The ongoing Iran war has reshaped global energy dynamics, shifting influence away from OPEC toward the United States. Traditionally, OPEC and key producers like Saudi Arabia acted as “swing suppliers,” adjusting output to stabilize markets.
However, disruptions caused by the closure of the Strait of Hormuz have left millions of barrels stranded, limiting OPEC’s ability to respond and opening space for the United States to take on that stabilizing role.
Collapse of OPEC’s Leverage
The near shutdown of Gulf energy routes has forced major producers to cut output significantly. Even Saudi Arabia’s alternative export routes have proven insufficient to offset the scale of disruption.
This has weakened OPEC’s traditional power, which relied heavily on spare production capacity to manage supply shocks and influence prices.
Rise of U.S. Energy Dominance
The United States has stepped in decisively, leveraging its position as the world’s largest oil producer. Since surpassing both Saudi Arabia and Russia in output in 2018, the U.S. has built unmatched capacity to influence global markets.
Exports have surged to record levels, with both crude and refined products flowing to regions hit hardest by supply shortages, particularly in Asia. This rapid response has helped cushion the global economy from a deeper energy crisis.
Strategic Tools Beyond Production
Washington’s influence extends beyond production alone. The government has released oil from its Strategic Petroleum Reserve, providing an additional buffer against supply shocks.
It has also used sanctions policy as a flexible tool, selectively easing restrictions on Russian and Iranian oil to increase global supply when needed, while tightening measures to maintain geopolitical pressure.
Economic and Political Impact
For U.S. producers, the crisis has generated substantial financial gains through higher export revenues. At the same time, Washington’s actions have helped stabilize global markets, reinforcing its role as a central player in the energy system.
However, these moves carry political risks, including potential contradictions between economic goals and foreign policy objectives.
Limits of U.S. Power
Despite its growing influence, the United States cannot fully replicate OPEC’s traditional role. Unlike centralized producers, the U.S. oil industry operates within market constraints, limiting the government’s ability to directly control output.
Policies such as export restrictions could theoretically impact global prices, but would also risk damaging domestic production systems and relations with international partners.
Analysis
The Iran war has accelerated a structural shift in global energy power. The United States has effectively become a “swing supplier,” not through coordinated production cuts like OPEC, but through a combination of market scale, strategic reserves, and policy flexibility.
This transformation highlights a new model of energy influence, where rapid responsiveness and financial depth replace centralized control. While OPEC remains relevant, its ability to dominate global supply dynamics has been significantly weakened under current conditions.
At the same time, U.S. dominance introduces new complexities. Balancing domestic political pressures, international alliances, and market stability requires careful calibration. The use of sanctions as a supply management tool also raises questions about long term consistency in foreign policy.
Ultimately, the shift signals a more fragmented and dynamic energy landscape. The United States may not control the market in the traditional sense, but its ability to shape outcomes quickly and at scale makes it the most influential actor in the current crisis.
Famine was confirmed in two places in 2025 – areas of the Gaza Strip and Sudan – the first such dual confirmation since formal famine reporting began, according to the Global Report on Food Crises (GRFC) 2026.
The annual report, produced by a coalition of 18 humanitarian and development partners, found that acute food insecurity remained widespread in 2025.
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Across 47 countries and territories experiencing food crises, 22.9 percent of their populations – or about 266 million people – experienced acute food insecurity last year, a marginal rise from 22.7 percent in 2024 but nearly double the 11.3 percent recorded in 2016.
The proportion of analysed populations facing acute hunger has now stayed above 20 percent every year since 2020. In absolute terms, the number of people affected has grown from 108 million in 2016 to 265.7 million in 2025, having peaked at 281.6 million in 2023.
The GRFC cautioned that the slightly lower headline figure compared with 2024 mainly reflects a reduction in the number of countries covered – from 53 to 47 – rather than any real decline in needs.
Famine, catastrophe and emergency
Famine – the most extreme classification under the hunger-monitoring Integrated Food Security Phase Classification (IPC) system – was confirmed in parts of the Gaza Strip and Sudan in 2025. The risk of famine remained in other areas of Gaza, Sudan and South Sudan, and those projections extended into 2026.
According to the IPC, famine is when:
At least 20 percent of households face extreme food shortages.
Acute malnutrition affects more than 30 percent of the population.
The death rate due to starvation or hunger-related causes exceeds two deaths per 10,000 people per day.
(Al Jazeera)
Six countries and territories had populations facing “catastrophic conditions”, or Phase 5, the highest level in the IPC’s classification of food insecurity. They numbered 1.4 million people, a more-than ninefold increase since 2016.
The Gaza Strip was the worst affected, with 640,700 people facing famine conditions, equivalent to 32 percent of its population, the highest share recorded globally. Sudan followed with 637,200 people, or 1 percent of its population.
Four other countries recorded catastrophic food shortages among specific groups of people: South Sudan – 83,500 (1 percent of the population), Yemen – 41,200 (0.1 percent), Haiti – 8,400 (0.1 percent) and Mali – 2,600 (0.01 percent).
Additionally, more than 39 million people in 32 countries were in Phase 4, or emergency conditions, representing 3.8 percent of the population analysed, a marginal increase from 2024.
Conflict remains the main driver of hunger
Conflict and violence were the primary drivers of acute food insecurity in 19 countries where 147.4 million people were affected. They represented more than half of those facing acute hunger globally.
Weather extremes were the primary driver in 16 countries, affecting 87.5 million people, while economic shocks led in 12 countries, with 29.8 million people affected.
Against that backdrop, humanitarian and development financing for areas facing food crises declined in 2025, falling back to levels last seen in 2016-2017, the report said.
As for 2026, the report said that based on a partial picture as of March, severity levels remain critical in multiple contexts. It added that the escalation of conflict in the Middle East exposes food-crisis countries to direct and indirect risks of global agricultural and food market disruptions.
