EW YORK: Aryna Sabalenka kept alive her hopes for a third straight US Open championship by fighting off Linda Noskova 7-6 (1), 3-6, 7-6 (10-7) on Tuesday in a thrilling quarterfinal matchup of major champions.
Sabalenka finished off the match with a second-serve ace to turn back the Wimbledon champion and reach the semifinals in Flushing Meadows for the sixth straight year.
Sabalenka — who needed to win to maintain the No. 1 ranking — will face either No. 3 Jessica Pegula or No. 26 Emma Navarro on Thursday in the semifinals.
Noskova, the No. 6 seed, won her first major title at the All England Club and narrowly missed becoming the first woman since Serena Williams in 2016 to follow a title on the grass by reaching the final four on the hardcourts of New York.
LONDON: Israeli forces demolished a home on Tuesday that belonged to a Palestinian family in the nomadic hamlet of Khirbet Khalla Al-Dabaa, located in Masafer Yatta, south of the occupied West Bank.
Fourteen members of the Mohammad Ali Dabbaba family lost their home when Israeli authorities demolished their 200-sq.-meter residence, constructed from tin and stone, according to the Palestine News Agency.
Forces also filled a crucial water well for the Bedouin community, destroyed electricity networks, damaged several water tanks, and uprooted 15 trees. Additionally, Israeli forces demolished a residential cave belonging to Abdullah Dabbaba, which housed six people.
Israeli authorities have issued demolition notices for 14 inhabited caves and several homes in Khirbet Khalla Al-Dabaa, the report added.
Masafer Yatta consists of nearly 15 Palestinian hamlets located in the southern West Bank; Khirbet Khalla Al-Dabaa is one of them. Israeli forces and settlers regularly invade the area in an effort to evict its total population of 1,150 residents, half of whom are children. Since the 1980s, the area has been designated a military zone by Israel.
In late August, armed Israeli settlers detained a 22-year-old British activist in the village of Umm Al-Kheir in Masafer Yatta, who was part of a “protective presence” initiative intended to support Palestinian residents. He was deported from Israel last week.
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Three MEPs have agreed in a report to be published Wednesday to tighten the requirements for foreign direct investment in the EU, restricting access to the European market for Chinese investors, Euronews has learned.
The report comes from the European Parliament’s rapporteurs on the proposed Industrial Accelerator Act, MEPs Christophe Grudler (Renew), Pierre Jouvet (S&D) and MEP Anna Cavazzini (The Greens). The act was presented by the European Commission last March and creates a European preference on the EU market to favour products made in Europe, in a move to protect strategic sectors of EU industry from foreign competition.
However, China has threatened several times to retaliate against the legislation, which is still under discussion, putting access to the EU market at the top of the agenda in some ongoing trade negotiations with Brussels.
The exclusive details of the report obtained by Euronews show that in sectors where China is dominant, among them electric vehicles, solar panels, critical raw materials and batteries, the three rapporteurs want to impose strict requirements on investments exceeding €50 million, a threshold lower than the €100 million initially proposed by the Commission.
For such investments, any investor from a country holding 40% of the sector’s global market share will have to meet six conditions: own no more than 49% of the share capital of the EU target; make the investment through a joint venture with an EU entity; transfer technologies to Europeans; ensure that at least 60% of the workforce consists of EU workers; reinvest at least 1% of annual revenue into research and development within the EU; and source at least 30% of manufacturing inputs from within the bloc.
The rapporteurs have added to the Commission’s proposal investments in other sectors such as wind power, electrolysers and heat pumps, making it necessary for the investor to meet at least three of the conditions above.
The report also restricts access to public procurement and public support schemes to products made in the 27 EU member states across areas such as clean technologies, cars and energy-intensive industries.
The Commission will only be allowed to extend the scope to products coming from non-EU countries under strict conditions, such as the application of reciprocal access for Europeans to foreign countries’ public procurement.
This follows intense lobbying from EU foreign partners, which want their products to be recognised as “made in Europe” to access the EU market. Many, such as the United Kingdom, argued that EU value chains were too intertwined with their own market to exclude them.
The report by the three MEPs will now have to be adopted by EU lawmakers before discussions start with EU member states on this future legislation.
However, it sends a signal to China that Europeans will not give up in their attempt to protect the EU market from China’s aggressive industrial policy.
RIYADH: Saudi-Russian cooperation has proven vital in supporting the stability of global energy markets and achieving a balance that serves the interests of both producers and consumers, the Kingdom’s foreign minister said on Tuesday.
