupee's range bound behaviour in the past two weeks has also generated interest among large corporations and interbank participants to sell short-term volatility. The dollar index fell 0.2% to 97.9 with most Asian currencies increasing, but the offshore Chinese Yuan was barely changed. "We expect INR trade to have a stronger bias in the short term, unless India is hit with higher tariffs compared to other regions," ING stated in a report. India is one of the few major trading partners that has not received a letter from White House regarding a tariff rate specific to their country. The two countries are currently negotiating a trade agreement. ING predicts that the rupee will trade at 86.50 per dollar in six months, and then decline to 88 within a year. The rupee hit its lowest level of 87.95 against the dollar in February. Data released on Tuesday showed that India's merchandise trade deficit in June was narrower-than-expected at $18.78 billion. The dollar-rupee premiums have also risen ahead of the U.S. consumer price inflation data that will be released later today. The economists polled predicted that the core U.S. CPI would rise from 0.1% to 0.3% month-over-month in June. According to CME's FedWatch, the odds of a Federal Reserve rate cut in July are less than 5%. September odds are just a little bit above 60%. (Reporting and editing by Vijay Kishore; Jaspreet Klra)
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Sources say that India's SBI is seeking senior creditor status to protect NHAI Investment Trust from default concerns.
Two sources familiar with the matter said that the State Bank of India wants to be a senior creditor in order to get early repayment rights in the event of default or liquidation of state-owned road authority’s investment trust (InvIT). Sources said that the lender, which is the largest in the country, had written to the National Highway Authority of India, (NHAI), requesting this status for its investments in National Highways Infra Trust, (NHIT). InvITs are investment vehicles that raise funds through the issuance of units. NHIT manages NHAI InvITs. Sources requested anonymity because the discussions are private. SBI, NHAI, and NHIT didn't reply to a request for comment. According to Mint, a daily business publication, the move is in line with NHAI’s plan to raise $200 billion rupees (2,33 billion dollars) through the monetisation of its road assets via InvITs. Since 2020, India has raised 460 billion rupies through four rounds. This includes a 183 billion rupee round that took place in March. It was the largest road monetisation effort to date. SBI is heavily involved in the Indian road sector, including InvITs backed projects. In 2018, SBI signed an agreement for a 10-year unsecured loan with NHAI of almost $3 billion. One source said that under current rules InvITs do not fall under India's bankruptcy laws. Typically, unitholders have priority in the repayment hierarchy. Source: SBI has been warning about the lack of protection for creditors under the regulations since quite some time. The second source stated that "the lender is not happy at all with the arrangement. They have been discussing the tweaks." InvIT is responsible for distributing units to investors, who are then paid by toll revenue. Securities and Exchange Board of India is the capital markets regulator in India. According to Bharat InvITs Association data, the total assets managed by five listed InvITs and 16 unlisted InvITs across India exceeded 7 trillion rupees at March-end.
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Oracle invests $3 billion in AI and cloud expansion in Germany and the Netherlands
Oracle announced in a separate statement on Tuesday that it will invest $3 billion in artificial intelligence and cloud computing infrastructure in Germany, and the Netherlands over the next five-year period to meet the demand. Cloud service provider to invest $2 billion in Germany and $1 billion in the Netherlands Following the success of OpenAI’s ChatGPT, major technology companies have invested tens and tens billions in developing AI infrastructure. Oracle's cloud-based offerings, which help companies build AI infrastructure, have seen their shares soar by about 38% this year. The company's revenue forecast for the year was raised in June due to strong demand for cloud-based AI services. Oracle is also a part of Stargate, which is a joint-venture aimed at providing large-scale computing capability to OpenAI.
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Industry data shows that India's auto sales to dealers reached a 18-month low during June.
