OFF the coast of Spain are a group of islands that many say feels like the Caribbean, but for a fraction of the coast.
The archipelago called the Cíes Islands are made up of three islands; Monte Agudo, O Faro and San Martiño.
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The Cies Islands is an archipelago made up of three islandsCredit: GettyPlaya de Rodas on Faro Island is the 18th most beautiful beach in the worldCredit: Alamy
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The islands are completely car free, and are described as being ‘Caribbean-like’ but on a camping budget.
Monteagudois the largest and northernmost of the three Cíes Islands which can be reached by ferry from Vigo.
This is where visitors will find one of the world’s best beaches called Playa de Rodas, or Rodas Beach.
Coming in at 18th in the world, the beach has ‘soft white sand and clear, calm waters’ – much like those in the Caribbean.
Visitors agree with one calling it a “natural paradise” and another agreed that it is “absolutely beautiful, pale sand crystal clear water.”
Others have said it’s the perfect place to swim with small fish that appear in the shallow water.
But there are warnings of the sea being cold as it is in the Atlantic as opposed to the warmer Caribbean Sea.
The coast is popular for snorkelling with lots of lobsters, crabs and sometimes bottlenose dolphins even being spotted too.
The sandbar across Playa de Rodas is what connects Monteagudo to its neighbour, Faro island.
Meanwhile, San Martiño can only be reached by private boat or on kayak tours – it’s a wild island so the top activities here are swimming and birdwatching.
For more on Spain, here are some of our favourite holiday spots…
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Hotel Best Punta Dorada, Salou
The Spanish resort is a popular destination near PortAventura World, a theme park with over 40 attractions and huge rollercoasters. It’s also close to sandy beaches like Platja de Llevant, and the scenic Camí de Ronda coastal walk.The hotel itself has an outdoor swimming pool to enjoy, as well as two bars along with evening entertainment and shows.
With its palm tree-lined pool and Mediterranean backdrop, it’s a miracle this Majorca resort is so affordable. Expect a classic family holiday feel – where days revolve around soaking up the Spanish sunshine, chilling by the spacious pool and sipping on frozen cocktails. Set away from the busier resorts, it’s a good option if you’re after a more out-of-the-way escape.
The Magic Aqua Rock Gardens Hotel is African-themed and less than a mile from the beach. It has two outdoor pools, including a children’s freshwater pool with a waterfall and a tipping water bucket for the little ones. There’s also an aquapark with slides, and a kids club for both younger children and teens.
For a calmer side of Ibiza, this hillside resort has two pools, a kids’ splash zone, and an all-inclusive buffet with a poolside bar. It’s a 10-minute walk from Cala Llonga’s shallow turquoise bay, offering a scenic, family-friendly base away from the island’s main party zone.
This village has been crowned the “world’s most beautiful” and it’s not hard to see why. There you can enjoy breathtaking views, walk along the river and it’s not far from London
These beautiful cottages are located in the famous village(Image: Getty Images)
So if you fancy venturing out of the area this weekend, you must add this village to your list. Beyond its picturesque cottages, historic market towns and stunning views, the Cotswolds has served as a backdrop for numerous films, including Harry Potter. Not only is it appealing to locals, it’s also a great destination to tick off your bucket list if you’re visiting the UK.
Now one woman has declared Bibury as a must-visit location after it was crowned the “world’s most beautiful village”.
In a TikTok post, Amy, who showcases “the best of the UK and beyond”, shared footage with her 169,500 followers offering a glimpse of the gorgeous area.
She said: “This English village was just named the most beautiful in the world where 17th century cottages meet Riverside charm.
“Do you agree? Would it be top of your list?”
In late 2025, Forbes declared Bibury the most beautiful village on the planet. Its most celebrated feature is Arlington Row, where a terrace of 17th-century cottages sits alongside the picturesque River Coln and Bibury Trout Farm.
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Why is Bibury so popular?
Beyond its renowned honey-coloured stone cottages, the village boasts rich heritage and picture-perfect scenery.