A generation of malnourished children
An estimated 35.5 million children were acutely malnourished in 2025 across 23 countries experiencing nutrition crises, including just under 10 million with severe acute malnutrition, the most life-threatening form.
A further 25.7 million children suffered from moderate acute malnutrition. About 9.2 million pregnant and breastfeeding women were also acutely malnourished across 21 countries with available data.
(Al Jazeera)
Displacement is concentrated in food-crisis countries
The number of forcibly displaced people in the 46 countries covered fell slightly in 2025 to 85.1 million.
About 62.6 million of them were internally displaced across 34 countries, and 22.5 million were refugees and asylum seekers in 44 countries.
Without a sustained push to address the structural drivers of hunger, the world’s most fragile countries will continue to bear a disproportionate share of the global hunger burden well into 2026, the report concluded.
Chinese startup says DeepSeek-V4-Pro beats all rival open models for maths and coding.
Published On 24 Apr 202624 Apr 2026
China’s DeepSeek has unveiled the latest versions of its signature artificial intelligence-powered chatbot, a year after its flagship model sent shockwaves through the global tech scene.
The Chinese startup launched preview versions of DeepSeek-V4-Pro and DeepSeek-V4-Flash on Friday as it touted its ability to go toe-to-toe with US rivals such as OpenAI and Google.
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Like DeepSeek’s previous chatbots, V4-Pro and V4-Flash follow an open-source model, meaning developers are free to use and modify the source code at will.
DeepSeek-V4-Pro beats all rival open models for maths and coding, and trails only Google’s Gemini 3.1-Pro, a closed model, for world knowledge, DeepSeek said in an announcement on social media.
The “pro” version’s performance falls only “marginally short” of OpenAI’s GPT‑5.4 and Gemini 3.1-Pro, “suggesting a developmental trajectory that trails state-of-the-art frontier models by approximately 3 to 6 months,” the Hangzhou-based startup said.
The “flash” model has similar reasoning abilities to the “pro” version, while offering faster response times and “highly cost-effective” usage pricing, the firm said.
The release comes after DeepSeek-R1 stunned the tech sector upon its launch in January last year with capabilities broadly comparable with those of ChatGPT and Gemini.
Marc Andreessen, a prominent Silicon Valley venture capitalist with close ties to United States President Donald Trump, hailed the model’s release at the time as “AI’s Sputnik moment”.
The performance of the Chinese-developed model attracted particular attention as its developers claimed to have spent less than $6m on computing costs – a fraction of the multibillion-dollar budgets that are usual in Silicon Valley.
Some tech analysts challenged DeepSeek’s account of working with such scant resources, arguing that the startup most likely had access to greater funding and more advanced chips than acknowledged.
DeepSeek’s arrival on the scene prompted blowback in some countries amid concerns about data protection and Chinese government censorship.
Multiple US states, Australia, Taiwan, South Korea, Denmark and Italy introduced bans or other restrictions on DeepSeek-R1 shortly after its release, citing privacy and national security concerns.
In recent years, the United Arab Emirates (UAE) has transformed itself into one of the most attractive destinations for entrepreneurs, startups, and international investors. What used to be primarily known as an oil-driven economy has now evolved into a diversified, innovation-focused business hub with strong global connections.
For anyone considering international expansion, relocation, or asset structuring, the UAE offers a combination of strategic advantages that are difficult to match elsewhere. From tax optimization to ease of doing business, the country continues to attract companies from Europe, Asia, and beyond.
Strategic Location and Global Connectivity
One of the key reasons why the UAE stands out is its geographic position. Located between Europe, Asia, and Africa, it serves as a natural gateway for international trade. Major cities like Dubai and Abu Dhabi are well connected through world-class airports and seaports, making logistics and operations significantly more efficient.
This strategic positioning allows businesses to operate across multiple markets with minimal friction. Whether you’re running an e-commerce operation, a consulting firm, or a trading company, the UAE provides access to billions of consumers within a few hours’ flight.
Business-Friendly Environment
The UAE government has made significant efforts to create a pro-business environment. Over the past decade, regulations have been simplified, and bureaucratic barriers have been reduced.
Some of the key advantages include:
Fast company registration processes
Minimal reporting requirements compared to many Western jurisdictions
Strong legal framework protecting investors
Access to free zones with tailored business benefits
Entrepreneurs who previously struggled with complex regulatory systems in their home countries often find the UAE refreshingly straightforward.
If you’re exploring international expansion, understanding the process of company formation in uae is one of the first steps to unlocking these advantages.
Tax Efficiency and Financial Benefits
One of the most compelling reasons businesses move to the UAE is its tax structure. While global tax regulations are evolving, the UAE still offers highly competitive conditions:
0% personal income tax
Competitive corporate tax rates
No capital gains tax in many cases
No withholding taxes
For founders and business owners, this translates into significantly higher retained earnings and better capital allocation.
However, it’s important to approach this strategically. Many entrepreneurs make the mistake of focusing only on “zero tax” narratives without understanding compliance requirements, substance rules, and international reporting obligations. Poor structuring can eliminate all the benefits you’re aiming for.
Free Zones vs Mainland: What Actually Matters
A common misconception is that choosing between free zones and mainland structures is just a formality. In reality, this decision has long-term consequences for your operations.
Free zones offer:
100% foreign ownership
Simplified setup
Industry-specific ecosystems
Mainland companies provide:
Access to the local UAE market
Fewer restrictions on business activities
More flexibility in scaling
The right choice depends entirely on your business model. If you’re running a digital business or international service company, a free zone might be sufficient. But if you plan to operate locally or work with government contracts, mainland becomes necessary.
Most founders underestimate this decision and later face restructuring costs. That’s avoidable if the setup is done correctly from the beginning.
Reputation and Credibility
Beyond operational and tax benefits, the UAE also provides a strong reputational advantage. Having a company registered in Dubai or Abu Dhabi often enhances credibility when dealing with international partners.
