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OPEC+ group agrees to oil production cut
The OPEC+ group, which includes both OPEC members and non-OPEC oil producers such as Russia, have agreed to cut oil production by a record amount of 9.7 million barrels per day in May and June in response to plummeting demand amid the coronavirus pandemic. The cut is equivalent to approximately 10% of global oil production.
UBS to cut jobs amid pandemic
Swiss bank UBS has announced plans to cut jobs as part of its efforts to weather the economic fallout of the coronavirus pandemic. The bank has not yet disclosed how many jobs will be affected, but it is expected to focus on its wealth management division rather than investment banking.
Tesla reports strong Q1 deliveries
Tesla has reported better-than-expected deliveries for the first quarter of 2023, with 88,400 cars delivered despite factory shutdowns caused by the coronavirus pandemic. CEO Elon Musk has warned that Q2 deliveries are likely to be significantly lower due to the impact of shutdowns and supply chain disruptions.
UK retail sales suffer record fall
UK retail sales fell by a record 5.1% in March, as the coronavirus lockdown forced many shops to close. The decline was driven by a 20.3% drop in sales of clothing and footwear, while food and online sales experienced a surge due to panic-buying and online orders. The March figures are expected to be just the first in a series of sharp declines in the retail sector.
