Weekly News Wrap: Japan's malls brace for no-foreigner Olympics; Indian court drops asset freeze on Future Group CEO

And Jolibee is looking towards foreign expansion.

From Reuters:

Shopping malls and restaurants in Japan will miss out on a business boom, as Tokyo expects to hold the Olympics without overseas spectators, dealing another blow to industries already on the ropes from the coronavirus.

In the years leading up to the games, developers have poured billions of dollars into shopping and dining complexes to serve an influx of foreigners, with major investments made in Tokyo’s central Shibuya district, iconic for its scramble crossing.

But the number of foreign visitors has dropped from nearly 32 million in 2019 to almost zero, causing the government to halt a spending survey that showed their consumption that year was worth $44b.

Now Tokyo 2020’s expected decision to block foreigners from attending the Games means a boost the service sector was counting on to recover lockdown-related losses will not materialise. “There was so much development, with new buildings being constructed, but people aren’t coming at all,” said Ryota Himeno, an analyst at JP Morgan Securities Japan.

Read more here.

From Reuters:

An Indian court put on hold an order restraining Future Group chief Kishore Biyani from selling personal assets, amidst legal challenges to the group’s $3.4b retail deal.

The legal fight over Future’s assets has embroiled two of the world’s richest men, Jeff Bezos of Amazon.com and Mukesh Ambani of Reliance Industries. In various Indian courts, including the Supreme Court, Amazon has accused Future of violating certain contracts by agreeing to sell its retail assets to Reliance.

Last week, a Delhi High Court judge ordered Biyani and others not to dispose of their assets and asked why they did not obey an arbitrator’s directive last year that blocked the transaction.

But on Monday, the court’s Chief Justice D. N. Patel, heading a two-judge panel, put the order on hold after hearing Future’s appeal against it, saying the dispute was already being argued before the Supreme Court.

Read more here.

From Bloomberg:

Philippines-based Jollibee is looking toward foreign expansion and “opportunities” created by COVID-19 as it rebounds after historic losses induced by the pandemic.

After a restructure amid last year’s setback, Jollibee CEO Ernesto Tanmantiong plans to open 450 restaurants around the world this year while looking for acquisitions that could be funded with the company’s $1.2b (PHP57.5b) in cash and short-term investments.

Tanmantiong still hopes to achieve a long-term goal of turning the Manila-based company into one of the world’s top five restaurant operators. Jollibee posted a $236.99m (PHP11.5b) peso net loss last year, its first annual loss in at least three decades, as dining out was hammered by the virus.

“There are opportunities coming out of the pandemic,” Tanmantiong said in a Bloomberg interview.

Read more here.