Clients and investors tend to view UAE-based companies as more stable and globally oriented compared to entities registered in offshore or less regulated jurisdictions.
This matters especially in industries like:
Finance and consulting
E-commerce and trading
IT and digital services
A well-structured UAE company can significantly improve your positioning in competitive markets.
Banking and Financial Infrastructure
Opening a corporate bank account has become more complex globally, and the UAE is no exception. However, compared to many jurisdictions, it still offers relatively accessible banking solutions—if your structure and documentation are prepared correctly.
Key considerations include:
Clear business activity
Transparent ownership structure
Proof of business operations
Compliance with AML requirements
Many entrepreneurs fail at this stage not because the system is broken, but because they approach it unprepared. Proper planning significantly increases approval chances.
Scaling Opportunities
The UAE is not just a place to register a company—it’s a platform for scaling.
The country actively supports:
Startups and innovation hubs
Venture capital and investment funds
Tech and digital transformation initiatives
Dubai, in particular, has become a hotspot for founders building global products. Access to capital, talent, and infrastructure creates an environment where scaling is not just possible—it’s expected.
However, there’s a blind spot many entrepreneurs have: they move to the UAE expecting growth to happen automatically. It doesn’t. The environment amplifies good strategies, but it also exposes weak ones.
If your business model is flawed, the UAE won’t fix it—it will just make the problems more expensive.
Cost Considerations
While the UAE offers numerous advantages, it’s not a “cheap” jurisdiction.
Typical costs include:
Company registration fees
License renewals
Office requirements (depending on structure)
Visa costs
This is where many people miscalculate. They focus on tax savings but ignore operational expenses. The result? A setup that looks good on paper but doesn’t make financial sense.
The correct approach is to evaluate total cost vs. total benefit—not just taxes.
Long-Term Perspective
The biggest mistake entrepreneurs make when entering the UAE is treating it as a short-term hack rather than a long-term strategic move.
If you approach it purely as a tax-saving tool, you’ll likely:
Underinvest in structure
Ignore compliance
Face issues with banks or authorities
But if you treat it as a base for international growth, the UAE becomes one of the most powerful jurisdictions available today.
Final Thought
The UAE isn’t a magic solution—but it’s one of the few places where business, tax efficiency, global access, and infrastructure align at a high level.
Most people either overestimate it (“it solves everything”) or underestimate it (“just another offshore”). Both views are wrong.
The real advantage comes from execution:
Choosing the right structure
Setting up properly from day one
Aligning your business model with the environment
If done correctly, the UAE doesn’t just optimize your business—it changes the trajectory of it.
Visitors look at a South Korea-developed innovative small modular reactor model during this year’s International Nuclear Energy Expo at the BEXCO exhibition center in Busan, South Korea, 22 April 2026. Photo by YONHAP / EPA
April 22 (Asia Today) — Global nuclear industry leaders gathered in Busan on Tuesday, highlighting the growing role of nuclear power in meeting surging electricity demand driven by artificial intelligence and data centers.
The Korea Atomic Industrial Forum opened its annual conference at BEXCO, bringing together policymakers, industry leaders and researchers under the theme “Nuclear energy for the AI era.”
This year’s event is being held alongside the Pacific Basin Nuclear Conference, which returned to South Korea for the first time in 14 years, and the Busan International Nuclear Industry Exhibition. Organizers expect around 19,000 participants.
The event features representatives from 19 countries and 156 companies, making it the largest exhibition of its kind to date.
Participants emphasized that rapid growth in AI technologies is fundamentally reshaping global energy demand. Electricity consumption by data centers is projected to reach 1,300 terawatt-hours by 2035, while AI-related power demand is expected to grow at an annual rate exceeding 120% through 2028.
To meet this demand, major technology companies have significantly increased investments in nuclear energy, with total spending surpassing $30 billion over the past 18 months.
Government policy is also shifting. The United States has set a target to expand nuclear capacity to 400 gigawatts by 2050 – roughly four times current levels – while about 15 new nuclear reactors are expected to come online globally in 2026.
Keynote speakers included Mesut Ozman of Fermi Nuclear, who is leading an 11-gigawatt nuclear project in Texas, and Tomas Ehler of the Czech Ministry of Industry and Trade, along with other senior officials and industry executives.
The conference also includes sessions focused on Southeast Asia, where countries such as Singapore, Malaysia and Vietnam are exploring nuclear energy adoption.
Discussions are covering a wide range of issues, including reactor lifetime extensions, carbon neutrality, artificial intelligence, energy security, small modular reactors and radioactive waste management.
South Korean companies are also expanding their global footprint. Hyundai Engineering & Construction is participating as an engineering, procurement and construction partner in negotiations for four AP1000 reactor projects, while Doosan Enerbility is supplying key components such as reactor vessels and steam generators.
The Czech Republic is also pursuing an expanded nuclear strategy, aiming to increase the share of nuclear power in its energy mix to as much as 50% to 60% through new projects at Dukovany and Temelin.
As energy demand accelerates in the AI era, industry leaders said nuclear power is increasingly being viewed as a reliable and scalable solution to ensure energy security and meet climate goals.
Oil prices edged slightly higher, European indices traded flat, while Asian markets surged on Tuesday morning as investors monitored potential US-Iran negotiations and the final 48 hours of the current ceasefire.
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At the time of writing, US benchmark crude was up 8.5% from last Friday’s low to around $86.3 a barrel, while Brent crude, the international standard, was around 9.5% higher at roughly $94.5 a barrel.
As for European markets, the Euro Stoxx 50 and the broader pan-European Stoxx 600 were trading within a 0.2% range.
The UK’s FTSE 100, Germany’s DAX 30, France’s CAC 40 and Italy’s FTSE MIB were all similarly trading within a 0.3% range.
On Wall Street, US futures were also all trading within a 0.3% range with the tech-heavy Nasdaq leading. The S&P 500 closed marginally lower by 0.2% on Monday at 7109 points.
