Newsletter Nov 21, 2023

Quick Six

Microsoft hires Sam Altman after he was ousted by OpenAI
In a surprise move, Microsoft hired Sam Altman to lead its new artificial intelligence research unit. The announcement came after the 38-year old tech executive was dismissed from OpenAI's CEO position. Greg Brockman, who resigned from the president post in solidarity with Altman, was also hired by Microsoft. Hundreds of employees of OpenAI threatened to leave unless the company brings Altman back and the entire board resigns.
BIG MOVES IN TECH WORLD AFTER OPENAI FIRES ALTMAN

Citigroup starts layoffs in broad reorganization plan
Citigroup began announcing layoffs and implementing changes in the bank's plan to simplify its corporate structure. More than 300 senior manager roles will be eliminated, Bloomberg reported, without identifying its sources. According to Reuters, the layoffs could affect thousands of employees. Chief Executive Officer Jane Fraser started in September the reorganization of the bank's structure, with five units reporting directly to her.
LAYOFFS AT CITI COULD AFFECT THOUSANDS OF JOBS

Workers at Detroit's 'Big 3' ratify contract after union deal
Workers from Ford, General Motors and Stellantis ratified new contracts with hefty wage hikes, their union announced Monday, closing the books on an historic autoworkers strike at the three Detroit giants. Members of the United Auto Workers voted 64% across the three companies in support of the contracts, a UAW press release said, marking the official conclusion of the first-ever simultaneous stoppage at the three companies.
AUTO WORKERS APPROVE DEAL WITH CARMAKERS

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Markets

DJIA	35,151.04	0.58%
S&P 500	4,547.38	0.74%
Nasdaq Composite	14,284.53	1.13%
Japan: Nikkei 225	33,388.03	-0.59%
UK: FTSE 100	7,496.36	-0.11%
Crude Oil Futures	77.50	2.12%
Gold Futures	1,982.30	0.10%
Yen	148.34	-0.03%
Euro	1.09	0.05%
* As of market close

OPEC+ considers further oil production cuts

OPEC+ will consider additional supply cuts at its next meeting, in an effort to combat slumping global oil prices. Three OPEC+ sources told Reuters on Friday that the international oil cartel will discuss extending and expanding pre-existing voluntary production cuts when it next meets Sunday. In 2023, OPEC+ members have already reduced operating oil capacity by a combined 5.2 million barrels per day, equal to around 5% of global oil production. Oil prices are about 17% lower than the levels of late September.

OIL SUPPLY EXPECTED TO BE REDUCED BY OPEC+ MEMBERS

Milei's win signals oil overhaul in Argentina

Javier Milei's victory in Argentina's presidential elections could mean a transformation for the oil sector in the country, while the budding lithium industry is expected to remain relatively untouched. The president-elect has publicly expressed his desire to privatize is YPF, the state-run oil and gas company. The country holds the second-largest recoverable shale gas deposits in the world. So far, Milei's election did little to change the near- to medium-term outlook for the dozens of largely foreign lithium miners operating in the country, which has the world's third-largest recoverable resources.

CHANGES SEEN IN ARGENTINA OIL SECTOR AFTER ELECTIONS

Earth to warm up to 2.9C by 2100, UN says

With this year expected to be the hottest in human history, a UN report warned that the planet is on a path for disastrous heating of between 2.5 and 2.9 degrees Celsius by 2100, despite countries' carbon-cutting plans. The report was released just ahead of crucial COP28 climate talks in Dubai and will feed into the global response to a sobering official "stocktake" of the failure to curb warming so far. UN Secretary-General Antonio Guterres called for the COP28 talks, which begin on November 30, to outline "dramatic climate action".

CLIMATE PLEDGES FAIL TO SLOW GLOBAL WARMING

Extra point

How much have global average temperatures increased in the last century?

Monday's answer: Napoleon Bonaparte was born in the island of Corsica and died in the island of St. Helena.

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