During a visit to Moscow, Prince Faisal bin Farhan said the partnership between Riyadh and Moscow contributes to sustainable global economic growth and fosters cooperation across the economic, trade, and investment sectors.
Prince Faisal met with his Russian counterpart Sergey Lavrov who said that the minister’s visit offers a valuable opportunity to discuss Russian-Saudi relations which are witnessing year-on-year development across the trade, economic, investment, cultural, and humanitarian spheres.
Lavrov also affirmed his country’s sincere desire to contribute to efforts aimed at de-escalating the situation in the region and addressing regional issues.
The two ministers emphasized the importance of supporting the diplomatic path to resolve current regional and international challenges — including the Palestinian cause and the situation in Yemen.
They underscored the necessity of ensuring the security and freedom of navigation in international waterways, particularly the Strait of Hormuz and the Bab El-Mandab Strait.
Both sides affirmed their aspiration to advance Saudi-Russian relations which were established a hundred years ago.
Accession talks accelerate in Brussels as Ukraine, Moldova, Albania, and Montenegro push for faster integration into the EU.
This article appears in the September 2026 issue of Global Finance Magazine.
On July 14, the European Union took its most consequential step toward enlargement in two decades by holding four separate accession conferences in a single day and advancing membership talks with Ukraine, Moldova, Albania, and Montenegro.
European Commissioner for Enlargement Marta Kos (pictured) called it “Super Tuesday.” The EU’s last great expansion, when 10 mostly Central European states joined in 2004, redrew the continent. Bulgaria and Romania joined in 2007, and Croatia in 2013. After that, the bloc shrank when the U.K. left the EU.
Traditionally, the EU treated enlargement as a distant reward for would-be members rather than as an active geopolitical strategy. But Russia’s invasion of Ukraine, China’s expanding influence, and uncertainty about the U.S. commitment to Europe and NATO have shifted Brussels’ calculus. Rather than an economic transaction in which new participants open their markets in exchange for development funds, membership is now framed as a mutually beneficial bargain over border defense, energy security, and global leverage.
Still, candidates must meet strict reform benchmarks, and none of the new crop are likely to join before 2028. Negotiations cover 35 policy areas, or chapters, grouped into six clusters ranging from fundamentals and rule of law to the green agenda, and all 27 existing members must approve the opening and closing of each chapter: a veto power that has long paralyzed the process.
European Council President António Costa has urged lifting unanimity requirements for early accession stages, but this would require unanimous agreement, the very hurdle it is meant to remove. A proposal floated by French President Emmanuel Macron and German Chancellor Friedrich Merz would partially sidestep this barrier by giving candidates gradual, milestone-based access to the EU single market — covering goods, services, energy and regulatory standards — years before full membership.
Regardless, economic convergence is already outpacing political integration. Over the past two decades, the Central and Eastern European economies have grown at more than twice the rate of the EU-15, the wealthier Western and Northern European nations that were members before the big Eastern enlargement in 2004.
Some of those newcomers, according to Eurostat data, have since become the bloc’s growth engine. In 2025, the Czech Republic expanded by 2.6%, Latvia by 2.1%, and Lithuania by 2.9%. Poland, the frontrunner, grew by 3.6% and now ranks sixth in the EU by nominal gross domestic product, accounting for 4.9% of its total output, ahead of countries like Sweden, Ireland, and Austria.
It is not just EU officials betting that a second eastward enlargement will strengthen the bloc. Investors have taken notice, too. According to a report by accounting firm Forvis Mazars, mergers and acquisitions in the region hit a record €42.5 billion in 2025, up 36% year-on-year.
Risks loom, however.
Demographic decline, labor shortages, and exposure to geopolitical shocks could undercut the push toward enlargement. Enlargement also carries political costs, including further impeding an already sluggish decision-making process and straining a common budget under pressure from rising defense spending. Ultimately, expansion has come to seem a matter not of if but when. The eastern frontier region is no longer just the EU’s lower-cost manufacturing base, but where the bloc’s defense, industrial policy, and future growth will be decided.
Luca Ventura is a contributing writer based in Italy.
RIYADH: With cricket’s popularity rising across Saudi Arabia,, cricket academies and clubs are rapidly expanding across the Kingdom in race to nurture young talent and grow the sport at a competitive level.
The spread of one of the world’s most popular sports is part of the mission to promote a healthy and active lifestyle under the Saudi Vision 2030’s Quality of Life program.
Saudi Arabian Cricket Federation, the official governing body in the Kingdom, supported by the Ministry of Sports and Saudi Arabian Olympic Committee, has been mandated to increase physical activity levels by 40 percent over the decade.
But cricket’s popularity at grass roots remains mostly organic, particularly among many expats from across Asia who have made Saudi Arabia their home on recent years and decades.
