New Zealand start-ups are attracting larger investments during a period of record growth, according to the Young Company Finance report. Early-stage deals at the proof-of-concept and pre-seed stages are also rebounding.

Reliance Jio, India's largest telecom operator, is preparing what could become the country's biggest-ever share sale. The listing promises a windfall for investors in parent company Reliance Industries, but analysts warn it could pressure Jio to raise prices after a decade of rock-bottom mobile data rates.

Elon Musk said SpaceX has raised $40 billion in debt financing to fund graphics-processor purchases for its expanding AI and satellite operations. Musk predicted a coming shakeout among 'neocloud' firms that rent out AI computing capacity.

The yen rallied as investors sought safe havens, while Singapore Exchange announced its chief executive will step down in 2027.

Prominent Chinese economist Ren Zeping's WeChat account has been restricted as Beijing tightens scrutiny of outspoken financial commentators. The channel can no longer gain followers, and his team says posting has been suspended entirely.

Nvidia's expanding role as a financier of artificial-intelligence infrastructure is drawing fresh scrutiny after shares of several 'neocloud' companies that rent out its chips fell sharply this week. Analysts said the slide has raised questions about whether the AI data-center boom can generate enough revenue to cover its debt-fueled growth.

Brazil's central bank approved three new rules on October 23 to curb aggressive consumer-loan advertising, including limits on certain ads, a new debt-exposure panel for borrowers and mandatory consent for loan offers tied to the Pix payment system.

• Buzzy insurtech Corgi has a knack for launching new businesses, and investment banking may be next.
• The firm posted a job for a managing director of investment banking.
• Unlike typical investment banking jobs, the pay is commission only.

Corgi launched as an insurance startup, but it's been rapidly expanding into new businesses like thematic ETFs and 24/7 cafe/coworking spaces.

A job filing posted this month suggests it's now eyeing M&A investment banking.

The company, valued at $5 billion, is hiring for a "Managing Director, Investment Banking" role, according to the posting. It says the company is "seeking experienced Managing Directors with established client relationships, deep sector expertise, and a proven track record of originating and closing transactions."

The company says it's seeking someone with more than five years of experience. Unlike traditional investment banking jobs, which typically pair a hefty base salary with performance-based compensation, this job is "commission only, with no base salary."

"Payouts are tied to collected transaction fees, with terms based on origination and execution responsibilities and agreed upon before joining," the listing says.

Investment banking managing directors across the industry made a median of $1.1 million a year in 2025, according to Prospect Rock Partners, and in previous years, bonuses made up more than two-thirds of total compensation.

A commission-only contract could be seen as a hard sell for your average banker, but Corgi's prolific fundraising — $266 million this year and $431 million in total since its 2014 launch — and its vision of "building an AI financial infrastructure company" may be attractive to an ambitious young banker.

The company did not respond to a request for comment about its plans or the job posting.

Corgi was founded by Emily Yuan and Nico Laqua in 2024, offering a range of insurance products for startups. Its recently opened cafés are positioned as a marketing tool for startup founders.

While an investment banking platform may seem to be an odd choice for an insurer, it is a clue that this is part of the firm's vision to serve startups by helping them sell their businesses.

The posting said candidates should have relationships with "founders, sponsors, and referral partners" — in other words, those who can connect startup founders with private equity investors that could buy their companies.

Brazil's Federal Police carried out twelve search warrants on October 22 in an investigation into an alleged cryptocurrency pyramid scheme, while a federal court separately ordered up to $19.8 million in linked assets frozen.

Brazilian lender Bradesco posted a third-quarter net profit of 7.1 billion reais, about $1.4 billion, up 14.6% from a year earlier and roughly in line with analyst forecasts. Loans overdue more than 90 days climbed to 4.6% of the bank's portfolio.

A key focus of the latest proposed sanctions listings is Russia's oil processing, refining, and exporting capacity, with 31 listings spanning the breadth of Russia, from St. Petersburg to Sakhalin.

Barclays said it will cut 5,000 jobs, about 5% of its workforce, as the British bank increases its reliance on artificial intelligence. The lender said AI tools are taking over tasks previously handled by staff across its operations.

