Good morning, Quartz readers!
What to watch for today
OPEC members fight over who will cut back on oil production. Kingmaker Saudi Arabia is under pressure to reduce its output at the Vienna meeting, but the de facto leader wants Russia, Iran, and Iraq to hold back instead. Crude oil prices fell 4% on doubts that a deal could be reached.
UK banks are under the microscope. The Bank of England will publish stress test results for Barclays, HSBC, Lloyds, Royal Bank of Scotland, Standard Chartered, and the UK arm of Spanish bank Santander.
The UN security council votes on tighter sanctions against North Korea. Expected to pass, the measure would limit the nation’s coal exports to China and reduce the regime’s access to hard cash. It comes in response to a nuclear test conducted in early September.
While you were sleeping
Donald Trump filled more cabinet spots. He reportedly chose Steven Mnuchin, a former Goldman Sachs partner and hedge fund manager, for treasury secretary. Other picks included Obamacare critic Tom Price as the health secretary and Elaine Chao, previously with the Bush administration, as the transportation secretary.
Protestors demanding a higher minimum wage were arrested in rallies across the US. Organized by the Fight for $15 campaign, they gathered on the streets, at fast-food outlets, and at airports. Police in New York, Los Angeles, and Oakland each reported dozens of arrests associated with the ”Day of Disruption” rallies.
Brazil’s senate approved a cap on federal spending. Leftist opposition said the measure, a constitutional amendment proposed by president Michel Temer, would cripple education and health services. Outside of congress thousands of protestors called for Temer’s ouster and rallied against the bill, which is expected to easily clear a second and final senate vote on Dec. 13.
ISIL took responsibility for the lone wolf attack at Ohio State. The terrorist group described Abdul Razak Ali Artan as one of its soldiers via its internal news agency. The Somali immigrant, who attempted to run over pedestrians with a car and stabbed bystanders on Monday, was shot dead by a police officer.
Quartz obsession interlude
Kevin Delaney on how things get weird when a startup hits 150 employees. “In retrospect, it’s easy to see why our flat management structure, with limited hierarchical levels and consensus-based decision-making, ceased being as effective as it once was… While we had heard some of these concerns earlier, they really came to a head as the company reached 150 people.” Read more here.
Matters of debate
Narendra Modi’s so-called “demonetization” is cruel and wrong. Pulling India’s banknotes really amounts to expropriation, and hits the poor while doing little to stop corruption.
Google is trying to reshape geopolitics. Its Jigsaw incubator wants to be politically neutral while also assisting activists and journalists.
Second-tier athletes are treated like serfs. Almost half of professional soccer players make less than $1,000 per month during punishing, short-lived careers.
Surprising discoveries
The UK’s new £5 note is made with animal fat. Vegetarians and some religious groups are outraged.
Estonia’s military travels with pop-up saunas. Until recently, soldiers were required to take at least one sauna a week (paywall).
Half the world’s adult population owns less than $2,300 in wealth. And 73% have less than $10,000, according to Credit Suisse researchers.
The world’s oldest living person lives on raw eggs. Italy’s Emma Morano, 117, has two per day, “and that’s it,” she says. “And cookies.”
Canadian drunk drivers may be punished with Nickelback. They’ll be forced to listen to the world’s most hated band on the way to jail.
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