ECONOMY | Staff Reporter, Singapore

Daily Briefing: Hedge fund unit raises $10m for crypto arbitrage fund; Reviewing eight years of budget

And here's the biggest loser in the market which saw its shares slump 2.2%.

From Bloomberg Finance:

As Bitcoin continues its wild ride, a Singapore hedge fund unit is raising $10m for a cryptocurrency arbitrage fund to trade off price movements.

Kit Trading, a unit of Vulpes Investment Management, said the fund is on track to close early next month.

Kit Trading is joining an increasingly crowded field as interest in digital currencies explodes globally. In an October 23 report, researcher Autonomous Next said 84 crypto hedge funds had opened in 2017, up from just 11 in 2016. While institutional investors have mostly stayed on the sidelines, companies are launching everything from funds to regulated exchanges to crypto derivatives, trying to lure them in.

Read more here.

From ValuePenguin via Yahoo! Finance:

The government of Singapore is set to announce its budget plans for 2018 on Monday, 19 February 2018. While many media outlets have been speculating what we could expect to hear from Minister Heng Sweet Keat next week, few have covered what actually has been happening with the government spending for the last few years.

Often, looking back into the past can shed insights on what could (and should) happen in the future. Here, we attempt to distil a few major trends we observed about the government’s budget since 2009, and assess what it could possible mean for what is in store for the next few years.

Read more here.

From The Motley Fool:

Among the 30 index constituents, 19 were in the red, with the largest loser being Wilmar International Limited (SGX: F34). The agribusiness group’s shares slumped 2.2% to $3.17.

Venture Corporation Ltd (SGX: V03) emerged as the leader in the winners’ camp, adding 1.5% to $23.15. Other than the electronics manufacturing services outfit, seven other blue-chip companies ended Thursday in the green. The remaining index components were unchanged for the day.

Read more here.

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