Latest News
-
Avelo to end US deportation flights, close Arizona base
Avelo Airlines is a Texas-based budget carrier that announced on Wednesday it would stop deportation flights operated by the U.S. Department of Homeland Security in late January. It will also close its Arizona base citing high costs. Avelo, who previously stated that the opportunity was 'too valuable to not pursue,' faced backlash both from customers and employees over its decision to operate deportation flight under a contract with?Trump Administration. The airline said that the program had some short-term advantages, but ultimately did not generate 'enough predictable and consistent revenue to offset its operational costs and complexity. According to an internal memo, the airline will close its Mesa Arizona base on January 27, where it had stationed 3 aircraft for deportation flight under a "charter-only" operation. Avelo signed an agreement with DHS in April last year to transport migrants from the United States to detention facilities within and outside of the country. The company claimed that boycott calls had not affected its business. Avelo reported that it would carry a record number of 2.6 million passengers on its scheduled commercial service in 2025, an increase of 11% year-over-year. (Reporting from Doyinsola Oladipo in New York, editing by Nia William)
-
US air force flexes its power in Maduro's extraction mission
The removal of Venezuelan president Nicolas Maduro on Saturday and his wife demonstrated U.S. aerial dominance. Stealth fighters were deployed to control the skies. Jets were used to jam enemy air defenses. And covert reconnaissance satellites and drones provided real-time intelligence to commanders. Open-source data and industry analysts reviewed by the Defense Department indicate that the U.S. used a full array of helicopters and fighter jets as well as refueling and drone aircraft. This is a major victory for U.S. defense companies and an impressive display. The Pentagon released a statement stating that more than 150 aircraft, including rotary-wing and fixed-wing aircraft, were deployed. Lockheed shares rose 6.2% in the past week while Northrop and Textron both saw gains of 4.4%. SIGNAL TO CHINA This mission sent a signal to China that the United States is capable of executing complex operations overseas at a time when tensions are rising with China. China has been rapidly modernizing and expanding its military presence throughout the Pacific. "It is indicative of something we can only do", said Tim Ray, former commander of the Air Force Global Strike Command and responsible for U.S. long-range conventional and nuclear strike capabilities. Ray, who is CEO of Business Executives for National Security and is currently a former U.S. General, said, "It shows that we can compete economically and geographically with the Chinese right in our backyard." Maduro, who is 63 years old, denied the charges of narcotics in New York on Monday. Trump claimed that "a certain expertise" was needed to control the airspace above Caracas prior to the start of the operation. Dan Caine said that the chair of the Joint Chiefs of Staff used a variety of capabilities to "create a path" for U.S. planes to enter the country unhindered. It was impossible to determine what all was done to clear the way for U.S. planes. Space Command, according to a spokesperson, provided "multiple capabilities" as "overwatch", which ensured the "freedom of movement" of U.S. aircraft during the mission. In June, the U.S. Military created a similar protection corridor when it sent bombers to Iran in order to attack its nuclear facilities. Delta 3's electromagnetic warfare unit of the U.S. Space Force used satellite jammers on the ground to disrupt Iranian communications in the area, Delta 3 Commander Angelo Fernandez said in December. HELICOPTERS and FIGHTER JET The Venezuelan extraction relied heavily on helicopters. These included MH-60L Direct Action Penetrators - specialized attack helicopters with advanced weapon systems - as well as Boeing Little Bird M/AH-6M support and light-attack helicopters. Boeing CH-47 Chinook helicopters were used to transport troops and equipment into contested areas. According to defense industry executives, AH-64 'Apache' attack helicopters armed with Hellfire rockets and 30 mm chains guns provided close air support for the extraction phase. Lockheed F-35 fifth-generation fighter jets, capable of evading radar systems with advanced technology, were used to dominate Venezuelan airspace. The F-22 Raptor, a fighter that hunts enemy aircraft, was also present. Other jets included Boeing F/A-18E/F Super Hornets, the Navy's main strike fighters. EA-18G Growlers are a specialized electronic war variant that jams enemy communications and radar, making it difficult for air defenses on the ground to track and kill attacking aircraft. B-1B Lancer bombers are able to deliver precision-guided weapons from beyond the range of air defences. Boeing KC-135 Stratotankers were used to refuel these aircraft in mid-air. This extended