News 

SoftBank’s Vision Fund to invest $1 billion in China AI startup: Bloomberg

“FILE PHOTO: People walk behind the logo of SoftBank Corp in Tokyo Thomson Reuters (Reuters) – SoftBank Group Corp’s Vision Fund is seeking to invest almost $1 billion in SenseTime Group Ltd, a Chinese facial recognition technology developer, Bloomberg reported on Friday” reports businessinsider.com. The fund and SenseTime are finalizing the terms of the deal and the details could still change, Bloomberg reported https://www.bloomberg.com/news/articles/2018-07-20/softbank-fund-is-said-to-seek-investment-in-chinese-ai-giant?utm_source=google&utm_medium=bd&cmpId=google citing sources.SenseTime in May raised $620 million in a round of funding from Fidelity International, Hopu Capital, Silver Lake and Tiger Global, and $600 million in…

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News Oil 

The world’s biggest oil trader is setting up a renewable energy fund

“Vitol has committed the initial investment, and investment opportunities may be offered to third parties, the oil trader and Low Carbon said” writes Oilprice Com for businessinsider.com. We firmly believe it is possible to provide all the energy we need through renewable sources, and this fund will help us further our ambition.”. Solar installers from Baker Electric place solar panels on the roof of a residential home in Scripps Ranch, San Diego Reuters/Mike Blake The world’s biggest oil trader, Vitol, is setting up in partnership with Low Carbon a renewables…

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Funds honoring slain Capital Gazette staff members have raised nearly $685,000

“Already, the Merrill Family Foundation, founded by the late Philip Merrill, a former owner and publisher of the Capital Gazette, contributed $100,000 to that fund” reports washingtonpost.com. A separate fundraising effort through GoFundMe started by Madi Alexander, a data reporter for Bloomberg Government, has since been combined with the family fund.Thousands of people have contributed nearly $685,000 to a pair of funds created after the June 28 mass shooting in the Capital Gazette newsroom, and donations small and large continue to come in.The Crooked Crab Brewing Co. in Odenton raised…

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Insight Venture Partners closes 10th fund at $6.3 billion

“New York-based venture capital (VC) firm Insight Venture Partners has closed its tenth fund at a whopping $6.3 billion” writes Paul Sawers for venturebeat.com. News emerged last year that Insight was targeting a $6 billion tenth fund, and by July it had raised more than half that figure. Sequoia Capital, however, is already approaching a new $8 billion fund, according to reports earlier this year.There are bigger investment funds out there, for example SoftBank’s jaw-dropping $100 billion Vision Fund, but Fund X is among the biggest U.S. venture funds to emerge…

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News Oil 

Saudi Aramco in talks for stake in world’s fourth-largest chemical firm

“Saudi Aramco said on Thursday it is looking to buy a stake in Saudi petrochemical maker SABIC, a move that could boost the state oil giant’s market valuation ahead of a planned initial public offering” writes Ahmed Jadallah for cnbc.com. The Aramco IPO is the centrepiece of an ambitious plan championed by Crown Prince Mohammed bin Salman to diversify Saudi Arabia’s economy beyond oil.The oil giant is expanding its footprint globally by signing downstream deals and boosting the capacity of its plants. Source: cnbc.com Share This:

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Crypto Markets News 

Hedge fund manager Marc Larsy says bitcoin $40K is possible

“After months in the doldrums, the No. 1 digital currency surged higher Tuesday and has continued its run Wednesday” writes Aaron Hankin for marketwatch.com. When asked for a price prediction, Larsy said bitcoin could reach somewhere between $20,000 and $40,000.The price of a single bitcoin BTCUSD, +1.32%  last changed hands at $7,450.10 on Wednesday, up 1.9% since Tuesday’s price at 5 p.m. on crypto exchange Kraken.However, after Tuesday’s surge, which saw the world’s biggest digital currency climb more than 10%, volume more than doubled Saturday’s number and reached the highest…

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Crypto Markets News 

Bitcoin may be down 45% this year, but money is pouring into one crypto fund manager at the fastest clip in its history

“But for one crypto investor, this bearish backdrop has been coupled with a spike in investor interest” writes Frank Chaparro for businessinsider.com. Grayscale, which manages $2 billion in assets, runs a number of crypto funds including its Bitcoin Investment Trust as well as one for XRP, bitcoin cash, and ethereum.At the same time, over 300 crypto funds have launched to invest in digital assets, according to a report by Autonomous NEXT released this week.Bitcoin is trading down more than 45% since the beginning of the year, and the market for…

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New multimillion fund created to invest in minority entrepreneurs

“Black women are covering a lot of ground as entrepreneurs, according to Blackenterprise.com” writes Sun-times Staff for suntimes.com. Despite great entrepreneurial progress – black women have founded businesses at higher rates than others in recent years – investment lags dismally behind.Richelieu Dennis, founder of SheaMoisture products and current owner of Essence Magazine, recently announced the launch of a $100 million investment fund aimed to pump capital into businesses owned by minorities. In 2018, investment into black women’s businesses represented a mere .02 percent of all venture capitalist dollars. Source: suntimes.com Share…

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Retirement fund managers have made a huge mistake assuming 7% is an average return because 600 million workers are about to disappear from the global economy

“Seven percent is an important number, because if your personal retirement savings get less than that annually over the long haul you will not have saved enough for retirement” writes Jim Edwards for businessinsider.com. This shift will increase inflation and lower asset returns from 7% annually to roughly 4%, he theorises.Older workers with generous “defined benefit” plans typically received 23% of their compensation as a contribution to their retirement plan.He believes that the average rate of return will be cut by an epic global shift in demographics that is going…

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