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.
Sectors
Deezer raises $109 million despite cancelling its IPO plan
Paris-based music streaming service Deezer has raised around $109 million in a Series E round of funding led by Access Industries. The latest funding will help the company to attract more subscribers even after putting their IPO plan on halt.
Global fears prevent US Fed from rate hike plan
The adverse conditions in the global economy and weaker stocks on Wall Street may prevent the US Federal Reserve from going for a rate hike again. Some analysts forecast four more rate hikes in 2016, while Reuters' poll indicate three times hike this year. The slump in commodities, weaker global markets, slowdown in China's economy and lower oil prices are causes of concerns for the US Fed as these are upsetting the Wall Street.
South Korean Won retreats from 5-year low
South Korean currency Won has been volatile as it hit five-year low and recovered marginally. Won was tracking to Chinese currency Yuan as the dragon country is the major foreign market for South Korea. China's GDP rose 6.8 percent during fourth quarter marginally lower than the forecast of 6.9 percent. This disappointed the market.
Saudi Arabia continues to buy farmland in US
Saudi Arabia and other Gulf nations are buying thousands of acres in the US. Recently, Fondomonte California has purchased 1,790 acres of farmland in California. Almarai bought 10,000 acres of farmland in Arizona two years back. These companies have cultivating alfalfa hay and exporting back it to feed dairy herds. Local farmers in California and Arizona are expressing concerns over drop in groundwater table.
Latest News
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.
Palmer Luckey, founder of Oculus Rift company have to stand in court in a lawsuit against him. The plaintiff is Total Recall Technologies that accused the 23-year old to use its data illegally.
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.
After acquiring Lyft Inc, GM has also purchased ride hailing pioneer, Sidecar. The acquired entity has been tattering in consecutive years for ever growing competitions with rivals like Uber and Lyft. With the acquiring, GM now will be able to play a more active role in relative fields with the new two subsidiaries.
Motorola has unveiled its Moto G3 smart phone in July 2015 and now released in the market. The concept for making budget conscious smart phones has been attracted by other mobile giants including its mother concern, Lenovo. Lenovo expects to grab the budget phone market shortly with its self developed similar products.
Lower oil price, sluggish global financial markets and weaker Loonie are impacting Canadian economy and forcing central bank to lower interest rate to zero level. Canada may move to negative interest rate in the near future, forecasts Barclays Plc. Bank of Canada is forecast to cut key interest rate by 25 basis points to 0.25 percent this week.
Amazon introduced the Dash Replenishment service on selected devices. The devices powered by Amazon Dash Replenishment program could enable customers to order everyday fundamentals automatically from Amazon.
The AC power cables linked to Microsoft’s Surface Pro tablets of selective three generations pose fire risks due to overheating. Though a limited number of overheating issues have been reported, Microsoft is taking no risks and going to recall for a global voluntary replacement. Details on replacement procedure will be furnished in the Microsoft website sometimes later this week, possibly on Friday.
The self-propelling stroller, introduced by the crowdfunder Indiegogo, is said to revolutionize the concept of a perambulator. Keeping in mind the needs of a parent, the stroller boasts of features like automatic movement controlled via sensors, built-in rocker, bottle warmer, canopies to weather different climatic conditions, to name a few. Its maker, Guillermo Morro, has also addressed all the safety concerns by assuring his audience that his highly capable team has always treated this as a top priority.
