Top 10 Business News Recap 2023
ALBAWABA – The year 2023 was quite eventful for businesses around the world, from runaway inflation and aggressive interest rate hikes to bring down prices to billionaires running wild, corporate coups and stocks worldwide hitting new, record highs.
Here are the top 10 events in AlBawaba’s Business News Recap 2023.
Elon Musk rebrands Twitter as X
Tech billionaire Elon Musk rebranded Twitter as X, after slipping on Bloomberg’s Billionaire Index, and then climbing back up the ranks.
Bitcoin breaks over $44k
The world’s largest cryptocurrency Bitcoin broke over $44,000 and has steadied since over the $40,000 threshold. Bitcoin is set for another surge once the United States (US) authorities allow bitcoin ETFs, as the halving event nears, especially since BlackRock updated their filing to include cash redemptions for their ETF.
COP28 in Dubai passes historic fossil fuels transition pledge
Participants in the COP28 in Dubai climate summit passed the first-ever pledge to transition from fossil fuels, backed by the United Arab Emirates (UAE), without committing to any phase-out pledges.
OpenAI failed coupe: Sam Altman fired and reappointed
The board of directors orchestrated a coup and successfully overthrew OpenAI CEO Sam Altman only to find themselves replaced by a new board and Altman reappointed as CEO. Google also launched their upgraded AI called Gemini.
NASDAQ, S&P 500, Dow Jones hit record highs
A recent rally on Wall Street drove the Dow Jones to a new record high and the S&P 500 to a new multi-year high, followed by another surge that brought the Nasdaq 100 also to a new record, with stocks worldwide rising to multi-month highs.
Gold prices break over $2k and hold
Gold prices broke over $2,000 for the first time in history and are expected to remain above the threshold, especially with the US Federal Reserve expected to cut interest rates in 2024.
Worldwide boycott for Palestine, Gaza began
The boycott for Palestine and Gaza began after the October 7 attacks and the following Israeli genocide in Gaza, the besieged enclave, and has caused multiple brands to exit the MENA markets. The US has set up a designated committee to combat the boycott movement.
US ups tech war and China responds with export bans
The US enacted new rules to further restrict American investments in China’s up-and-coming AI and semiconductor chipmaking sectors, gradually escalating the US-China tech war in 2023 to a tipping point. China responded with bans on imports and restrictions on the export of chipmaking material, as well as specific drone models.
Global property crisis silently brewing
There are signs of a silent property crisis unfolding worldwide. With China’s debt-laden property crisis culminating, and multiple major developers either defaulting or missing coupon payments, the government has announced a set of measures to help finance the sector’s needs. However, a similar crisis in the commercial property sector in the US, with regional and small American banks in the epicentre bodes ill news for the global economy. A shortage of housing is also storming some major European countries whose governments’ election pledges were centred around affordable housing, including Germany and Sweden, in addition to Japan. UK’s property crisis has seen real estate selling prices at the lowest in over a decade as high-interest rates erode demand. A recent report also indicates Canada may be joining the property crisis club soon as well. Saudi Arabia is one of the few, if not the only country that is booming in terms of commercial construction and housing.
Meta disappoints with no-beef-zone Threads
Facebook and Instagram owner Meta launched a microblogging social media app, called Threads, which was intended to replace Twitter, later known as X. The app set new records for the first month or two, in terms of sign-ups, but soon lost traction. Meta developed the app as a supposed safe zone that does not allow for bullying and does not focus on politics. There were many issues with Meta’s new app that resulted in Threads failing to overtake Elon Musk’s X.
