Bocaue Fire: Seven people are injured when a fire results in the explosions of several fireworks stores in the municipality of Bocaue, Bulacan, Philippines.

The official opening of Taipei 101, the tallest skyscraper at that time in the world, standing at a height of {{convert|509|m|ft}}.

The United States Government hands control of the Panama Canal (as well all the adjacent land to the canal known as the Panama Canal Zone) to Panama. This act complied with the signing of the 1977 Torrijos-Carter Treaties.

Five hijackers, who had been holding 155 hostages on an Indian Airlines plane, leave the plane with two Islamic clerics that they had demanded be freed.

Boris Yeltsin, the first president of Russia, resigns as President of Russia, leaving Prime Minister Vladimir Putin as the acting President.

The European Exchange Rate Mechanism freezes the values of the legacy currencies in the Eurozone, and establishes the value of the euro currency.

This date is skipped altogether in Kiribati as the Phoenix Islands and Line Islands change time zones from UTC-11 to UTC+13 and UTC-10 to UTC+14, respectively.

Czechoslovakia is dissolved, resulting in the creation of the Czech Republic and Slovakia.

All official Soviet Union institutions have ceased operations by this date and the Soviet Union is officially dissolved.

A fire at the Dupont Plaza Hotel in San Juan, Puerto Rico, kills 97 and injures 140.

The AT&T Bell System is broken up by the United States Government.

A coup d'état in Ghana removes President Hilla Limann's PNP government and replaces it with the Provisional National Defence Council led by Flight Lieutenant Jerry Rawlings.

Jean-Bédel Bokassa, leader of the Central African Republic army, and his military officers begins a coup d'état against the government of President David Dacko.

The Central African Federation officially collapses and splits into Zambia, Malawi and Rhodesia.

The farthing coin ceases to be legal tender in the United Kingdom.

The General Motors Corporation becomes the first U.S. corporation to make over $1 billion USD in a year.

The Marshall Plan expires after distributing more than $13.3 billion USD in foreign aid to rebuild Europe.

President Harry Truman officially proclaims the end of hostilities in World War II.

World War II: Hungary declares war on Nazi Germany.

The chimes of Big Ben are broadcast on radio for the first time by the BBC.

Manhattan Bridge opens.

The first New Year's Eve celebration is held in Times Square (then known as Longacre Square) in New York, New York.

A new immigration depot is opened on Ellis Island, New York.

Thomas Edison demonstrates incandescent lighting to the public for the first time.

American Civil War: The Battle of Stones River is fought near Murfreesboro, Tennessee.

American Civil War: Abraham Lincoln signs an act that admits West Virginia to the Union, thus dividing Virginia in two.

Queen Victoria chooses Ottawa, Ontario, as the capital of Canada.

Gramercy Park is deeded to New York City.

American Revolutionary War: Battle of Quebec: British forces repulse an attack by Continental Army General Richard Montgomery.

Arthur Guinness signs a 9,000 year lease at £45 per annum and starts brewing Guinness.

A window tax is imposed in England, causing many shopkeepers to brick up their windows to avoid the tax.

The first Huguenots set sail from France to the Cape of Good Hope.

James II of England is named Duke of Normandy by Louis XIV of France.

The British East India Company is chartered.

James I of Aragon the Conqueror enters Medina Mayurqa (now known as Palma, Spain) thus consummating the Christian reconquest of the island of Majorca.

The Ly Dynasty of Vietnam ends after 216 years by the enthronement of the boy emperor Tran Thai Tong, husband of the last Ly monarch, Ly Chieu Hoang, starting the Tran Dynasty.

Byzantine General Belisarius completes the conquest of Sicily, defeating the Ostrogothic garrison of Syracuse, and ending his consulship for the year.

Vandals, Alans and Suebians cross the Rhine, beginning an invasion of Gaul.