The SACF, under the auspices of the Saudi Arabian Olympic Committee and the Ministry of Sports, was established in 2020, with Prince Saud bin Mishal Al-Saud as chairman of the federation.
Interestingly, Foreign Missions and International Schools especially from South Asia are also promoting the game offering training sessions at the schools and organizing inter-school tournaments.
Speaking to Arab News Ambassador of India to Saudi Arabia Vipul said: ” I am very pleased to see the growing popularity of Cricket in Saudi Arabia. Cricket has become an integral part of India’s sporting and cultural tradition. The inclusion of Cricket in the Los Angeles 2028 Olympic Games is a positive development towards its global visibility. We would like to see more and more countries embracing cricket.”
“The launch of the Indian Premier League (IPL) has further boosted its worldwide popularity of the game. A significant development in this respect was the IPL 2025 mega auction held on November 24 and 25, 2024, at the Abadi Al Johar Arena in Jeddah. There have also been several other engagements on cricket between our two countries, reflecting the growing interest in forging a long-term partnership in the development of cricket in Saudi Arabia,” added the ambassador.
He further said: “The large and vibrant Indian community in Saudi Arabia has also played an important role in promoting cricket. We are proud that some players representing the Saudi national cricket team come from the Indian community residing in the Kingdom. The Embassy of India will continue to engage with the Saudi Arabian Cricket Federation and other stakeholders to promote greater cooperation and exchanges in the field of cricket. Such engagements will add yet another dimension to the already strong and multifaceted people-to-people partnership between India and Saudi Arabia.”
Sri Lanka’s Ambassador Omar Lebbe Ameer Ajwad told Arab News: “Cricket is part of the Sri Lankan community’s life in Saudi Arabia. There are more than 80 community cricket clubs across the Kingdom. Cricket is also part of Sri Lanka international school’s extracurricular activities. School organizes inter-house cricket matches during the annual sports meet.”
“To mark the 50th anniversary of diplomatic relations between Sri Lanka and Saudi Arabia, I have initiated a tradition of hosting an annual Cricket Tournament – Sri Lanka Ambassador’s Cup, among Sri Lankan community cricket clubs in the Kingdom,” said the envoy.
“Sri Lanka stands ready and would be pleased to support Saudi Arabia’s initiative to promote and develop cricket in the Kingdom,” he added.
The Sri Lankan Embassy in Riyadh last year held a cricket tournament to mark 50 years of diplomatic relations between the south Asian nation and Saudi Arabia. Ajwad told Arab News that the plan is to make it an annual event.
“We are planning to bring some big names from Sri Lankan cricket in the final of the tournament in the future, in order to promote cricket among the Sri Lankan community in Saudi Arabia as well as promote cricket ties with the Kingdom.”
He added that since Saudi Arabia also has a cricket federation, the plan is to “explore opportunities” for cooperation in the game.
Cricket academies in different Saudi cities have taken major leaps in recent years.
Abdul Waheed, former captain and a star batsman of the Saudi national cricket team, who is associated with Arkan Sports Cricket Academy in Riyadh told Arab News: “Our academy aspires to be the grassroots engine of cricket development in Riyadh region. We aim for those being trained at our academy to practice and play good cricket and one day represent Saudi Arabia at the international level.”
MIND Cricket Academy, Jubail chairman Nasser Al Qashanain, told Arab News: “MIND Academy was established in 2019 in Jubail, with founder director Murali Krishnan, and co-founder R N Balasubramaniam. A home-grown academy is building a pipeline of young talent that its founders hope will one day represent the Kingdom on the world stage.”
“In December 2023, the academy decided the time had come to give cricket aspirants in the region a proper platform. Team Mind Academy launched the Mind Academy Cricket Club (MACC) — a dedicated home for young cricketers in Jubail, built on three pillars: dedication, discipline, and determination,” he said.
“From the outset, the academy prioritized coaching quality over quick wins. It brought in R. Aravind and C. Santosh, two India-based trainers certified by the International Cricket Council (ICC) to lay the technical groundwork for its young players,” he added.
The club’s growth was further accelerated by the support of its strategic partner and MIND Academy chairman Al Qashanain, whose backing helped Mind Academy Cricket Club secure a closer working relationship with the SACF.
“That partnership has since become a cornerstone of the club’s development, with SACF providing its coaches access to ICC Level 1 coaching certification and offering exceptional support throughout the journey — support that has been instrumental in establishing the club’s presence in Jubail,” said Al Qashanain.
