BWIB Finance Newsletter

3 min readSep 29, 2021

Tuesday, Sept 21 to Monday, Sept 27, 2021

Evergrande, the world’s most indebted real estate developer, is on the edge of collapse

Evergrande, a Chinese real estate developer, currently has over $300 million in liabilities and 1.6 million unfinished pre-sold apartments.
Creditors, which include suppliers, banks, foreign investors, and more, have said they have yet to be paid by the developer.
The company is Asia’s biggest high-yield dollar bond issuer, and its collapse could mean significant financial ramifications for the global economy.

Source: WSJ

Amazon plans to provide high-tech dressing rooms which will allow shoppers to try on clothes from its own label brands.
Another idea they have is for customers to scan QR codes of items they want to try on, and workers will prepare the items in a fitting room conveniently.
The ideal fitting room would also have a touch screen that could request item changes and even recommend styles based on selected preferences.

Biden has indicated his support for a proposal to tax billionaires’ capital appreciation on an annual basis.
Currently, capital gains are only taxed when they are realized (sold), allowing wealthy individuals to defer taxes until they sell the asset in question.
Critics say it would be near impossible to track the annual gains of some assets, especially those that are non-tradable investments.

FDA authorized high risk people and people who are 65 or older to receive the Pfizer booster, the third dose of the vaccine. (Source: WSJ)
So far this year, 14 deaths have occurred out of 49 reported cases to the US FDA of poisoning and other serious reactions due to the consumption of ivermectin to treat COVID. Ivermectin, most commonly used to treat parasites in horses, has been supported by conservative commentators to treat COVID despite not being approved for use against the virus. (Source: Financial Times)

Toast, a software and hardware company for the restaurant industry, went public on Wednesday with a market cap of roughly $31 billion. (Source: CNBC)
EngageSmart, a customer engagement and payments software company, started trading on the NYSE on Wednesday after raising $38.3 million at a $4.2 billion valuation. (Source: MarketWatch)
Freshworks, a tech company that develops technology to make the jobs of IT, customer service, marketers, and HR easier, went public in a $10 billion IPO. (Source: CNBC)

Facebook’s CTO, Mike Schroepfer, will step down from his position after 13 years and become the first senior fellow as he hopes to focus on recruiting and developing talent. (Source: WSJ)
TPG, a private equity firm that has more than $100 billion in assets under management, is promoting 4 partners who have been with the company for more than 15 years to leadership roles as the firm prepares for an IPO. (Source: WSJ)

CEO of AMD, Lisa Su, says that the chip shortage will most likely come to an end next year. Manufacturing plants will likely start producing chips in the coming months. (Source: CNBC)
SK Innovation and Ford plan on spending $11 billion to build two lithium-ion battery plants in Kentucky and a 3,600 campus in Tennessee. This will possibly create 11,000 jobs to produce batteries and electric vehicles. (Source: CNBC)
After facing a lot of criticism from users and lawmakers, Facebook is halting efforts to create Instagram for children, which was meant to be for kids ages 10–12. (Source: CNBC)

Written By:

Director: Jacquline Ruan

Managers: Vaibhavi Bamane, Melissa Chen, Stacy Kim