🌍 The UK’s U-turn

Plus: What to expect from the OPEC+ meeting
Chancellor of the Exchequer Kwasi Kwarteng and British Prime Minister Liz Truss attend the annual Conservative Party conference on October 02, 2022 in Birmingham, England. 
Chancellor of the Exchequer Kwasi Kwarteng and British Prime Minister Liz Truss attend the annual Conservative Party conference on October 02, 2022 in Birmingham, England. 
Photo: Leon Neal (Getty Images)

Good morning, Quartz readers!

Here’s what you need to know

The UK reversed plans to cut taxes for the wealthy. The policy U-turn arrives days after a new budget announcement sent financial markets into a tailspin.

India’s second-biggest startup acquisition fell through. The Netherlands’ Prosus pulled out of a $4.7 billion deal to buy India’s BillDesk, stating conditions had not been met.

Sweden sent a diving vessel to investigate the Nord Stream leaks. The Russian natural gas pipelines were damaged last week in a suspected act of sabotage.

Turkey’s inflation hit a record 83%. The figure reached a 24-year-high following two recent interest rate cuts, a policy the central bank intends to continue.

The EU and Israel held a high-level summit for the first time in 10 years. The bloc is seeking to restart talks and a “political process” that could lead to a two-state solution.

Svante Pääbo won the Nobel Prize in medicine. The Swedish geneticist was recognized for his pioneering DNA research and discoveries about our extinct human ancestors.

What to watch for

The Organization of the Petroleum Exporting Countries Plus (OPEC+), a cartel of 23 oil-producing countries, will discuss tightening output by more than 1 million barrels per day (bpd) at its Oct. 5 meeting in Vienna.

The last time OPEC+ agreed to a drastic production cut was in 2020, when the covid pandemic was crippling demand. Since then, the cartel has been raising output bit by bit.

Image for article titled 🌍 The UK’s U-turn
Graphic: Ananya Bhattacharya

Last month, as recession fears pushed oil prices down, OPEC+ agreed to cut production by 100,000 bpd. It wasn’t enough to make an actual impact—JPMorgan Chase estimates the output needs to be lowered by at least 500,000 bpd to stabilize prices.

Russia was reportedly one of the main proponents of the drastic cut. The country would benefit from a spike in prices to soften the blow of a EU embargo on Russian oil imports set to take effect on Dec. 5.

Who owns AI-generated art?

The use of artificial intelligence systems like DALL-E 2 and Midjourney, which take a string of descriptive prompts to generate sometimes fantastical, often quirky art, is only set to grow with OpenAI, the company behind DALL-E, dropping its invitation-only barrier.

Creators have used systems like DALL-E to flood stock image sites with new content in hopes of profiting from the fees paid to creators selling images and photos. But as the use of these programs proliferates, who really owns the art—the user or the software company?

Spoiler: Not even AI generator sites agree on this. And how different stock image sites like Getty Images and Shutterstock treat AI-generated pictures is no less variable. Until guidelines are standardized, questions around ownership will continue to envelop the technology, making it only more contentious as it finds its way into animated films and art contests.

Gauging the UN’s sustainability goals

Image for article titled 🌍 The UK’s U-turn
Graphic: Tom House

With this year’s UN General Assembly now in the rearview mirror, we’ll look back on what was accomplished, and what remains a wishful commitment. Did the delegates move the needle on human rights or sustainability efforts? Did they revive interest in multilateralism as a means for solving urgent problems? Join a virtual panel of Quartz journalists and special guests as we review the impact and implications of UNGA 2022.

👉 RSVP for this free event today!

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Surprising discoveries

Two walleye contest cheats got caught. One team vying for the $30,000 prize tried to be clever, but the judges knew something was fishy.

Historic media of the Beatles was uncovered. Fans can now get a look at the band in 1961, before they debuted, and a video of them visiting Japan in 1966.

Sue the T-rex is stumping paleontologists. The dinosaur’s fossilized skull contains eight holes, but no one knows why.

Russia’s Lego stores are now called “World of Cubes.” Plans are to open 65 shops across 20 cities in the country by the end of October.

A Chinese vase sold for almost 4,000 times its value. A fierce bidding war drove up the price from €2,000 ($1,963) to €7.7 million ($7.56 million).

Our best wishes for a productive day. Send any news, comments, weighty walleyes, and overpriced vases to hi@qz.com. Reader support makes Quartz available to all—become a member. Today’s Daily Brief was brought to you by Sofia Lotto Persio, Julia Malleck, Ananya Bhattacharya, and Morgan Haefner.