Many Chinese factories are being abandoned due to the downturn in the country. This has caused millions of workers unemployed, and many of the remaining workers should have their salaries cut.

Freeport-McMoRan said that it has planned to trim up to $10 billion debt through earnings from joint venture transactions and asset sales. The mining group also reported a loss of $4.1 billion for the fourth quarter.

China’s central bank, the People's Bank of China is putting the largest amount of cash into the financial system in nearly three years which is around 340 billion yuan. The move was done as the bank is preparing for lots of cash out as it is nearing the Lunar New Year.

Korean automaker KIA will launch its sporty hatchback KIA Rio GT in 2018. The car will compete against Ford Fiesta ST in sportscar segment.

Introduction of risk based regulation centering Basel III accord has pushed up costs of fund. As an aftermath, the January 20 auction of the UK sovereign bonds has witnessed the lowest demand in nearly seven years. Ahead of rising concerns over the increasing challenges in the UK gilt market, many of the world’s biggest banks are shrinking their bond-trading activities. However, concerns of the investors and dealers have been communicated to the regulators concerned through a meeting held on Tuesday.

The policy making committee of the Federal Reserve Bank has announced keeping key interest rates unchanged on Wednesday. The inflation rate exists below predictions and job growth remains satisfactory. But ahead of global economic turmoil and considering strong Dollar outlook, Fed has decided to let the tightened monetary policy to go further. However, it hints for hiking interest rates during its next meeting scheduled to be held in March.

Iconic sports agent Leigh Steinberg and his ‘Steinberg Ventures’ have partnered with Jay Rogers led Alpha Strategies to form an investment platform. Steinberg’s 40 years’ experience on sports world will be blended with Rogers’ 20 years’ experience in investment sector. The combined platform intends to nourish new entities emerging in sports and entertainment sectors to achieve their goals.

As China crisis deepened, global stock market dropped on Tuesday and London's FTSE 100 experience a big loss of £20 billion ($28.5 billion). The market bounced back yesterday following the gain of Sage and oil price.

Wynn Palace, an under construction casino, is widely expected to attract Chinese consumers and thus transform Macau to a popular tourist region. The casino project has been expected to be completed by June 25 followed by a revision on deadline. But work progress seems to be slow and the contractor for the $4.1 billion project is probably going the miss the extended time frame further. Steve Wynn, founder of Wynn Macau Ltd. has sent a letter to the construction company cautioning to count compensation up to $200 million if it fails to meet the revised deadline.

Association of British Insurance (ABI) will lead the newly created Automated Driving Insurance Group. The group is established to discuss issues regarding driverless car.