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NEW YORK (Reuters) -Goldman Sachs has agreed to buy Industry Ventures, a leading venture capital firm that manages $7 billion of assets, in a bid to expand its services to technology entrepreneurs, it said on Monday. Industry Ventures has one of the largest portfolios of venture capital partnerships from the seed stage to late-stage growth stage in the United States. Goldman Sachs will pay $665 million in cash and equity at closing, plus an additional $300 million based on Industry Ventures' performance through 2030, it said in a statement. "Industry Ventures pioneered venture secondary investing and early-stage hybrid funds, areas that are rapidly expanding as companies stay private longer and investors seek new forms of liquidity," said Goldman's CEO David Solomon in a statement. All 45 employees of the firm will join Goldman Sachs. Industry Ventures' founder and CEO Hans Swildens, along with senior managing directors Justin Burden and Roland Reynolds, will become partners within Goldman Sachs Asset Management, it said. (Reporting by Saeed Azhar; Editing by Lisa Shumaker)

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By Kamal Choudhury (Reuters) -U.S. biotech firm Nabla Bio said on Tuesday it has signed a second major research partnership with Japanese drugmaker Takeda Pharmaceutical, deepening their use of artificial intelligence to accelerate drug discovery. Under the new multi-year agreement, which builds on an earlier collaboration launched in 2022, Nabla will receive upfront and research cost payments in double-digit millions. The company is also eligible for success-based payments worth more than $1 billion. The move underscores growing momentum across the pharmaceutical industry to harness AI in drug development, with hopes of significantly reducing timelines and costs in the coming years. Nabla said it would use its proprietary AI platform, Joint Atomic Model (JAM), to design protein-based therapeutics for Takeda's early-stage pipeline. The companies will focus on hard-to-treat diseases and include multi-specific drugs and other custom biologics. Comparing to how ChatGPT answers text questions, Nabla CEO Surge Biswas said JAM responds to molecular queries by designing antibodies from scratch that bind targets with desired properties. The company claims to maintain "probably the fastest feedback loop in the industry", with a turnaround of three to four weeks from design to lab testing. "We are basically working on whatever the most pressing problems in Takeda's discovery portfolio is at any given time, and using JAM to help unlock and unblock those" Biswas told Reuters. The latest deal comes weeks after Takeda said it would exit cell therapy research to focus on faster and more scalable drug types. Earlier this month, Takeda joined a consortium, including Bristol Myers Squibb, to train AI models using shared data. Nabla expects first-in-human data from its AI-designed molecules within one to two years. (Reporting by Kamal Choudhury in Bengaluru; Editing by Shilpi Majumdar)

