360Business & economy
Markets, trade, energy and the ideas that built the modern economy.
News · 2
- 30 October 2026
Binance loses $6.3 billion in the biggest crypto theft ever
Hackers drained about $6.3 billion from Binance, the world's largest crypto exchange, on Thursday, 29 October, most of it in about 20 minutes. Tracing firms TRM Labs and Chainalysis link the attack to a North Korean hacking unit. Binance halted withdrawals, says billions have been frozen and promises to cover every customer's losses. Bitcoin fell to around $77,000.
- 30 October 2026
Wall Street has its worst day since June as AI worries grow
US stocks had their worst day since June on Friday, 30 October. The S&P 500 fell 1.8% and the tech-heavy Nasdaq about 2.9%, led by chipmakers including Nvidia. Investors are asking whether hundreds of billions of dollars spent on artificial intelligence will pay off. The market is still only about 3.4% below its record high.
History · 10
- March 1938
Oil is discovered at Dammam No. 7
In March 1938, after years of searching, the Dammam No. 7 well in Saudi Arabia's Eastern Province struck oil in commercial quantities. Six earlier wells had disappointed, but geologist Max Steineke urged the team to keep drilling. The discovery transformed the Kingdom's future, and the well later earned the name Bir Al-Khair, the Prosperity Well.
- 15 August 1914
The Panama Canal opens between the Atlantic and Pacific
On 15 August 1914, the cargo ship SS Ancon made the first official passage through the Panama Canal. The 82 km canal across the Isthmus of Panama joined the Atlantic and Pacific oceans, using giant locks to lift ships over the land. It cut the sea journey from New York to San Francisco by about 13,000 km.
- 17 November 1869
The Suez Canal opens, linking the Mediterranean and the Red Sea
On 17 November 1869, the Suez Canal in Egypt opened after ten years of construction. The 164 km waterway joined the Mediterranean Sea to the Red Sea, so ships between Europe and Asia no longer had to sail around Africa. The voyage from London to Mumbai became about 7,000 km shorter.
- 29 August 1831
Faraday discovers how to make electricity from magnetism
On 29 August 1831, Michael Faraday showed in London that a changing magnetic field can create an electric current. This discovery, electromagnetic induction, is the principle behind every power-station generator and transformer today. Within weeks he built the first electric generator, a copper disc spinning between the poles of a magnet.
- 1800–1809
The 1800s: the first battery and the first steam locomotive
Alessandro Volta announced the first electric battery in 1800. Four years later, Richard Trevithick ran the first steam locomotive on rails. Napoleon crowned himself Emperor of the French, Lewis and Clark crossed North America, and Britain abolished its slave trade in 1807.
- 20 March 1800
Volta builds the first electric battery
In a letter dated 20 March 1800, the Italian scientist Alessandro Volta described his 'pile': a stack of zinc and copper discs separated by cloth soaked in salt water. It was the first battery, the first source of a steady electric current. It opened the age of electricity, and the unit of electric potential, the volt, is named after him.
- 5 January 1769
James Watt patents his improved steam engine
In January 1769, the Scottish engineer James Watt patented a steam engine with a separate condenser. It used far less coal than earlier engines, and with his partner Matthew Boulton, Watt built engines that powered mines, mills and factories. His work drove the Industrial Revolution, and the unit of power, the watt, honours him.
- 1710–1719
The 1710s: Newcomen's engine and the longitude prize
Thomas Newcomen built the first practical steam engine in 1712 to pump water from mines. Daniel Fahrenheit made reliable mercury thermometers. Britain offered a huge prize for measuring longitude at sea, and France's King Louis XIV died in 1715 after a 72-year reign.
- 2 July 1698
Thomas Savery patents a steam pump to drain mines
On 2 July 1698, the English engineer Thomas Savery received a patent for a machine that used steam to pump water out of mines, which he called 'the Miner's Friend'. It was one of the first practical uses of steam power. Improved by Thomas Newcomen and later James Watt, steam engines went on to power the Industrial Revolution.
- 1690–1699
The 1690s: a bank, a steam pump and a travelling tsar
The Bank of England was founded in 1694, shaping modern public finance. Thomas Savery patented a steam pump in 1698, an early step toward the Industrial Revolution. Russia's young tsar, Peter the Great, toured Western Europe to learn shipbuilding and science, and Christiaan Huygens explained light as a wave.
On this day · 16
- 31 December 1999
Panama takes full control of the Panama Canal
At noon on 31 December 1999, the United States handed full control of the Panama Canal to Panama, under treaties signed in 1977. The canal, opened in 1914, links the Atlantic and Pacific oceans and carries a significant share of world trade.
- 19 October 1987
Black Monday: stock markets crash
On 19 October 1987, stock markets around the world crashed. In New York, the Dow Jones index fell by 22.6% in a single day, still its largest one-day percentage fall. Markets recovered within about two years, and new 'circuit breakers' were introduced to pause trading in a panic.