“The SACF’s support for Mind Academy has been exceptional throughout their journey. Mind Academy and SACF signed a landmark MoU to jointly develop cricket at the grassroots level— a testament to the trust and confidence the federation places in the academy’s vision. Through SACF, the club’s coaching staff gained access to ICC Level 1 coaching courses held at the Sea Sports Center Fanateer in Jubail from 28–31 May 2025. The course was organized by the Jubail Cricket Association under the supervision of SACF and conducted by ICC/SACF-qualified tutors, with the proud support of the Royal Commission for Jubail and Yanbu,” he said.
The ICC certification has been a game-changer for the club, ensuring that every young cricketer at Mind Academy receives training that meets the highest international standards.
Mind Academy also forged a partnership with the Gary Kirsten Cricket Academy, opening the door for its coaching staff to progress through ICC coaching certification — from Level 1 all the way to Level 4 — under the mentorship of Gary Kirsten, a prominent former South African cricketer and elite coach who famously guided India to victory in the 2011 ICC Cricket World Cup.
“That blend of local passion and international know-how has become the hallmark of Mind Academy,” said Al Qashanain.
IPL’s Delhi Capitals Academy have also expanded with a new Saudi Arabia centre. The academy has strengthened its international footprint with the launch of its first academy through a new center in Jeddah.
Jazim Haris, head of operations, JSC Sports, told Arab News: “Delhi Capitals Cricket Academy has made its landmark Middle East debut with the launch of its first centre in Jeddah in partnership with JSC Sports Centre, the city’s first international cricket academy.”
“Designed for boys and girls aged 5 to 17, the academy combines ICC certified coaching with high-performance bowling machines, advanced performance monitoring and international player exchange programmes,” he said.
“The partnership is further strengthened by JSC Sports Centre’s exclusive state-of-the-art cricket stadium near Naseem, Jeddah featuring three playing surfaces, analytical cameras and cutting-edgee batting technology to track and creating a global pathway for emerging talent and give families a premier space to connect, socialise and enjoy their children’s progress,” he added.
Haris further said: “The launch expands Delhi Capitals academy footprint to five countries seven centres in India and six overseas across the UK, Canada, the US and Saudi Arabia marking a significant step in developing Jeddah’s cricket talent pipeline and supporting the Kingdom’s Vision 2030 sporting ambitions.”
He added: “Our strong association with SACF has fostered our vision to pioneer cricket academies in Jeddah.”
Aqil Azad, who runs cricket academies with grounds facilities – Tamimi Cricket Club, and Arabian Cricket Academy – told Arab News: “We have about 40 children being trained at our academies by certified coaches, amid structured program, and a clear focus on the fundamentals of the game, delivered to children and teenagers who might otherwise have had little access to formal cricket coaching in the Eastern Province.”
“We provide structured training programs for aspiring cricketers across all age groups in Dammam and Al Khobar. From intensive net practice and field drills to competitive match-day scenarios, the academy provides a complete cricketing guideline for young players in the region. The club also actively engages with local schools, introducing cricket to young students and scouting talent at the grassroots level,” he added.
Manzar Khan, president of the cricket academy in Yanbu – Yanbu Al Sinaiyah Cricket Association – told Arab News: ” The academy was established in 1979 and is one of the oldest and prestigious cricket associations in the Kingdom. Home to one of the most beautiful and first-ever grassy cricket grounds in Saudi Arabia, setting a benchmark for cricket infrastructure in the Kingdom.”
“At the academy we provide state-of-the-art night cricket facilities equipped with 8 towering floodlight poles, enabling high-quality day and night matches. We practice in 4 cricket grounds to accommodate simultaneous matches and practice sessions,” he added.
There are about 25 registered teams competing under the YACA banner, representing diverse communities and strong cricketing talent in Yanbu, he informed.
Officially affiliated with the SACF, YACA organizes three to four major tournaments per season, ensuring continuous competitive cricket throughout the year, and is recognized as a key contributor to the development of cricket in the Kingdom.
DUBAI: Saudi Arabia’s foreign minister, Faisal bin Farhan, said on Tuesday the Kingdom will not hesitate to defend itself against Houthi attacks.
Speaking from Russia’s capital, the minister said the Kingdom would use all available means to protect its interests.
“Houthi militia resorts to violence whenever it finds itself in a difficult situation. The Houthis are trying to export their domestic problems inside Yemen to Saudi Arabia,” he added.
The minister said the door for diplomacy was open for the Houthis but that they resorted to violence whenever they found themselves in a difficult situation.
Russian FM Sergey Lavrov said Houthi attacks on civilian targets in Saudi Arabia were unacceptable.
