Aug 29, 2018

Ride-hail company Grab forms VC fund for Southeast Asia startups

Photo by Faris Hadziq/SOPA Images/LightRocket via Getty Images

Ride-hail company Grab announced Wednesday that it has formed a $250 million venture capital fund that will invest in Indonesian startups.

The bottom line: Grab is based in Singapore, but claims a 65% market share of the ride-hail market in Indonesia, where it hopes that backing other sorts of companies (e.g., food delivery, etc.) will help it fend off rival Go-Jek.

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Energy deputy secretary nominee in hot water after contradicting Trump

Mark Menezes speaks at a forum in Addis Ababa, Ethiopia, June 12. Photo: Minasse Wondimu Hailu/Anadolu Agency/Getty Images

Trump administration officials are internally raising concerns about President Trump’s nominee for Energy deputy secretary, who appeared to openly contradict the president on nuclear waste storage at Nevada’s Yucca Mountain last week.

Driving the news: While speaking at a House Energy and Commerce subcommittee hearing last Wednesday, Mark Menezes told members of the panel that the Trump administration is still interested in storing nuclear waste at Yucca Mountain and that “what we're trying to do is to put together a process that will give us a path to permanent storage at Yucca."

Exclusive: Pompeo says new China media restrictions "long overdue"

Photo: Mark Wilson/Getty Images

The State Department announced Tuesday that it has designated five Chinese state media outlets as "foreign missions," meaning that they will be treated as arms of the Chinese government.

Driving the news: In his first public statement on the new designation, Secretary of State Mike Pompeo tells Axios that the five outlets are "clearly controlled by the [Chinese Communist Party], and we are simply recognizing that fact by taking this action.”

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