- 26 April 1986
The Chernobyl nuclear accident
On 26 April 1986, a reactor exploded during a safety test at the Chernobyl nuclear power plant, in what was then the Soviet Union. Radioactive material spread across Europe, and more than 100,000 people were evacuated. It remains the worst nuclear power accident and led to safer reactor designs.
- 27 June 1967
The world's first cash machine opens
On 27 June 1967, the first cash machine was opened at a Barclays bank branch in Enfield, north London. Customers used special paper vouchers instead of cards. ATMs spread worldwide, letting people withdraw money at any hour. There are now millions of them.
- 17 October 1956
Calder Hall nuclear power station opens
On 17 October 1956, Queen Elizabeth II opened Calder Hall in northwest England, the first nuclear power station to deliver electricity to a national grid on a commercial scale. It ran for almost 47 years. Nuclear power now provides about a tenth of the world's electricity.
- 31 August 1955
A model solar-powered car is demonstrated
On 31 August 1955, the carmaker General Motors showed the 'Sunmobile', a 38 cm model car powered by solar cells, at an exhibition in Chicago. It was a small demonstration, but it hinted at the future. Solar power is now one of the fastest-growing sources of electricity in the world.
- 20 December 1951
Nuclear power first lights electric bulbs
On 20 December 1951, the Experimental Breeder Reactor I in Idaho, in the United States, produced the first usable electricity from nuclear energy, lighting four light bulbs. Nuclear power stations now supply around a tenth of the world's electricity.
- 30 September 1935
The Hoover Dam is dedicated
On 30 September 1935, US President Franklin D. Roosevelt dedicated the Hoover Dam on the Colorado River, between Nevada and Arizona. The 221 m concrete dam created Lake Mead, controls floods, supplies water to millions and generates hydroelectric power.
- 15 August 1914
The Panama Canal opens
On 15 August 1914, the cargo ship SS Ancon made the first official passage through the Panama Canal, joining the Atlantic and Pacific oceans. Using giant locks to lift ships over the land, it cut the sea journey from New York to San Francisco by about 13,000 km.
- 4 May 1904
The United States takes over building the Panama Canal
On 4 May 1904, the United States took control of the unfinished Panama Canal project from a failed French company. After a decade of work, battling disease and landslides, the canal opened in 1914, joining the Atlantic and Pacific oceans.
- 16 August 1896
Gold is found in the Klondike
On 16 August 1896, gold was found at Bonanza Creek, near the Klondike River in northwest Canada. When news reached the outside world the next year, about 100,000 people set off for the region in the Klondike Gold Rush, though only a small number became rich.
- 23 February 1893
Rudolf Diesel is granted a patent for his engine
On 23 February 1893, the German engineer Rudolf Diesel was granted a patent for a new kind of engine, which ignites its fuel by squeezing air until it is very hot, with no spark. Diesel engines became the workhorses of ships, trains, trucks and generators worldwide.
- 17 November 1869
The Suez Canal opens
On 17 November 1869, the Suez Canal opened in Egypt, linking the Mediterranean Sea and the Red Sea. Ships between Europe and Asia no longer had to sail around Africa, cutting thousands of kilometres from the journey. It remains one of the world's busiest shipping routes.
- 29 August 1831
Faraday discovers electromagnetic induction
On 29 August 1831, Michael Faraday showed in London that a changing magnetic field can create an electric current. This discovery, electromagnetic induction, is the principle behind every power-station generator and transformer today.
- 20 March 1800
Volta describes the first battery
On 20 March 1800, Alessandro Volta described his 'pile' of zinc and copper discs in a letter to the Royal Society in London. It was the first battery, giving a steady electric current for the first time. The volt, the unit of electric potential, is named after him.
- 5 January 1769
James Watt patents his improved steam engine
On 5 January 1769, the Scottish engineer James Watt received a patent for a separate condenser, which made steam engines far more efficient. His engines went on to power factories, mines and mills, and helped drive the Industrial Revolution. The unit of power, the watt, is named after him.
Future · 3
- 29 August 2031 · Anniversary
200 years since Faraday learned to make electricity from magnetism
On 29 August 2031, it will be 200 years since Michael Faraday showed that a changing magnetic field creates an electric current. His discovery, electromagnetic induction, still powers the world: every generator in every power station works on the same principle.
- March 2038 · Anniversary
100 years since oil was discovered at Dammam
March 2038 marks 100 years since the Dammam No. 7 well, the Prosperity Well, struck oil in commercial quantities in 1938. The discovery transformed the Kingdom's future and made it one of the world's leading energy producers.
- 17 November 2069 · Anniversary
The Suez Canal turns 200
On 17 November 2069, the Suez Canal reaches 200 years since it opened, joining the Mediterranean and the Red Sea. Widened and deepened many times, it remains one of the busiest shipping routes in the world.