their operational range and allowed them to continue the mission for several hours. Mission success was dependent on intelligence, surveillance and reconnaissance. Northrop Grumman E-2D Advanced Hawkeyes, carrier-based early warning aircraft, provided battle management and threats detection. RQ-170 Sentinel drones were used to conduct covert reconnaissance. They had previously been used in 2011 during the operation that found Osama bin Laden. According to a defense industry official, it is unlikely that the latest equipment of the Defense Department was involved as operators are not trained on next-generation platforms. According to the executive, if this operation followed past Pentagon post-mission analyses, the industry would receive a briefing on which equipment worked and what didn't. After Operation Midnight Hammer, airstrikes on Iranian drone facilities, the defense industry was given an hour-long presentation at an industry event detailing the equipment performance and operational issues. (Mike Stone and David Jeans, Washington, DC, and New York, edited by Joe Brock, Chris Sanders, Rod Nickel).
-
US air force flexes its power in Maduro's extraction mission
The extraction of Venezuelan president Nicolas Maduro on Saturday and his wife demonstrated U.S. Air dominance. Stealth fighters were deployed to control the skies. Jets were used to jam enemy air defences. And, covert reconnaissance satellites and drones provided real-time intelligence to commanders. Open-source data from the Defense Department and industry analysts show that the U.S. employed a full array of helicopters and fighter jets as well as refueling and drone aircraft. This is a major victory for U.S. companies in defense and a display likely to be noticed by China. The Pentagon released a statement stating that more than 150 aircraft, including rotary-wing and fixed-wing aircraft, were deployed. Lockheed shares rose 6.2% in the past week while Northrop and Textron both saw gains of 4.4%. SIGNAL TO CHINA This mission demonstrated to China's adversaries that the United States is capable of executing complex operations overseas at a moment when tensions are rising with China. China has been rapidly modernizing and expanding its military presence throughout the Pacific. "It is indicative of something that only we can do," said Tim Ray, former commander of the Air Force Global Strike Command and responsible for U.S. long-range conventional and nuclear strike capabilities. Ray, who is CEO of Business Executives for National Security and the former commander of Air Force Global Strike Command, said, "It shows that we can compete economically and geographically with China in our backyard." Maduro, who is 63 years old, denied the charges of narcotics in New York on Monday. Trump claimed that "a certain expertise" was needed to control the airspace above Caracas prior to the start of the operation. Dan Caine said that the chair of the Joint Chiefs of Staff used multiple capabilities in order to "create a path" for U.S. planes to enter the country without being disturbed. Space Command provided multiple capabilities as "overwatch"?that ensured "freedom of maneuver" for U.S. planes during the mission, a spokesperson said. Space Command's "overwatch" capabilities ensured the "freedom to maneuver" of U.S. aircraft throughout the mission. In June, the U.S. Military created a similar protection corridor when it sent bombers to Iran in order to attack its nuclear facilities. Delta 3's electromagnetic warfare unit of the U.S. Space Force used satellite jammers on the ground to disrupt Iranian communications in the area, Delta 3 Commander Angelo Fernandez said in December. HELICOPTERS and FIGHTER JET The Venezuelan extraction relied heavily on helicopters. These included MH-60L Direct Action Penetrators - specialized attack helicopters with advanced weapon systems - as well as Boeing Little Bird M/AH-6M support and light-attack helicopters. Boeing CH-47 Chinook helicopters were used to transport troops and equipment into contested areas. According to executives from the defense industry who studied the raid, AH-64 Apache attack 'helicopters' armed with Hellfire rockets and 30 mm chains guns provided close air support for the extraction phase. Lockheed F-35 fifth-generation fighter jets, capable of evading radar systems with advanced technology, were used to dominate Venezuelan airspace. The F-35 was used 'alongside the F-22 Raptor, a fighter that is designed to hunt down enemy aircraft. The Navy also operated the Boeing F/A-18E/F Super Hornet as its primary strike fighter, and the EA-18G Growlers which are specialized electronic warfare jets that can jam enemy radar and communications to make it hard for air defenses on the ground to track and shoot at attacking aircraft. B-1B Lancer bombers can be used to deliver precision-guided weapons from outside of the range air defenses. The aircraft were refueled mid-air by KC-135 Stratotankers. These aerial refueling platforms extended the range of the fighters and bombers throughout the