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China's top diplomatic official tours Africa to focus on strategic trade routes
China's top diplomatic official began his annual New Year tour in Africa on Wednesday. Beijing is seeking to secure important shipping routes and supply lines as it seeks to secure strategic trade access?across Eastern and Southern Africa. On his trip this year, Wang Yi will visit Ethiopia, Africa's largest economy with the fastest growth rate; Somalia, a Horn?of Africa?state that offers access to important global shipping lanes, Tanzania, a logistic hub connecting minerals-rich central Africa and the Indian Ocean, and Lesotho - a small economy in southern Africa squeezed by U.S. Trade Measures. Beijing wants to promote countries that it considers model partners in President Xi Jinping’s flagship 'Belt and Road" infrastructure programme and expand export markets. This is especially true for young, affluent nations like Ethiopia, where IMF predicts a 7.2% growth this year. China, the largest bilateral lender in the world, faces Growing competition The European Union will finance African infrastructure as the countries that have been hit by debt crises due to pandemics are now looking for investment rather than loans. A spokesperson for the ministry said that "Foreign minister Wang's trip aims to strengthen?political trust and mutual trust" and added that the trip will "increase exchanges and mutual understand between the two greatest civilisations in China and Africa". Wang opened 2025 ?by Visit our website to learn more about Namibia, the Republic of Congo and Nigeria. First Dilplomatic Mission to Somalia in Decades It is believed that his upcoming trip to Somalia will be the first visit by a Chinese foreign minister since the 1980s. This is also expected to give Mogadishu a diplomatic boost, after Israel was the first country to recognise the breakaway Republic of Somaliland - a region in the north which declared independence in 1991. Beijing, which reaffirmed its support for Somalia following the Israeli announcement made in December, wants to strengthen its influence around Gulf of Aden. This is the entrance to Red Sea, and the most important corridor for Chinese commerce transiting the Suez Canal into Europe. Tanzania, further south, is a key part of Beijing's plan for securing access to Africa's vast deposits of copper. Chinese firms are refurbishing Tazara Railway, which runs through the country and into Zambia. In November, Li?Qiang visited Zambia for the first time in 28 years. The railway is viewed as a counterweight against the U.S.-backed Lobito Corridor that connects Zambia with Atlantic ports via Angola, and the Democratic Republic of the Congo. CHINA - FREE TRADE IN LESOTHO Wang's visit to Lesotho in southern Africa is intended to show Beijing's efforts to establish itself as the champion of free-trade. Last year, China granted tariff-free access to its $19 trillion market for the world's most impoverished nations. This was in fulfillment of a promise made by Chinese President Xi Jinping during the 2024 China Africa Cooperation Summit. Lesotho is one of the poorest countries in the world with a GNP of less than $2 billion. Last year, it was hit hard by the tariffs of Donald Trump, which imposed duties up to 50% on exports. (Reporting and editing by Himani Sarkar; Kate Mayberry, Louise Heavens, and Himani Sarkar)
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IndiGo's antitrust investigation includes India's request for fare data from airlines
A document shows that the Indian government asked IndiGo and Air India to provide data on average fares, while antitrust authorities investigated unprecedented travel disruptions last December. IndiGo, India's largest airline with a market share of 65%, was forced to cancel 4,500 flights in the last month due to a shortage of pilots. This left thousands stranded and caused disruptions across India. The government imposed temporary ceilings on certain airline fares after they surged during the crises. In December, India's competition regulator CCI announced that it would be pursuing a case against IndiGo in order to "assess" whether the airline had abused its position on the market. IndiGo hasn't commented on the matter. REQUEST IS for AVERAGE?FARES DECEMBER 1- 15 According to an email sent by the Indian government on January 1, to IndiGo Air India Express SpiceJet Akasa, they asked for average fares per route, in economy and premium economy, during December 1-15. The CCI, and the Civil Aviation Authority did not respond to the questions sent via private email. Akasa refused to comment while other airlines didn't respond. One government source who asked to remain anonymous because they weren't authorised to speak in public, stated that the CCI had requested the details as it could be used to help assess the airfare patterns across airlines during disruptions. In the email, the government also asked airlines to provide "fare information on affected routes" when there were disruptions. No indication has been made that the case is being expanded to include other airlines. The CCI is currently reviewing a complaint that IndiGo has cancelled flights, then offered seats at higher prices. This amounts to an abuse of IndiGo's dominant position in the market, as previously reported. Aditya K. Kalra, Barbara Lewis and Aditya K. Kalra contributed to this report.
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Berlin restores power after record-breaking outage caused by arson
On Wednesday, electricity will be restored to thousands of Berlin households after a suspected arsonist attack on a power station. The incident was the longest blackout in Berlin since World War Two. In a?statement, Berlin Mayor Kai Wegner said: "We will gradually restore the power grid to affected areas starting at 11 'am (1000 GMT)." Early Saturday morning, a fire destroyed a cable duct that crossed a canal. This cut off power to more than 2,000 homes and?45,000 businesses in the southwest part of the city during a period of freezing temperatures. Volcano, a far-left activist group that claimed responsibility for allegedly attacking a power pole near Tesla's factory in Berlin last year, has now taken the blame. The German Army was called to assist residents who were suffering from an outage that also affected mobile phones, heating and trains. Some politicians have demanded more funding to protect the infrastructure of the capital, particularly after the domestic intelligence agency warned about the growing threat from left-wing extremists. (Reporting and editing by Matthias Williams; Madeline Chambers)
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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)
Berlin Mayor warns infrastructure after attack on power station
Berlin's Mayor said on Monday that the German capital's infrastructure was in need of better protection, two days after an arsonist attack left tens of thousands without electricity.
The Volcano group, an activist far left, claimed responsibility for this attack, which shut down mobile connections, blocked heating in freezing temperatures, stopped trains, and forced hospitals into using backup generators.
In an interview with the Bild newspaper, Interior Minister Alexander Dobrindt said: "Left-wing terrorists are back in Germany and they're getting worse."
Volcano, which claims to be against fossil fuels and energy industries, has claimed a number of?attacks on Berlin and the Brandenburg region.
Berlin Mayor Kai Wegner said at a press conference that "there will be discussions with the federal government on how we can protect our critical infrastructure better, particularly?in the region of the capital."
In a period of growing geopolitical unrest, Germany and other Western countries have been alert to sabotage attempts on power, communication and transport systems.
Early Saturday morning, a fire destroyed a cable over a canal. This cut off?power to around 45,000 homes and more than 2,00 businesses in southwest of the City, including the wealthy areas of Zehlendorf and Wannsee.
Stromnetz Berlin said that although electricity has been restored to 14,500 households, a full restoration is not expected before Thursday afternoon.
The Volcano Group claimed responsibility for an arson attack suspected to have taken place on a power pole near Tesla's factory outside Berlin in 2024.
In its latest annual report, the agency of domestic intelligence said that left-wing militantism was a growing threat and specifically mentioned the Volcano Group.
Bernhard Bullmann of Stromnetz Berlin said that restoring power to areas without electricity would require a complex operation, involving high tension lines and specialized staff. (Reporting and editing by Andrew Heavens; James Mackenzie)
(source: Reuters)