Welcome to a brand new week.
1. A new startup led by the co-founder of failed streaming provider Guvera has been told in no uncertain terms to leave retail investors alone. The corporate regulator ASIC has closed a loophole that allowed both Guvera and new video messaging venture Kwickie to receive investments from mum-and-dad investors lured by their accountants, who would funnel the money through a trust fund to get around the sophisticated investor test. Guvera in its 9-year history saw many retail investors get burnt after it raised, then lost, $185 million. Read more on ASIC’s intervention.
2. ANZ and Westpac have pulled off paperless bank guarantees using blockchain technology. The proof-of-concept was performed for a commercial property lease transaction involving Westfield owner Scentre Group. Read more on the feat.
3. No one bought a Tesla in Hong Kong after an electric car tax break was discontinued. A vehicle registration fee waiver for electric cars was scrapped on April 1, and that saw exactly zero Teslas registered with the transport department that month – and only five in May. Compare that to 2,939 registered in March, and it shows how vulnerable the nascent electric car industry is to government incentives. Read more here.
4. A $US2.5 billion startup that powers Uber, AirBnB and Netflix behind the scenes is looking for its first Australian employee. Twilio, which provides connectivity to the world’s biggest digital brands to telecommunications services like mobile voice and SMS, is looking for a “developer evangelist” to run its Atlassian-like customer relationship model in this country, where it already has startups like Airtasker and ZipMoney as clients. Read more here.
5. A new startup is allowing ordinary folk to buy into a racehorse for as little as $165. MiStake chair Chris Ryan told the AFR that a fall in race attendances could be arrested by giving people a chance to have a personal stake in racing.
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