mission. Intelligence, reconnaissance and surveillance?proved crucial to mission success. Northrop Grumman E-2D Advanced Hawkeyes, carrier-based early warning aircraft, provided battle management and threats detection. RQ-170 Sentinel drones were used to conduct covert reconnaissance. They had previously been used in 2011 during the operation that found Osama bin Laden. According to a defense industry official, it is unlikely that the latest equipment of the Defense Department was involved as the operators haven't completed training on next generation platforms. According to the executive, if this operation followed past Pentagon post-mission analyses, the industry would receive a briefing on which equipment worked and which did not. After Operation Midnight Hammer, airstrikes on Iranian drone facilities, the defense industry was given an hour-long presentation at a day-long industry event detailing the equipment performance and operational issues. (Mike Stone and David Jeans, Washington, DC, and New York, edited by Joe Brock, Chris Sanders, Rod Nickel).
-
US offers to help airlines avoid fines for violating consumer protection laws
The U.S. Transportation Department proposes to revise their guidance and deemphasize the imposing of civil fines against airlines that violate consumer protection laws. They also want to abandon policies from Biden's era, which emphasized a tougher enforcement. The Office of Aviation Consumer Protection of the Department cited a February executive order from President Donald Trump, saying that its enforcement focus would be "on ensuring compliance with consumer protection and civil rights regulations rather than finding entities and penalizing them for violations." The department also said that in the event of violations, it would "attempt to address the issue by issuing a warning letter to help the regulated entitty achieve compliance and solve the issues before taking enforcement action." The department is also proposing to drop a 2023 directive issued by then-President Joe Biden, which stated that the department would "intensify its enforcement actions." It will also seek to increase penalties for airlines who violate consumer protection laws. Biden's administration claimed that these moves were necessary to prevent future violations, and ensure that they weren't viewed as "just a cost to doing business". In the Trump administration's draft guidance, it is stated that "civil penalties must be proportionate to the severity of the violation." The Transportation Department reversed some penalties that were imposed by the Biden administration on airlines last month. It waived $16.7m in fines that were imposed in 2024 on American Airlines as part of an agreement over the carrier’s treatment of “disabled” passengers. This included failing to provide adequate assistance to some and mishandling wheelchairs. Last month, the department agreed to waive the $11 million remaining fine on Southwest Airlines in a settlement of $140 million over operational problems which stranded?2 millions passengers during a busy travel period of December 2022. Southwest Airlines' decision to invest more than $1 billion into its operations was cited by the department in making its decision. The Department of Transportation retracted a proposal made under Biden in November that would have required airlines to compensate passengers for flight delays caused by them. (Reporting and editing by Franklin Paul, Paul Simao and David Shepardson from Washington)
-
Russia attacks two Ukrainian ports, Kyiv says
Officials from Ukraine said that Russia had attacked two'seaports' in the Odesa region of Ukraine on Wednesday. One person was killed and eight injured. In recent weeks, Russia has attacked Ukraine's port and foreign-flagged ships sailing from it. This is after Vladimir Putin promised to cut Ukraine from the sea as a retaliation for Kyiv's attacks on unregulated oil tanks sailing to Russia. The Ukrainian'seaport' administration stated that the ports attacked were Chornomorsk & Pivdennyi. Both are 'key export arteries' for Ukraine's commodities-heavy economy. Oleksiy Kulba, deputy prime minister of Ukraine, said: "This is another attack on port infrastructure by a terrorist country that has a role in ensuring global food security." Ukraine's Seaports Authority said on Wednesday that Moscow will attack the Odesa area seaports 96 more times in 2025 than it did in 2024, a nearly three-fold increase. Kuleba stated that the Wednesday attacks damaged port facilities, administrative buildings, and tanks containing vegetables oil. He added that the ports continued to operate while the damage was being repaired. Russia increased its strikes on Ukrainian port in December after Ukraine carried out?strikes against empty "shadow fleet tankers" that?Moscow used to ship their oil to buyers despite Western sanction. Kyiv has long tried to curb this revenue stream that it claims is funding Russia's conflict in Ukraine. Reporting by Yuliia Dyesa. Max Hunder wrote the article. Editing by Hugh Lawson, Mark Potter and Hugh Lawson.
