Australia’s Queensland Nickel calls in administrators to assess financial position


Australia’s Queensland Nickel (QNI) appointed voluntary administrators on Monday, just days after the company owned by mining magnate and politician Clive Palmer announced a restructuring after nickel prices plunged to decade lows. QNI and the administrators, FTI Consulting, said they intended to run the business as usual, while FTI reviews the… Read more »

EU competition chief to take harder look at ‘big data’ collected by Internet cos during merger probes

EU plans to take a harder look at whether the collection of vast troves of consumer data by big Internet companies violates competition rules

Growth funds dumping Apple stock as iPhone sales seen sagging; value-managers moving in

Major U.S. growth mutual funds have been among the largest sellers of Apple Inc shares over the past six months, fueling speculation that the company’s days of supercharged growth have come to an end. Amid concerns that iPhone sales may be set to drop, the $77.3 billion American Funds Capital World Growth & Income Fund  has sold all of its 1.7 million Apple shares… Read more »

Saudi Arabia launches $133m ICT venture fund for startups

Saudi Arabia has formally launched a new ICT (information, communication and technology) fund for startup ventures worth SAR500 million (~US$133 million), known as Riyadh Taqnia Capital. The fund was unveiled at the ArabNet Riyadh 2015 tech conference in mid-December 2015, the funds partners include Riyadh Financial Capital, the General Pension… Read more »

Startup markets are challenging, will have discounts only for special occasions: Rocket Internet

Rocket had first mover advantage in the region with EasyTaxi, but it decided to pull out of HK, Taiwan, Singapore and Vietnam. Rocket’s investments in India have and Vietnam have been troubled as well.

Restaurant check-in app Foursquare raises $45m in funding, CEO steps down

This series E funding round was led by Union Square Ventures with participation from Morgan Stanley, as well as previous investors including DFJ Growth, Andreessen Horowitz and Spark Capital.

Saudi Arabia plans to create new sovereign wealth fund

Saudi Arabia plans to create a new sovereign fund to manage part of its oil wealth and diversify its investments, and has asked investment banks and consultancies to submit proposals for the project, according to people familiar with the matter. Plunging oil prices have strained Saudi Arabia’s finances. The kingdom’s… Read more »

Bank of America names new co-head of investment banking for Asia Pacific

Bank of America Merrill Lynch has named Elif Bilgi Zapparoli as its new co-head of corporate and investment banking for the Asia Pacific region, according to an internal memo seen by Reuters on Thursday. Zapparoli will work alongsode Jiro Seguchi, who was in October 2013 named sole head for the… Read more »

Tech executives launch $100m venture fund targeting software startups

A group of technology executives have launched a $100 million venture fund targeting a range of business software startups across North America. Leaders Fund, based in Toronto and Atlanta, is in discussions with several potential portfolio companies and plans to announce a few investments in the coming weeks, said David… Read more »

Goldman Sachs to shed up to 10% of its sales, fixed income team

Goldman Sachs Group Inc  is planning to shed up to 10 percent of its sales and fixed income trading jobs later in the quarter, the Wall Street Journal reported on Wednesday, citing sources. This workforce reduction, which is higher than the bank’s usual 5 percent annual cuts, is expected to… Read more »