1) Thai stock market overview
Thailand’s SET Index closed at 1,555.11 points, decreased 4.39 points or 0.28% with a trading value of 43 billion baht. The analyst stated that the Thai stock market moved in a sideways trend, in line with other markets in Asia, after a sharp rise yesterday, resulting in a profit taking. The analyst expected the Thai stock market to recover next week, recommending investors to monitor U.S. inflation and Fed’s meeting.
2) Britain will feed on oil and gas producers for windfall tax until 2028
The British government said in a statement on Friday that it will collect windfall tax from oil and gas until March 2028.
Energy companies saw their profit skyrocketed since the invasion of Russia in Ukraine in February 2022 that disrupted global supply. The measure was implemented in May last year to levy energy profits.
The tax level was as high as 75%, but it would reduce to 40% if prices return to normal levels for a sustained period, though producers voiced their concerns that the high tax level could have an impact on output in the long term.
3) Japan urges power sSaving in Tokyo to ensure stable supply during summer
Japan’s government on Friday asked residents and businesses around Tokyo to reduce their electricity consumption in July and August to maintain a sufficient power supply during peak demand.
Considering that the reserve ratio is projected to be below 5% and close to the minimum 3% that ensures stable supply, the government has decided to call for power savings “within a reasonable range” during the summer.
The industry ministry anticipated in May that the country’s power market will be less tight this summer than it was last year.
Under a reserve capacity ratio of 3%, there is a risk of power shortages and outages.
Much of eastern Japan was scorched for a week in June last year by the highest seasonal temperatures since record-keeping began, prompting the government to urge citizens to cut down on electricity use as much as possible.
4) Binance.US suspends dollar deposits amid allegations filed by SEC
Binance.US, an affiliate of the world’s largest crypto exchange Binance, on Thursday said that it suspended its U.S. dollar deposits and that its banking partners are preparing to pause fiat dollar withdrawal channels as soon as next Tuesday.
The announcement to suspend its deposits came just days after Binance and CEO Changpeng Zhao were sued by the SEC and asked a Washington, D.C. federal court for an emergency order to freeze the assets of Binance’s U.S. subsidiary for U.S. securities violation.
Despite the suspension for deposits, Binance.US wrote in a note that Trading, staking, deposits and withdrawals in crypto would remain fully operational.