While poet William Morris famously described it as the “most beautiful village in England”, Forbes elevated its status just last year by naming Bibury the “most beautiful” globally.
There’s no shortage of things to do either, from wandering alongside the River Coln to taking in the peaceful riverside paths and stunning stone buildings.
Fishing fans, or those keen to give it a go, can visit Bibury Trout Farm, which opened its doors in 1902, making it the oldest and most popular trout farm in Britain.
Nestled in the village centre, you can stroll through the charming streets before diving into the experience.
Bibury’s appeal extends far beyond locals – it’s become one of the Cotswolds’ top tourist hotspots for visitors from all over.
Meanwhile, Bourton and Cirencester are both within easy reach for a day out. Even a brief couple of hours in Bibury is typically enough.
The compact village is ideal for a leisurely Sunday, though the surrounding areas are well worth discovering too.
It’s also featured as a filming location for several high-profile film and television productions, including Stardust (2007) and Bridget Jones’s Diary (2001).
THE bus swings round the hairpin bend with ease, climbing higher and higher into the clouds.
I’m grateful for the driver’s skill as the winding trip eventually takes us clear of the tree line to reveal Switzerland’s breathtaking scenery below.
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The Swiss Alps are an adventurers playgroundTake the cable car to soak up the stunning viewsCredit: R.THOMMEN
The Laax Alp Nagens bus stop is a dizzying 2,263 metres above sea level — and the scenery gets more and more beautiful as we then hike along the mountains, which sit in the Sardona Tectonic Arena.
The Arena is an impressive natural geological phenomenon in the Swiss Alps, where tectonic movement has resulted in rocks up to 300million years old being pushed up above younger rock formed a mere 35 to 50million years ago.
It has been absurdly easy to get up here thanks to Switzerland’s world-class public transport.
Buses are a great way to get around but make sure you have some cash as you often have to buy a ticket on board.
I’ve only got four days here in Laax, but that’s more than enough to get swept up in the magic of the Swiss Alps in spring.
While the snow still clings to the mountain peaks, along the valley floor below it the scenery turns from white to neon bright green, as the grass returns and trees and flowers burst into life.
Luckily, if your legs get tired on a hike, there are plenty of cable cars to get you back down to your accommodation. For me, that’s Laax’s Rocks Resort.
It’s an adventurer’s playground — ideal for families, thrill-seekers or anyone who just wants to fill their lungs with mountain air.
More a mini village than a resort, it boasts everything from the world’s longest treetop walk (1.56km) to skate parks, trampolines, basketball courts, swimming pools and more hiking and biking trails than you could ever tick off in one trip.
The hotel rooms are comfortable yet chic — and have a perfect view of the sprawling forest next door.
Relax by the sparkling lakeCredit: Unknown
If you are travelling with family there’s comfortable one, two and three-bedroom apartments.
My room has the perfect view of the 30metre-drop bungee jump — and I perch myself on the window seat to read my book and watch kids and parents alike plunge off the ledge.
The room also gives me a great view of the 220-metre zipline over the skatepark and snake run.
But after a busy day of adventures through the forest, I’m starving.
Luckily, there’s nine restaurants and two coffee shops to choose from, as well as six bars and lounges.
Take your pick from Italian at the Ristorante Camino or spectacular vegetarian options at the Riders Restaurant.
From beetroot wine to local Swiss delicacies, this is a must-visit spot to chow down at.
Also on offer are Asian specialities at Ikigai, Swiss treats such as rosti potatoes at Tegia Larnags — and of course cheese fondue, at Casa Veglia.
You don’t need to look far for ways to work off all those calories though.
On a particularly gorgeous morning, we hire electric mountain bikes to explore the surrounding trails.
They snake through forests, over meadows and along ridges, each turn revealing another gasp-worthy vista.
The e-bike makes the uphill sections a breeze, while the downhills are fast and glorious.
Two hours in, we roll up to Lake Cauma — a jewel-toned lake so startlingly blue it feels almost artificial.