Despite US representatives, including special envoy Steve Witkoff and senior adviser Jared Kushner, travelling to Islamabad as part of renewed efforts to secure an agreement, no concrete progress on US-Iran negotiations has been announced.
The Strait of Hormuz remains closed and the current ceasefire ends on Wednesday keeping markets in a state of uncertainty.
US President Donald Trump has asserted that the deal currently being negotiated will be better than the Joint Comprehensive Plan of Action (JCPOA), which was signed by US President Barack Obama in 2015 and from which Trump withdrew in 2018.
Latest on US-Iran negotiations
Following the arrival of US representatives to Islamabad there has been no developments on the negotiations with Iran.
Even though US President Donald Trump confidently declared that there is a historic deal in the works, public statements from major Iranian figures seem to indicate otherwise.
Mohammad Ghalibaf, the speaker of Iran’s parliament and the person previously heading the talks with the US, made sweeping declarations via X on Monday stating that the country will “not accept negotiations under the shadow of threats” and “has prepared to reveal new cards on the battlefield”.
Previously, other Iranian representatives have also described US demands as “excessive”.
For the time being, markets eagerly await developments and are highly sensitive to any headlines about the situation.
Associated British Foods and Primark demerger
Although European markets are trading flat, major news in the retail consumer sector has come out of the UK.
Associated British Foods (ABF) is poised to announce the outcome this week of a strategic review into demerging its fast-fashion retail arm Primark, from its diversified food business.
The conglomerate, controlled by the billionaire Weston family, has been working with advisers from Rothschild & Co to assess whether the split would maximise long-term shareholder value.
Analysts argue the move makes sense because of the limited operational synergies between the two divisions: the food arm generates steady cash flows from brands such as Twinings, Patak’s, Jordans cereals and Allied Bakeries, while Primark has pursued aggressive international expansion in a fiercely competitive retail sector.
The decision comes as ABF faces tough trading conditions, with the group warning in January of flat annual sales and declining profits, further pressured by rising costs and the fallout from the Iran conflict, including potential increases in petrochemical prices.
In 2025, some of the world’s top investment banks demonstrated their leadership across diverse sectors, driving major deals that shaped global markets.
For 2025, some of the world’s most influential investment banks demonstrated their ability to adapt, innovate, and lead across diverse sectors. From major M&A to groundbreaking IPOs, these financial powerhouses have cemented their positions as industry leaders by executing high-profile deals that shaped global markets.
Financial Services
UBS
With a dedicated team of 150 specialists in the category, UBS delivered some of the year’s most closely watched finance deals. In the US, the Swiss powerhouse played a leading role in the $1.6 billion acquisition of Paramount Group by global alternative-asset manager Rithm Capital. In Europe, UBS served as financial adviser to Monte dei Paschi di Siena in connection with the voluntary public purchase and exchange offer for Mediobanca for over €16.5 billion (about $19 billion). UBS also advised financial services provider Baloise in its 17.8 billion Swiss franc (about $22 billion) merger of equals with Helvetia, one of the sector’s most important deals. UBS acted as an active bookrunner on the May IPO of Israel’s eToro retail trading platform, valued at $4.2 billion. The bank also acted as a joint bookrunner on Swedish fintech Klarna’s $1.4 billion IPO in September. —Thomas Monteiro
Healthcare
Rothschild & Co
With a specialized healthcare team of more than 100 advisory bankers in 20 offices globally, Rothschild secured several of the most complex and high-profile deals of 2025.
Balancing IPO and private-sale options, the London-based firm supported Sanofi’s disposal of French multinational pharmaceutical company Opella, valued at €16 billion. The bank also acted as joint lead adviser in the €10 billion sale of pharma company Stada Arzneimittel to investment firm CapVest—one of Europe’s largest leveraged buyouts of 2025. In Switzerland, Rothschild advised Swiss multinational medical-technology company Ypsomed on the carve-out and sale of its Diabetes Care division to TecMed for 420 million Swiss francs.
Beyond Europe, the bank supported healthcare deals in Asia and North America, including India’s landmark sale of a controlling stake in JB Chemicals and Pharmaceuticals to Torrent Pharmaceuticals for roughly $3 billion. —TM
Industrials/Chemicals
Barclays
2025 saw a surge in industrials and chemicals M&A activity, with major deals in the US and Europe reshaping the market. UK-based Barclays played a key advisory role, including on Berkshire Hathaway’s $9.7 billion acquisition of OxyChem, spun off from Occidental Petroleum..
Barclays also advised the buy side on the $13.4 billion acquisition of Nova Chemicals by a consortium led by Abu Dhabi National Oil Company and OMV, the year’s largest cross-border deal in the sector, which played a key role in strengthening global polyolefins production.
In industrial technology, Barclays advised CVC Capital Partners on its £2 billion ($2.5 billion) acquisition of Smiths Detection from Smiths Group, highlighting continued private-equity interest in high-tech industrial assets. —TM
Infrastructure Finance
Societe Generale
As global infrastructure investment accelerated in 2025, French giant Societe Generale played a central role in some of the year’s most significant infrastructure transactions. In the UK, Societe Generale acted as mandated lead arranger and bookrunner on £5.5 billion (about $7.3 billion) of financing for the Sizewell C nuclear power station, one of Europe’s most important new energy-infrastructure projects and a cornerstone of the country’s long-term energy-security strategy.