“Security and freedom of navigation in the Bab el-Mandeb Strait must be ensured,” he added.
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Europe’s answer to OpenAI has just become considerably better funded.
The Paris-based company Mistral AI announced its Series D on Tuesday, three years after being seeded, with the memory chip giant Samsung leading alongside the EU-backed Scaleup Europe Fund, managed by EQT, and existing investor PSG Equity.
The step up is steep.
Mistral was valued at €11.7 billion in 2025 after a €1.7 billion Series C led by Dutch chipmaker ASML, meaning the company has almost doubled its valuation in a year.
Much of the money is going into concrete rather than code. CEO Arthur Mensch announced the funding would build out data centres and computing capacity that Mistral can rent to others but that will also ensure autonomy.
“Long term, the plan is to fully rely on capacity that we are building ourselves, and so that means that the amount of compute that we own is going to grow around 100% in the next five years,” Mensch said, adding that the company would train “bigger and faster models.”
Mistral is already spending €4 billion on data centres across France and Europe, with one facility running outside Paris and another under construction in Sweden.
It raised further debt financing in March for the same purpose, and Microsoft has agreed to fund capacity from its European network, built around thousands of Nvidia chips.
Both Microsoft and Nvidia are also investors in Mistral, with the latter also adding exposure in this funding round.
The company says more than 125 enterprises across 20 countries use its technology, and Mistral projects it will pass a billion in annual recurring revenue by the end of 2026.
Despite the news, Europe continues to critically lag behind in the global AI race.
Mistral’s valuation sits far below OpenAI and Anthropic, and Europe’s wider AI sector remains a fraction of the American one, with enterprise adoption across the bloc running at around 13.5%.
Other European contenders exist but are smaller.
Germany’s Aleph Alpha focuses on government and regulated industries rather than competing at the frontier, while Helsing has grown quickly in defence applications, and Switzerland’s Apertus offers fully open models and training data.
Brussels is trying to close the gap.
The InvestAI initiative carries a €200 billion headline commitment, and in July the Commission opened tenders for up to seven AI gigafactories, aiming to unlock more than €30 billion in investment, though those sites are not expected to operate until next year or 2028.
Thirteen smaller AI factories are already being built across seven EU countries.
The AI Act became applicable in August, but its toughest obligations were pushed back by the digital omnibus agreed in May, with high-risk rules now landing in December 2027 and August 2028, a delay Brussels framed as making the policy more innovation-friendly.
boggy22
UniCredit (UNCRY) said Tuesday it received approval from the European Central Bank to apply the “Danish Compromise” to its insurance holdings, a move that is expected to provide a meaningful lift to its capital position.
The Danish Compromise allows banks
A few weeks ago, non-chavista politician Antonio Ecarri and American economist Steve Hanke managed to unearth one of Venezuela’s longstanding and unsettling debates: whether the country’s economy should be formally dollarized. After decades of economic hardship brought by repeated devaluations, hyperinflation and scarcity, the country’s monetary regime is heavily fragmented.
De facto dollarization rules most of the transactions, while the bolívar, crypto stablecoins, euros and the currencies of neighboring countries split the rest of the monetary market share used to maneuver through Venezuela’s complex economy. With the US pushing for the country’s economic stabilization to increase trust in foreign investors, the fragmented monetary ecosystem can be detrimental to the process made so far.
Venezuela’s economic outlook has improved after Maduro’s capture and since the US took control over Delcy’s decisions. Mainly because of a sharp recovery of oil exports to the US recovered sharply; by April, these were up 192% from their 2025 average. The energy sector is spearheading the recovery while attempting to partially compensate for the devastation caused by the twin earthquakes. GDP growth projections for Venezuela are forecasted at 5.8%, almost four times the country’s 2025 growth (1.5%). Yet the threat of inflation and instability compounds investors’ worries about entering the country. After repeated announcements by the interim regime promising to close the exchange gap and tackle inflation, their actions show otherwise.
Delcy continues to erode the bolívar by stimulating the money printer needed to feed chavismo’s patronage system. Exchange rate controls, which have long incentivized corruption and inflation, are still there. On the dollar side, credit loans and transactions remain “officially” forbidden, creating an artificial tax on USD transactions and fear amongst businesses who can be punished for their use.
Eliminating inflation would require abolishing all existing exchange rates and creating a new one based on an agreed technocratic approach.
The result of this unaddressed monetary disaster has been a persistent rise in inflation, which increased by 6.1% in July, bringing year-on-year inflation to 576% and 2026 cumulative inflation to 175.5%.