We refuel lakeside with a rich Toblerone mousse from Ustria La Cauma restaurant, with its terrace perched above the water.
Food, it turns out, is as much a part of the journey round these parts as the scenery. Menus are hyper-seasonal and full of heart.
And old traditions are not forgotten. As spring turns to summer, local farmers take their cows up to the high pastures, the cattle decorated with flower crowns and large bells.
And come the winter, for those who are keen on skiing and snowboarding, this resort will become the place to be — a perfect spot for spending a day on the slopes before scoffing down hot cheese fondue in the evening.
I will certainly be back.
GO: Swiss Alps
GETTING THERE: Swiss, British Airways and easyJet airlines all fly to Zurich, with flights out of London every day of the week (multiple times a day).
It’s then two trains and a bus to Laax, taking about 2.5 hours in total.
STAYING THERE: Rooms at the Rocks Resort, Laax, are priced from £170pppn, including breakfast and wifi.
ONE of the most famous hotels in the world is closing its doors until next year.
The Burj Al Arab in Dubai, which opened back in 1999 and is known for being a rare ‘seven star’ hotel. is to undergo a major renovation.
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The Burj Al Arab hotel in Dubai is closing for over a year for a major renovationCredit: AlamyThe works follow damage caused by debris after a drone was intercepted nearby in late FebruaryCredit: Handout
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The major project comes after the hotel was damaged by a drone being intercepted near the hotel in late February, which caused a minor fire and damage to the façade of the building.
However, the renovation was already planned before this happened.
As part of the refurb works, the hotel will redesign all of its 198 suites.
Some of the hotels key interior designfeatures will be kept, including the large aquarium and marble cladding.
The hotel’s spa will also be upgraded, as well as other guest areas.
The project will be led by French interior architect Tristan Auer, who is mainly known for his projects in France but has also worked on redesigning the interiors of the Royal Scotsman Belmond Train.
In a statement on the hotel’s website, it states: “Jumeirah Burj Al Arab is currently undergoing a carefully phased restoration programme designed to refresh and upgrade the hotel’s iconic décor while preserving its distinctive character.
“The programme has been developed through long-term planning, following more than 25 years of continuous operation.
“We would be pleased to assist with an alternative reservation in one of our Jumeirah properties in town.”
The hotel will be closed from this month and is expected to reopen in late 2027.
When staying at the Burj Al Arab, guests can expect a 24/7 butler service, an adult-only infinity pool and 10,000 square metre terrace.
If that wasn’t luxury enough, the hotel also boasts a Michelin-starred restaurant and an underwater aquarium experience.
Inside, all 198 suites will be redesigned as wellCredit: Alamy
It’s on its own man-made island and inside, some of its interiors even feature 24 carat gold.
Though, this doesn’t come cheap as it usually costs over £1,000 per night to stay at the hotel.
The Burj Al Arab is not the only hotel getting upgraded in Dubai either.
The Armani Hotel Dubai was closed on April 1 for a major refurb and is expected to reopen later this year.
JW Marriott Marquis is also partially closed to redesign all of its 1,608 rooms and suites.
Then, the Park Hyatt Dubai will close for a short period from May 2026 to finish off its renovation works that include upgrading rooms and refreshing the guest areas.
And finally, the St. Regis Dubai The Palm hotel is also currently temporarily closed for improvements.
However, Dubai remains on the do-not-travel list by the UK Foreign Office due to the ongoing Iran war.
The city is a popular cruise ship destination, is famous for its huge Christmas lights displays – and is within easy reach of ‘the world’s best beach’
Robert Rowlands Deputy editor, money and lifestyle, content hub and Maria Ortega
04:05, 22 Apr 2026
A beach on the Cíes islands(Image: Carol Yepes via Getty Images)
British holidaymakers are bracing themselves for a new tourist tax at a Spanish beauty spot. Vigo, located in the north-west of Spain, has 45 beaches according to one report – and is within easy reach of one of the best beaches in the world.
