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Saudi stocks gain after regulator opens market to foreign investors
Saudi Arabia led Gulf stocks higher in the early trade of Wednesday after the kingdom announced that it would open its capital market to all categories foreign investors next month. Saudi Arabia's benchmark index of stocks rose by as much as 2,5% intraday, the biggest intraday gain it has seen in over three months. All constituents also advanced. Gains were led by the consumer discretionary, healthcare and finance sectors. Al Rajhi Bank, a heavyweight, climbed by 2.1% while Saudi Aramco, a major oil company, gained 1.1%. Saudi Tadawul Group, an exchange operator, jumped up to?7%. This is the sharpest increase since late September. The rally came after a Tuesday statement by the 'Capital Market Authority', which said that all foreign investors would be able invest directly on the main market starting Feb. 1, 2026. This is because the regulator has scrapped the 'Qualified Foreign Investors" regime and has removed the rules that limited access. The CMA stated that the measures are designed to increase the number of foreign investors, improve liquidity and support inflows. It added that the holdings of foreign investors will exceed 590 billion Riyals ($157.3 billion), up from 498 riyals by the end-Q3 2020. Dubai's benchmark index of?stocks rose 0.1%. This was boosted by an increase in Air Arabia stock price of 2.9% and the tolls operator,?Salik?s 0.5% gain. The Abu Dhabi benchmark index remained unchanged as falls in consumer staples, technology and utilities offset gains elsewhere. Alpha Data and Presight AI fell 0.9% and 1.2% respectively, while Alpha Dhabi Holding gained 0.6% and Dana Gas 3.4%. A survey released on Tuesday showed that the UAE's private non-oil sector continued to grow robustly in December despite a slight slowdown from the previous months. Qatar Aluminum Manufacturing gained 1.3% and Qatar Islamic Bank 0.6%. Qatar Gas Transport fell 1%.
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West Europe prepares for another wave snow and ice
West Europe was bracing itself for more snow and freezing rain on Wednesday as the first named storm in the year hit the continent's Atlantic coast. As storm Goretti approached the region, more flights were cancelled and train services disrupted. Roads were also blocked. As the sun rose, heavy snow fell in?the _Paris region. The south of Britain will be affected most on Thursday and Friday. On Wednesday, cold weather warnings were issued for large parts of France and Britain. Meteo France, the French weather agency, warned that snow would extend across the northern half?of?the country Wednesday. Met Office in Britain said that ice warnings will remain in Scotland, but they would be lifted in England and Wales later in the morning. Paris bus services have been suspended as shops prepare for the New Year's Day sales. This week, a heavier snowfall in the region than normal has caused travel chaos. Dutch airline KLM has cancelled 600 flights at Amsterdam Schiphol Airport scheduled for Wednesday, marking the sixth day in a line of disruptions at one of Europe’s busiest hubs. KLM warned that it was running low on de-icing liquid for its jets. It also said that the delays in supplying supplies made it difficult to replenish stocks. Air France, its partner, said that it was unaware of any shortages. Schiphol Airport said that it had plenty of supplies of the de-icing liquid it uses to clear its runways. France's civil Aviation Authority?asked airlines?to cut 40% of flights from Paris' main international airport Roissy Charles de Gaulle, and?25% out of smaller Orly Airport. Some flights in Brussels were cancelled due to the de-icing on runways and aircraft wings. The Dutch authorities urged people to consider working from home, if at all possible. French officials have banned school buses and trucks from the road in a third all administrative departments. Carrefour CEO Alexandre Bompard stated that the truck ban will cause some disruptions to supply chains in particular for fresh produce. Reporting by Inti, Thomas and Louise Rasmussen. Editing by Richard Lough & Andrew Heavens.
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Goldman Sachs is the global leader in M&A deals with $1.48 trillion.