This is not the first time the call for dollarization has been in the spotlight in Venezuela. Nonetheless, US control over the country’s economy may increase the possibility of it becoming a reality. While dollarizing might be an effective measure to rapidly generate trust and reduce inflation, it raises important questions about its implementation under the interim regime and the future of Venezuela’s monetary sovereignty. Similar to Trump’s oil deal or the post-earthquake reconstruction, all discussions and actions are taking place behind the scenes, sidelining the very population that will have to deal with its consequences.
Discussions regarding dollarization have primarily focused on three benefits: eliminating inflation, forcing fiscal discipline, and eradicating corruption. However, as long as those managing the dollarization process are the same ones who have guided Venezuela to the worst economic crisis in the region’s history, the result might be equally as bad but with a different set of consequences.
Hanke asserts that no preexisting institutional, fiscal or political conditions are necessary for dollarization to be successful. However, this process requires the willingness of all three areas to move forward. Eliminating inflation would require abolishing all existing exchange rates and creating a new one based on an agreed technocratic approach. Currently, there is no incentive for anyone in the interim regime’s leadership to converge the exchange rates.
A struggling or failed dollarization plan could further erode trust while leaving the country even more vulnerable to external shocks.
The exchange rate differentials have not been an economic policy mistake overlooked by chavismo. These have been an integral part of chavismo’s strategy to undermine and replace old political elites with select, loyal ones. Long ago, they became crucial to maintain the status quo. There are no signs in favour of change in this area, as economist Juan Comella argued in May. Doing so would compromise the structure that keeps her in power.
A struggling or failed dollarization plan—which forces the government to take on further debt, experience severe cash shortages and fundamentally depend on its commodity exports—could further erode trust while leaving the country even more vulnerable to external shocks, such as a sudden plunge in oil prices. The neoliberal constraints posed by dollarization, like an extremely limited Central Bank to aid the government, will not fix decades of institutional erosion, but only try to avoid it while possibly unleashing a fresh round of obstacles that menace an already fragile economic recovery.
Decades of monetary policy failures made the population skeptical of the bolívar. For long enough, the system and institutions have incentivised and even rewarded the wrong people to take advantage of its vulnerabilities at the expense of the population and evading any personal consequences.
It is certainly not the paper where the bolívar is printed the element that corrupts people or destroys the economy: it is the system behind it. It is not far-fetched to think of a plan that grants the Venezuelan Central Bank complete independence, empowering the correct people to safeguard the economy from the risks of inflation while maintaining government spending in line and preparing for external shocks.
Relinquishing our monetary sovereignty would be a mistake in a world where governments actively participate and spend to tackle modern challenges, including AI and natural disaster relief. China’s rise as a global power has been, in part, a consequence of decades of industrial policy under intense government intervention. The US and EU have started to catch up in recent years. The US has done so with the CHIPS and Inflation Reduction Act under Biden and, most recently, with the Trump administration imposing protectionist tariffs and taking equity stakes in major companies with the aim of safeguarding US interests in key sectors. The EU aims to increase competitiveness under the Clean Industrial Deal and the Industrial Accelerator Act. If Venezuelan leaders seek to move past the country’s commodity dependence, climb up in the global value chain, become competitive and diversify the economy, industrial policy will be crucial. Dollarization would compromise those goals.
Starting a dollarization process under chavista rule is similar to entrusting the reconstruction of Venezuela’s oil sector to a businessman who contributed to the destruction of the country’s electricity grid.
Foreign investment will be the driver of short- and medium-term recovery and growth for Venezuela. However, industrial policy will be crucial to guide the long-term objectives of the country. For this, Venezuela needs the bolívar, even if it’s in an open and competitive currency market where the people decide which currency earns their trust.
The Ecarri-Hanke duo surprised public opinion not only because of their proposal but also because of the odd pairing. Ecarri represents the efforts of Venezuelan politicians with limited legitimacy to enter the spheres of influence in Washington, and also chavismo’s ability to neutralize them. Hanke only views Venezuela as part of a larger plan to promote and deepen the use of the dollar internationally, in a global context that increasingly mistrusts the US currency and is hedging against it.
Ecarri is the result of a system that empowers the wrong people. Hanke represents the oversight of the reality on the ground and the impact Venezuelans will have to absorb. Both display the same shortcomings of Venezuela’s monetary institutions over the past decades. Their proposal simply tries to hide the sun with one finger instead of addressing the historical root causes of Venezuela’s monetary instability.
Starting a dollarization process under chavista rule is similar to entrusting the reconstruction of Venezuela’s oil sector to a businessman who contributed to the destruction of the country’s electricity grid. Policy should depart from both trauma-instilled calls for complete dollarization and a patriotic defense of the bolívar. Instead, it should focus on economic stability and our capacity to meet the challenges of tomorrow.