The city is equally renowned for its spectacular Christmas light displays, considered among the best on the planet. Respected travel expert Simon Calder is a firm admirer of the destination, describing it as ‘cultured’ and ‘highly affordable’. The Aviothic website calls it ‘Spain’s best kept secret’.
But now local officials are putting the finishing touches to plans for a new tourist tax, according to reports in the Spanish media. The move follows in the footsteps of Santiago and La Coruña, both of which introduced similar levies in late 2025, drawing criticism from various quarters.
Reports indicate that Vigo City Council is pressing ahead with proposals to introduce its own tourist tax, with the aim of ‘redistributing’ profits generated by the tourism industry. The levy is also intended to help reduce the environmental strain caused by mass tourism on the local area.
Vigo is perhaps best known for its dazzling Christmas lights, with more than 11 million LED lights illuminated across the city last year. The city, home to around 295,000 residents, is also celebrated for a nearby breathtaking beach within reach of Vigo – although visitors staying near the beach will not pay the tax.
The Guardian once hailed its Rodas Beach, situated on the Cíes Islands, as the “best beach in the world”. The bustling port city is equally popular as a cruise ship destination.
In fact, this week Vigo takes centre stage in international tourism as the season’s first triple cruise ship call gets under way, with the city set to welcome more than 7,500 visitors within just a few hours. The port is simultaneously hosting three large ships, the Britannia, the Ventura and the Le Bellot.
However, it now seems tourists will shortly face a levy for the privilege of visiting the destination. No form of accommodation will escape the charge, according to El Debate. The amount will vary depending on the hotel’s star rating.
The publication reports the tax could reach as much as €2 per person daily for 4-star superior and 5-star establishments. A €1.60 daily charge is proposed for tourist accommodation and 2-star superior, 3-star and 4-star hotels.
It’s understood that under the proposals, holiday apartments and rural tourism properties – alongside hostels and campsites – will incur a €0.80 per person daily fee, while guesthouses and 1- and 2-star hotels will pay €1.20. Cruise passengers won’t escape either. Abel Caballero, mayor of Vigo, confirmed those disembarking at Vigo’s docks will be charged €1.20.
He said: “From when it comes into force until July 1, 2027, the tax will apply to the first two nights of a stay. Therefore, someone visiting Vigo for 4 nights will pay the tourist tax for only the first 2 nights. From July 1, 2027, the tax will apply to a maximum of five nights per stay.”
He said the tourist tax would be rolled out “gradually” from October, shortly before the Christmas lights are illuminated. Exemptions for health reasons are being considered. Children and certain disabled individuals are also expected to be exempt.
The tax must still secure approval from the Governing Board ahead of one final vote – however, the mayor’s comments suggest it could well be on the cards. In Barcelona, the combination of a regional tax and a municipal charge has hiked up the cost to between 5 and 12 euros a night. In La Coruna, the local hotel association has launched a legal battle to block the levy.
Travel journalist Simon Calder has previously highlighted Vigo’s appeal to British visitors. Writing in the Independent, he said: “Vigo claims to be the largest fishing port in the world, and plentiful fresh seafood is a strong attraction. The city is also an excellent starting point for wider exploration of the rias (inlets) that carve the shoulder of Spain so dramatically.”
How can I get to Vigo from the UK?
Ryanair offers a direct service from the UK to Vigo–Peinador airport, operating out of London Stansted. Journey times are approximately 2 hours 10 minutes.
Many visitors heading to Vigo opt to fly into nearby Santiago de Compostela instead, which is just 50–60 minutes away by car. Both Ryanair (Stansted) and Vueling (Gatwick and Heathrow) operate direct flights to Santiago several times weekly, offering a greater choice of services and often cheaper fares.
Bear in mind, however, that Santiago airport is closed from April 23 to May 27, 2026 for runway resurfacing works. At the heart of Vigo’s social scene lies the Casco Vello (Old Town), a beautifully restored maze of narrow granite streets and bustling plazas.