Shares of AI cloud-computing company CoreWeave have fallen 29% in October. CNBC reports that the spreads on the company's credit default swaps are also widening, meaning investors are pricing in higher risk of default on its debt. The slide renews questions about the financing costs behind massive AI infrastructure spending.

Fewer than half of New Zealand business leaders feel positive about their own performance, with expectations for improvement sliding to a record low this quarter.

Home values fell across every Australian capital city last quarter, the sharpest decline on record, as high borrowing costs continue to weigh heavily on buyers nationwide.

ANZ economists say New Zealand's housing bubble has largely deflated after two years of price corrections. The bank expects only mild further declines nationwide, with Reserve Bank interest-rate moves still shaping buyer affordability.

The National Anti-Corruption Bureau (NABU) on Oct. 21 searched the premises of Andriy Pyshnyi, head of the National Bank of Ukraine, a law enforcement source told the Kyiv Independent.

Russia’s central bank has reduced its gold holdings to their lowest level in nearly seven years as the Kremlin faces a widening budget deficit, declining energy revenues and mounting expenditure on its war against Ukraine.

Russia has carried out its largest sustained reduction in gold reserves since the financial crisis of 1998, disposing of approximately 62 tonnes of the precious metal since December 2025 as the government draws on accumulated reserves to finance a growing federal budget deficit.

According to figures released by the Bank of Russia on Tuesday, 20 October, the country’s monetary gold reserves declined by another 200,000 troy ounces, equivalent to approximately 6.2 tonnes, during September.

The latest reduction brings Russia’s official gold holdings to 72.8 million troy ounces, or approximately 2,264 tonnes, their lowest level since the end of 2019.

The central bank has now reduced its gold holdings for ten consecutive months, reversing the accumulation strategy pursued by Moscow in the years preceding its full-scale invasion of Ukraine.

Largest gold sell-off since the 1998 crisis

The scale of the current reduction is exceptional by Russian historical standards.

According to International Monetary Fund data cited in reporting on the latest figures, the only more rapid depletion of Russian gold reserves in the country’s modern history occurred during the 1998 financial crisis.

At that time, Russia’s central bank disposed of approximately 118 tonnes of gold over three months as the government defaulted on domestic debt and the rouble collapsed.

Some of those holdings were subsequently replenished, leaving the country’s gold reserves approximately 50 tonnes lower at the end of 1998.

The reduction recorded during 2026 has already exceeded that annual net decline, although Russia’s present financial position differs substantially from the circumstances surrounding the 1998 default.

The monetary value of Russia’s remaining gold reserves stood at approximately $301.6 billion at the end of September, compared with $333.5 billion a month earlier. The change reflects movements in gold prices as well as the reduction in physical holdings.

Budget deficit reaches 7.3 trillion roubles

The sales come as the Russian government struggles to contain expenditure associated with its continuing military campaign against Ukraine.

Moscow now expects its federal budget deficit to reach 7.3 trillion roubles, approximately $87 billion, in 2026. That represents 3.2 per cent of gross domestic product, twice the deficit originally anticipated.

Military and security expenditure is expected to account for approximately 38 per cent of total federal spending this year.

The government has increasingly relied on its National Wealth Fund, established to accumulate surplus energy revenues, to cover budget shortfalls.

The central bank’s gold transactions are linked to operations involving the fund. Under this mechanism, the Bank of Russia conducts corresponding market sales following Finance Ministry transactions using the fund’s assets.

Figures published by Russia’s Finance Ministry earlier this month showed that the National Wealth Fund’s liquid assets had fallen to approximately 3.8 trillion roubles, equivalent to $45 billion, as of 1 October. This was down from approximately 4 trillion roubles a month earlier.

The fund’s total assets remained substantially larger, at almost 13 trillion roubles, but much of that amount is invested in shares, bonds and other holdings that cannot immediately be converted into funds for government expenditure.

War expenditure puts pressure on Kremlin finances

Russia’s fiscal problems have been compounded by weaker oil and gas revenues, a slowdown in economic activity and the increasing cost of sustaining military operations.

Although energy exports continue to generate substantial income, government revenue has failed to keep pace with spending commitments.

