Good morning, Quartz readers!
What to watch for today
OPEC members fight over who will cut back on oil production. Saudi Arabia is under pressure to reduce its output at the Vienna meeting, but the de facto leader of the 14-country group wants Russia, Iran, and Iraq to cut back instead. Crude oil prices fell 4% on doubts a deal could be reached, but then rebounded over 5% to $49 a barrel after delegates expressed optimism about the outcome.
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.
Synopsys earnings. The maker of design automation software for the semiconductor industry is expected to post healthy fourth-quarter results.
While you were sleeping
Mitt Romney had a dinner date with Trump. Romney, who is being considered for secretary of state and once called Trump a “phony,” did an about-face after sharing a gourmet meal with the president-elect and Republican National Committee chairman Reince Priebus. He gushed about his “wonderful evening” and said Trump ”can lead us to that better future.”
Germany’s job market just kept getting better. In October unemployment reached 6%, its lowest level since 1989, and it stayed there in November—a fantastic performance compared to neighboring France at 10% and Spain at 19%. Jobless claims, meanwhile, fell by 5,000 from October.
The Royal Bank of Scotland came last in the class. RBS, which is 73% owned by British taxpayers, performed worst in the Bank of England’s annual stress tests—and saw its shares slip by 4.5% in early trading. It needs to raise at least $2.5 billion in extra capital. Barclays and Standard Chartered didn’t exactly shine either, but had enough capital-raising plans in place to satisfy the BoE.
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. Thousands gathered outside the congress building to protest the bill and call for Temer’s ouster. The bill is expected to easily clear a second and final senate vote on Dec. 13.
Rocket Internet narrowed its losses. Germany’s biggest tech-startup incubator reported a consolidated loss of $683 million for the first nine months of the year and a 30% net revenue increase across its main stable of companies, among them Delivery Hero. Rocket’s share price has fallen dramatically since its IPO in 2014, and it still hasn’t made a profit.
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
A good father spider has been discovered. Female spiders always do the parenting, apart from one Brazilian orb weaver species, where the male spider takes care of the offspring.
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.”
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