Visitors may also wish to explore Castro de Vigo, an archaeological site that reveals how the region’s original inhabitants lived in stone huts more than 2,000 years ago. The Guardian says the city has 45 beaches, and notes that an attraction for UK tourists in visiting Vigo is that it brings “the Caribbean-like beaches of the Cíes islands within easy reach.”
“The islands are an easy day trip from Vigo, adding a relaxing beach element to your Spanish city break,” the paper said in a positive review of the city.
Walt Disney World has just launched two offers that could help families save money on a dream holiday to the Florida theme parks – and it’s valid for school holidays too
16:47, 21 Apr 2026Updated 16:53, 21 Apr 2026
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Walt Disney World has brought back its popular free dining and drinks deal(Image: Getty Images)
Walt Disney World is a bucket list destination for most families, but visiting the Florida theme parks isn’t necessarily easy to do on a budget.
However, Mickey Mouse’s US home has just launched a deal that could help families save money on their meals – and you could currently save up to £400 off a booking too.
That’s because the resort’s Free Disney Dining and Drinks deal is back for holidays in 2027 – including some school holiday dates – with plans that include free table service dining plans or quick service plans, and one drink per meal (alcoholic or non-alcoholic, depending on the plan you go for). The offer is valid for a minimum of five nights’ consecutive stays if you’re booking a Walt Disney World hotel along with a park ticket package.
You can already book on disneypackages.co.uk, with the deal running until November 4, 2026. However, if you book by July 2, 2026, then you could also bag a discount of up to £400 per booking.
Don’t be disheartened if it’s not quite the right deal for you, or you can’t commit before July 2. For a start, if you book after July 2, you’ll still be able to save up to £200 per booking. Meanwhile, there are plenty of tempting deals and offers throughout the year with the Walt Disney Travel Company, including the Free Dining and Drinks offers. If you’re after ticket offers, the likes of Floridatix and AttractionTix can also be good sources, especially if you’re thinking of combining your Disney trip with other Orlando attractions, or even some of the Universal theme parks.
If Florida still feels a little too far to travel just yet and you want some of that Disney magic just a little closer to home, then you may want to consider a cruise, as the Disney Wish cruise ship will be sailing from the UK next summer (we got a sneak peek at what you can expect onboard earlier this year).
Animal Kingdom theme park: Bluey and Bingo will be at the Conservation Station from May 26, with photo opps and games.
Magic Kingdom: Buzz Lightyear’s Space Ranger Spin is back after refurbishment, with new interactive targets, lights and sound effects. Meanwhile, Big Thunder Mountain Railroad will reopen on May 3.
Disney’s Hollywood Studios: From May 22, Star Wars fans can join The Mandalorian and Grogu on a new Millenium Falcon: Smugglers Run mission. From May 26, the former Rock ‘n’ Roller Coaster will open with its new Muppets theme.
Have you got a holiday question you want answering? Email us at webtravel@reachplc.com
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.
First all-women cohort of winners hails from Colombia, Nigeria, Papua New Guinea, South Korea, the UK and the US.
This year’s prestigious Goldman Environmental Prize has been awarded to six grassroots environmental activists from around the world for their efforts to fight climate change and save biodiversity.
For the first time since the prize was created in 1989 by philanthropists Richard and Rhoda Goldman, all recipients of the award are women: Iroro Tanshi, from Nigeria; Borim Kim, from South Korea; Sarah Finch, from the United Kingdom; Theonila Roka Matbob, from Papua New Guinea; Alannah Acaq Hurley, from the United States; and Yuvelis Morales Blanco, from Colombia.
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Sometimes described as the “Green Nobel”, the Goldman Prize recipients are chosen from each of the world’s six primary regions. They each receive $200,000 in prize money.
“While we continue to fight uphill to protect the environment and implement lifesaving climate policies – in the US and globally – it is clear that true leaders can be found all around us,” said John Goldman, vice president of the Goldman Environmental Foundation.
“The 2026 Prize winners are proof positive that courage, hard work, and hope go a long way toward creating meaningful progress.”
