Sunday, December 3, 2023

23andMe gets hacked / Apple to announce new partnership / OPEC+ cuts oil production

Plus: U.K.'s cab companies claim they will not join Uber

Inside Business

For December 03, 2023

Let's take a look at the major business stories for this upcoming week:

🧬 23andMe could be further investigated as hackers steal genetic data.
💳 Apple is set to announce a new partnership after ending its deal with Goldman Sachs.
🚙 OPEC+ members agree on cutting oil production.

Thank you.

Arbër
p/Arber

The story: One of the most popular genetic testing companies in the world, 23andME, admitted to being hacked on Friday. According to the company, hackers now have access to genetic data from more than 14,000 accounts. The larger problem is that based on these accounts, threat actors could create profiles for many more people.

What could follow: Expect more investigations from the SEC and other government authorities in the U.S. as concerns over the misuse of this sensitive data grow.

The story: Earlier this week, Apple announced that it is going to end its partnership with Goldman Sachs. Apple first announced the partnership in 2019 when it launched the Apple card. Later, the tech giant started offering Buy Now Pay Later services and other financial services, but a mixture of problems with technology infrastructure and a lack of financial feasibility caused problems for both companies.

What's next: Apple is now set to announce its new partnership, which industry experts claim could be with Chase Bank. More details are expected to be announced this week.

The story: OPEC+, an organization where some of the world's largest oil exporters agree on oil production rates and prices to maximize their profit, has decided to cut oil production by 2.2 million barrels a day. Saudi Arabia, the organization's largest exporter, will cut its production by 1 million barrels per day, while Russia will cut its production by 500,000 barrels per day.

The impact: The decision will put further pressure on consumers globally, who will see fuel prices go up. In the upcoming days, Western countries could respond by boosting their own production or by taking diplomatic measures to negotiate with foreign producers.

The story: Uber has added a feature that allows passengers in the U.K. to book an Uber through traditional black cabs. The feature is an open collaboration invitation with cab companies that have traditionally protested Uber. Representatives from the Licensed Taxi Drivers Association, however, stated that they do not intend to join forces with the company.

What's next: Look for new developments in the upcoming days. Uber's potential partnership with cabs in the U.K. could create a precedent for other taxi associations in major markets.

Note: Inside.com founder and CEO Jason Calacanis is an early investor in Uber.

The story: After 118 days of negotiations, SAG-AFTRA reached a tentative deal with Hollywood's largest companies. The new deal will include increased pay, a bigger cut from streaming, and a limited use of AI in tasks that could replace human jobs.

What's next: The organization, which represents 150,000 film and TV workers, is set to vote on the deal this week. While the The Writers Guild of America, which represents screenwriters and went on a strike together with SAG-AFTRA, approved the deal, union members say that the upcoming vote could be a tight race due to some SAG-AFTRA members feeling that there is more that could be achieved. A potential negative outcome could block Hollywood once again, causing billions in losses.

The story: Jeremy Powell, head of the U.S. Federal Reserve, stated that it is premature to conclude that the institution has achieved a "sufficiently restrictive stance," thus hinting that it is not ready to cut interest rates yet. The comments were made as many economists have claimed that due to a lowering inflation rate, the Fed will announce lower rates in 2024.

Look for: Changes in the market made by further comments by officials on the Fed's plans for the U.S. interest rate policy. The S&P 500 rose 0.4% as many investors hoped for a rate cut announcement.

Quick Hits:

The Kubernetes Cookbook is your comprehensive companion equipping you with the knowledge and techniques to harness the full potential of Kubernetes.*
Vail Resorts is set to acquire the Crans-Montana ski resort in the Swiss Alps for a $136M fee.
Robinhood CEO Vlad Tenev has said that the company's payment for order flow method will continue to be implemented.
Sweden-based insurtech startup Lassie has raised a $24M Series B round led by Balderton Capital.
Toast to 2024: Key affiliate marketing trends to help your campaigns start off on the right foot in the new year. Get the free report.*

*This is sponsored content.

Arbër Musliu

Writer

Arbër is an Inside writer who also has experience in entrepreneurship. He has experience covering Consumer Tech, Venture Capital, NFTs, Crypto, etc. Arbër holds a Bachelor's degree in Business from XAMK University in Finland. When he is not reading(and writing) business news, he chooses to watch sports or anime...and then read news about sports or anime.

This newsletter was edited by Vibha Chapparike

Discover more on inside.com/business

Thanks for reading today's issue of Inside Business.

Explore

[35+] Coloriage Animaux Rigolos à Imprimer Et Colorier Gratuitement - ..

[36+] Personnage Bande Dessinée Abstrait - Joyeux anniversaire ! | Effronté..

Graffiti Characters, Disney Characters, Famous Street Artists, Graffiti