OPEC raised long-term oil demand forecasts, citing growth in India, Africa, and the Middle East. Smartsheet was sold for $8.4 billion to Blackstone and Vista. Visa faces an antitrust lawsuit over monopolizing debit payments. Zuckerberg’s fortune hit $200 billion. Rupert Murdoch’s family is battling over succession, and China's yuan surged due to stimulus, impacting exports and markets. All this and more on this edition of World Street.
Fuel Future
The Organization of the Petroleum Exporting Countries (OPEC) raised its forecasts for world oil demand for the medium and long term in an annual outlook, citing growth led by India, Africa and the Middle East and a slower shift to electric vehicles and cleaner fuels. In its 2024 World Oil Outlook, OPEC sees demand growing for a longer period than other forecasters like BP and the International Energy Agency, which expect oil use to peak this decade.
Smartsheet Sold
Smartsheet, a leading collaboration software company, announced on Tuesday that Blackstone and Vista Equity Partners will acquire it in an all-cash deal, valuing the company at approximately $8.4 billion. Stockholders will receive $56.50 per share, representing a 41 percent premium over the company’s average closing price in the past three months.
The company, which has been exploring acquisition offers for several months, went public in 2018 and has since competed directly with other software firms like Atlassian.
Visa Vexed
The U.S. Justice Department filed a lawsuit against Visa on Tuesday, accusing the world's largest payments network of maintaining an illegal monopoly over debit transactions by enforcing exclusionary agreements on its partners and stifling competition from smaller firms.
According to the DOJ, Visa’s practices have caused American consumers and merchants to pay billions in extra fees. The civil antitrust suit, filed in New York, alleges Visa’s monopolization and other illegal conduct.
Elite League
Joining an elite club of U.S. billionaires, Mark Zuckerberg’s net worth has soared. According to the Bloomberg Billionaires Index, the Meta CEO’s personal fortune reached $200 billion on Monday, a $1.06 billion increase from the previous day and an astounding $72.2 billion rise since the start of the year. This milestone places Zuckerberg alongside only two other billionaires in the U.S. with fortunes of at least $200 billion.
Succession Struggle
Rupert Murdoch and his family are locked in a behind-the-scenes battle over the future of his media empire, with the dispute unfolding in a Reno, Nevada courtroom. Murdoch’s fortune is tied to his controlling stakes in two major companies: News Corp, which owns outlets like The Wall Street Journal and the New York Post, and Fox Corp., parent of Fox News and the Fox broadcasting network.
Control of these stakes was originally planned to be split among his four children — Lachlan, James, Elisabeth, and Prudence — upon his death. However, Murdoch is now attempting to shift full control to Lachlan, who serves as CEO of both News Corp and Fox.
Beijing Boost
China’s yuan briefly surged to its highest point in over a year on Wednesday after Beijing rolled out a series of stimulus measures aimed at boosting its slowing economy. The offshore yuan reached 6.9946 per dollar, the strongest level since May 2023, while the onshore yuan traded at 7.0319, also marking its highest point since last May.
Experts suggest that this rapid strengthening of the yuan could exert additional deflationary pressure on China’s exports, while bolstering the domestic stock market, which often moves in sync with U.S. and global stocks.
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