Yuvelis Morales Blanco, winner of the 2026 Goldman Environmental Prize, shows a fish caught on a tour with fishermen along the Magdalena River in Colombia [Handout: Christian EscobarMora/Goldman Environmental Prize]
Morales Blanco, the winner for the region of South and Central America, fought some of the world’s biggest oil companies to successfully stop the introduction of commercial fracking into Colombia.
The 24-year-old grew up in a family of fishermen along the banks of the Magdalena River in the Afro-Colombian community of Puerto Wilches. “We had nothing but the river – she was like a mother who took care of me,” she said.
She began organising protests after a major oil spill in 2018, which forced the relocation of dozens of local families and killed thousands of animals. Her activism, which made her a target for intimidation and forced her to temporarily relocate, helped halt projects and elevate fracking as an issue in Colombia’s 2022 election.
Two of the other five recipients of this year’s prize have also focused their efforts on fighting fossil fuels, which are causing both global climate change and more localised pollution around the world.
Borim, the winner for Asia who started the Youth 4 Climate Action organisation, won a ruling from South Korea’s Constitutional Court that the government’s climate policy violated the constitutional rights of future generations, the first successful youth-led climate litigation in the continent.
Finch, Europe’s winner, told The Times newspaper she will use her prize money to keep fighting fossil fuels.
Together with the Weald Action Group, she fought oil drilling in southeastern England for more than a decade, securing the “Finch ruling” from the Supreme Court in June 2024, stating that authorities must consider fossil fuels’ impacts on the global climate before granting permission to extract them.
Two other recipients have fought against the destructive environmental impact of mining projects.
Papua New Guinea’s Roka Matbob, winner for Islands and Island Nations, led a successful campaign that saw the world’s second-largest mining company, Rio Tinto, agree to address environmental and social devastation caused by its Panguna copper mine, 35 years after it was closed following an uprising.
And the award recipient for North America, Acaq Hurley, from the Yup’ik nation in the US, successfully fought alongside 15 tribal nations to stop a mega- copper and gold mining project that threatened ecosystems in Alaska’s Bristol Bay region, including the largest wild salmon runs in the world.
Meanwhile, Nigeria’s Tanshi, Africa’s winner, rediscovered the endangered short-tailed roundleaf bat and has been working to save its refuge, the Afi Mountain Wildlife Sanctuary, from human-induced wildfires.
These standout investment banks exemplify the dynamism and growing global relevance of Africa’s financial ecosystem.
Africa’s investment banking landscape in 2026 reflects a market that is both maturing and expanding, with institutions deepening their regional reach while navigating uneven economic conditions.
From robust M&A pipelines to a resurgence in equities activity and gradual development in debt markets, leading banks are demonstrating resilience and adaptability across the continent. This year’s winners for the region — Rand Merchant Bank, Standard Chartered, Chapel Hill Denham, and Absa Bank — are setting the pace, executing landmark transactions while strengthening cross-border capabilities.
Their performance underscores a broader shift toward more sophisticated capital markets, even as structural challenges persist.
Best Investment Bank
Rand Merchant Bank
In 2025, Rand Merchant Bank (RMB) posted $939.2 million in normalized profits before tax and a 20.7% return on equity. In South Africa, the firm commanded a 16% market share in M&A, with 24 deals valued at $4.6 billion. Among the bank’s landmark deals was advising Aspen Pharmacare on the disposal of its Asia-Pacific assets (excluding China) to Australia’s BGH Capital for nearly 2.4 billion Australian dollars (about US$1.6 billion). Markets outside South Africa accounted for 21% of profits. In Tanzania, RMB arranged a $300 million syndicated loan to finance infrastructure projects. Meanwhile in Ghana, a $500 million financing package for Asante Gold to scale production.
