Industry
Oversupply hitting oil prices, not a secret plot: Saudi Arabia
Saudi Arabia has ruled out allegations that Iran has been targeted in the oil price war. Saudi Arabian foreign minister said that it's demand-supply situation that determines price in the global oil market. The low price is also hitting US shale oil, which involves high cost of production.
US crude declined sharply below $28, recording a 12-year low mark
An unusual drop in US crude oil, below the already low $28 a barrel, created quite a stir in the market. It seems the oil prices are at a continuous plummeting spree. The current situation seems pretty bleak with supply exceeding demand to a great extent, especially after major oil exporter Iran came back into the scene.
Tesla Partners Luxe to Deliver On-Demand Valet Parking
Luxe valet parking app is partnering with Tesla. The two-year old tech startup will provide Tesla owners in New York and San Fransisco its on-demand valet parking service.
Chinese Venture Capital Cocoon Networks Open a $700M Fund in London
Cocoon Networks, a Chinese-backed venture capital group is setting up a £500 ($700) million fund in London. The fund is aimed to invest in European tech startups.