🌏 A Russian-US collision

Plus: It’s spring budget time in the UK
🌏 A Russian-US collision

Good morning, Quartz readers!

Here’s what you need to know

A Russian warplane struck a US drone over the Black Sea. The collision, allegedly caused by carelessness on behalf of Russian pilots, forced the US aircraft down into international waters.

Meta announced another 10,000 layoffs. The cuts are part of the social media giant’s “year of efficiency” as it struggles amid a tech industry crunch.

US inflation slowed in February. A brace of bank failures will likely prompt the Federal Reserve to slow its rate-tightening regimen in March.

Police tried to arrest Pakistan’s ex-prime minister. Violence broke out between supporters of opposition leader Imran Khan and the officers.

What to watch for

UK Chancellor Jeremy Hunt will announce his spring budget on Wednesday (March 15), and his speech is expected to focus on batting down inflation and jump-starting the UK’s sluggish economy. It’s no coincidence that more than 100,000 workers, including London Underground drivers, NHS junior doctors, civil servants, and teachers, have picked such an occasion to strike for higher wages.

The budget is unlikely to provide the changes unions are looking for, Julia Malleck reports. But the country’s shrinking workforce plays a large role in Hunt’s plans, which seek to incentivize delayed retirement and bring retirees back into the labor force.

Where gender wage gaps are the widest

Yesterday may have been Equal Pay Day in the US, but the world’s largest economy has something embarrassing in common with many other developed countries. Quartz’s reporters can explain why these gaps are still—still—happening.

A bar chart showing countries with the largest gender wage gaps. South Korea leads the pack, followed by Israel and Latvia.
Graphic: Clarisa Diaz

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