M&A
Standard Chartered
In recent years, Standard Chartered has been reorganizing its business in Africa. The objective is to focus on higher-growth markets and the bank’s core competence in corporate and investment banking. By taking this route, the bank aims to ensure it remains a leader in Africa’s dealmaking, particularly in M&A. Over the past 15 years, Standard Chartered has built a long track record of advising on cross-border deals across various sectors such as oil and gas, chemicals, metals and mining, health care, and financial services. Over that period, the bank has advised on transactions with a combined value of over $50 billion, deploying expertise in buy-side/sell-side, capital raise, valuation, fairness opinion, and defense advisory, and others.
The trend was maintained last year with landmark deals. Among them was advising West China Cement on the acquisition of Heidelberg Materials’ operations in the Democratic Republic of Congo, a deal worth $120 million and the bank’s third cement transaction in Africa in 18 months. Standard Chartered also advised Norwegian state-owned fund Norfund in its $86 million equity investment, shared with pension fund KLP, in Anthem, a new renewable-energy firm based in South Africa.
Equities
Chapel Hill Denham
The Nigerian equities market is experiencing an unprecedented surge in activity, putting it ahead of the pack in Africa. A key factor is the comeback by foreign investors, encouraged by stabilizing macroeconomic conditions, specifically foreign exchange reforms. Last year, foreign transactions at the Nigerian Exchange surged by 211% to more than 2.6 trillion Nigerian naira (over $1.8 billion), up from 852 billion naira in 2024. Chapel Hill Denham remains a key intermediary in orchestrating market activity as the issuing house for the most significant transactions. Riding on Chapel Hill’s deep sector expertise and strong investor engagement, the firm was involved in $553.4 million in deals in 2025.
The firm not only remained the preferred partner for banks pursuing recapitalization ahead of the March 31, 2026, central bank deadline for banks to meet new capital requirements of 500 billion naira but also cemented its position in Nigeria’s real estate investment trust market. Among Chapel Hill’s major transactions was that of GTBank’s holding company, GTCO, which raised $105.5 million in an offering and then listed shares on the London Stock Exchange (LSE). The transaction was fundamental, being the first listing on the LSE by a Nigerian lender.
Debt
Absa
Africa’s corporate debt markets remain underdeveloped. According to the Organisation for Economic Co-operation and Development, just four economies account for 61% of outstanding corporate debt, largely concentrated among a handful of issuers with access to long-term funding. Issuance is heavily reliant on foreign investors and mostly dollar denominated, while corporate debt sits below 15% of GDP in most countries—far behind the 52% global average.
Despite this reality, Absa Bank has been at the forefront of changing the narrative. With on-the-ground coverage across 15 markets, the bank is an active player in helping companies raise capital even when markets are volatile. Last year, following President Trump’s tariffs, Absa facilitated Ecobank Transnational Inc. (ETI) in tapping international markets with a $125 million eurobond. The transaction was instrumental on many fronts. These included enabling ETI to refinance upcoming debt maturities. Absa also oversaw the execution of a $500 million bond for Bidvest Group.
This year’s top firms in Asia-Pacific underscore the region’s growing influence in shaping global investment banking trends.
The investment banking landscape across Asia-Pacific is defined by scale, sophistication, and intensifying competition across capital markets.
These regional leaders, like their global counterparts, are capitalizing on strong deal flow, particularly in M&A and equities, while expanding capabilities in debt financing and advisory.
Our top institutions — Industrial and Commercial Bank of China, DBS Bank, Morgan Stanley, and J.P. Morgan — are setting the benchmark, executing landmark transactions and reinforcing their regional dominance.
Their performance reflects a broader resurgence in Asia-Pacific capital markets, driven by robust IPO activity, cross-border consolidation, and evolving financing strategies.
Best Investment Bank
ICBC
The Industrial and Commercial Bank of China (ICBC) recorded operating income of 835.4 billion yuan (about $121 billion) last year, and net profit of 368.3 billion yuan, with a year-on-year increase of 2% and 1%, respectively.
