Finance/Venture

Major banks funding Bitcoin startup on recording blockchain deals

A bitcoin startup Digital Asset Holdings has received funding from major banks. It will work closely with investors on research and commercialization of bitcoin technology applications. Digital Asset said that it has raised over $50 million funding from 13 investors. The list of investors includes JPMorgan Chase & Com, Citigroup Inc, BNP Paribas SA, CME Group Inc and Accenture Plc.

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Elevate Credit, VC-backed Online Lender, Postpones Its IPO

The subprime online lender company Elevate Credit delays its IPO scheduled on Thursday. Teetering market has been the main reason of the postponement and high risk of online subprime lending service.

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Chinese Venture Capital Cocoon Networks Open a $700M Fund in London

Cocoon Networks, a Chinese-backed venture capital group is setting up a £500 ($700) million fund in London. The fund is aimed to invest in European tech startups.

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GM Acquires Sidecar After Lyft, Strengthens Urban Mobility Team

After acquiring Lyft Inc, GM has also purchased ride hailing pioneer, Sidecar. The acquired entity has been tattering in consecutive years for ever growing competitions with rivals like Uber and Lyft. With the acquiring, GM now will be able to play a more active role in relative fields with the new two subsidiaries.

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IMF Slashes Global Forecast Due to China Economy Slowdown

The decreasing of China’s economic growth to the lowest rate in the last of 25 years has influenced the world’s economy. It made the International Monetary Fund slashed its global growth forecast for the third time in less than a year.

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China to combine 40 entities to work on $22 billion plan-engine project

China, as part of a wider drive into progressive industries to boost its GDP growth, plans to combine over 40 entities to work on the giant $22 billion plane-engine project. Under the plan, the government of China along with companies like Aviation Industry Corp. would invest 35 billion yuan.

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Canadian Stocks Fell As Oil Price Hit $28

Canadian stocks market dropped as continuing plunge of oil price brings down the energy companies stocks. Meanwhile, two Calgary-based oil companies are merged under Suncor Energy Inc.

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Stagecoach Beats Umbrella, Overrides Power Sector Debacle Through Contribution From Real Estate

Both Wells Fargo and Citigroup have been badly hit with the historic low oil price. The Walls Street banks have heavy investment in energy portfolio and the industry is passing through a nightmare since 2008. Both the banks have been forced to keep provision against the default power investments. But real estate portfolio has helped Stagecoach to leave behind the umbrella with its greater contributions predicted earlier.

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Head of China Securities Regulatory Comission To Step Down

Chairman of China Securities Regulatory Commission (CSRC) was reported to offer his resignation. Xiao Gang handed his resignation last week following a failure in executing circuit breaker system in China stock markets.

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South African House Prices to Decline in 2016, According to Retail Bank

South African retail bank said the country's house price will decline in this year. Fitch Ratings also remarked South African residential property and mortgage markets outlook to weaken further facing microeconomic challenge.

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Airbus partners with Uber to provide users with helicopters

Airbus partnered with Uber to provide on-demand helicopter rides to people using its H125 and H130 choppers.

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Venture capital dreadful at online shopping

Majority of e-Commerce startups are running below expectations. Some of them sold for a fraction of their previous valuations. Groupon, One Kings Line and Wish.com were few examples that give insight of what's happening.

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3 American banks earn $6 bln from overdraft fee, ATM

JPMorgan Chase, Bank of America (BoA) and Wells Fargo earned over $6 billion from ATM service and overdraft fees. For the first time, US government in 2015 allowed banks to disclose details from ATM and overdraft fee revenues. The US banking consumers pay in the range of $4 to $5 to withdraw money from an out-of-network ATM.

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Hong Kong Dollar Has The Biggest Weekly Plunge in More Than A Decade

Hong Kong dollar dropped to four-year low against US dollar and continue to dive. Its continuous plunge lead to the biggest weekly loss for more than a decade.

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