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German Economy Minister: The current oil market is overly sensitive and mainly driven by speculation. Therefore, relevant measures will have a restraining effect on oil prices.On March 11, Carsten Brzeski of ING Bank stated that the Middle East wars are threatening what the European Central Bank (ECB) previously called a "good position." With energy prices soaring, any discussion of interest rate cuts is no longer under consideration. He noted that the ECBs judgment might be influenced by its experience in 2022 when it misjudged the energy price shock as temporary. However, Brzeski pointed out that the current situation is clearly different. "At this stage, the risk of a wage-price spiral appears small." Nevertheless, if a "protracted war" scenario occurs, the ECB may be forced to take action, pushing for one or two rate hikes. ING expects the ECB to not adjust interest rates at its March 19 meeting and also anticipates no further mention of a "good position." Instead, the central bank is likely to adopt a more hawkish tone to curb inflation expectations and demonstrate preparedness to raise rates if necessary.German Economy Minister: The United States and Japan will be the largest contributors to the International Energy Agencys release of strategic petroleum reserves.German Economy Minister: The International Energy Agency plans to release the largest amount of oil reserves in history.German Economy Minister: Unable to provide a specific timetable for releasing oil reserves and limiting gasoline price increases.

Coinbase to Slash 20% of Workforce and Abandon ‘Several Projects’

Cory Russell

Jan 11, 2023 14:30

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When Coinbase said on Tuesday that it is laying off nearly a fifth of its workers in an effort to save funds amid the current bear market in cryptocurrencies, the cryptocurrency sector received more bad news.


Shares of Coinbase are trading unchanged in the pre-market after rising more than 15% on Monday after experts predicted it would gain from the collapse of FTX.


Coinbase has decided to scale down operations, joining a host of other significant tech companies that have already made this decision after recruiting like crazy during the epidemic. Genesis, Gemini, and Kracken are a few more cryptocurrency companies that have announced similar employment cutbacks.


They join companies like online retailer Amazon, which said this week that it will eliminate 18,000 positions, which is more than the business had anticipated last year. Salesforce also decreased its workforce by more than 7,000 employees, or 10%. In addition, after assuming ownership of Twitter late last year, Elon Musk reduced its employment by nearly 50%. Finally, Meta cut more than 11,000 positions, or 13%, from its staff.

Coinbase wants to cut costs

According to a blog post that was published Tuesday morning, Coinbase stated it will be laying off roughly 950 employees. The exchange, which had around 4,700 workers as of the end of September, had previously reduced 18% of its staff in June, citing the need to control expenses and its "very rapid" growth during the bull market.


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