The adverse conditions in the global economy and weaker stocks on Wall Street may prevent the US Federal Reserve from going for a rate hike again. Some analysts forecast four more rate hikes in 2016, while Reuters' poll indicate three times hike this year. The slump in commodities, weaker global markets, slowdown in China's economy and lower oil prices are causes of concerns for the US Fed as these are upsetting the Wall Street.

South Korean currency Won has been volatile as it hit five-year low and recovered marginally. Won was tracking to Chinese currency Yuan as the dragon country is the major foreign market for South Korea. China's GDP rose 6.8 percent during fourth quarter marginally lower than the forecast of 6.9 percent. This disappointed the market.

Saudi Arabia and other Gulf nations are buying thousands of acres in the US. Recently, Fondomonte California has purchased 1,790 acres of farmland in California. Almarai bought 10,000 acres of farmland in Arizona two years back. These companies have cultivating alfalfa hay and exporting back it to feed dairy herds. Local farmers in California and Arizona are expressing concerns over drop in groundwater table.

Saudi Arabia has ruled out allegations that Iran has been targeted in the oil price war. Saudi Arabian foreign minister said that it's demand-supply situation that determines price in the global oil market. The low price is also hitting US shale oil, which involves high cost of production.

Vodafone Group is confident that as soon as 5G wave hits the world in 2020, Australia will be among the first few countries to adopt this new-age technology. The mobile operator's priority goals include customer satisfaction and customized plans, along with 5G launch. A 5G-friendly Australia will be seen as a super-speedy service that should eliminate all video buffering and enable super-fast downloads.

An unusual drop in US crude oil, below the already low $28 a barrel, created quite a stir in the market. It seems the oil prices are at a continuous plummeting spree. The current situation seems pretty bleak with supply exceeding demand to a great extent, especially after major oil exporter Iran came back into the scene.

Luxe valet parking app is partnering with Tesla. The two-year old tech startup will provide Tesla owners in New York and San Fransisco its on-demand valet parking service.

Palmer Luckey, founder of Oculus Rift company have to stand in court in a lawsuit against him. The plaintiff is Total Recall Technologies that accused the 23-year old to use its data illegally.

Cocoon Networks, a Chinese-backed venture capital group is setting up a £500 ($700) million fund in London. The fund is aimed to invest in European tech startups.

After acquiring Lyft Inc, GM has also purchased ride hailing pioneer, Sidecar. The acquired entity has been tattering in consecutive years for ever growing competitions with rivals like Uber and Lyft. With the acquiring, GM now will be able to play a more active role in relative fields with the new two subsidiaries.