Afternoon Coffee: Drone attacks on Saudi send oil prices surging; OxyContin maker Purdue Pharma files for bankruptcy; Crisp exits stealth mode

stevecuk/Adobe Stock

The drone attacks on a Saudi Arabian oil plant has shut 5% of global crude output and led to a 19% jump in oil prices, the biggest surge in oil prices since the 1991 Gulf War, Reuters reports.

U.S. officials have blamed Iran for the attacks, Reuters reports.

The Iran-aligned Houthi movement that controls Yemen’s capital claimed responsibility for the attack. The drone attacks damaged the world’s biggest crude oil processing plant. Iran has, however, denied the allegation.

Maker of OxyContin, Purdue Pharma, files for bankruptcy

The pharma company that made millions from selling prescription painkiller OxyContin says it is bankrupt. Purdue Pharma filed for bankruptcy late Sunday, after reaching a tentative settlement with many state and local governments that are suing it over the toll of opioids, reports NBC.

The filing was expected after the tentative deal — which could be worth up to $12 billion over time — was struck.

Start-up using big data to cut food waste comes out of stealth mode

New York-based startup Crisp has come out of stealth mode with $14.2 million in funding. It's stated mission — to create “a more efficient food supply chain.”

Cutting waste across the food chain is the need of the hour. According to a UN body, about one-third of food produced around the world each year ends up in a landfill, which means $1 trillion worth of food goes to waste. “At the root of the food waste challenge is a lack of communication,” the company said in a statement issued to VentureBeat.

That’s why Crisp is looking to help by crunching big data to unlock insights.

SolutionMap update tomorrow

Spend Matters will release its new SolutionMap rankings of procurement solutions tomorrow. Check the site for updates and read about one category getting a new name.

Share on Procurious

Discuss this:

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.