Goldman Sachs dominated again the league tables of global dealmaking for 2025. It took the?marketshare and top spot in an year marked by high stakes political dramas and ever larger mergers. Goldman's No. 1 ranking was boosted by the rise of $10 billion deals, of which there were 68 in the last year totaling $1.5 trillion - more than twice as much as the previous year. According to LSEG data, Goldman has the No. 1 ranking. The firm was involved in 38 of these 'deals', more than any other investment banking firm, and the total value of the deals it advised on was $1.48 trillion. This was the most successful period in terms of mega deals since LSEG began keeping records in 1980. Goldman's global co-head of M&A Stephan Feldgoise called 2025 "an exceptional M&A year" and told clients that the "ubiquity in capital" was driving activity, according to 2026 M&A forecasts from the investment bank. Goldman was ranked No. Goldman ranked No.1 in two areas of importance: M&A revenue and the overall value of deals it worked on. It gained market share in both. According to LSEG, it was paid $4.6billion in M&A fee revenue, followed by JPMorgan with $3.1billion, Morgan Stanley with $3billion, Citi at 2billion and Evercore $1.7billion. Goldman, JPMorgan, and Morgan Stanley ranked first, second, and third in terms of the volume of transactions, respectively. Bank of America, Citi, and Citigroup rounded out the top five. Goldman's share of the announced M&A in Europe, Middle East, and Africa was 44.7% by 2025. This level has only been exceeded once, in 1999. Dealmakers claim that looser regulations allowed them to make deals in all sectors, even though technology was the main driver. The more permissive antitrust enforcement of U.S. president Donald Trump gave industry titans confidence to team up and partner on the biggest deals in railways, consumer goods, media, and technology. Goldman dominated the M&A market last year with $1.48 trillion worth of deals, or 32%, according to LSEG. However, Goldman was not involved in the two largest M&A transactions: Union Pacific's $88.2 Billion purchase of Norfolk Southern by the railway, nor the heated bidding battle for Warner Bros Discovery. Bank of America and Wells Fargo, as well as a few boutique investment banks, also got a piece of these two mega deals. CEOs are looking to scale their operations. The desire to grow is strong, and this has prompted boardrooms and the C-suites to be more proactive. People aren't waiting for a business to be sold to start M&A activities, according to Anu Ayiengar of JPMorgan, global head for advisory and M&A. JPMorgan was a major advisor to Warner Bros for its sale, and also helped Kimberly-Clark in its $50.6 Billion purchase of Tylenol manufacturer Kenvue. These were the two biggest deals the bank had done this year. JPMorgan beat Goldman in the race to be the most-paid global investment firm after factoring in fees for equity and debt capital markets. The bank earned $10.1 billion, compared to $8.9 million from Goldman. The dueling bids by Paramount Skydance and Netflix for Warner Bros, at $108 billion and $9 billion, respectively, and including debt, catapulted some banks, boutiques and firms such as Wells Fargo and Moelis and Allen & Co as well as the law firm Latham and Watkins to the top of M&A's list. Wells, the firm that advised on 10 $10 billion deals or more, including Netflix’s bid for WBD and Wells Fargo's advice, jumped eight spots from 2024 to number one. 9. Moelis Boutique Bank, which advised Netflix as well, has jumped three rungs ahead in 2025 to be ranked No. 16. The deal was one of five worth over $5 billion each, including the sale of Essential Utilities for $20 billion. It could be determined by the winner of Warner Bros' bid if they remain at their current rankings. LSEG, a data provider, says that advisors from both bidders currently get credit for the rankings. However, this will change when Warner Bros decides on a winner. RedBird Capital Partners & M. Klein & Co. are now contenders for the top 25 thanks to the work they did for Paramount. LSEG stated that the Warner Bros board was leaning 'toward rejecting Paramounts latest offer', according to people familiar with its thinking. Wells would gain two spots in the rankings if Paramount withdraws their offer. Paramount's M&A team, however, would lose one, according to the data. Charles Ruck is the global chair of LSEG No. Latham & Watkins ranked No. 1 in M&A legal advice, attributed the increasing number of large transactions to "size creep." Deals are more expensive because the Nasdaq and S&P 500 both finished higher last year. Latham was involved in the Paramount deal, the $55 billion leveraged purchase of Electronic Arts video game maker and the $40 billion sale Aligned Data Centers. He said that the market was even more ready for consolidation. In an interview, he stated that "the pipeline is full." "All the macro indicators are there, correct? The interest rates are falling, making it easier for private equity firms to make deals and achieve their targets. The IPO market has not been as strong as anyone would have hoped, so M&A is the way to go for exits. You've got an environment that is largely friendly to the regulatory system, which helps determine who wins and loses."