-
Norway's pipeline gas exports will drop by 2.3% in 2025 but remain steady in 2019.
Gassco, the operator of Norway's pipeline system, said that Norway's natural gas exports via pipelines to Europe in 2018 decreased by 2.3% compared to their record-breaking?2024 levels. They are expected to stay roughly at these levels also in 2026. Gassco will deliver 114.9 billion cubic meters (bcm), or slightly less than the previous year’s record of 117.6bcm, through its 8,800 km (5,468 miles) pipeline network by 2025. Alfred Hansen said that the relatively stable level of supply is due to well-planned maintenance and a record-high availability of terminals. Onshore plants, and pipelines. Hansen said that the results were "exceptionally good" and added that it also cemented Norway's status as a major supplier of energy to Europe. He said that the current 'levels' represent a plateau in Norwegian gas supply, and 2026 is expected to keep a range of?110-120 bcm. Norway is Europe's biggest gas supplier after the Russian invasion of Ukraine, 2022. It meets over 30% of its consumption. However, volumes vary depending on demand, maintenance, and other issues that affect capacity. Gassco's gas network links Norwegian gas fields to Germany, Belgium France, Britain, and Denmark. Deliveries are usually close to 340 millions cubic metres per day. RISE IN EXPORTS TO GERMANY Delivery to Germany, Europe’s largest gas market, increased to 58 Bcm by?2025, up from 56 Bcm one year earlier. This includes volumes sent to Denmark through a branch of the?pipeline that has been in operation since 2022. Gas exports to Britain dropped from 30 bcm per year to 27 bcm by 2024. Exports to France and Belgium also fell, each by 1 bcm. Gassco does not include LNG shipments from the Hammerfest LNG facility in Arctic Norway. This plant has an annual capacity of approximately 6.5 billion cubic meters.
-
US proposes to help airlines avoid fines for consumer protection violations
The U.S. Transportation Department proposes to revise their guidance in order to?emphasize the imposition of civil?fines against?airlines that violate consumer protection laws and to abandon policies from Biden's era. The Office of Aviation Consumer protection?stated that its enforcement focus would be "on ensuring compliance with civil rights and consumer protection regulations, rather than finding and punishing entities for 'violations.'" If it finds violations, the office will "attempt to address the issue by issuing warning letters to help the regulated entitiy achieve compliance and resolve the issues before taking enforcement action." USDOT also proposes to remove guidance issued in 2023 by then-President Joe Biden, which stated that the department would seek higher penalties from airlines who violated 'consumer protection regulations.
-
Local distributor reports that Dongfeng, a Chinese automaker, is in talks with Turkey's local distributor to manufacture passenger cars.
