World
Endangered: Popularity with tourists could be Venice's undoing

Endangered: Popularity with tourists could be Venice's undoing

Venetian bind

Earlier this week, the United Nations’ cultural agency, UNESCO, proposed to include Venice and its lagoon on its World Heritage in Danger List. Despite considerable efforts to preserve the ‘City of Canals’ in past years, including banning cruise ships from the center and building deep-underwater sea walls to prevent flooding, UNESCO reported that the government isn’t doing enough to address the issues of “mass tourism, development projects, and climate change.”

Venice, which is spread over 118 small islands, was first designated as a World Heritage site in 1987, though the city’s popularity has meant that it is as vulnerable as it is beautiful. The historical center — spanning just 7 sq km, about 1/18th the size of Central London — welcomes thousands of tourists every day: in 2019, 5.6 million people were drawn to Venice’s waterways, making it the 48th most visited city in the world.

Along with the threat of rising sea levels and erosion of foundational terrain, the crowded city’s high population density means that it’s actually sinking, and fast. Climate scientists have warned that, if sinking continues at the current rate, Venice will be completely submerged by 2100.

Going, going, gondola

The proposal follows a tough few years for Italy’s floating city: in 2019, Venice was hit by $1 billion in flood damage, and the pandemic dealt another blow, decimating the city’s bustling tourist industry, which, before 2020, brought in €2bn a year. Many have objected to UNESCO’s motion, arguing that, although tourism is putting pressure on the city, it’s also a lifeline for the economy. The agency’s recommendation will not be finalized until a vote takes place next month.

More World

See all World
world

US and Iran trade strikes overnight amid peace talks

Hours after President Donald Trump dismissed a report regarding a deal to restore traffic through the Strait of Hormuz, the US and Iran exchanged fresh strikes early on Thursday.

Despite an ongoing ceasefire as the countries hold talks to end the conflict, the US carried out new strikes inside Iran, The Guardian reports, prompting a retaliatory attack from Iran on a US airbase in Kuwait.

world
Tom Jones

The UAE’s OPEC exit will hit the group in the barrels

After just shy of 60 years in OPEC, its membership even predating its status as a nation-state, the United Arab Emirates yesterday announced its shocking departure from the oil production group, effective May 1, as the knock-on effects of the Iran war continue to play out across the Middle East and the energy landscape.

For context, the UAE produces the third-highest amount of oil in the group, per April data and OPEC’s latest set of annual statistics.

According to the cartel’s 2025 Annual Statistical Bulletin, the OPEC group was collectively exporting some 19 million barrels of crude oil a day last year, with the United Arab Emirates accounting for some 14% of that daily output.

UAExit means UAExit

The nation, whose energy minister told Reuters yesterday that the decision was taken “after a careful look at current and future policies related to level of production” and wasn’t made following discussions with any other country, made up a healthy share of the group’s total confirmed crude oil reserves, as well.

OPEC exports chart
Sherwood News

Of the 12 nations in the core group, which was founded by just five oil superpowers back in September 1960, only two (Iraq and Saudi Arabia) exported more barrels of crude oil daily, pumping out 3.36 million and 6.05 million barrels, respectively, each day to nations around the world.

For its part, the UAE said it will “continue its responsible role by gradually and thoughtfully increasing production, in line with demand and market conditions,” per the official state news agency. Clearly, the nation now wants a little more control of just how much oil it can pump around the world, with the UAE having to eat a large proportion of lost revenues due to its healthy abundance and OPEC restrictions.

According to the cartel’s 2025 Annual Statistical Bulletin, the OPEC group was collectively exporting some 19 million barrels of crude oil a day last year, with the United Arab Emirates accounting for some 14% of that daily output.

UAExit means UAExit

The nation, whose energy minister told Reuters yesterday that the decision was taken “after a careful look at current and future policies related to level of production” and wasn’t made following discussions with any other country, made up a healthy share of the group’s total confirmed crude oil reserves, as well.

OPEC exports chart
Sherwood News

Of the 12 nations in the core group, which was founded by just five oil superpowers back in September 1960, only two (Iraq and Saudi Arabia) exported more barrels of crude oil daily, pumping out 3.36 million and 6.05 million barrels, respectively, each day to nations around the world.

For its part, the UAE said it will “continue its responsible role by gradually and thoughtfully increasing production, in line with demand and market conditions,” per the official state news agency. Clearly, the nation now wants a little more control of just how much oil it can pump around the world, with the UAE having to eat a large proportion of lost revenues due to its healthy abundance and OPEC restrictions.

Latest Stories

Sherwood Media, LLC and Chartr Limited produce fresh and unique perspectives on topical financial news and are fully owned subsidiaries of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate, including Robinhood Markets, Inc., Robinhood Financial LLC, Robinhood Securities, LLC, Robinhood Crypto, LLC, Robinhood Money, LLC, Robinhood U.K. Ltd, Robinhood Derivatives, LLC, Robinhood Gold, LLC, Robinhood Asset Management, LLC, Robinhood Credit, Inc., Robinhood Ventures DE, LLC and, where applicable, its managed investment vehicles.