Business

Tesla's market value hit $89 billion, exceeding the combined worth of General Motors and Ford, driven by substantial vehicle deliveries and growing brand recognition in the electric vehicle market.

China's new Foreign Investment Law (FIL) launched on January 1 aims to open its market and provide equal treatment for foreign businesses. Ting Lu, Managing Director and Chief China Economist, highlights the law's potential to reduce barriers for financial firms and create new opportunities across various sectors.

IKEA has agreed to a $46 million settlement with the family of Jozef Dudek, a 2-year-old boy who died when an unsecured dresser tipped over, causing fatal neck injuries. The case highlights ongoing concerns about furniture stability and child safety in home environments.

At CES 2020, leading TV manufacturers like LG, Samsung, Sony, and TCL unveiled cutting-edge televisions featuring advanced high-definition displays, smart device control, artificial intelligence technology, and integrated voice assistants from Apple, Amazon, and Google.

Devastating bushfires in Australia have triggered over $2 billion in economic losses, impacting businesses from tourism to infrastructure. Smoke haze in major cities like Sydney and Melbourne has reduced national productivity by $500 million, with thousands of buildings losing essential services.

Crude oil prices jumped 4.5% in Asian markets following Iran's missile attacks on US forces in Iraq. The strikes, launched after the killing of Iranian commander Qasem Soleimani, heightened tensions and sparked worries about potential disruptions to Middle East oil supplies.

Travelex, a London-based money exchange company, was forced to shut down global online systems after a New Year's Eve cyberattack. The Sodinokibi ransomware gang demanded $3-6 million for system retrieval, affecting customers of Travelex and partner businesses like HSBC and Sainsbury's.

Hyundai Motor Company is partnering with Uber Elevate to mass-produce four-passenger electric aerial taxis. These flying vehicles are expected to complete a 50-mile trip in just 15 minutes, significantly reducing travel time compared to traditional ground transportation.

Toyota Motor Corporation plans to convert a former car factory into a groundbreaking "Prototype City of the Future" called Woven City. Located at the base of Mount Fuji, this innovative project will host 2,000 residents and serve as a living laboratory for hydrogen fuel cell technology and autonomous vehicles.

The new year begins with market uncertainty as US-Iran tensions rise following the assassination of Iranian General Qasem Soleimani. Global markets experience sharp stock declines and oil price increases, with fears of potential military escalation and President Trump's warning of "major retaliation" creating investor anxiety.