Copper sell-off, the latest edition of Charlie Hebdo and the death of a dairy industry legend

The daily briefing “FirstFT” from the Financial Times:

Copper prices hit a five-year low and oil prices continued to slide today, highlighting the debate over the benefits of low oil prices just one day after the World Bank cut its forecast for world growth. (FT)

While the collapse in crude should lower energy costs and stimulate economies, it also risks creating damaging deflationary pressures that prompt consumers and businesses to shelve spending decisions and weaken growth. Borrowing costs had already tumbled for governmentsas the prospect of exceptionally low inflation, driven by low oil prices, loomed over world economies. (FT)

In the news:

Woody Allen to write for Amazon

The director will write and direct a series for the digital streaming service – yet another sign of the shift in viewing habits and the ability of services such as Amazon and Netflix to produce original content. Mr Allen said: “I don’t know how I got into this. I have no ideas and I’m not sure where to begin.” (FT)

IBM’s new computer

The company unveiled a new version of its mainframe corporate computer – an attempt to revive its hardware business. Mainframes are used by banks, telecoms companies and retailers and account for between a quarter and a third of the company’s profits. (FT)

GoPro takes a tumble

Shares in the action camera maker fell 12 per cent on Tuesday after Apple was granted a patent for a potential rival product. The filing describes a waterproof camera that could use an underwater microphone, and specifies aspects of GoPro’s Hero line that Apple believes could be improved upon. (FT)

MetLife sues the US regulators

The largest US insurer by assets is challenging its designation as a systemically important financial institution, which would subject it to tougher oversight . MetLife has argued that the label puts the company on an uneven playing field with its competitors. (WSJ$, FT)

Tumbling oil prices pushed UK inflation to its lowest level since 2000. (FT)

It’s a big day for:

Eurozone manufacturing

November’s industrial production figures from France, Germany and Spain have already shown that the recovery is faltering. Output for the currency bloc is expected to bring more bad news – analysts expect industrial production to have increased 0.1 per cent month on month but it would still be 0.7 per cent lower than November 2013. (WSJ$)

Charlie Hebdo

The first edition of the satirical magazine since the Paris attacks hits newsstands today. It features the Prophet Mohammed on its cover and is expected to generate record demand. (FT)

Mario Draghi’s QE package

The European Court of Justice will rule on whether Mr Draghi’s promise to save the region from economic ruin by buying government bonds in potentially unlimited quantities overstepped the ECB’s mandate . If it did, the forthcoming quantitative easing package will underwhelm markets. (FT)

JPMorgan Chase

The biggest US bank by assets reports earnings for the final quarter of last year and its banking business is thought to have had a reasonable quarter. But it has been preoccupied with trying to meet increasing demands from prosecutors and regulators. The possibility of another big legal charge is weighing on analyst expectations for net income. (FT)

Food for thought:

How David Cameron’s data law plans rival Syria, Russia and Iran

When David Cameron promised a “comprehensive piece of legislation” to close “safe spaces” used by suspected terrorists online, he didn’t know what he was asking for, says Cory Doctorow. “There’s no back door that only lets good guys go through it. If your WhatsApp or Google Hangouts has a deliberately introduced flaw in it, then foreign spies, criminals, crooked police … and criminals will eventually discover this vulnerability. (Guardian)

The dream bull

A dairy industry legend has been laid to rest. Toystory, a 2,700-pound bull who sired an estimated 500,000 offspring in more than 50 countries, passed away at Thanksgiving but a larger memorial service will be held in the spring. His prowess was celebrated on hats, T-shirts and even commemorative semen straws. (WSJ$)

US utilities death spiral

As more businesses and homeowners edge off the grid and produce their own electricity using solar and wind, power companies are at risk of going the same way as the landline. (FT)

Video of the day:

Je suis Nigeria?

Boko Haram last week went on a rampage through northeast Nigeria – the deadliest massacre in the terrorist group’s history – but it didn’t make the front pages in the same way as the attacks in Paris. Richard Dowden of the Royal African Society and Elizabeth Donnelly at Chatham House discuss why this is the case. (FT)

This article is published in collaboration with The Financial Times. Publication does not imply endorsement of views by the World Economic Forum.

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Author: Amie Tsang is a Journalist at Financial Times.

Image: Cattle are shown resting on a farm in southern Alberta near Calgary. REUTERS/Andy Clark AC.