Financial Markets
Top stories summarized by our editors
10/23/2018

The Shanghai Composite index rallied to the best day in 2½ years Monday after President Xi Jinping reiterated support for the private sector. Proposals for cuts in personal income taxes also lifted the market.

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President Xi Jinping
10/23/2018

Google will launch a cloud storage service aimed at Switzerland's banking sector. The company plans to market the product to banks that do not yet use cloud storage as part of a bid to tap into an estimated $1 billion market.

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Google, Swiss banks, Switzerland
10/23/2018

The changing landscape of cryptocurrency investors is shifting from millennials and bitcoin evangelists to institutional investors, according to panel discussions at FIA's 34th Annual Futures & Options Expo in Chicago. But institutional investors remain cautious because of a lack of infrastructure and insurance in the digital asset space, noted Hehmeyer Trading & Investments' Chris Hehmeyer.

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John Lothian News
10/23/2018

US trade policy uncertainty is creating a mixed bag for the agricultural derivatives markets, as trading is generally up even as some farmers have stopped trading derivatives. Farmers intimidated or confused by hedging have been affected the most, though the trade war has also caused some participants to learn more about hedging, experts say.

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MarketVoice
10/23/2018

Synthetic Minds, a blockchain code startup developing tools that perform automated code-related procedures, has raised $5.5 million in a funding round. With the capital, founder Saurabh Srivastava, who currently runs the company by himself, will start hiring a staff.

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VentureBeat
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Saurabh Srivastava
10/23/2018

Brian Kim, a principal at venture capital firm NewSpring Capital, would advise his younger self to pay close attention to the quality of the people he works with, because that significantly affects a career. "You will spend just as much, if not more, of your waking moments with your colleagues than you will with friends and family, so remember to be present when you're at home and surround yourself with good people when you're not," he said.

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NVCA Blog
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NewSpring Capital, Brian Kim
10/23/2018

NVCA is calling on federal regulators to change a provision in the final rules implementing the Volcker rule that includes venture capital within the definition of covered funds, effectively barring banks from providing financing to VC funds. "While this prohibition does nothing to accomplish the Volcker Rule's objectives of deterring systemic risk, it has had particularly harmful consequences for entrepreneurial capital formation in emerging ecosystems," NVCA President and CEO Bobby Franklin wrote in a letter to regulators.

10/23/2018

Saudi Arabia's sovereign wealth fund, the Public Investment Fund, has invested in 50 to 60 startups through its participation in SoftBank's Vision Fund, said Yasir al-Rumayyan, the Saudi fund's managing director. Most of those companies will be brought to Saudi Arabia, he said.

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Reuters
10/23/2018

GoEuro, a Berlin-based travel booking platform, raised $150 million in its most recent funding round. The capital will finance continued expansion beyond Europe.

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VentureBeat
10/23/2018

Tier, an on-demand electric-scooter startup based in Berlin, raised $29 million in its most recent funding round. The money will be used to roll out the service in more cities across Europe.

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VentureBeat