As expected, OPEC has yet again failed to arrive at a decision on oil production ceiling during its Vienna meeting, failing to place constraints on the cartel’s oil production. Uber is in a better position, albeit trailing behind OPEC on Sentifi Top Attentions list. It will focus more in India with new investments and more competition against its rivals in the country. Read on to find out what else the crowd is discussing on Sentifi as the markets are prepping for the weekend slump.
1/ OPEC: Fails to reach agreement on oil ceiling [19,493 messages in the last 24h]
No agreement on oil production ceiling was reached at OPEC’s Vienna meeting, which means the members will continue to produce oil without any constraints. The organization also appointed Nigeria’s Mohammed Barkindo, the formal head of Nigerian National Petroleum Corp., as the new secretary general.
2/ Uber: Plans to rev up competition in India, yet faces competition from Didi Chuxing [6,157 messages in the last 24h]
Uber will use part of the $3.5 billion fund it raised in Saudi Arabia to invest in India to gain an edge over its competitor Ola. India is an important market for Uber with the service available in more than 26 cities, more than any country outside the U.S.
3/ Cisco: Partners with IBM for IoT analytics [4,566 messages in the last 24h]
The two companies announced a global collaboration with a goal of providing instant Internet of Things insight. It will enable businesses in remote locations to access IBM’s Watson IoT and business analytics technologies along with Cisco’s edge analytics capabilities in order to better monitor the health of critical machinery and make more accurate plans for needed maintenance and equipment upgrades.
4/ Elon Musk: Declares AI and machine learning will user in innovations [2,332 messages in the last 24h]
In a speech to the tech leaders, the CEO of Tesla reaffirmed this is the era of AI and machine and they will create computers so powerful that humans will need neural laces implant to keep up. AI analytics research is expected to grow to $70 billion by 2020 from just $8.2 billion in 2013.
5/ Theranos: Forbes downgraded net worth of CEO [2,102 messages in the last 24h]
The founder and CEO of Theranos, Elizabeth Holmes, was named America’s richest self-made woman in 2015 with $4.5 billion in wealth. Well, that title has been taken away from her as Forbes has revalued her net worth to nothing, and it’s not without a good reason. The company has been facing many investigations after a series of Wall Street Journal reports the unreliability in its blood tests.
6/ Monsanto Company: Bayer has secured $63 billion in financing for the Monsanto takeover [1,715 messages in the last 24h]
The German company said it has secured necessary financing from five banks to takeover Monsanto. The five banks are Bank of America, Credit Suisse, Goldman Sachs, HSBC and JPMorgan. Bayer is also expected to issue a bond of about $20 billion and $30 billion.
7/ Ryanair Holdings: Closes Oslo Rygge base [1,409 messages in the last 24h]
The Ireland-based low-cost airline plans to close its Oslo Rygge base on October 29 to reduce its Norwegian traffic by 50% due to a new air passenger tax introduced by the country. It is reported that Rygge will close all commercial flights starting November 1.
8/ Corporate Bonds: ECB rules out selling notes of corporate bonds cut to junk [1,403 messages in the last 24h]
The ECB announced it won’t sell notes downgraded to junk in the latest expansion of a stimulus program. One of the notable benefits of this method is the ability to retain securities when their ratings fall below the criteria for purchase in the rebooted quantitative-easing plan.
9/ Takata Corporation: Receives news about potential investments amid airbag crisis [1,398 messages in the last 24h]
Key Safety Systems and Ningbo Joyson Electronic Corp are deliberating over a potential investment in Takata despite the airbag crisis. Speaking of which, at least four automakers are still selling cars with defective Takata airbags as they are not required to tell the customers about the problems with airbags. So far 13 deaths worldwide have been linked to Takata airbags.
10/ Johnson Johnson: Acquires hair care startup [1,390 messages in the last 24h]
J&J has decided to spend $3.3 billion in cash to acquire Vogue International, making J&J the fourth-largest company in the U.S. hair-care market, up from eighth place.
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