ID Digest: HSBC reviewing 8 SE Asian firms for potential investment; Amar Bank partners eFishery

HSBC is reviewing eight Southeast Asian companies for potential investments from its new debt fund. In an unrelated development, Indonesian digital lender Amar Bank has partnered with aquatech firm eFishery. HSBC evaluating 8 SE Asian firms for potential debt investment British financial services group HSBC, which launched a $1 billion ASEAN Growth Fund on Wednesday,… Continue reading ID Digest: HSBC reviewing 8 SE Asian firms for potential investment; Amar Bank partners eFishery

Xiaomi takes on Tesla in Chinese auto market with $29,870 electric car

Chinese smartphone maker Xiaomi launched a sporty electric car on Thursday with styling cues drawn from Porsche and priced below Tesla‘s Model 3, highlighting the stiff competition from new entrants in an already crowded EV market in China. During the two hour-long event, Xiaomi CEO and founder Lei Jun told a packed room whose attendees including the bosses of Chinese EV makers Nio and Xpeng that the standard… Continue reading Xiaomi takes on Tesla in Chinese auto market with $29,870 electric car

Indian food delivery platform Swiggy records $200m in 9M 2023

Indian food delivery giant Swiggy recorded a $200 million loss for the nine months to December 2023, according to an internal document of the company, which is looking to list on the stock market. The SoftBank-backed company could list by the end of this year, sources previously told Reuters. India’s stock market is booming although domestic and foreign investors have become more circumspect about IPOs by Indian startups amid… Continue reading Indian food delivery platform Swiggy records $200m in 9M 2023

Bankman-Fried sentenced to 20 years for $8b dollar FTX fraud

Sam Bankman-Fried was sentenced to 25 years in prison by a judge on Thursday for stealing $8 billion from customers of the now-bankrupt FTX cryptocurrency exchange he founded, the last step in the former billionaire wunderkind’s dramatic downfall. U.S. District Judge Lewis Kaplan handed down the sentence at a Manhattan court hearing after rejecting Bankman-Fried’s… Continue reading Bankman-Fried sentenced to 20 years for $8b dollar FTX fraud

FTX founder Sam Bankman-Fried is guilty of fraud

Sam Bankman-Fried, the founder of failed cryptocurrency exchange FTX, has been found guilty of seven counts, including wire fraud, conspiracy to commit wire fraud, and conspiracy to commit money laundering. Bankman-Fried founded FTX because he was frustrated with other exchanges used by his crypto trading firm Alameda Research, according to a profile from FTX investors… Continue reading FTX founder Sam Bankman-Fried is guilty of fraud