Data from a trade body revealed on Tuesday that the number of cars sold by Indian automakers to dealers fell to a 18-month low, due to a weak urban demand. Urban Indians have been tightening discretionary spending throughout this year. Wage increases are lagging behind the growth experienced in previous years. The Society of Indian Automobile Manufacturers released a statement saying that car makers delivered 312,849 vehicles to dealers in the last month. This is down 7.4% compared to 337,757 a year earlier. The June quarter saw a 1.4% drop in car sales at dealers, bringing them to their lowest level in two years. Sales were down 13% on a quarterly basis compared to a drop of 9.6% in the same quarter last year. The March-June quarters are usually the lowest sales of cars for dealers. Manufacturers tend to boost the sale of vehicles with discounts during the first three months to get rid of excess inventory. The world's third largest car market saw three straight years of record sales, but then slowed down in 2024-25 due to a drop in disposable income. Sales rose by just 2% during the fiscal year ending March 2025, after increasing 8.7% fiscally in 2024 and by 27% fiscally in 2023. Insiders in the industry expect India's overall car sales to increase by just 1% to 2% between March 2026 and April 2027, citing a weak demand. A dealer's group said last week that challenges in obtaining rare-earth minerals "have stalled the component production and further constrained supply and retail volume." Shailesh C. Chandra, President of SIAM, said that "overall sentiments have been subdued across all categories so far" despite the fact that the industry is still navigating supply-side issues. Automakers are hoping that festive demand and lower interest rates will help them recover. (Reporting by Nandan Mandayam in Bengaluru; Editing by Subhranshu Sahu)
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Boxed-in Indian Rupee revitalises appetite for short-term volatility
The Indian rupee’s narrow range in the last two weeks, along with established support and resistance, has generated interest from large corporations and interbank players to sell short-term volatility. The rupee traded in a tight intraday range of 12 paisas on Monday, but it was relatively quiet on Tuesday. It rose by about 0.1%, to 85.90 US dollars. The rupee's trading range has shrunk to 50-60 paisas over the last two weeks. This brings the 10-day realized volatility down from 6.5% to just 4.3%. The currency has been trading in a narrow range for the past two weeks, with support around 86.00 and opposition near 85.20-85.30. Corporates and banks are interested in selling short-dated volatility. Two bankers reported that a prominent Indian conglomerate had inquired about selling 1-week-to-1-month volatility. This strategy pays off if rupee trades within its current range. "Volatility Selling is Making a Comeback In A Small Way, And It Makes Sense Given The Recent Price Action." The range of the rupee feels fairly well set for now and its response to headlines is limited," said a head of FX at a private bank. He said the rupee found support at around 86 without any visible intervention by the Reserve Bank of India. This suggests that the market position is enough to keep the dollar/rupee confined. The rupee remained stable in the 85.90 to 86.00 range despite the barrage of headlines about U.S. Tariffs last week, underlining the strength of this current range. Currency has also not been affected by the absence of an U.S. India trade agreement. Apurva Swarup is vice president of Shinhan Bank India. She said, "The U.S. India trade deal news stream is something to keep an eye on." "Depending on what happens, the range of the rupee could widen slightly - but not dramatically. "The broader tone feels still anchored." (Reporting and editing by Nimesh vora)
Indonesia rescues 11 people who swam hours to survive a boat capsize
Officials said that Indonesian rescuers located alive 11 people who were missing at sea. They had survived the capsize of a boat in bad weather after swimming at least six hours until they reached the nearest island.
Officials in the region said that two boats and dozens rescuers searched for the missing after a boat carrying 18 people overturned near the Mentawai Islands, which are located in West Sumatra province. The incident occurred at around 11 am on Monday.
Rinto Wardana, an island official, said that it was pouring rain when the incident occurred. "Some passengers were able to swim to the nearest island."
Wardana said that seven had already been rescued. Wardana said that seven people had been rescued earlier. .
Mentawai Islands consists of four main islands as well as many smaller ones.
In Indonesia, a country with more than 17,000 islands and bad weather, accidents often occur due to lax safety regulations and overloaded vessels.
A ferry carrying 65 passengers sank near Bali, a tourist island, this month. Thirty of the passengers survived. 18 others died, and 17 were reported missing. (Reporting and editing by John Mair, Clarence Fernandez and Ananda Teresia)
(source: Reuters)