🌎 Microsoft's soft union approach

Plus: What’s fueling India’s remittance record?
🌎 Microsoft's soft union approach

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Here’s what you need to know

Microsoft set itself apart from Big Tech’s anti-union stance. The Communications Workers of America (CWA) said the tech company agreed to enter collective bargaining if video game testers vote to unionize.

Elon Musk’s Neuralink is being investigated over animal rights abuse. According to Reuters, staff raised concerns about the way animal testing was conducted at the medical device company, which plans to start testing on humans next year.

Salesforce shares hit their lowest point in two years. Slack CEO Stewart Butterfield said he’s leaving the company just days after the exit of co-CEO Bret Taylor, who was a key player in Salesforce’s Slack acquisition. 

Two women are suing Apple over Airtags’ stalking risk. The lawsuit alleges the Cupertino company hasn’t done enough to ensure the device isn’t used for nefarious purposes.

Nike officially cut ties with NBA star Kyrie Irving. The decade-long partnership that gave Nike one of its most successful footwear lines was initially suspended over the Brooklyn Nets player’s promotion of anti-Semitic tropes.

Canada sanctioned three of Haiti’s richest people. Gilbert Bigio, Reynold Deeb, and Sherif Abdallah are accused of supporting the gangs that have overrun the Caribbean country.

What to watch for

For the second time in two years, it comes down to voters in Georgia to decide which party holds control of the US Senate. Incumbent Democrat Raphael Warnock won a slim majority over his Republican rival Herschel Walker on Nov. 8, but failed to reach an outright 50% majority, prompting a runoff.

The Democrats have already held to their 50 seats plus tie-breaking vote from vice president Kamala Harris, but a Warnock win would cement their better-than-expected outcome at the midterms and balance out the Republicans’ slim majority in the House of Representatives.

The country’s richest have already donated a record-breaking $881 million during the 2022 midterm elections cycle. Underlying the stakes of today’s vote, in the past four weeks the Democrats have spent more than double what Republicans allocated to the race’s ad spending—$36.5 million to $15.3 million. Voters will decide today (Dec. 6) if either party’s money was well spent.

The $60 Russian oil cap is easier said than done

The G7, which comprises the world’s most powerful economies, finally put its words into action and set a $60 price cap per barrel on Russian oil.

But that was just step one in a much, much longer process. It’s not like the global oil transportation taps can be turned on and off in a single day. The embargo won’t apply to above-cap oil purchases that were loaded into vessels before the Dec. 5 implementation date, and arrive before Jan. 19, 2023. And for petroleum products from the region, the cap won’t take effect until Feb. 5 next year.

Where does Russia’s oil footprint stand as of now? Here are some digits to know:

14%: Share of global crude oil Russia supplies

45%: Oil and gas contribution to Russia’s budget in 2021

2%: Decline in Russian oil production since the invasion of Ukraine

What’s fueling India’s remittance record?

This year, India will become the first country to see $100 billion in remittance payments. Countries like Mexico, the Philippines, and Egypt have seen their remittance volume climb over the past 15-plus years too, but not to the same extent.

What’s behind the increase? Wage hikes and a strong US labor market have helped India’s diaspora—comprising 18 million people—send more money back to the country. A depreciated rupee has also helped: It’s made money transfers from places like South Africa and Thailand up to 26% and 17% cheaper, respectively.

Image for article titled 🌎 Microsoft's soft union approach
Graphic: Mimansa Verma

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