China has amended rules for the management of state-run bailout funds rescuing troubled insurers, its financial regulators said on Thursday. The rules aim to promote healthy development of the insurance industry, prevent and resolve financial risks, and maintain financial stability, the China Banking and Insurance Regulatory Commission said in a statement on its website. China Insurance Security Fund Co Ltd, which played a key role in bailing out fallen Anbang Insurance Group Co Ltd, is… Continue reading China amends rules for management of state-run bailout funds for insurers
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Indonesia plans to task OJK with crypto market regulation
Indonesia plans to move the regulation, supervision, and oversight of cryptocurrency investments to the Financial Service Authority (OJK) to better protect investors, its finance minister said on Thursday. Currently, the Trade Ministry and the Commodity Futures Trading Regulatory Agency jointly oversee cryptocurrency in Southeast Asia’s largest economy, where there has been a boom in such investments. The new plan, laid out by… Continue reading Indonesia plans to task OJK with crypto market regulation
Elon Musk ends remote work and tells Twitter staff to prepare for ‘difficult times ahead’
/ Elon Musk’s first email to staff at Twitter warns employees: ‘The road ahead is arduous and will require intense work to succeed.’ Illustration by Laura Normand / The Verge Elon Musk has sent his first email to Twitter’s staff, warning employees to prepare for “difficult times ahead” and putting an immediate end to remote… Continue reading Elon Musk ends remote work and tells Twitter staff to prepare for ‘difficult times ahead’
Waymo can now charge for fully driverless services in San Francisco
The California Department of Motor Vehicles approved an amendment to Waymo’s existing deployment permit Wednesday to include driverless, as well as drivered, operations. Now, Waymo will be able to charge for usage of its autonomous vehicles, which will operate without anyone in the driver’s seat, for services like food and grocery delivery. The upgraded DMV… Continue reading Waymo can now charge for fully driverless services in San Francisco
Philips Hue’s smart string lights are a pricey way to add holiday cheer to your home
With the holidays around the corner, Signify, the company formerly known as Philips Lighting, is finally introducing a set of festive fairy lights. Measuring 20 meters (or just a touch over 65 feet), the Festavia string lights feature 250 mini LEDs. Naturally, they’re fully compatible with the company’s recently redesigned Philips Hue app. Thanks to… Continue reading Philips Hue’s smart string lights are a pricey way to add holiday cheer to your home
Twitter might get a native payment system
In 2021, Twitter launched an in-app tipping feature that people can use to send money to creators, but it needs to be connected to a third-party payment processor to work. If Elon Musk’s vision for the social network comes true, though, Twitter may have a payment system of its own. Twitter’s new owner and temporary… Continue reading Twitter might get a native payment system
Global PE giant TPG hits $3.4b first close for new Asia fund
US-based alternative investment firm TPG has completed a $3.4-billion first close of its latest Asia fund, which targets a $6-billion corpus, the firm said during its Q3 2022 earnings call. TPG Capital Asia VIII was launched earlier this year, three years after the firm raised $4.6 billion for its seventh Asia-focused buyout vehicle. TPG said it… Continue reading Global PE giant TPG hits $3.4b first close for new Asia fund
Ex-Venturra exec’s Ansible Ventures raises $8m for first close of debut fund
Ho Chi Minh City-based early-stage venture capital firm Ansible Ventures has secured $8 million for the first close of its inaugural fund, according to a statement. Ansible Ventures was founded in June 2022 by Valerie Van Vu, who was previously Vietnam head of investments at Venturra, in partnership with Asian multi-family office Alto Partners. The… Continue reading Ex-Venturra exec’s Ansible Ventures raises $8m for first close of debut fund
Sequoia marks down its investment in embattled crypto bourse FTX to zero
Sequoia Capital has marked down its investment in the embattled crypto exchange FTX to zero, according to a note shared by the firm with its limited partners (LPs) on Thursday. “Sequoia Capital’s exposure to FTX is limited. We own FTX.com and FTX US in one private fund, Global Growth Fund III. Our $150 million cost… Continue reading Sequoia marks down its investment in embattled crypto bourse FTX to zero
Singapore jobs portal FastCo raises $7.5m Series A fundingOSK Ventures International (OSKVI) led the latest tranche of Series A.
FastCo, a Singapore-based company behind job portals FastJobs and FastGig, has raised S$4.7 million ($3.4 million) in the extension of its Series A funding round, which brought the total round to S$10.5 million ($7.5 million). Malaysia-based investment firm OSK Ventures International (OSKVI) led the round, which was joined by existing investor Cento Ventures and new… Continue reading Singapore jobs portal FastCo raises $7.5m Series A fundingOSK Ventures International (OSKVI) led the latest tranche of Series A.