OPEC+ has agreed to cut its oil output by 2 million barrels a day, its largest reduction since the onset of the COVID-19 pandemic. The 23-country oil-producing group, which includes Saudi Arabia, the UAE, and Russia, met on Wednesday in Vienna, its first in-person meeting since March 2020. More: - The White House had tried to convince the group against the cut, calling the decision shortsighted.
- In response to OPEC+’s decision, President Biden ordered the release of 10 million barrels of oil from the U.S.’s Strategic Petroleum Reserve.
- Administration officials also said they would consult with Congress on ways to rein in OPEC+’s power over energy prices.
- Some believe the decision to cut oil output is an effort by OPEC+ to help Russia, which faces a potential EU oil embargo and a G-7 imposed oil price cap.
- Saudi’s energy minister, Prince Abdulaziz bin Salman, said the decision to cut production was based on projections showing oil demand falling with economic growth.
- Following the news, oil prices rose about 1%:
- International benchmark Brent crude futures traded at $92.82 a barrel
- U.S. West Texas Intermediate futures traded at $87.37 a barrel.
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The U.S. labor market added 208,000 jobs in September, beating estimates by Dow Jones and payroll services firm ADP. Businesses added 23,000 in September compared to August, which had 185,000 jobs. Companies with 50-499 workers led with 90,000 additions. More: - Large firms with 500 or more employees added 60,000 jobs.
- Small businesses with under 50 employees gained 58,000 jobs.
- By sector, professional and business services added 57,000 jobs.
- Education and health services gained 38,000 jobs.
- Leisure and hospitality added 31,000 jobs.
- Some sectors lost jobs, including finance and manufacturing, down by 16,000 and 13,000 jobs, respectively.
- Natural resources and mining lost 16,000 jobs.
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British airline Virgin Atlantic announced it is permanently closing its operations in Hong Kong. The airline cited the closure of Russian airspace as one of the reasons for ending its 30-year operations in the region. About 46 jobs are expected to be impacted by the decision. More: - Virgin is ending its London Heathrow to Hong Kong flight route and closing its Hong Kong office.
- Due to the closure of Russian airspace, flights from London Heathrow to Hong Kong were taking an hour longer, and flights from Hong Kong to London were almost two hours longer.
- Virgin had planned to resume its flights to and from Hong Kong in March 2023.
- In 2019, Virgin ended its Hong Kong to Melbourne, Australia, and Hong Kong to Sydney operations.
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HSBC is considering selling its Canadian business for up to $9B. The U.K.-based bank is currently undergoing a strategic review of its Canadian business. The firm has been under pressure from its largest shareholder, Ping An, to split up its Asian and western operations. Ping An has an 8% stake in the bank. More: - The bank said it is in the early stages of the review and aims to reshape its global network to focus on Asia and other growth regions.
- According to sources, the sale could value HSBC’s Canadian business between $8B and $9B.
- The bank is working with JPMorgan to look for potential buyers.
- HSBC gets its name from the Hongkong and Shanghai Banking Corporation Limited, the founding member of the bank.
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The U.S. FDA is considering allowing the sale of an over-the-counter oral contraceptive pill. Two advisory committees are meeting in November to review an application from HRA Pharma, a Perrigo Company subsidiary, to sell its currently prescription-only birth control pill Opill over the counter. More: - The move comes months after the Supreme Court's decision to overturn Roe vs. Wade.
- The FDA is also in talks with Cadence Health, another company seeking to sell its contraceptive pills over the counter.
- The companies hope that offering over-the-counter birth control pills would help address the high rates of unintended pregnancies in the U.S. at a time abortion rights are being restricted.
- According to research by the Guttmacher Institute, about 45% of pregnancies in the U.S., nearly 3 million a year, are unintended.
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SWIFT, the global financial messaging system, has laid out its plans for a global central bank digital currency (CBDC) network following an eight-month trial of different technologies and currencies. A part of the trial involved Germany and France’s national central banks and some major financial institutions like UBS and HSBC. More: - SWIFT examined how CBDCs could be used globally and converted into fiat money if needed.
- About 90% of the world’s central banks are using, experimenting, or reviewing CBDCs.
- SWIFT plans to conduct more advanced testing of CBDCs over the next year.
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- On Wednesday, SpaceX launched four people to the International Space Station (ISS). The mission called Crew-5 was commissioned by NASA and will send the group to the ISS for a six-month stay. The launch marks SpaceX’s fifth crew launch for NASA.
- Apple is in talks to start producing its Airpods and Beats headphones in India starting next year. According to Nikkei Asia, Foxconn, one of Apple’s main manufacturing partners, will manufacture the Beats headphones in India and will strive to produce AirPods eventually. Luxshare Precision Industry, which makes Apple’s AirPods in Vietnam and China, will also help with AirPods production efforts in India.
- Tyson Foods is closing several of its offices across the U.S. The meat giant is closing offices in Downers Grove, Illinois (near Chicago) and Dakota Dunes, South Dakota, and relocating some employees to Springdale, Arkansas.
- Meta Platforms is reviewing some of its office locations and might shut down some locations as the company looks to cut costs and embrace hybrid work.
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 |  | Vanessa Omeokachie is a Freelance Writer for Inside.com. She writes the Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, exploring cities, and traveling. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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