Andrew Ross SorkinGoldman Sachs plans to acquire Industry Ventures, a San Francisco venture capital firm, for $665 million, plus up to $300 million dependent on performance. This move enhances Goldman’s $540 billion alternatives investment platform, integrating Industry Ventures’ expertise to access innovative startups and solidifying its role in the venture capital landscape.
Andrew Ross SorkinWalmart’s fintech arm, OnePay, is launching OnePay Wireless, a new mobile plan priced at $35 per month, offering unlimited 5G data, talk, and text. This step toward becoming a full-service “super app” integrates wireless services into its offerings, aiming to enhance affordability and convenience for consumers while emulating successful Asian models.
Andrew Ross SorkinYieldstreet has reached a $5 million settlement related to failed marine loans, but investors will see little return on their substantial losses. Initially amounting to $89 million, the loans faced default and alleged fraud. Despite restructured strategies and new management, investor confidence has significantly diminished amid ongoing financial setbacks.
Andrew Ross SorkinIntercontinental Exchange (ICE) has acquired a $2 billion stake in prediction markets platform Polymarket, boosting its valuation to approximately $8 billion. ICE’s CEO Jeffrey Sprecher highlighted the partnership’s potential in expanding financial markets. This investment reflects the mainstream growth of prediction markets and their increasing legitimacy as an asset class.
Andrew Ross SorkinFederal Reserve officials were unified in favoring interest rate cuts, with a slight debate on the number of reductions in 2025. The FOMC voted 11–1 for a quarter-point cut, lowering the rate to 4%–4.25%. Concerns about the labor market and inflation were acknowledged, alongside uncertainty due to a government shutdown affecting economic data.
Andrew Ross SorkinChina’s Golden Week saw 888 million domestic trips and 809.01 billion yuan in revenue, marking modest year-on-year increases of 1.8% and 7.6%. Despite a longer holiday, competition led to deep discounts in the tourism sector. Consumer spending remains low, indicating that economic recovery faces ongoing challenges amid deflationary pressures.
Andrew Ross SorkinTreasury Secretary Scott Bessent has shortlisted five candidates for the next Federal Reserve chair, including Michelle Bowman and Christopher Waller. The selection process is ongoing, potentially extending past Thanksgiving. Among them, Rick Rieder is favored for his fresh perspective. This decision could significantly impact Federal Reserve policy and its independence.
Andrew Ross SorkinFederal Reserve Governor Christopher Waller advocates for cautious interest rate cuts due to mixed economic signals, emphasizing a balance between controlling inflation and stimulating growth. With job growth slowing and unexpected GDP strength, Waller suggests a gradual approach to monetary policy changes, focused on stability while remaining responsive to data.
Andrew Ross SorkinMorgan Stanley has allowed all clients, regardless of account type or risk profile, to invest in cryptocurrencies starting October 15. This policy shift reflects a growing institutional acceptance of digital assets as mainstream investments. The bank aims to integrate crypto into its wealth management strategy while ensuring client portfolio safety amid market volatility.
Andrew Ross SorkinChinese stocks in the U.S. dropped significantly after Donald Trump’s warning of increased tariffs on Chinese imports, reigniting tensions between the nations. Tech giants like Alibaba and Baidu saw steep declines. Investors are anxious about renewed trade hostilities affecting global markets, even as Chinese equities previously regained confidence this year.
