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‘Complex’ pressures push Sequoia to carve off China and India units
by cityam
Charlie Conchie
VENTURE capital behemoth Sequoia Capital has revealed plans to carve up its business into three distinct firms due to the “increasingly complex” pressures on its operations across the US, China and India.
split the firm’s US, China and India businesses to “become distinct firms with separate brands” by the end of March next year.
complex to run a decentralised global investment business,” Sequoia’s three founders said in the letter.
crypto regulation across the globe, with legal action and case-by-case enforcement rather than sweeping, industrywide rules.
Coinbase shares sank by almost 14 per cent on the open.
Amongst the SEC’s complaints is a staking programme which pools crypto assets before dishing out ‘rewards’ to customers after taking a commission.
The SEC said Coinbase would have been “fully aware” that this represented a security, but ignored it.
“Coinbase’s alleged failures deprive investors of critical protections, including rulebooks that prevent fraud and manipulation, proper disclosure, safeguards against conflicts of interest, and routine inspection by the SEC,” Gensler tweeted.
The SEC has also launched action against a crypto-powered platform run by the Winklevoss twins, Gemini.
At the time Gensler said the case should make clear “to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our timetested securities laws.”
In a letter to investors yesterday, Sequoia chiefs said they would
Housebuilding tumbles to lowest level in years as rates hit demand
JACK BARNETT
HOUSEBUILDING has tumbled to its lowest level in three years in another blow to the homeownership dreams of millions of Brits, a closely watched survey out yesterday revealed.
According to S&P Global and the Chartered Institute of Procurement and Supply’s (CIPS) latest construction purchasing managers’ index (PMI), the rate of new houses being rolled out across the UK has slumped to its weakest pace since May 2020.
While house prices have receded around four per cent from their record highs of last summer, they are still far above their pre-pandemic level, making it tougher for first time buyers to achieve their homeownership ambitions.
The fall in supply will potentially keep house prices higher than many analysts expect, with demand usually negatively affected by the kind of interest rate-rise cycle seen recently.
The China division will adopt the name HongShan while the firm’s Indian arm will become Peak XV Partners. The US and European operations will retain the Sequoia Capital name.
“It has become increasingly
“As each entity’s portfolio has expanded to include companies that are becoming global leaders, we’ve seen growing market confusion due to the shared Sequoia brand as well as portfolio conflicts across entities,” they said.
