Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, curated by hand to exclude the clutter and ensure you get up to speed in under a minute.
[Sovereign Debt] Amid increasing tensions between China and the US, China may dump a portion of its US Treasuries, potentially prompting a complete selloff across global markets. China holds $1.074 trillion of US treasures, making it the second-largest non-US holder of Treasuries.
[Labour] US unemployment rate falls below 10% as firms in America begin to hire, adding 1.4 million jobs in August. Over60: BBC News
[Markets] The operating company for Pizza Hut, KFC, and Taco Bell in China, Yum China, has confirmed a seasoned equity offering, but in Hong Kong this time. Yum China is already listed in the US. The company plans to raise more than $2 billion.
[M&A] CaixaBank and Bankia are in potential merger talks, which could result in the merger creating Spain’s largest domestic lender with assets amounting to €650 billion. Spain currently has 12 banks operating, compared to 55 in 2008.
[Stimulus] As South Korea faces a surge in COVID-19 cases and enters a semi-lockdown, the South Korean Government readies the fourth round of stimulus packages worth $8.4 billion.
Over60: Pulse News Korea
[Private Equity] Silver Lake is currently in talks to invest $1 billion in Mukesh Ambani’s Reliance Retail. This investment would follow Silver Lake’s existing $750 million investment in Reliance Jio, the telecommunications arm.
Over60: Business Standard
[Markets] Amid a broad Tech selloff, the NASDAQ dipped as much as 5% on Thursday. Apple was hit the hardest, with more than $150 billion of its market capitalization wiped off. NASDAQ also slipped by 3.85% as of 11 am today.