Global

World’s Best Investment Banks 2026: Global Winners By Sector

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.

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Financial Services

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

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

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

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

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

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

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

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.

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.  

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Global fallout grows over Israeli soldier smashing Jesus statue in Lebanon | Israel attacks Lebanon

NewsFeed

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.

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Brazil’s Lula warns of global disorder, calls for U.N. reform

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.

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.



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Karol G at Coachella was a global hit. Yet other foreign acts fear touring the U.S.

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 hold up phones during a set at Coachella.

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.’”

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Pope Leo Emerges as a Forceful Global Voice, Clashing with Trump

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.

With information from Reuters.

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How Coachella grew from a small desert festival into a global cultural behemoth

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.

Coachella pre-2010 was a purist’s paradise

Some of Coachella’s most iconic moments happened before smartphones: The Flaming Lips in a human hamster ball in 2004; Daft Punk’s 2006 pyramid set; Rage Against the Machine reuniting and calling for the George W. Bush administration to be tried for war crimes in 2007. If you even had a cellphone when Coachella started in 1999 it was probably a Nokia brick or a flip phone with an antenna that had limited talk and text options.

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.

But at the end of the day, Coachella is still a music festival, and a really good one at that. The Strokes, David Byrne, Jack White, Iggy Pop, Turnstile, Wet Leg, Fujii Kaze and even Less Than Jake in the Heineken House were some of the best performances I had seen in years.

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.

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.

(Julio Cortez / Associated Press)

Increasing measles cases in California

  • California in 2026 has already seen its highest number of annual measles cases in seven years amid an ongoing resurgence of a disease once considered effectively eradicated in the U.S.
  • The re-emergence comes as vaccination rates have tumbled nationwide in recent years.

Testing LAX’s long-awaited train

  • LAX’s 2.25-mile electric train system will begin running without passengers next week as testing advances following a series of delays.
  • The Automated People Mover system began construction in 2019 and was initially slated to open to the public in 2023.
  • 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

A reporter lies on an AI massage table.

Reporter Deborah Vankin gets a massage by an “Aescape” robot at Pause Wellness Studio.

(Christina House / Los Angeles Times)

Going out

Staying in

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.”

Email us at essentialcalifornia@latimes.com, and your response might appear in the newsletter this week.

And finally … from our archives

Kendrick Lamar rapping into a microphone on a dark smoky stage with a dark red backdrop

Kendrick Lamar performs at Coachella Music & Arts Festival at the Empire Polo Club on April 16, 2017.

(Amy Harris / Invision / AP)

On April 16, 2018, Compton’s own Kendrick Lamar became the first hip-hop artist to win the Pulitzer Prize for music.

He won for his album “Damn.,” which the Times’ Mikael Wood heralded as Lamar’s graduation to pop superstardom.

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

How can we make this newsletter more useful? Send comments to essentialcalifornia@latimes.com. Check our top stories, topics and the latest articles on latimes.com.

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