BUSINESS

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A new era in the electric vehicle industry has begun as China’s BYD outpaced Elon Musk’s Tesla in annual sales for the first time. The milestone comes as Tesla faces a prolonged slump, with 2025 deliveries falling to 1.64 million vehicles—a 9% drop. Meanwhile, BYD’s rapid expansion continued unabated, with the company reporting on Thursday that its 2025 sales topped 2.25 million units, cementing its position as the global market leader over its American counterpart.

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Netflix is preparing to submit an all-cash offer for Warner Bros Discovery's studio and streaming businesses, according to a source familiar with the matter, escalating one of Hollywood's most closely watched takeover battles. The move would replace Netflix's earlier cash-and-stock proposal and is designed to speed up a transaction that is expected to take months to complete and faces regulatory and political scrutiny.

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Disney has reclaimed its crown at the global box office, surpassing six billion dollars in worldwide ticket sales for the first time since the COVID era disrupted the film industry. The milestone underscores the studio’s unmatched reach and enduring appeal at a time when the overall theatrical market is still struggling to fully recover.

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Luxury retailer Saks Global has filed for bankruptcy, preparing to reposition itself in the increasingly competitive upscale market after obtaining about $1.75 billion in financing commitments.

The New York-based private company that owns retailers Saks Fifth Avenue and Neiman Marcus said in a release Wednesday that it had filed for Chapter 11 bankruptcy in the Southern District of Texas.

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In a strategic move to streamline its operations and reduce debt, BP has sold a 65% majority stake in its Castrol motor oil division to New York-based investment firm Stonepeak for $6 billion. The deal values Castrol, known for its automotive and industrial lubricants, at $10.1 billion, allowing the oil giant to refocus on its core business activities.

BP will hold onto a 35% stake in Castrol, which it first took control of in 2000.

The London-based oil major said the sale is a "milestone" in its plans to overhaul its business and strip out costs.

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Elon Musk’s artificial intelligence venture, xAI, has successfully secured $20 billion in its first funding round of 2026, significantly exceeding its initial $15 billion target. Musk publicly expressed his gratitude to investors following the completion of the upsized Series E round, which now stands as one of the largest single capital raises in the history of the technology industry.

Musk celebrated the milestone on his social media platform, 𝕏, posting:

"Congrats to the @xAI team and thank you to investors for your faith in our company."

The funding round, which closed on Monday, January 6, 2026, saw participation from a powerhouse consortium of global investors. These include Valor Equity Partners, Fidelity, the Qatar Investment Authority, and Baron Capital Group.

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'BP is parting ways with a controlling share of its iconic engine oil business. The British oil and gas major announced on Wednesday, Dec. 24, that it has agreed to sell a 65 percent stake in Castrol to US infrastructure group Stonepeak. The transaction values the lubricants division at $10.1 billion, including debt.