Business

Tesla is set to build its first European Gigafactory near Berlin, creating over 6,000 job opportunities. The 300-hectare property in Brandenburg will allow Tesla to use the prestigious "Made in Germany" label on its electric vehicles.

Philippines-based Jollibee Foods Corporation successfully raised $600 million through its first perpetual securities issuance. The oversubscribed bond will support the company's international expansion strategy, including recent acquisition of The Coffee Bean and Tea Leaf, as management aims to become a top 5 global restaurant company.

Toyota has invested $394 million in Joby Aviation, a Californian aerospace company developing an all-electric vertical takeoff and landing (VTOL) aircraft. The six-rotor, five-seat flying taxi represents Toyota's strategic move into air transportation, aiming to revolutionize mobility and provide customers with innovative transportation solutions.

Hong Kong's flagship airline Cathay Pacific is offering up to one month of unpaid leave to its 27,000 employees, particularly affecting pilots and cabin crew. The move comes in response to low flight demands and passenger boycotts resulting from seven months of pro-democracy protests.

Amazon has reinstated FedEx's ground delivery services for third-party sellers after a temporary ban due to performance issues. The e-commerce giant announced that sellers can now use FedEx Ground and Home services, with the company meeting delivery requirements. This decision positively impacted FedEx's stock, which rose 3% following the announcement.

Tesco's $10bn plan to sell its Asian operations in Thailand and Malaysia could be complicated by Thai government regulations. The Trade Competition Commission warns that bidders acquiring more than 50% market share may require special authorization, potentially impacting the proposed sale of over 2,000 stores.

The National Economic and Development Authority (NEDA) assures that Taal Volcano's eruption won't significantly impact the Philippines' economic growth. Socioeconomic Planning Secretary Ernesto Pernia stated the estimated losses are less than 1% of the country's total GDP, indicating minimal long-term economic disruption.

The Competition Commission of India (CCI) has launched an investigation into Amazon and Flipkart, following allegations by a New Delhi trade group. The companies are accused of giving preferential treatment to certain sellers, promoting in-house brands, and offering substantial discounts to merchants they have a stake in or control.

British airline Flybe continues normal flight operations despite speculation about potential financial difficulties. The company is reportedly in discussions with government departments about emergency financing, while maintaining that customer travel plans remain unaffected. Flybe's spokeswoman emphasized the airline's commitment to providing service and connectivity.

Founded in 1881 in Bournemouth, Beales department store is seeking buyers and negotiating with landlords to prevent shutting down all 22 stores following poor holiday trading performance.