OPEC and its allied producers agreed to maintain their current oil-output targets during a videoconference on Sunday.
Why it matters: The decision comes despite a recent decline in energy prices and a price cap on Russian oil by the Group of 7 nations set to take effect on Monday.
Sam Bankman-Fried, the founder and former CEO of FTX, admitted during an interview that aired on ABC's "This Week" Sunday that he had "screwed up" and that he wished he had "done much better" at keeping track of financial exchanges at the company.
Driving the news: Crypto exchange FTX and Bankman-Fried are under scrutiny from regulators and politicians over the total lack of oversight at the company, which saw more than $30 billion of value wiped out in a matter of weeks.
Applicants want remote jobs, but the number of postings that allow people to work from home is dwindling as companies start to call workers back to offices.
By the numbers: 50% of applications submitted on LinkedIn are for remote jobs, but just 15% of postings are advertising flexible work.
💡 Why it matters: "The scaling back of remote-work policies is among the first and most visible signs of a changing job market," The Washington Post's Abha Bhattarai writes.
"Flexibility remains one of the top priorities for employees," says Rand Ghayad, head of economics and global labor markets at LinkedIn.
But the balance of power is starting to shift away from workers and back to employers as the labor market shows more signs of cooling down, he says.
Crypto has an Enron-sized scandal that threatens to completely undermine the trust proposition for its existence, regardless of Sam Bankman Fried's mea culpa tour.
Why it matters: The house of cards built by Bankman-Fried has drawn several parallels, including Enron, Theranos, Bear Stearns, Lehman Brothers and Madoff Investment Securities.
Saudi Arabia and the United Arab Emirates have become major hubs in the Middle East for IPOs, drawing in significantly more business than any other country in the region, according to data compiled by Dealogic.
By the numbers: Total IPO proceeds over the last 12 months as of Nov. 30:
The Middle East’s boom in initial public offerings is not slowing down, with a new crop of companies — some announced as recently as this week — planning to go public soon.
Why it matters: This is in sharp contrast with the IPO window in the U.S. and Europe, both of which have been snapped shut for most of the year. That even forced the once-determined Instacart and others to push back listings.
Why it matters: Art Basel Miami Beach is the art fair that best exemplifies the triumph of buzz over connoisseurship. Three years ago, the buzz surrounded a banana; this year, it's a machine that displays your checking account balance for all to see.
Chinese wine consumption last year totaled just 10.5m hectoliters. That's the lowest number since 1997, when China's population was 200 million smaller and its GDP was a mere 5% of its 2021 size.
Why it matters: Until 2013, China was considered the inevitable home of the future wine market. That now looks much less likely.
When a country can't access bond markets on its own, the World Bank has twice stepped in with a partial guarantee — which in both cases turned out to be worth less than the original bond buyers had bargained for.
Why it matters: That form of financial engineering tempted bond investors into thinking private-sector bonds might have the same seniority (so-called "preferred creditor status") afforded to World Bank debts.
— Netflix CEO Reed Hastings, after being asked about Elon Musk at the NYT's Dealbook Summit on Wednesday
No. We're in no mood to give Elon Musk a break. Nor ByteDance. Nor Sam Bankman-Fried. Nor, for that matter, the entire crypto industry. There's a new vibe in town, and it's unforgiving.
A federal judge on Friday dismissed charges of financial fraud against Meng Wanzhou, Huawei's chief financial officer.
Why it matters: The move concludes a yearslong dispute involving the Justice Department's 2019 indictment, which accused Meng of violating Iran trade sanctions.