Maksim Safaniuk/iStock Editorial via Getty Images
Audi is turning to a smaller electric vehicle to regain momentum in Europe, unveiling the A2 e-tron as competition intensifies from lower-cost Chinese automakers.
The new model, presented in Paris on Monday, brings back the A2 badge used by Audi in the
Beijing has reached for its chequebook.
The Chinese finance ministry is advancing a 360 billion yuan (€46.1bn) package to businesses, announced on Sunday through statements from the companies involved and reported by state news agency Xinhua, making it one of the larger interventions in China’s financial system this year as growth slows.
The Chinese banks take the bulk of it, roughly 290 billion yuan (€37.2bn), intended to preserve their capacity to keep lending as Beijing presses them to increase support for economic activity.
Xinhua reported the injection would strengthen the institutions’ “sound operating capabilities, risk resistance capabilities and ability to serve the real economy.”
The Agricultural Bank of China is pursuing a private placement of A-shares worth up to 160 billion yuan (€20.5bn) and the Industrial and Commercial Bank of China up to 100 billion yuan (€12.8bn), with the finance ministry among the investors.
Unusually, so is the China National Tobacco Corporation, which operates the state tobacco monopoly and the Export-Import Bank of China which will receive 30 billion yuan (€3.85bn).
Insurers account for the remaining 70 billion yuan (€9bn).
China Life Insurance Group, the country’s largest life insurer, gets 35 billion yuan (€4.5bn) and China Taiping Insurance Group 7 billion yuan (€900mn).
The People’s Insurance Company of China plans to raise up to 15 billion yuan (€1.9bn) through a private placement to the ministry, China Export and Credit Insurance Corporation receives 10 billion yuan (€1.28bn), and China Reinsurance Group is raising 3 billion yuan (€385mn).
Insurers have been squeezed from two directions as years of low interest rates have eroded investment returns, while the government has directed them to put money into Chinese equities.
The currency has been moving in the same direction.
The Chinese yuan reached its strongest level against the US dollar since January 2023 on Monday, trading at around $0.149, a firmer exchange rate that also happens to blunt a long-standing American complaint about Chinese currency management, weeks before talks in Washington.
The capital injection is not the only move Beijing is making this month.
Chinese President Xi Jinping is reportedly preparing to bring a large delegation of business executives to his Washington visit on 24 September, according to sources cited by news agencies.
It would be a notable departure from customary practice.
Xi rarely travels with corporate leaders, many of whom lost standing after the regulatory crackdowns on technology, education and property that began in 2020, and the last comparable delegation accompanied him to the US more than a decade ago, in 2015.
Washington’s response has also been curious.
“The White House is not tracking a Chinese CEO delegation,” a US official said, without explaining what tracking meant in this context, leaving the statement short of either confirmation or denial.
The gesture would be reciprocal in any case.
When US President Donald Trump visited Beijing in May, he brought a roster of American CEOs including Elon Musk, Tim Cook and Jensen Huang. Bringing Chinese counterparts to Washington would signal a willingness to invest and trade with the US, while handing the White House potential economic wins before November’s midterm elections.
Expectations for the summit itself remain modest, with the two sides still divided over which products should count as non-sensitive under trade arrangements.
US Treasury Secretary Scott Bessent, US Trade Representative Jamieson Greer and Chinese Vice Premier He Lifeng are due to meet in early September to work on deliverables.
Robert Way
Hyperscalers and Nvidia (NVDA) had become a much larger source of long-duration debt issuance relative to the U.S. Treasury in 2026, according to a chart posted by Global Macro.
The chart showed hyperscaler and Nvidia debt issuance, including special-purpose vehicles, had risen
Nelson_A_Ishikawa
Japan likely sold a portion of its U.S. Treasury holdings to finance its currency intervention over the past month, as its foreign reserves posted their largest decline in August.
Tokyo’s reserve assets totaled ~$1.21T at the end of August, down 6.2% from a
Zhihu (ZH) announced that it has entered into a subscription agreement to invest RMB1.5B (approx. $210M) as a limited partner in Tianjin Lisi Xingshen Equity Investment Partnership (Limited Partnership).
The proposed capital commitment, payable in cash via capital calls, will give Zhihu
Joe Raedle/Getty Images News
At least five people were killed and five others injured Sunday when an Amazon Air (AMZN) cargo plane overran a runway at Miami International Airport, struck several vehicles and caught fire, officials said.