The bank was also a key arranger on nearly $1.1 billion in green financing for the Eastern Green Link 2 transmission project, a 505 km (about 314-mile) subsea electric cable connecting Scotland and England. The project will transport up to 2 GW of renewable electricity from coastal wind farms to southern demand centers, enough to power more than 2 million homes while strengthening the UK’s electricity grid. Digital infrastructure has also been an important pillar of Societe Generale’s franchise. The bank participated in €650 million financing for the development of a European hyperscale data-center platform backed by Iliad Group and InfraVia, to support the expansion of cloud computing and AI infrastructure. —TM
BMO Capital Markets
After reaching record highs in 2025, prices for base metals and critical minerals continue to be whipsawed as economic risks and uncertainty persist, with shifting tariffs and supply disruptions related to the conflict in Iran. Strong price appreciation contributed to increased capital-markets activity, with many companies opting to increase scale or sell noncore assets. BMO Capital Markets continues to help clients successfully navigate these complex markets with advisory mandates and capital-markets execution on the largest transactions.
Globally, BMO covered 21 transactions in 2025 valued at $38 billion. It is also the sector’s top bank in equity capital-markets underwriting. In one of the largest metals and mining transactions of the past 10 years, BMO advised the $50-billion merger of Teck Resources and Anglo American. With BMO’s dominant market position, it has cultivated many long-term relationships. One of these clients is Coeur Mining, which the firm advised on the acquisition of SilverCrest Metals with a total implied equity value of approximately $1.7 billion. BMO was also named adviser for Coeur Mining’s announced buy of New Gold, valued at about $7 billion. —David Sanders
Power/Energy
BTG Pactual
The global power and energy investment outlook remained robust in 2025, driven by rising infrastructure spending amid the rearranging of supply chains due to increased geopolitical tensions and continuously accelerating renewable energy transition projects. Against this backdrop, our best bank for the sector, Brazilian heavyweight BTG Pactual, took advantage of its region’s large-scale privatizations, transmission-asset sales, and growing private investment to notch a banner year.
Among the bank’s main deals of the year in the sector, BTG served as the exclusive financial adviser to Equatorial Energia on the 9.4 billion Brazilian-real (about $1.8 billion) sale of its electricity-transmission portfolio to Canada’s CDPQ, one of the year’s largest infrastructure transactions. BTG also advised Eletrobras on the 535 million-real sale of its stake in Eletronuclear to a subsidiary of J&F Investimentos, a strategic divestment aimed at streamlining the Brazilian utility’s portfolio. The firm was equally active in energy transition investments. BTG acted as exclusive financial adviser to Orizon on the 275 million-real sale of a minority stake to eB Capital, supporting expansion in the waste-to-energy sector. —TM
Real Estate Finance
DBS Bank
As one of the leading banks in the Asia-Pacific region, DBS has been recognized as a global leader in real estate finance. Southeast Asia’s largest bank notably issued 300 million Singapore dollars (about $235 million) in five-year noncallable green subordinate perpetual securities at 3.18%. This issuance is one of the largest corporate perpetual securities in Singapore dollars and has the lowest fixed rate in 2025. DBS also acted as one of the bookrunners/managers for the Hysan Development-related $750 million bond issuance.
Lastly, DBS issued multitranche 3.5 billion offshore yuan (about $508.5 million) senior unsecured green notes due in 2028, 2030, and 2035. This was the first 10-year offshore yuan public bond. —Lyndsey Zhang
Sports Finance
Guggenheim Securities
In 2025, Guggenheim was a key player in sports finance, advising on major franchise transactions and strategic deals. The firm facilitated CEO Mark Walter’s historic $10 billion acquisition of the Los Angeles Lakers; it was the highest valuation ever for a professional sports team.. Guggenheim also advised Major League Baseball on a $9 billion debt-restructuring deal with Main Street Sports Group (formerly Diamond Sports Group), helping it emerge from Chapter 11 bankruptcy. The firm played a key role in Liberty Media’s €4.2 billion acquisition of Dorna Sports and published research suggesting the NFL’s media rights are undervalued. Additionally, Guggenheim developed structured credit solutions for sports teams, allowing them to leverage non-game day revenue streams.
UBS
In 2025, UBS played a central role in the tech dealmaking rebound, benefiting from increased capital inflows. The bank served as exclusive financial adviser to Veeco Instruments on its $4.4 billion merger with Axcelis Technologies, combining semiconductor equipment suppliers to meet growing demand in AI and data centers. UBS also led Fermi America’s $13.8 billion dual-listing IPO on the London Stock Exchange and Nasdaq, marking the first such dual listing in over a century. In Europe, UBS was a joint bookrunner for the Swiss Marketplace Group’s €901.6 million IPO, one of the continent’s largest digital platform listings.
Outrage continues to grow over the Israeli soldier who was photographed desecrating a statue of Jesus Christ in southern Lebanon, including among Trump’s former MAGA allies. From a Polish MP to a Palestinian theologian, observers say it reveals a wider pattern.
Brazilian President Luiz Inacio Lula da Silva speaks during a media tour at the Hanover Fair 2026 Hanover, Germany, on Monday. Photo by Hannibal Hanschke/EPA
April 20 (UPI) — Brazilian President Luiz Inácio Lula da Silva has warned about the deterioration of the international order and the paralysis of the United Nations in a message published on X.
He urged strengthening multilateralism while on an official visit to Germany, where he also promoted the trade agreement between the European Union and Mercosur.
“It is useless to have one’s house in order in a world that is in disorder. The prevalence of force over law is the greatest threat to international peace and security,” Lula wrote in a message that addresses multiple global conflict hotspots.
De nada adianta estar com a casa em ordem em um mundo em desordem. A prevalência da força sobre o direito é a mais grave ameaça à paz e à segurança internacional.
Estamos profundamente preocupados com os riscos de retomada do conflito no Irã e de escalada no Líbano. A…— Lula (@LulaOficial) April 20, 2026
Lulu expressed concern over “the risks of a new conflict in Iran” and a possible escalation in Lebanon, as well as the situation in Palestine, where he said that “the survival of the Palestinian state and its people remains under threat.”
He also mentioned the war in Ukraine, noting that “the long-awaited peace remains distant.”
In his message, Lula criticized the lack of international action.
