1) SCB to Holding Company
SBC announced that it will establish SCBX as a holding company to acquire all shares in the bank for delisting from the Thai stock exchange. The bank will spin off its businesses such as auto-loan, credit card, digital services and more than 10 other businesses into their own individual companies.
2) Fed tapering coming soon, keeping rates near zero
The Federal Reserve stated that it expected to begin reducing monthly asset purchases soon, but did not indicate a specific date. While keeping interest rates near zero, the Fed indicated that the hike could be coming sooner than expected.
3) Evergrande jumps 25% after series of losses
Hong Kong’s Hang Seng Index rose 2% this morning, while shares of China Evergrande Group soared 25% after days of losses due to concerns of the default. Yesterday, the firm announced that it will handout coupon payment for its onshore bond due 23 September to bondholders.
4) U.S. Covid death jumps to 6-month high, FDA approved Pfizer’s booster shots
The average of Covid-19 death in the U.S. climbed over 2,000 for the first time since March. Meanwhile the infection rate for the 7-day average is 134,100 cases. The country is trying to combat the deadly virus and reopening the country at the same time. The U.S. FDA authorized Pfizer’s Covid vaccine as booster shots for people 65 and older, despite WHO’s objection, saying rich countries should provide vaccines for poorer countries first.