 OPEC+ announced that it plans to cut oil production by over 1 million barrels per day. The surprise decision will likely raise global oil prices and may generate inflationary pressures that could force central banks to maintain elevated interest rates. More: - Saudi Arabia and Russia announced the largest production cuts followed by Iraq and the UAE.
- Cumulatively, the cuts will reduce the global oil supply by about 1.1 million barrels per day from the beginning of May.
- The supply reduction will rise to 1.6 million barrels per day from July due to additional cuts in Russia.
- Helima Croft, head of commodity strategy at RBC Capital Markets, estimates that core OPEC producers will only reduce oil supply by about 700,000 barrels per day.
- All analysts and traders surveyed by Bloomberg before the announcement expected OPEC+ production levels to remain constant.
- The price of West Texas Intermediate jumped by as much as 8% on Monday, following news of the cut.
Zoom Out: - The latest decision is likely to worsen relations between Washington and Riyadh, which deteriorated after Biden traveled to Saudi Arabia in July last year to convince the kingdom to boost its crude production.
- In October, OPEC+ announced plans to cut oil production by 2 million barrels per day, prompting Washington to warn that Saudi Arabia would face "consequences."
| |
 From left to right: Sanna Marin, Petteri Orpo, and Riikka Purra. AP. Finland's ruling Social Democratic Party conceded the country's election on Sunday. The center-right National Coalition Party won the most votes in the parliamentary election, followed by the populist right-wing Finns Party. More: - With nearly 100% of the votes counted, the National Coalition Party, led by 53-year-old Petteri Orpo, won 48 seats with 20.8% of the vote.
- The Finns Party, led by Riikka Purra, won 46 seats with 20% of the vote, while the Social Democratic Party, led by Prime Minister Sanna Marin, won 43 seats with 19.9% of the vote.
- No party obtained a majority in Finland's 200-seat parliamentary body, meaning that Orpo will need to form a coalition with the Finns Party or the Social Democrats.
Zoom Out: - Finland's economy and national debt emerged as key issues in this year's election.
- The Social Democrats have received criticism for their approach to these issues.
- 37-year-old Marin, one of Europe's youngest leaders, faced scrutiny last year after a video circulated online showing her dancing, singing, and drinking at a party.
- Finland is set to become the 31st member of NATO after its application was approved by Turkey on Thursday.
| |
 A message from LANDING Upgrade Your Corporate Housing Find your perfect home with Landing – the smarter, simpler, and more affordable way to rent. Landing is a new way to rent ready-to-live, month-to-month apartments nationwide in minutes. Landing provide a tailored corporate housing solutions for your every need. - Flexible stay options: 30 days to 12 months or more
- 20,000+ fully furnished apartments in 375+ cities
- Effortlessly manage your team's bookings with a single corporate account
- Find and book 100% online
- Dedicated Landing account manager
- Exclusive price for corporate clients
Experience the future of corporate housing with Landing. Find Your Landing
| |
 UBS may cut up to 30% of its overall workforce after acquiring Credit Suisse. The move comes as the two banks begin a multi-year process of integration. More: - Credit Suisse and UBS collectively employed about 125,000 people before they entered a merger agreement last month.
- The combined entity may cut up to 11,000 employees in Switzerland and another 25,000 in other countries.
- The Swiss Bank Employees Association reportedly told UBS after the merger to keep layoffs to an "absolute minimum."
- Swiss prosecutors announced separately on Sunday that they have launched an investigation into the merger in a bid to “analyze and identify any criminal offenses.”
Zoom Out:
| |
 GOOD NEWS: A Ph.D. student in the U.K. has designed plastic replacements for damaged windows in Ukraine. Harry Blakiston Houston, paused his biotechnology research at the University of Cambridge to focus on the initiative. More: - Blakiston Houston formed the Insulate Ukraine initiative, which aims to help Ukrainian residents who live in damaged buildings, and has already installed hundreds of windows in the war-torn country.
- He designed a solution to damaged windows based on a cheap plastic design that uses PVC piping, duct tape, and pipe insulation.
- The project aims to establish hubs that allow local people to replace shattered windows in Ukraine within 24 hours.
