Money & Finance

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.

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.

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.

Customers of UK banks Clydesdale and Yorkshire are experiencing significant disruption as salaries and payments fail to process correctly. Many account holders, including parents like Libby Horbury, report missing wages and unresponsive customer service, creating financial uncertainty after the Christmas period.

Ant Financial, the world's highest-valued FinTech company, has applied for a digital wholesale banking license in Singapore. This move follows similar bids by Grab and Razer, as Singapore offers five virtual licenses to promote banking innovation and digital financial services.

Major global stock markets showed minimal movement on Christmas Eve, with Japan's Nikkei slipping 0.2%, U.S. markets closing mixed, and European indices like FTSE 100 showing slight gains amid light trading volumes.

World Bank President David Malpass highlights the critical need for effective debt management in emerging and developing economies. With total debt reaching US$55 trillion in 2018, the organization emphasizes the importance of transparent financial strategies to prevent potential global economic challenges.

The Bank of England is implementing rigorous climate stress tests to assess financial risks posed by environmental changes, highlighting the critical intersection between economic stability and climate challenges.