The Turkish distributor of China's Dongfeng Motor said that the company is in discussions with an investor to produce passenger cars in Turkey. Turkey is a large market with an annual sales volume of 1.4m vehicles. It also has a customs-free trade agreement with the EU. Chinese imports of cars to Turkey are subject to additional taxes, and Chinese automakers including Chery are seeking to set up production in Turkey with local partners. In a LinkedIn statement, Yavuz Cirak said, "We're working hard to begin production this year." Cirak is the CEO of Dongfeng’s local distributor,?Marcar, and was a part of the talks. A?request for a comment from Dongfeng Motor was not responded to immediately. The investor has secured a production facility. However, a final investment decision is not yet guaranteed. Talks are still ongoing. Marcar will oversee local sales, and support the cars. When contacted by? On Wednesday, Cirak declined to identify the investor invoking a confidentiality agreement. On Monday, a post was made on the Turkish Instagram account of Dongfeng luxury car brand Voyah stating that local production of a new hybrid model is in the works. Despite high taxes, Turkish car sales reached a new record in the last year thanks to an increasing adult population and electric vehicle demand. BYD, a Chinese manufacturer, is expected to begin production in Turkey by the end of 2026. Can Sezer is reporting; Zoey Zhang and Mirac Eren dereli are providing additional reporting from Shanghai and Gdansk, respectively; Darin Butler and Elaine Hardcastle are editing.
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 market share and top spot in an year marked by high-stakes politics and ever bigger mergers.
Goldman Sachs' No. 1 ranking was aided by the rise of $10 billion deals, which amounted to $1.5 trillion in total last year, a more than two-fold increase from the previous year. According to LSEG data, Goldman ranked No. 1 in the world. The firm was involved in 38 of these deals, more than any other bank. Its total volume of advised deals was $1.48 trillion. This was the most mega-deals ever recorded by LSEG since 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 with $2billion, and Evercore $1.7billion.
Goldman, JPMorgan, and Morgan Stanley ranked first, second, and third in terms of the volume of transactions, followed by Bank of America, and Citi.
Goldman had a 44.7% market share in 2025 for announced M&As that involved Europe, Middle East, and Africa. This level was only ever exceeded once, in 1999.
The technology sector accounted for the majority of deals last year. However, dealmakers claim that a looser regulatory environment has made previously prohibitive deals across all sectors possible. The more permissive antitrust enforcement of U.S. president Donald Trump gave industry titans confidence to work together 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 deals of the year, the $88.2 Billion purchase by Union Pacific of Norfolk Southern and the intense bidding war between Warner Bros Discovery and Warner Bros. Bank of America, Wells Fargo, Barclays and Bank of America also had a piece of these two mega deals. CEOs are looking to scale their operations.
The desire to scale and grow strategically is strong, and this has prompted boardrooms and executive suites to become more proactive. People?do not wait for a company's sale before they start M&A activities," Anu Ayiengar said in an interview.
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.
Paramount Skydance and Netflix’s dueling offers for Warner Bros, at $108 billion and $9 billion, respectively, included debt, catapulted some banks, boutiques and legal firms to the top of the M&A list, including Wells Fargo and Moelis and Allen & Co. Also, Latham and Watkins, a law firm, ranked highly. Wells, which advised on 10 $10 billion+ deals, including Netflix’s bid for WBD (and other similar deals), jumped eight spots from 2024 to the No. 1 spot. 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 depend on the winner of Warner Bros' bid if they maintain their current ranking. LSEG, a data provider, says that advisors from both bidders currently get credit for the rankings. However, this will change when Warner Bros selects a winner. RedBird Capital Partners, M. Klein and Co., who didn't even make the top 120 in 2014, are now contenders for the top 25 thanks to the work they did for Paramount.
LSEG stated that the Warner Bros board was leaning towards rejecting 'Paramount's latest proposal, according to people familiar with its thinking. Wells would gain two spots in the rankings if Paramount withdraws their offer. Paramount's M&A department would lose one, according to the data. Charles Ruck is the global chair of LSEG’s No. 1 corporate department. Latham & Watkins ranked No. 1 in M&A legal advice, attributed the increasing number of large transactions to "size creep." Deals became more expensive in 2014 because the Nasdaq and S&P 500 both rose by 20.36 percent. 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."
(source: Reuters)