- "We're essentially empowering Ukrainians," said Blakiston Houston, who added, "all we have to do is show them how to build the windows and help them to get hold of the materials."
| |
 A message from PEGGY Throw away your posters—It’s time to upgrade your art collection. This new art app enables people to enter the art market with the ability to buy and resell art—all in one place. In contrast to recent macroeconomic uncertainty, Peggy has raised $8 million USD in venture funding. -
You deserve good art: Our galleries have shown at the coolest emerging art fairs, like Basel, Frieze, NADA, and Liste. By partnering with top contemporary galleries, Peggy provides investment-grade art to everyone. -
Care-free secondary market: Peggy’s AI digital fingerprint ensures the authenticity of all artwork sold. No forgeries or frauds. Resell with ease. -
Give back: The first app to pay artists and galleries royalties. You get to live with great art. Win. Win. Win. Inside readers can skip the line for early access to Peggy with the invite code INSIDE. Download the free app today to start building an art collection that lasts. Install Now
| |
 Russian President Vladimir Putin, right, and Belarusian President Alexander Lukashenko. Moscow plans to move tactical nuclear weapons to the western borders of Belarus. The announcement comes after Finland was permitted to join NATO amid heightened tensions between Russia and Western countries. More: - Russia's ambassador to Belarus, Boris Gryzlov, on Sunday confirmed recent statements by Russian President Vladimir Putin regarding Moscow's plans to place tactical nuclear weapons in Belarus.
- Putin said that facilities capable of storing nuclear weapons would be constructed in Belarus by July. 1.
- He also noted that Russia had assisted its ally in developing modern aircraft capable of carrying nuclear weapons.
Zoom Out: - Belarus permitted Moscow to gather forces in the country ahead of its invasion of Ukraine last year.
- Tactical nuclear weapons are intended for battlefield deployments and have shorter ranges and lower yields than other nuclear weapons.
- These weapons pose a growing threat to global security.
| |
 Russian military blogger Vladlen Tatarsky died in an explosion at a Cafe in St. Petersburg on Sunday. At least 32 people were injured in the blast, which authorities are investigating as a "high-profile murder." More: - At 18:13 local time, authorities were called to the Street Food Bar No 1, near the Neva river in St. Petersburg, government officials said.
- The cafe was hosting an event by Cyber Front Z, a group that describes itself as "Russia's information troops."
- Tatarsky was reportedly a guest speaker. A video posted online shows him being given a statue as a gift before the explosion.
- Russian state media claim the bomb was inside the statue, something that the BBC could not independently verify.
- Following the blast, 24 people were taken to the hospital, including six who remain in critical condition, according to Russia's health ministry.
Zoom Out - Tatarsky was a well-known military blogger with over 560,000 followers on his Telegram channel.
- He was a supporter of the invasion of Ukraine but was critical of Russia's military commanders and their decisions.
- Tatarsky's supporters have begun drawing parallels between his death and the possible assassination of nationalist television commentator Darya Dugina in August last year.
| |
QUICK HITS - Quickly familiarize yourself with building on Google Cloud with real-world examples and code snippets in this this Google Cloud Cookbook.*
- Parisians voted on Sunday to ban electric rental scooters in the city. Under 8% of the eligible population participated in the referendum, which saw almost 90% of voters support the ban.
- The U.K. has joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The U.K. is the first European nation to join the $13.6 trillion trade bloc, which developed out of the failed Trans-Pacific Partnership.
- McDonald's will temporarily shut down its corporate offices in the U.S. from Monday to Wednesday. The closure comes ahead of an expected round of layoffs as the company begins restructuring.
- The International Court of Justice (ICJ) ordered the U.S. to pay compensation to Iran after ruling that Washington had illegally seized Iranian assets. However, the court noted in its ruling on Thursday that it does not have jurisdiction over $1.75B in assets from Iran's central bank that are being held by the U.S.
- Sharpen your math, data, and CS skills with Brilliant. Quick, hands-on lessons make learning fun and easy. Over 10M+ people agree, so try it today
*This is a sponsored post
| |
| |
UPCOMING EVENTS - April 06 - Inside Marketing Coffee Break w/ Jeremy Sporn (Royce Brook Media) (Register Here)
- April 07 - US Visa and Green Card Options for Immigrant Founders and Employees (Watch Here)
- April 13 - Inside Interview with Lacework - The Evolution of Cloud Security w/ Ulfar Erlingsson (Watch On Demand)
- April 14 - Inside Interview with Landing - The Ultimate Corporate Housing Resource with Torger Philosophos (Register Here)
- April 18 - Human Resources Summit'23 (Register Here)
| |
 |  | Gregory Bridgman is a writer and researcher with an academic background in politics and the philosophy of science and technology. He holds a BA from the University of Cape Town, an MS from University College London, and a Ph.D. from the University of Cambridge. He is interested in climate issues, technological changes, and the implications of the fourth industrial revolution. Please feel free to contact me at gregory@inside.com! | | | | Editor | Eduardo Garcia is a writer and editor based in New York. He is the author of "Things You Can Do," an illustrated book about climate action. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
Experience the future of corporate housing with Landing. | |
| |
Comments
Post a Comment