Moscow has consequently increased domestic borrowing, introduced additional taxes and sought alternative sources of budget financing.

The latest gold figures provide further evidence of the financial demands imposed by the war, now approaching its fifth anniversary.

They do not indicate that Russia is approaching an immediate financial collapse. The country still holds considerable gold and foreign exchange reserves, with the central bank reporting total international reserves of approximately $731.8 billion at the end of September, although access to part of its overseas assets remains restricted by Western sanctions.

Nevertheless, the continued liquidation of gold holdings reduces the reserve assets available to the Russian authorities at a time when military spending remains elevated and the government faces pressure to meet its domestic financial commitments.

For President Vladimir Putin, the growing budget deficit introduces an additional economic consideration into decisions over the duration of the war.

The September figures show that Moscow is increasingly drawing on assets accumulated before the invasion to support current expenditure, while its capacity to rebuild those reserves remains dependent on future revenues and the government’s ability to restrain spending.

New Zealand KiwiSaver manager Simplicity is investing NZ$50 million in Icehouse Ventures' Growth Fund III, which backs late-stage local companies including agtech firm Halter and supplement maker Calocurb.

France’s borrowing costs have risen to levels last seen more than two decades ago as investors shift towards German, Dutch and other lower-risk European debt, placing Paris at the centre of renewed concern over eurozone public finances.

France is emerging as the principal source of concern in Europe’s government bond market as investors reassess the fiscal strength of eurozone states and increasingly move money towards Germany and other countries regarded as safer borrowers.

The yield on French ten-year government debt has reached its highest level since 2002 after rising by about 70 basis points during September. The difference between French and equivalent German borrowing costs approached 160 basis points last week, its widest since 2012, according to market reporting on the sell-off.

The shift represents a sharp reversal in how investors view French sovereign debt. France has traditionally traded close to Germany and benefited from its status as one of the eurozone’s largest and most liquid bond markets. It is now being treated increasingly as a country whose political and fiscal outlook warrants a substantial premium.

The immediate concern is the French budget.

Paris said in September that this year’s deficit would exceed the government’s five per cent target, while the country faces the additional challenge of issuing a record €340 billion of government bonds in 2027. The money will be needed both to finance current expenditure and refinance debt accumulated during the Covid period.

EU Today reported earlier this week that French debt concerns had already pushed the euro to a 17-month low against the dollar. Political uncertainty ahead of the 2027 presidential election has added to market concern over whether any government will be able to deliver the spending reductions required to stabilise the public finances.

Bond markets, however, are responding to France’s present position rather than promises extending into the next presidential term.

The movement is also beginning to alter longstanding assumptions about which European sovereign borrowers are considered risky.

Italy remains vulnerable. Its ten-year bond spread over Germany rose to about 130 basis points last week, compared with roughly 80 basis points a month earlier. Italian public debt stands at around 138.6 per cent of GDP, and Rome expects its deficit to move above the EU’s three per cent ceiling.

Yet French debt has recently come under greater pressure than Italian debt.

Spain provides an even more striking contrast. During the eurozone sovereign-debt crisis in 2012, Spanish ten-year bonds yielded around five percentage points more than French debt. Spain’s ten-year yield is now approximately 75 basis points below France’s.

The difference reflects stronger Spanish growth and improved confidence in Madrid’s finances, although investors are watching Spanish and Portuguese debt for evidence that the French sell-off is spreading elsewhere in the currency union.

So far, the movement is not comparable with the eurozone crisis of the early 2010s. At that time, Italian bond spreads above Germany exceeded 500 basis points and Greece’s reached thousands of basis points. Current differences remain far smaller.

The direction of capital flows is nevertheless notable. Germany has re-established itself as Europe’s principal bond-market safe haven despite questions earlier this year about Berlin’s increased spending on defence and infrastructure. German ten-year yields fell as investors bought Bunds during the recent turbulence.

Higher sovereign yields feed into the interest costs faced by governments when refinancing debt and can affect borrowing throughout an economy. For a country already running a large deficit, rising yields make efforts to restore the public finances more difficult because an increasing share of expenditure must eventually be devoted to debt servicing.