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By Amanda Cooper LONDON (Reuters) -Global shares fell, while safe havens such as bonds and gold rallied on Tuesday, as investors grew uneasy over mounting tensions between the U.S. and China ahead of talks between the two countries aimed at striking a durable trade deal.   Markets had earlier joined the rebound from Monday's cash session after U.S. Treasury Secretary Scott Bessent said President Donald Trump remains on track to meet Chinese leader Xi Jinping in South Korea for a two-day summit starting on October 31. But he added fuel to the fire in an interview in the Financial Times where he accused Beijing of trying to damage the global economy. As negotiations between the U.S. and China intensify, the two nations will begin from Tuesday charging port fees on ocean shipping firms that move everything from toys to crude oil. 'ESCALATE TO DE-ESCALATE' "Both Washington and Beijing are posturing before the November summit – escalate to de-escalate," said Marc Velan, head of investments at Lucerne Asset Management in Singapore. "Neither can afford a trade war heading into U.S. midterms." Stocks in Europe, which have hit record highs this month, were down 0.7%, echoing weakness in Asian markets, where technology stocks got hit hard. Futures on the S&P 500 and the Nasdaq sank 1%, suggesting there may not be a repeat of Monday's rally, but a full reversal also looked unlikely. "If one looks at the recent history of export controls and charges for ships docking in ports, then it's been largely interpreted as a path towards negotiation rather than a fresh outbreak of hostilities on the trade front between the U.S. and China," Investec chief economist Philip Shaw said. "So yes, there is uncertainty, but you've had a huge rally, not just in U.S. stocks, but a lot of global indices as well. And while there are still some question marks over U.S.-China trade friction, I'd interpret the latest sell-off as a bit of a correction rather than a huge stepping-up of investor uncertainty," he said. Wall Street's main indexes had ended as much as 2.2% higher on Monday, led by chipmakers, after Trump struck a more conciliatory tone on trade tensions with China, reversing some of the panic from Friday when Trump announced 100% tariffs on China. MARKET RISK BAROMETERS FLASH RED Reflecting the increased investor angst, gold reversed overnight losses and rose 0.7% to $4,140 an ounce, just shy of Tuesday's new record of $4,179.48. In contrast, bitcoin, which tends to move in line with other risk assets, fell 3.5% to $111,793. In the foreign exchange market, the dollar gained an edge over currencies that typically benefit when investors are feeling confident, such as the pound or the Australian dollar, which fell 0.5% and 0.9% respectively against the greenback. The yen, which tends to act as a safe haven, strengthened 0.1% to 152.04 against the dollar after Japan's finance minister said the country needs a new economic strategy that deals with inflation rather than deflation. The yield on the U.S. 10-year Treasury bond was 4.02%, down 3 basis points. The U.S. bond market was closed on Monday for a public holiday. Two-year yields, which are far more responsive to shifts in expectations for U.S. interest rates, were down 4.6 bps at 3.48%, having fallen 12 bps since Friday, marking their largest two-day fall since early August. Analysts at Danske Bank said any escalation in the trade war would only increase the likelihood of the Federal Reserve front-loading planned rate cuts. Traders fully expect the Fed to cut rates this month and into next year to combat a weakening labour market. The euro dipped 0.1% to $1.1554 after French President Emmanuel Macron rejected calls to resign on Monday, as his latest government was threatened by two no-confidence motions. Brent crude fell 1.7% to $62.63 per barrel after an OPEC report showed world oil supply is expected to closely match demand next year, a contrast from last month's outlook, which projected a shortfall. (Additional reporting by Gregor Stuart Hunter in Singapore; Editing by Lincoln Feast, Shri Navaratnam, Sam Holmes and Gareth Jones)

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By Ahmad Ghaddar LONDON (Reuters) -Oil prices reversed early gains and fell on Tuesday amid uncertainty about trade tensions between the U.S. and China, the world's top two economies, and as the International Energy Agency (IEA) flagged weaker fundamentals. Brent crude futures fell $1.01, or 1.6%, to $62.31 a barrel by 0817 GMT, while U.S. West Texas Intermediate crude was also down 1.6%, or 95 cents, at $58.54. Both contracts were near a five-month low. In the previous session, Brent settled 0.9% higher, and U.S. WTI closed up 1%. "[Investors] are still assessing … the potential consequences of the Middle East peace process, the ongoing attacks on Ukrainian and Russian oil installations, and the possibility of reigniting the trade war between the world's two economic behemoths," PVM Oil analyst Tamas Varga said. U.S. Treasury Secretary Scott Bessent said on Monday that President Donald Trump remains committed to meeting Chinese President Xi Jinping in South Korea this month, as both countries try to defuse tension over tariff threats and export controls. However, developments last week, such as Beijing's expanded export controls on rare earths and Trump's threats of 100% tariffs and software export curbs from November 1, have weighed on sentiment. On Tuesday, Beijing also announced sanctions against five U.S.-linked subsidiaries of South Korean shipbuilder Hanwha Ocean, while the U.S. and China will begin charging additional port fees on ocean shipping firms that move everything from holiday toys to crude oil. Meanwhile, the IEA in its monthly report on Tuesday raised its forecast for global oil supply growth this year following the OPEC+ group's decision to hike production, and also lowered its demand growth forecast, citing a more challenging economic backdrop. In its monthly report on Monday, the Organization of the Petroleum Exporting Countries, and allies including Russia, said the oil market's supply shortfall would shrink in 2026, as the wider OPEC+ alliance proceeds with planned output increases. The Brent oil futures 6-month spread was trading at its smallest premium since early May, while the WTI spread was at its narrowest since January 2024. Narrowing backwardation, the market term for immediate deliveries fetching a premium over later deliveries, suggests investors are making less money selling their oil in the spot market because near-term supply is perceived to be ample. (Additional reporting by Anjana Anil in Bengaluru and Emily Chow in Singapore; Editing by Susan Fenton)

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