BUSINESS

BP SLASHES OVER 7,700 JOBS GLOBALLY IN $2BILLION COST-REDUCTION STRATEGY

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The energy giant BP, has announced plans to eliminate approximately 7,700 positions globally, marking one of the company's largest workforce reductions in recent years. CEO Murray Auchincloss revealed that 4,700 internal roles and over 3,000 contractor positions will be cut as part of a broader strategy to streamline operations and reduce costs.

TESLA SALES SLOW AS EV COMPETITION INTENSIFIES

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Tesla's full-year auto sales fell short of the company's forecast, as reported Thursday, indicating increased competition in the electric vehicle market, particularly in China. While the company achieved a record 495,570 deliveries in the fourth quarter, it missed Wall Street expectations, resulting in a full-year total of just under 1.8 million vehicles, approximately one percent lower than 2023 sales, despite a previous projection of "slight growth."

SEC SUES ELON MUSK FOR DELAYED TWITTER DISCLOSURE, ALLEGEDLY ACQUIRING SHARES AT ARTIFICIALLY LOW PRICE

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The Securities and Exchange Commission launched a significant legal probe against Elon Musk on January 14, 2025, alleging he deliberately delayed disclosing his Twitter ownership to acquire additional shares at artificially depressed prices. The federal lawsuit, filed in Washington DC, claims this delay cost other shareholders at least $150 million.

OIL PRICES CLIMB ON CHINA'S ECONOMIC OPTIMISM AS INVESTORS RESUME BUSINESS

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As the new trading year begins, oil markets show renewed optimism fueled by China's economic outlook. On Thursday, Brent crude rose 1.6% to $75.81 a barrel, while West Texas Intermediate (WTI) gained 1.7% to $72.92. This surge comes after Chinese President Xi Jinping pledged to bolster growth through proactive policies in his New Year address.

ROLLS-ROYCE INVESTS $371 MILLION TO EXPAND UK PLANT AMID GROWING DEMAND FOR BESPOKE CARS

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Luxury carmaker Rolls-Royce has announced a significant expansion of its Goodwood factory in West Sussex, pledging over $371 million to meet soaring demand for its bespoke models.

ALIBABA MAKES A $1.3 BILLION LOSS AFTER SELLING INTIME DEPARTMENT STORE

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Alibaba Group is making a strategic move by selling its entire stake in Intime, a leading Chinese department store chain, marking a significant pivot in its retail strategy. The company will incur a substantial loss of 9.3 billion yuan (US$1.3 billion) in the transaction, selling its 99% stake to a consortium led by Youngor Group and Intime's management team.

IPHONE DISCOUNTS IN CHINA

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Shoppers in China are enjoying rare discounts on Apple's flagship iPhones, signaling the tech giant's response to growing competition and shifting consumer habits. From January 4, Apple launched a four-day promotion, offering discounts of up to 500 yuan ($68.50) on its newest models, including the iPhone 16 Pro and Pro Max.

META UNVEILS LIVE AI, TRANSLATIONS, AND SHAZAM ON RAY-BAN SMART GLASSES: EARLY ACCESS REQUIRED FOR SELECT FEATURES

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In their latest launch, Meta Platforms has unveiled groundbreaking features for its Ray-Ban smart glasses, marking a pivotal moment in wearable technology's evolution. The v11 software update introduces live AI interaction, real-time translation, and Shazam integration, positioning these glasses at the forefront of immersive digital experiences.