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Turkey eliminates the 30-euro limit on goods sent via mail
According to an official gazette published on Wednesday, the Turkish government has abolished a duty-free allowance of 30 euros ($35) for non-commercial items purchased abroad via mail or express cargo. The decision in the Gazette stated that the new rule would take effect within 30 days. Small personal orders from popular shopping sites abroad are likely to be affected by the new regulation. In 2024, the threshold was lowered from 30 euros to 27 euros, with an additional 3 euro shipping charge. Taxes are levied on goods shipped to Turkey which are not commercial. These taxes are 30% for EU origin products, 60% for other items and 20% for certain items.
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German emissions declined only modestly by 2025, due to building and transport
Agora Energiewende, a think tank for energy, said that Germany's greenhouse gases emissions will only fall marginally by 2025 due to a lack of progress in reducing pollution from transport and buildings. Agora's annual report stated that Germany will emit 640 million tonnes of carbon dioxide by 2025. This is a decrease of 9 million tons or 1.5% from the previous year. Agora's calculations showed that while Germany met its national annual emission target for 2025 the?reduction in emissions was less than half of the savings recorded in the year 2024. Agora stated that the decline in emissions in 2025 was partly driven by a?lower production in energy-intensive industries amid prolonged weak market conditions and stretched global market conditions and partly by record solar electricity generation. Julia Blaesius is the director of Agora Energywende Germany. She said that wind and solar power will continue to be a?backbone for Germany's energy transformation in 2025. Blaesius stated that "However, power sector – so far the driving force behind emission reductions – cannot compensate permanently for the shortcomings of?switching climate technologies in 'transport and buildings" Agora estimates that emissions from buildings increased by 3.2% in comparison to 2024, while those in the transportation sector rose 1.4%. (1 euro = 0.92 dollars) (Reporting and editing by Maria Martinez, Holger Hansen)
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US House panel will consider legislation to speed up self-driving vehicle deployment
On January 13, a U.S. House of Representatives 'committee' will hold a hearing to discuss legislation that aims to make it easier for autonomous vehicles without the need for human control. Congress has been split for years on whether or not to pass legislation to overcome deployment obstacles. The National Highway Traffic Safety Administration is not granting exemption requests by major automakers, but has maintained safety regulations. The current law allows NHTSA?to exempt up to 2,500 vehicles per automaker annually if the company can prove that it would be safe. The Teamsters union and consumer groups have expressed concern about self-driving cars. In June, major automakers called on Trump to act?faster. Hearings are planned by the House Energy and Commerce Subcommittee to examine several draft proposals, including one that would allow vehicles to be operated without human control up to 90,000. Other proposals will address automaker complaints about obstacles to robotaxi deployment. Automakers, for example, say that safety standards like those requiring steering wheels or rear-view mirrors in vehicles are not necessary for robotaxis. A bill currently under consideration would prohibit states from establishing rules for autonomous driving systems, while another would mandate that NHTSA establish guidelines for calibrating advanced drivers assistance systems. Tesla launched a robotaxi service in Austin, Texas last year, with safety monitors, and Alphabet's robotaxi division Waymo is aggressively expanding to new markets. Mercedes-Benz announced on Monday that it would launch an advanced driver-assistance program in the U.S. this year. The system will allow its vehicles to operate autonomously within city streets while under driver supervision. U.S. Transportation secretary Sean Duffy stated in?April, that a new framework for the department to promote autonomous vehicles will help U.S. automobile manufacturers compete with Chinese competitors. After a pedestrian was injured by a General Motors vehicle in October 2023, the NHTSA opened several investigations into self-driving cars operated by Amazon.com Zoox and Waymo. Last year, the NHTSA said that it would expedite reviews of automaker requests to deploy self driving vehicles without human controls. The House of Representatives passed legislation in 2017 to speed up the adoption of self driving cars and prohibit states from setting performance standards. However, the bill failed to pass the U.S. Senate. Reporting by David Shepardson, Washington; Editing and review by Chris Reese & David Gregorio
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Analysts say that the impact of Venezuela on CANADA-CRUDE - Western Canada Select is likely to be limited for now.
