🌏 A swing and a miss for Foxconn

Plus: The $60 Russian oil cap is easier said than done
A person passes a large outdoor advertisement for the Apple iPhone 13 Pro on April 11, 2022 in Wuhan, Hubei province, China.
A person passes a large outdoor advertisement for the Apple iPhone 13 Pro on April 11, 2022 in Wuhan, Hubei province, China.
Photo: China Out (Getty Images)

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Here’s what you need to know

Foxconn’s revenue slumped. The electronics maker’s revenue fell 11% last month compared to the year before amid a covid outbreak and worker unrest at its flagship Zhengzhou iPhone factory.

The claim that Iran “disbanded” its morality police has come under question. A statement made by an official over the weekend has not been confirmed by the government, local media, or activists. 

Greece and Bulgaria are dusting off a shelved oil pipeline plan. Prompted by the EU’s Russian oil price cap, which took effect yesterday (Dec. 5), the two countries are revisiting a project to connect the Burgas and Alexandroupolis ports, bypassing the Bosphorus Strait.

Tesla’s China deliveries hit a record high... The EV maker shipped over 100,000 cars from its Shanghai plant last month as it cut prices and ramped up marketing in the increasingly competitive market. China’s BYD broke its own record of over 230,000 EVs sold in the same period.

… while Volkswagen restarted production in China. Two major plants, one in Chengdu and one in Changchun, paused operations for over a week due to covid restrictions and parts shortages.

Switzerland’s Glencore agreed to settle a corruption case with the Democratic Republic of Congo. The mining company will pay $180 million to cover all claims from 2007 to 2018 that it allegedly committed bribery in the Central African nation.

What to watch for

For the second time in two years, it comes down to voters in Georgia to decide which party holds control of the US Senate. Incumbent Democrat Raphael Warnock won a slim majority over his Republican rival Herschel Walker on Nov. 8, but failed to reach an outright 50% majority, prompting a runoff.

The Democrats have already held to their 50 seats plus tie-breaking vote from vice president Kamala Harris, but a Warnock win would cement their better-than-expected outcome at the midterms and balance out the Republicans’ slim majority in the House of Representatives.

The country’s richest have already donated a record-breaking $881 million during the 2022 midterm elections cycle. Underlying the stakes of today’s vote, in the past four weeks the Democrats have spent more than double what Republicans allocated to the race’s ad spending—$36.5 million to $15.3 million. Voters will decide today (Dec. 6) if either party’s money was well spent.

The $60 Russian oil cap is easier said than done

The G7, which comprises the world’s most powerful economies, finally put its words into action and set a $60 price cap per barrel on Russian oil.

But that was just step one in a much, much longer process. It’s not like the global oil transportation taps can be turned on and off in a single day. The embargo won’t apply to above-cap oil purchases that were loaded into vessels before the Dec. 5 implementation date, and arrive before Jan. 19, 2023. And for petroleum products from the region, the cap won’t take effect until Feb. 5 next year.

Where does Russia’s oil footprint stand as of now? Here are some digits to know:

14%: Share of global crude oil Russia supplies

45%: Oil and gas contribution to Russia’s budget in 2021

2%: Decline in Russian oil production since the invasion of Ukraine

What’s fueling India’s remittance record?

This year, India will become the first country to see $100 billion in remittance payments. Countries like Mexico, the Philippines, and Egypt have seen their remittance volume climb over the past 15-plus years too, but not to the same extent.

What’s behind the increase? Wage hikes and a strong US labor market have helped India’s diaspora—comprising 18 million people—send more money back to the country. A depreciated rupee has also helped: It’s made money transfers from places like South Africa and Thailand up to 26% and 17% cheaper, respectively.

Image for article titled 🌏 A swing and a miss for Foxconn
Graphic: Mimansa Verma

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