“Between the actions of those who provoke wars and the silence of those who prefer to remain quiet, the United Nations is once again paralyzed,” he said. He added that Brazil and Germany have defended for decades a reform of the Security Council that restores its legitimacy.
“Revitalized multilateralism is the only path to restore diplomacy and cooperation as tools for peace and sustainable development,” he said, and concluded with a broader call: “Humanity must recover the idea that peace is morally necessary and politically possible.”
The message aligns with a series of recent statements by the Brazilian leader on the global order and the role of major powers.
In an interview published Thursday by the Spanish newspaper El País, Lula criticized U.S. President Donald Trump over his rhetoric toward other countries and questioned the use of threats in foreign policy.
“Trump does not have the right to wake up in the morning and threaten a country,” Lula said, also calling for greater responsibility from international leaders to preserve peace.
In the same interview, he defended dialogue as the main diplomatic tool and warned about the risk of global escalation.
“I do not want a war with the United States. I decided to be very patient,” he said, explaining that his government prioritizes negotiation and national interests over ideological differences.
He also questioned the use of tariffs by Washington and said that the arguments to apply measures against Brazil “were not true.”
Lulu already has raised the need to reform international institutions.
“The time has come to redefine the United Nations to give it credibility,” he said, in line with his most recent call on social media.
In Germany, Lulu participated in the opening of the Hannover Industrial Fair alongside Chancellor Friedrich Merz.
Both leaders highlighted the free-trade agreement between the European Union and Mercosur, whose provisional entry into force is scheduled for May 1.
Merz said the agreement “will make all participating economies stronger, more independent and more resilient.” Lula, for his part, presented it as an alternative to unilateralism.
“Mercosur and the European Union chose cooperation,” he said, adding that increased trade will boost employment and investment in both regions.
On the first Sunday night of Coachella, headliner Karol G told her American fans, and her global audience, to keep fighting.
“This is for my Latinos that have been struggling in this country lately,” the Colombian superstar told the tens of thousands watching her in person, and many more on the fest’s livestream. She’d recently criticized ICE in a Playboy interview, but this set was about her fans’ resolve. “We want everyone to feel welcome to our culture, so I want everyone to feel proud of where you come from. Don’t feel fear — feel pride!” she said.
Any artist would be proud to play that caliber of headline slot. But right now, many foreign acts also feel fear — or at least wariness — about booking substantial tours in the United States. A year of brutal ICE raids, tensions at border crossings and policed political speech, coupled with sky-high prices for expedited visas, fuel and other touring logistics, could push international acts away from the U.S.
“The fears that ICE would raid shows didn’t really materialize, but there is a chilling effect,” said Andy Gensler, editor of the touring-biz trade bible Pollstar. “Trump’s only been back in office a year, so we haven’t fully seen the effects, but it does send a message that if you’re a political artist you won’t get a visa. With the economic shock of gas prices and tourism way down, the signifiers are out there.”
The music economy is still thriving in SoCal. Coachella sold out with record spending from fans, and fears that ICE might show up for a prominent Latin headliner proved unfounded. (The agency did not respond to a request for comment on Coachella, and Lt. Deirdre Vickers of the Riverside County Sheriff’s office said that their office “does not participate in immigration enforcement operations.”)
But in smaller venues featuring emerging and mid-tier global acts, some see trouble ahead.
Pollstar’s Gensler estimates that the total number of concerts in the U.S. they tracked for the first quarter of 2026 was down about 17% from last year. That could be due to many economic factors — but slower international touring could be contributing.
“The U.S. is still incredibly lucrative market, the arena and stadium level buildings are vast and you can make more money here than any market in the world,” Gensler said. “But I’ve heard anecdotally that fewer people are going to South by Southwest, and tourism from Canada is way down, and that includes music tourism to California. As barriers go up, and the economic shock of gas prices impacts touring, it’s hard to know how that will all shake out.”
Talent firms who specialize in bringing young acts to the U.S. began noticing pullback before this year’s festival season. Adam Lewis is the head of Planetary Group, a marketing agency that produces and promoting musician showcases in the U.S., with a significant roster of artists from abroad. He said that performers who ordinarily would leap at the chance to play U.S. festivals are taking hard looks at the payoffs and risks.
“Artists are thinking twice, based on what the government is doing right now,” Lewis said. “You can look at the economics — the fees are cost prohibitive to get a visa. People are scared, at the bottom line. Artists and industry people are afraid to come to the U.S. for any music event. The money is going elsewhere.”
South by Southwest, the March Texas confab for music, film and tech, was among the first festivals to feel a pinch this year. Several sources said they saw fewer foreign showcases and acts amid a broader culling of music. In 2025, Canada canceled its popular annual showcase, after deciding that hostile policies made the risks not worth the rewards. Many still pulled off successful events, but acknowledged the mood has shifted.
“The perception of how hard it’s gotten has taken root, and that has meant that not as many acts will take the chance on the threat of being turned away or risking future entry,” said Angela Dorgan, the director of Music From Ireland, the Irish Music Export office (which is funded by Culture Ireland). That organization has helped break acts like CMAT (a hit at Coachella this year) and Fontaines DC in the U.S.
“Artists want to continue to come here in spite of the trouble and not stay away because of it. There’s a unique pull to America for all Irish people, so we don’t want to see you hurting,” Dorgan said. ”Irish artists feel that their U.S. fans need music more than ever now and want to continue to connect with and support their fans.”
Takafumi Sugahara, the organizer of “Tokyo Calling X Inspired By Tokyo,” a Japanese showcase at South by Southwest, agreed: “Bringing artists to the United States has always been challenging when it comes to obtaining visas, but it feels like the process has become even more difficult than before — perhaps due to the current political climate under the current administration.”
Fans watch Karol G perform at the Coachella stage last weekend. “We want everyone to feel welcome to our culture, so I want everyone to feel proud of where you come from. Don’t feel fear — feel pride!” the Colombian superstar said.
