May 28, 2022


Accounting + Finance Blog



OPEC Surrenders And Makes A Rebound Year For Energy Stocks Much Better
The OPEC meeting may have been held in Vienna, Austria this week, but the loudest cheers were coming from trading floors across the Atlantic as a rebound in the shares of oil & gas producers got a huge boost Wednesday on news of long-awaited production cuts from the cartel. Source: Forbes. Read More.
Cult Beauty Brand Glossier Raises $24M Series B To Open Retail Stores, Go International
Internet-born beauty startup Glossier has raised a $24 million Series B round as it looks to open permanent retail stores and take its brand international.

The cult cosmetics company’s founder and CEO Emily Weiss announced the new funding on Wednesday on her popular beauty site Into The Gloss. Source: Forbes. Read More.
We’re addressing recession with wrong tools —CBN
ABUJA— The on-going economic recession has persisted owing to application of wrong prescription by non-professionals, the Director of Policy of the Central Bank of Nigeria, CBN, Mr. Moses Tule, has contended. The CBN chief spoke at the Chartered Institute of Bankers of Nigeria, CIBN, roundtable meeting organised on the current economic recession in Abuja on Tuesday. Source: Vanguard. Read More.
Oil price rises by 8%
Respite appears to be on the way for Organisation of Petroleum Exporting Countries, OPEC, members as oil price yesterday rose by more than 8 percent to a five-week high following the decision to cut production by 1.2 million barrels per day.  Crude prices, however, are unlikely to skyrocket in reaction to the deal, but will instead take measured steps higher, traders and analysts said. The Organisation of the Petroleum Exporting Countries, OPEC, agreed to cut production to 32.5 million barrels per day, Kuwait’s oil minister said. The cuts include Iraq reducing output by 200,000 bpd to 4.351 million bpd beginning in January. The country had previously resisted cuts, providing a hurdle to an agreement. Source: Vanguard. Read More.
OPEC reaches first deal to cut oil output since 2008
The world’s largest oil exporters agreed on Wednesday to cut output for the first time in eight years to erode a global supply overhang that has persisted for two years and halved the value of a barrel of crude. [O/R]

The Organization of the Petroleum Exporting Countries saidit would agree to limit crude oil output to a maximum of 32.5million barrels per day starting Jan. 1 for six months. Source: Reuters. Read More.
Trump says he will back away from business to focus on White House
U.S. President-elect Donald Trump vowed on Wednesday to step back from running his global business empire to avoid conflicts of interest but gave few immediate details as concern over his dual role mounts ahead of his Jan. 20 inauguration.

Trump, a real estate magnate who owns hotels and golf resorts from Panama to Scotland, said he would spell out at a Dec. 15 news conference how he will separate himself “in total” from his worldwide business holdings, which include a winery, modeling agency and a range of other businesses. Source: Reuters. Read More.
Google launches App Maker
Google today announced the launch of App Maker, the newest entry in the low-code, drag-and-drop app building market. Like its competitors from Microsoft and numerous startups, App Maker promises to make it easy for anybody to quickly develop basic apps that serve a very specific purpose inside an organization. Source: Techcrunch. Read More.
Amazon will truck your massive piles of data to the cloud with an 18-wheeler
Meet AWS Snowmobile, a tractor-trailer for when your big data is just too damn big. The truck houses a container that can store up to 100 petabytes of data. Real-life data hoarders can contract Amazon to move exabytes of data to the cloud using the new tricked-out trucks.

Snowmobile attaches directly to your data center with power and network fibre to move critical information to AWS, even when its size is insurmountable for mere mortals Source: Techcrunch. Read More.
Trump assembles a team of billionaires
President-elect Donald Trump, who raged against the elite as a candidate, is populating his administration with the ultra-rich.
On Wednesday, he named billionaire Wilbur Ross, who has made a fortune cobbling together dying companies, as his commerce secretary, and Todd Ricketts, part of the billionaire family that owns the Chicago Cubs, as deputy commerce secretary.
Another billionaire, Betsy DeVos, is his pick for education secretary. By comparison, the vast wealth of millionaires Steven Mnuchin, the ex-banker tapped for Treasury secretary, and Mitt Romney, whom Trump is considering for secretary of state, looks almost paltry. Source: CNN. Read More.

Mnuchin promises to boost US growth as Treasury boss
Ex-Goldman Sachs banker Steven Mnuchin has vowed a tax overhaul not seen in decades to boost the US economy.
Donald Trump’s new Treasury secretary promised “the most significant middle income tax cut since [Ronald] Reagan”.
The Wall Street veteran said in a CNBC interview that the new administration also planned to cut the corporate tax rate from 35% to 15%. Source: BBC. Read More.
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