The difference between the West Texas Intermediate benchmark futures and Western Canada Select futures has widened since Tuesday, but analysts say that Canadian heavy crude will not be impacted by Venezuela's situation in the short-term. WCS for Hardisty, Alberta delivery in February settled at $13.80 per barrel below WTI benchmark, according to brokerage CalRock. This compares with $13.55 a barge on Monday. Analysts and traders assess the 'potential for further weakness,' but the capture by the U.S. of Venezuelan President Nicolas Maduro so far has had a minimal impact on the Canadian differential. A TD Cowen Report said that a 'rapid ramp up of Venezuelan oil output could significantly pressure Canadian heavy crude oil prices in the mid-term. This is unlikely. The report stated that Canada's size, rule of law and infrastructure work in its favor. If Venezuela significantly increased its production, it would give its heavy oil barrels an advantage in terms of location over Canadian heavy crude oil barrels on the U.S. Gulf Coast. ATB Capital reported that the majority of Canada's oil exports go to the U.S. Midwest. This region is less vulnerable due to its proximity to Canada and existing pipeline system. ATB Capital stated that Canadian oil prices will be more affected by OPEC+ policy in the future, Canadian egress from the west coast, Russian exports and global demand than the situation in Caracas. The global oil price fell on Tuesday, as the market weighed the expectations of an ample supply of crude this year with the uncertainty surrounding Venezuelan crude production after the U.S. captured Nicolas Maduro.
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Sources: Telecom Italia and Fastweb are looking to save money on 5G with Italy's network agreement
Three sources said that Telecom Italia and Swisscom's Italian division Fastweb were close to a deal for a network sharing agreement. This would help them cut the costs of upgrading and operating 5G infrastructure in Italy. According to Asstel, Italian telecom firms want to revamp their "business model" after losing almost a quarter of their revenue in 2010 and having their post-investment funds drop to zero. In 2010, they had 10.5 billion euro ($12 billion), but that year it was down to zero. The deal will help TIM, and its rival Fastweb, upgrade their'mobile networks' to 5G, a technology that was built from scratch, rather than based on 4G. Meanwhile, the sector is still being squeezed by fierce competition. According to a source with knowledge about the deal, TIM could save up to 300 million Euros over ten years. The project is code-named Prism internally and has not been reported previously. It covers active network components, such as antennas and base stations. The people declined to name themselves as the plans were not made public. Two sources stated that the parties aim to complete a final agreement by early march after reaching a preliminary agreement in recent weeks. Fastweb and Telecom Italia representatives declined to comment. Upgrade your network! Fastweb became Italy's leading mobile operator in 2013 after buying out Vodafone's local operations for 8 billion euros. The agreement with TIM will revive a network sharing plan that TIM,?Vodafone and INWIT agreed on but never implemented after their merger in 2019. People said that the?deal' would require each operator to upgrade the technology in specific areas, to avoid duplication of investment and manage costs. Spectrum sharing is also expected.
France asks airlines cancel 15% of flights from Paris airports following snowfall
After heavy snowfalls, the French capital Paris was pounded by a slew of snowstorms on Monday. The?civil aviation authority in France asked airlines to cancel up to 15% of flights until the evening.
A spokesperson said that airlines can cancel flights as long as they reduce takeoffs and land landings.
Paris-Charles de Gaulle Airport was asked to reduce flight schedules until 2000 CET (1900 GMT), and Paris-Orly airport until 2330 CET (22230 GMT).
The French Transport Ministry urged travelers to make sure their flight was taking off before they left home and to use public transport to get to the airport rather than drive.
Meanwhile, Amsterdam
Schiphol airport
ANP, the news agency, reported that snowfalls also caused the closure of incoming traffic until 1200 GMT. Charlotte Van Campenhout edited the report by Inti Rasmussen and Louise Landauro.
(source: Reuters)