(Christina House / Los Angeles Times)
After high-profile incidents of tourist detainments and fear of reprisals for political speech, those worries and long-dreaded expenses may shift their priorities. “From my point of view, the impact of global conflicts or wars does not seem to be affecting artists’ decisions very strongly for now,” they said. “However, if the current situation were to worsen, it’s possible that we could begin to see that change.”
Coachella usually hits a few visa snafus every year (this year, the English electronic artist Tourist had to cancel. Last year, it was FKA Twigs). Yet the Grammy-winning Malian Algerian group Tinariwen had to cancel a major tour this year, after the Trump administration placed severe new travel restrictions on 19 countries, including Mali. Folk legend Cat Stevens scotched a book tour after visa problems. Outspoken acts like the U.K.’s Bob Vylan have been denied U.S. visas for criticizing Israel, and the Irish rap group Kneecap faced hurdles after their visa sponsor, Independent Artist Group, dropped them for similar reasons last year.
The Times spoke to one European band (who asked not to be named, for fear of reprisals from the U.S. government) who had a substantial tour of U.S. theaters booked last year, before their visas were denied just days before the tour was due to begin. They were forced to cancel those dates and reschedule for spring 2026, losing tens of thousands of dollars in up-front costs and non-refundable fees. (A performance visa routinely costs $6,000 with now-necessary expedited processing.)
“Our manager said, ‘This has never happened before, but even though you paid lot of money and the check cleared, you won’t have visas,’” the band said. They wondered if their pro-Palestinian advocacy might have played a role, but now believe it was due to changes in their application forms.
That small discrepancy “meant we lost tens of thousands of [dollars], which for a mid-tier band with a loyal cult following, was quite ruinous,” they said. “We had to put on fundraising shows to get to zero, then re-apply for visas, and paid four grand extra to expedite them. We took out a loan to pay it. We felt relentlessly fleeced,” they said. “We love the U.S., but now there is a reality in which we have to cut our losses and stop coming. A lot of bands are giving up on the U.S., for sure.”
“It’s a different feeling now where the U.S. government can do anything to us, and we just have to take it,” they added. “They’re moving the goalposts the whole time. It’s scary.”
That fate can befall even major acts, particularly those from Latin America.
Last year, superstar Mexican singer Julión Álvarez canceled his concert for a planned 50,000 fans in Arlington, Texas, when his touring visa was revoked. Grupo Firme faced a similar fate at the La Onda festival in Napa Valley. Los Alegres del Barranco saw their visas canceled after they projected an image of drug kingpin “El Mencho” during a concert.
“That was a moment where people realize how serious or scary it can get for promoters with this administration when comes to the visa situation, how quickly things can change and you can lose millions,” said Oscar Aréliz, a Latin music expert at Pollstar.
An act the caliber of Karol G might not face quite the same risks, though she told Playboy that “If you say the thing, maybe the next day you’ll get a call: ‘Hey, we are taking your visa away.’ You become bait, because some people want to show their power.”
If it can happen to a stadium-filler like Álvarez, it can happen to anyone. That might make some Latin acts prioritize other regions.
Bad Bunny demurred on touring the continental U.S. for fear of ICE raids at his shows, opting for a lengthy residence in his home territory of Puerto Rico instead.
Local Latin music hubs like Santa Fe Springs and Pico Rivera have suffered greatly under recent ICE raids and have seen fans retreat in fear. Las Vegas is a major touring destination for acts during Mexican independence celebrations in September, but now “it feels different,” Aréliz said. He expects the city — typically boisterous with Latin acts then — to lose a big chunk of music tourism from the north and south.
“Vegas’ top tourist countries are Canada and Mexico, so we’re going to see other countries benefit from this. If acts struggle to tour here because of the visa situation, they’re going to tour Mexico and Latin America instead,” he added.
Tours typically book a year in advance, so the full effects of the visa issues and ICE fears may not be felt until later in 2026 or 2027. The results of the midterm elections may change global perception of America’s safety. The country is still an incredibly valuable touring market for acts that can make it work.
But the world’s music community now looks at the U.S. like an old friend going through a rough patch: They’ll be happy to see us once we pull it together.
“Certainly over the last number of years in the U.S., we have been thinking of where we could find these new audiences for Irish music,” Dorgan said. “The unofficial theme of our at home showcase Ireland Music Week was, ‘America. We are not breaking up with you, but we are seeing other people.’”
Pope Leo XIV has stepped into a more assertive global role, adopting a sharper and more direct tone on international issues during his recent Africa tour. After maintaining a relatively cautious profile in the early months of his papacy, Leo has begun openly criticising war, inequality, and global power imbalances. His remarks have drawn repeated criticism from Donald Trump, particularly over his condemnation of the U.S.-Israeli war involving Iran.
Shift in Tone and Leadership Style: Leo’s recent speeches mark a clear departure from traditional Vatican restraint. Speaking in African देशों such as Cameroon and Algeria, he has issued strong warnings about global injustice, accusing powerful actors of undermining peace and violating international norms. This more confrontational approach reflects a deliberate effort to position the papacy as an active moral voice in global affairs.
Clash with Political Power: The pope’s remarks have brought him into direct conflict with Trump, who has publicly criticised Leo’s views on foreign policy. This exchange underscores a broader tension between moral authority and political leadership, particularly as the pope challenges the conduct of powerful nations in ongoing conflicts.
Moral Authority on the Global Stage: Observers suggest Leo is consciously embracing a more visible and influential role, using his platform to highlight the human cost of war and inequality. His decision to deliver strong messages while visiting regions affected by poverty and conflict adds weight and immediacy to his statements, reinforcing his image as a global moral leader.
Breaking with Vatican Convention: Traditionally, the Vatican has balanced moral advocacy with diplomatic neutrality to preserve its role as a mediator. Leo’s more direct criticism signals a shift in that balance, prioritising clarity and urgency over cautious diplomacy. This approach echoes, but may exceed, the tone of predecessors such as Pope Francis, who also spoke out on global injustices but often with more measured language.