Miami-Dade Aviation identified the aircraft as a
Utilities flash oversold signal as Treasury yields dim dividend appeal
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Amid considerable uncertainty over global economic growth, the prospect of higher interest rates and long-term government bond yields, and volatile energy prices, business activity worldwide has come under pressure.
Trade disruptions resulting from higher customs duties, supply chain disruptions caused by geopolitical conflicts, and mounting challenges facing major international institutions have further compounded these pressures.
These conditions underscore the need for resilient businesses that are not only financially strong but also supported by robust supply chains and capable of navigating challenging market conditions.
Against this backdrop, mergers and acquisitions have emerged as powerful drivers of growth, competitiveness and economic transformation. Yet their success depends on far more than agreeing on valuations and commercial terms. Regulatory complexity, cultural integration, corporate governance, due diligence, and the alignment of people and strategy can ultimately determine whether a transaction creates lasting value or falls short of its objectives.
Global M&A activity strengthened significantly in 2025, with announced deal value reaching approximately SR17.3 trillion ($4.6 trillion), an increase of 49 percent from 2024 and the strongest annual performance since 2021.
Saudi Arabia also recorded substantial transaction activity. The General Authority for Competition, which originated as the Competition Council in 2004, received 427 economic concentration applications valued at approximately SR2 trillion in 2025. It issued a record 269 no-objection decisions, up 33 percent from 2024.
Several major transactions illustrate the growing role of M&A in Saudi Arabia’s economic transformation. In the financial sector, the 2021 merger of the National Commercial Bank and Samba Financial Group created Saudi National Bank, combining two leading institutions to achieve greater scale, operational efficiency and competitiveness.
In the industrial sector, Saudi Aramco completed its $69.1 billion acquisition of a 70 percent stake in SABIC from the Public Investment Fund. Together, these transactions demonstrate how M&A can help consolidate industries, achieve economies of scale, integrate supply chains, develop strategic capabilities and support the Kingdom’s economic diversification objectives.
Against this backdrop, the Riyadh Chamber organized the “Legal Aspects of Corporate Mergers and Acquisitions and Investment Opportunities Forum” on Aug. 31, bringing together representatives from public- and private-sector entities.
The forum provided a valuable platform for regulators, investors, business leaders, legal advisers, compliance officers, board members, governance professionals and SMEs to exchange perspectives, enhance regulatory awareness and explore ways to reduce transaction risks and support sustainable corporate growth in line with Saudi Vision 2030.
I had the privilege of moderating the forum’s third session, titled “The Regulatory and Supervisory Framework for Mergers and Acquisitions in the Kingdom.” The session examined the role of regulatory authorities in reviewing M&A transactions and promoting competition, the regulatory framework governing transactions involving listed companies, and the support provided by relevant authorities for investment deals. It also explored M&A as a strategic tool for driving the growth and long-term sustainability of small and medium-sized enterprises.
Ultimately, an M&A transaction should not be pursued simply to achieve expansion or increase market share. Companies should first establish a clear strategic rationale and determine whether the transaction can create sustainable economic value, improve operational efficiency, foster innovation, strengthen competitiveness and build more resilient supply chains.
Expected synergies should be realistic, measurable and supported by a credible post-transaction integration plan.
Thorough due diligence is equally important. It should extend beyond financial performance and valuation to cover legal obligations, regulatory approvals, tax exposure, operational risks, contractual commitments, governance arrangements, workforce implications, corporate culture, cybersecurity, data protection, intellectual property, and environmental and social responsibilities.
Companies should also assess whether they have the financial and managerial capacity to complete the transaction and integrate the businesses effectively without disrupting existing operations.
Particular attention must be paid to the transaction’s impact on market competition. A deal that creates economic value for the parties involved may nevertheless harm consumers or the broader market if it creates or reinforces a dominant position, restricts market access, raises barriers to entry, reduces consumer choice or weakens competitive pricing.
Early engagement with relevant regulatory authorities can help identify such concerns, clarify notification and approval requirements, and reduce the risk of delays or legal challenges.
Supply chain considerations should also form part of the assessment. While an M&A transaction may improve security of supply, increase access to essential inputs and reduce operational vulnerabilities, companies must ensure that it does not create excessive dependence on a single supplier, market, technology or distribution channel.
Ultimately, a successful M&A transaction requires more than regulatory approval and financial completion. It should deliver tangible and sustainable benefits to shareholders, employees, customers and the wider economy.
Clear governance, transparent decision-making, full compliance with the applicable legal and regulatory framework, and continuous monitoring of post-transaction outcomes are therefore essential to ensuring that a deal achieves its strategic objectives while supporting fair competition and long-term market development.
X: @TalatHafiz
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