The FBI is currently investigating whether a US venture capital fund, backed by China, shared trade secrets with Beijing. Hone Capital, based in California and launched in 2015 with initial capital from a Chinese private equity group, invested in 360 US tech start-ups within three years. The fund became one of Silicon Valley’s most active early investors, acquiring stakes in companies such as Cruise (driverless-car maker), Stripe (payments group), and Boom (aerospace engineer). Several sources close to the matter have revealed that the FBI is examining whether Hone Capital accessed information about technology, finances, or clients of start-ups for the benefit of its Chinese owner or Chinese authorities.
In other news today:
- Singapore will publish its latest industrial production index data while Malaysia will report PPI data for August. The US will release final second-quarter GDP data.
- The Bank of Japan will publish its latest monetary policy meeting minutes.
- Ukrainian President Volodymyr Zelenskyy plans to meet President Joe Biden at the White House and present him with a “Victory Plan” aimed at forcing Russia into negotiations.
Here are five more top stories:
- A political dispute within Australia threatens significant reform of the Reserve Bank aimed at improving its record on monetary policy after an inflation surge post-pandemic.
- Young Indians are accumulating credit card debt as they indulge in aspirational purchases like clothing and holidays.
- Mira Murati, OpenAI’s chief technology officer who temporarily served as CEO during a failed coup against founder Sam Altman, is leaving the company.
- Russian President Vladimir Putin has issued a threat to Ukraine’s NATO allies regarding potential attacks using advanced western missiles.
- The US and France are working towards securing a temporary truce between Israel and Hezbollah amid concerns over potential ground offensives.
The Big Read: Uber has revolutionized transportation since its founding in 2009 but now faces questions about whether it is trying to do too much by expanding into various sectors.
We’re also reading about Hezbollah’s refusal to admit defeat despite international diplomatic efforts and how popular politicians are disappearing from Western politics due to lack of demand rather than supply.
Chart of the day: Chinese markets have responded positively to Beijing’s promise of measures aimed at stabilizing capital markets but concerns remain over their effectiveness in stimulating the real economy.
Take a break from the news: Test your skills at running a US presidential campaign by playing “the Election Game” against other FT readers.