Personal Experience and Perspective: Before becoming pope, Leo formerly Robert Prevost spent decades in Peru, where he witnessed conflict, poverty, and political instability firsthand. These experiences appear to inform his willingness to speak bluntly about violence, corruption, and the failures of global leadership.
Analysis: Pope Leo’s emergence as a more forceful voice reflects a strategic and moral recalibration of the papacy’s role in global politics. By speaking more directly, he aims to assert the Church’s relevance in an increasingly volatile world, particularly at a time when traditional diplomatic mechanisms appear strained.
However, this approach carries risks. Greater outspokenness may enhance moral clarity but could also limit the Vatican’s ability to act as a neutral mediator in conflicts. The public clash with Trump highlights how easily moral interventions can become entangled in political disputes.
Ultimately, Leo’s leadership signals a shift toward a more activist papacy, one that prioritises direct engagement with global crises over cautious neutrality. Whether this strengthens the Church’s influence or complicates its diplomatic role will depend on how effectively he balances moral authority with geopolitical realities.
Commenters who never have been — and never will go — complain about the cost, the influencers, the hype. Purists wax poetic about the days when they disappeared into three days of music and the field wasn’t overtaken by brands like Barbie and e.l.f. cosmetics. Defenders claim they can camp their way to an affordable weekend, and others spend the whole time posting. A select few even talk about great performances they saw — it’s still a music festival.
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But one thing everybody can agree on: Coachella has changed. I should know. I’ve been covering it as a journalist since 2007.
Rapid advancements in technology and mass adoption of social media have brought out the best and worst of the festival — not just on screens thousands of miles away, but to those of us trying not to trip over the makeshift photoshoot you might have seen on Instagram.
In the early years, there were no brand activations on the field; nobody knew what an influencer was and the only corporate sign you saw was for Heineken in the beer gardens. (There was no Heineken House with its own stage, just signs advertising the beer.)
The grounds were also considerably smaller, making it easier to explore the different stages and discover new music. You didn’t have fancy food options, but a slice of Spicy Pie was less than $10. (Coachella upgraded its food options from festival staples to weekend outposts of L.A. restaurants in 2014.)
The music was the draw. The festival’s track record includes artists like the Killers, the Black Keys, Childish Gambino and Kendrick Lamar climbing up from small type to headliner on the lineup poster.
Livestreams and influencers made Coachella’s reach global
The vibes started to shift in 2010 as smartphones grew in popularity, although the service on the field was spotty. It was the first year Coachella offered a livestream — available via Facebook and MySpace. The next year, the stream moved to YouTube, where it remains and draws millions of viewers.
As Coachella expanded to twin weekends due to popular demand on the ground in 2012, it also had the first viral moment fans could enjoy from thousands of miles away: Dr. Dre and Snoop Dogg brought 2Pac back to life via a hologram.
Celebrities were always at Coachella (I spotted Ryan Seacrest, Corbin Bernsen, David Hasselhoff and Danny DeVito in my early years), but the rise of social media made celebrity culture a key part of the event. By 2011, TMZ was posting about stars like Lindsay Lohan. Clips from Coachella went viral and ended up on shows like “Tosh.0” and referenced in “Community.”
The art, which was always part of the festival, became bigger and more iconic. On the growing photo app Instagram, larger-than-life sculptures of astronauts started appearing in selfies.
Brands saw an opportunity. American Express, H&M and Samsung launched activations on-site in 2015. The party scene outside the festival, with non-affiliated events that were timed because everyone was in town for Coachella, became marketing vehicles. Brands are still cashing in more than a decade later.
The next watershed moment was Beyoncé in 2018. Today, most headlining sets at the fest feel as if they are designed for the viewing experience on the livestream rather than the fans on the field (ahem, Justin Bieber and his laptop). But Beyoncé’s spectacle was just as mind-blowing on-site as it was at home. A year later, the “Homecoming” special debuted on Netflix, widening the reach.
Coachella became a key part of the pop culture landscape, and then it became a cornerstone of the influencer economy.
Behind all the hype, there’s still a music festival hiding
I inadvertently photobombed approximately 500 people just trying to go to and from the press tent last weekend and my inbox is overflowing with requests for coverage of off-site events with brands, celebs and TikTok influencers, including social media clips.
Coachella is what you make of it. And besides, everyone knows there are fewer influencers on Weekend 2.
Today’s top stories
A health worker administers a measles test on Fernando Tarin, of Seagraves, Texas, at a mobile testing site outside Seminole Hospital District on Feb. 21, 2025.
The Automated People Mover system began construction in 2019 and was initially slated to open to the public in 2023.
Nationwide recall of a popular anxiety drug
Specific bottles of Xanax, one of the most widely prescribed medications to treat anxiety and panic disorders, has been recalled due to its failure to dissolve at a standard rate.
FDA officials are not warning against consuming the product at this time.
What else is going on
Commentary and opinions
This morning’s must-read
Another must-read
For your downtime
Reporter Deborah Vankin gets a massage by an “Aescape” robot at Pause Wellness Studio.
(Christina House / Los Angeles Times)
Going out
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A question for you: Are you planning on leaving California for another state? If so, tell us why.
Laura says, “I left California during the pandemic. Part of the push factor for me was politics, but not blue politics. I had been living in OC since 2018 and was surprised it was so Conservative (and conservative). That became a bigger source of discomfort for me as the vaccine question demonstrated how our neighbors’ decisions can impact us directly. Rather than moving elsewhere in California, which would have sorted out the political discomfort nicely, I moved to a much more affordable state where I had family.”
Have a great day, from the Essential California team
Jim Rainey, staff reporter Hugo Martín, assistant editor, fast break desk Kevinisha Walker, multiplatform editor Andrew Campa, weekend writer Karim Doumar, head of newsletters