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Shell’s quarterly profits nearly tripled. Energy giant joins BP to post extraordinary results amid soaring oil and gas prices, over $9 billion in the first three months of the year, despite the enormous cost of Russia’s withdrawal.
The United States and India raised their interest rates. The US Federal Reserve half a percentage point increase is its largest in 22 years, while India’s central bank announced its first hike in two years as it seeks to rein in soaring consumer prices. (See more below.)
The Russian ruble rose above a two-year high against the dollar and the euro. Currency stay supported through capital controls.
Beijing has tightened covid restrictions. The capital of China close 60 metro stations since 51 new cases have been confirmed.
US companies have warned of supply chain issues related to Shanghai’s lockdown. Companies like Apple and GE have expected sales and the disruption of operations that could extend into the summer.
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To monitor
In the wake of the United States and India, the Bank of England is also expected to raise interest rates to a 13-year high. Like the US Federal Reserve, BoE officials are concerned about slowing demand too much and aiming for what the US calls a “soft landing”.
Pop quiz: which major central bank? doesn’t have rates increased further?
- European Central Bank
- Swiss National Bank
- Bank of Canada
- Reserve Bank of Australia
The answer is both 1 and 2. Prices in Switzerland are not rising as fast as they are in the EU and the United States, while the ECB takes into account the impact of the war in Ukraine on economic growth in the EU.
Why ban Russian oil?
The European Union will stop all imports of crude and refined oil from Russia by the end of 2022, European Commission President Ursula von der Leyen said yesterday. Here is an overview, in figures, of the impact this could have:
25%: Share of total European oil coming from Russia
12%: Share of Germany’s total oil coming from Russia
96%: Share of total oil of Slovakia coming from Russia
$285 million: Daily amount of funding Russia’s war in Ukraine gets from oil
In the short term, however, the European embargo will likely benefit Russia, as higher prices could compensate for the drop in the number of barrels sold.
The Enduring Power of Practical Design
Image copyright: Eames Institute
The Eames Institute of Infinite Curiosity was launched last month. The educational nonprofit is a design lover’s paradise, with a collection of thousands of prototypes and models left behind by mid-century design couple Ray and Charles Eames. That’s all virtually accessible for now, but plans to open as a museum in the future. Anne Quito of Quartz discovered some familiar seats:
🪑 Tandem Sling seats: Airport maintenance staff gave the Eames the crucial feedback for the ubiquitous, easy-to-fix black and silver chairs travelers at the gates are used to collapsing while waiting for a flight delay.
🪑 LCW molded plywood chair: Development leg splints for the U.S. military led the Eameses to pioneer a plywood bending technique used to mass-produce the chair TIME magazine called it “the best design of the 20th century”.
🪑 Eames lounge chair and ottoman: This status chair has an extra deep recline for the US market. Europeans, in comparison, prefer to relax in a more upright position.
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Surprising discoveries
Bolivian prisoners can shorten their prison term by reading books. The program aims to spread literacy in resource-poor prisons.
A Brazilian entered the Guinness Book of World Records for staying with a company for 84 years. Commercial director Walter Orthman has worked for the textile manufacturer Renaux since the age of 15.
Elon Musk gets the first dibs on a famous Sicilian landmark. Turkish Steps co-owner thinks Musk should add a eroded limestone cliff to his list of things to buy.
Foodies are obsessed with Cambodian peppercorns. Italian chefs attest that The complex aromatic profile of Kampot improves dishes like cacio and pepe or rigatoni alla griciabetter than ho-hum black pepper.
Italian chefs will also have to accept that the future of pasta is chickpeas. With climate change making durum wheat less abundant, the all-purpose chickpea may need to step in. Learn more about how pasta has warmed hearts and stomachs around the world in the latest episode of the Quartz Obsession podcast.
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Our best wishes for a productive day. Send news, comments, suggestions for Elon’s shopping cart and your favorite peppercorns to hi@qz.com. Get the most out of Quartz by downloading our iOS app and becoming a member. Today’s Daily Brief is brought to you by Hasit Shah, Julia Malleck, Nate DiCamillo, Anne Quito and Susan Howson.