World Street | Crude oil prices steady, Ford recalled the vehicles, Turkey's inflation astonished everyone. Copper lost its luster

 World Street | Crude oil prices steady, Ford recalled the vehicles, Turkey's inflation astonished everyone. Copper lost its luster

World Street | Crude oil prices steady, Ford recalled the vehicles, Turkey's inflation astonished everyone. Copper lost its luster

Here is a look at some of the business and economic news, ranging from crude oil pricing to Turkish inflation figures and Ford's return to US bankruptcy proceedings.

World Street examines the commercial and economic spheres

In December, investors from China kept leaving the country, selling billions of dollars' worth of wealth. Over the next two years, copper is expected to rise by at least 75%, taking the lead in the metals pack. Elon Musk's concerns are not yet done, as the businessman is now being charged with forcibly terminating SpaceX staff members and Chinese electric vehicle manufacturer BYD has surpassed Tesla in manufacturing. The January 4 episode of World Street has all of this and more.

money to buy the Kremlin

Alphabet's Google, YouTube, Meta, TikTok, and Telegram were fined by Russian courts, however the fines have been resolved since the businesses are no longer listed in the state bailiffs database as debtors. However, X (previously Twitter) and Twitch, which were fined 51 million rubles ($560,730) and 23 million rubles ($252,879), were still featured in the database that Reuters was able to access on Wednesday.

Beijing Bear

In December, global long-only funds divested from China stocks at the quickest rate in a year as they raced to fulfill redemption requests and move away from the second-biggest economy in the world. The quantitative research team at Morgan Stanley said that last month was the worst month of 2023 and the third-largest monthly outflow in history, with active long-term managers pulling out a net $3.8 billion from China and Hong Kong equities.

keeping up

Following significant swings earlier in the week, oil prices showed little change in Asian trade on Wednesday as investors balanced worries about the US economy against the possibility of supply delays due to continued Red Sea hostilities. U.S. West Texas Intermediate oil futures down 8 cents, or 0.11 percent, to $70.3 a barrel, while Brent crude slid 1 cent, or 0.01 percent, to $75.88 a barrel. After Houthi rebels attacked ships in the Red Sea over the weekend and announced the arrival of an Iranian warship on Monday, oil prices had already increased by around $2 earlier in the week.

King Copper

According to a survey, the demand for copper will rise over the next two years owing to interruptions in mine supplies and a drive for renewable energy, driving up copper prices by more than 75%. Copper prices will rise due to rising demand brought on by the switch to green energy and a possible drop in the US dollar in the second half of 2024, predicts a forecast by Fitch Solutions research arm BMI.

disturbances in Turkey

Turkey's annual rate of inflation increased from 62 percent in November to 64.8% in December. That was somewhat below what 65.1% of Reuters' analysts polled expected. October 2022 saw a high of 85.5% inflation in Turkey. The significant depreciation of the Turkish lira resulted in higher import costs and lower pay for many of the nation's overseas workers who send money home.

Motown insanity

For the second year in a row, BYD of China intends to create more than 3 million electric and hybrid cars, exceeding Tesla's production in the process. On January 3, Tesla announced its plans to create 1.84 million vehicles by the year 2023. In addition to battery-only models, the majority of BYD's vehicles also come in hybrid variants, which are priced less than those of Tesla.

forceful descent

Elon Musk is facing criticism once again after it was alleged by federal labor inspectors that he had unlawfully fired SpaceX workers. In 2022, eight workers who sent an open letter denouncing CEO Musk were let off. According to the latter, Musk's actions and demeanor "constantly source of distraction and embarrassment" for every individual at SpaceX.

in reverse

Over a million F-150 pickup truck models are being recalled by Ford because of issues with the rear axle mounts. As to the recall, the vehicle may roll or possibly lose power when stationary due to fatigue and breaking of the rear-axle bolt hub.

Close down

According to research published on Wednesday, the United States is expected to see an 18% spike in bankruptcy filings in 2023 as a result of increased interest rates, tougher lending rules, and a continuous decline of pandemic-related assistance programs. According to Reuters, the number of bankruptcy cases is still much lower than it was before to the start of COVID-19.