FirstFT: Opec + sticks to increase in oil supply after US opening

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Saudi Arabia agreed to continue increasing monthly crude oil production following a charm offensive by officials in the Biden administration that included an effort to reframe relations between the United States and the kingdom.

The move by Saudi Arabia, the de facto OPEC leader, comes after a high-level U.S. delegation held meetings in the kingdom this week, officials briefed on the talks said.

The outreach signals a shift in Washington’s approach to dealing with the kingdom, with an emphasis on economy and energy. The Biden administration’s decision to sue Riyadh comes as the price of gasoline at U.S. gas pumps has skyrocketed.

Joe Biden entered the White House promising to reassess Washington’s relationship with Riyadh as he condemned Saudi Arabia for the murder of Jamal Khashoggi and other human rights violations. The administration has also made it clear that unlike his predecessor Donald Trump, Biden will deal with King Salman, not Crown Prince Mohammed bin Salman, the aging monarch’s son and day-to-day ruler of the kingdom.

Have a nice week end. Thanks for reading FirstFT Asia and here’s the rest of today’s news – Emily

1. Grab opens on the Nasdaq after the biggest Spac contract in the world Shares of the Singapore-based super app debuted on the Nasdaq yesterday after securing a record $ 40 billion merger deal with a blank check company.

2. US Defense Chief Sounds Alarm Over China’s Hypersonic Weapon Test Lloyd Austin said Beijing’s development and testing of a hypersonic weapon has increased tensions in the Indo-Pacific region and highlighted why China is the main challenge for the US military.

3. Outgoing US Fed official warns of Covid revival precedent Emergency lending facilities put in place by the Federal Reserve at the start of the pandemic threaten to set a dangerous precedent that will put pressure on the central bank to finance all kinds of government projects, including even “colonization.” of March, “said Randy Quarles, who is stepping down as Fed governor this month.

4. Scholz is considering Nagel to lead the German Bundesbank Joachim Nagel, a senior executive at the Bank for International Settlements, rose to pole position as head of Germany’s central bank in one of the first major appointments of the country’s new coalition government, led by new Chancellor Olaf Scholz, said a person with direct knowledge of the matter.

5. The Chairman of Credit Suisse agrees to review the remuneration of bankers The bank’s president, António Horta-Osório, has pledged to review his salary policy after a series of crises enraged investors and caused its share price to fall. The group will aim to create a cultural change that makes employees more responsible for risk management decisions.

Coronavirus digest

  • Wall StreetThe main stock gauge rose slightly, partially recovering from the drops of the previous session, with the Omicron variant continuing to drive market volatility.

  • Joe biden announced that free rapid tests would be available in the United States to help curb the spread of the Omicron variant, a day after the country’s first case was confirmed.

  • The Omicron variant has been linked to a substantial increase in coronavirus re-infections in South Africa compared to previous waves.

  • The UK will purchase an additional 114 million doses of vaccine to use over the next two years, including injections modified to combat future variants.

  • Multi-manager hedge funds, who trade a wide range of assets and strategies, are driving wages up for traders after prospering during the coronavirus crisis.

The day to come

Inflation figures in Turkey Annual inflation is expected to cross the 20 percent threshold to 20.7 percent, according to a Reuters poll. This would represent its highest rate since November 2018, when the country was reeling from a currency crisis.

US Congressional Budget Deadline As U.S. lawmakers rushed yesterday to avoid a government shutdown, Republicans threatened to torpedo a funding deal to protest the Biden administration’s vaccine mandates.

What else do we read

The 25 most influential women in FT in 2021 This year, the FT asked some of the world’s most prominent women to submit their nominations for the Most Powerful Women of 2021, including Jane Fraser, Christine Lagarde, Elizabeth Warren and Billie Jean King.

Influential Women Graphic

Across continents, industries and issues, all of these remarkable women shaped this tumultuous year © Freya Betts

China’s fight against financial fraud Tens of thousands of citizens are victims of financial fraud, a crime that has become a reality in the world’s second-largest economy, which has a rapidly growing middle to high-income population. Now, a nationwide anti-fraud education campaign aims to tackle scammers. But is it effective?

Gasoline Prices Hurt Motorists in U.S. Concert Economy Drivers of ridesharing and delivery apps and industry analysts say in addition to changes in payment algorithms, the 59% increase in the cost of gasoline over the past 12 months has caused shivers industry.

Erdogan strengthens his grip on the Turkish economy The resignation of Finance Minister Lutfi Elvan came as no surprise after weeks of rumors he was about to leave. But analysts said his replacement with an Erdogan loyalist with close ties to the president’s son-in-law underscored how much control of the country’s $ 795 billion economy was now in the hands of one man. .

FT / McKinsey Book of the Year Nicole Perlroth’s thought-provoking investigation into the computer arms race, This is how they tell me the end of the world, was named the Financial Times and McKinsey Business Book of the Year for 2021 last night. “Cyber ​​security is not high enough on the CEOs agenda,” said FT editor Roula Khalaf, who chaired the judges. “I hope this award will inspire them to read and pay attention to this book.”

To travel

The pandemic has resulted in the cancellation of the 500-year-old German Christmas market in Rothenburg for the second year in a row. But the townspeople are determined to keep the festive spirit alive.

Rothenburg, Germany

© Matthieu Cook

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