The Beijing-based firm led China’s market in merger financing, bond underwriting, and restructuring advisory. M&A loans exceeded 102.2 billion yuan, while bond underwriting reached over 1.7 trillion yuan, boasting nearly 10% market share. ICBC also led the industry in market-oriented debt-to-equity swaps. In securities underwriting, ICBC demonstrated strong pricing power and post-listing performance, completing over 230 Hong Kong IPOs with a cumulative underwriting volume of nearly $210 billion.
M&A
DBS Bank
In 2025, DBS continued its legacy as a one-bank composite solution, leading domestic and cross-border M&A deals in the Asia-Pacific region. The most notable deal was the joint work of DBS Strategic Advisory HK and DBS Securities in China, providing strategic advice and execution to Haitong Securities in its merger with Guotai Junan Securities (GTJA), completing the country’s largest-ever brokerage deal.
DBS also advised Singaporean companies transforming into the new economy through M&A, including Keppel’s divestment of subsidiary M1 to Simba Telecom for an enterprise value of 1.43 billion Singapore dollars (about US$1.1 billion), showcasing the bank’s deep sector expertise.
In addition, DBS’ long-standing relationship with state-owned energy and urban development company Sembcorp supported multiple corporate and investment banking solutions. With DBS’ advisory, this major electricity supplier in Singapore successfully transitioned away from fossil fuels and invested in green energy.
Equities
Morgan Stanley
Morgan Stanley was also 2025’s top arranger of equity capital markets deals in the Asia-Pacific region for the second consecutive year, holding a market share of nearly 10%, well ahead of rival Goldman Sachs. The New York-based investment bank facilitated $27.9 billion in IPOs, primary placements, block trades, and convertible bonds—almost $9 billion more than Goldman Sachs, according to Bloomberg data. Its 10% market share marks the second-highest for a top-placed bank in the past decade. The bank worked on several multibillion-dollar Asian deals as share sales surged in Hong Kong and India, which notched a record year for IPOs.
Four of the year’s five largest share-sale venues are in Asia—Hong Kong, India, mainland China, and Japan. Despite missing Asia’s two largest deals earlier in the year and trailing Goldman in the first half, Morgan Stanley regained the lead in early July with a $3.4 billion block trade in insurer AIA Group Ltd. It was also the sole arranger on Ping An Insurance (Group) Co. of China Ltd.’s HK$11.8 billion ($1.5 billion) convertible bond in June, boosting its league-table position. A rebound in health-care share sales in Hong Kong after a three-year slump further benefited Morgan Stanley, giving it a 37% market share in the sector and leading numerous offerings on a sole basis, including those involving WuXi XDC Cayman Inc.
Debt
J.P. Morgan
J.P. Morgan demonstrated its position as a market leader in the Asia-Pacific debt capital market by becoming the top fee earner in the region, supported by leadership in capital market transactions, including debt issuance. The firm also demonstrated a long-term leadership strategy, expanding its private credit and debt financing business while specifically targeting midsize companies. The large commitment to direct lending strengthens the bank’s position as a top debt-investment bank in the region. J.P. Morgan was also recognized by Coalition Greenwich as a quality leader in Asia for its cash management services, receiving multiple Greenwich excellence awards.
A NEW airport has opened on the world’s largest island giving travellers direct access to an area dubbed the “Riviera of the North”.
The new hub is expected to boost tourism in one of the Arctic’s most remote regions.
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Qaqortoq in Greenland is popular with visitors looking to try kayaking and whale-watchingCredit: carstenbrandt
Visitors can now travel by air to Qaqortoq in Greenland to visit an area famous for kayaking and whale-watching.
Anne Nivika Grødem, director of Visit Greenland, said: “South Greenland offers a rare combination of powerful nature and a living culture shaped over generations.
“Improved access allows us to welcome visitors with greater intention – encouraging travel with curiosity [and offering] more meaningful experiences for our guests.”
Greenland’s prime minister Jens-Frederik Nielsen travelled on the new airport’s first flight.
While more than 30,000 passengers disembark from cruise ships at Qaqortoq every year, less than 2,000 tourists on average stay overnight each year.
Before the opening of the airport, travellers looking to visit Qaqortoq would have to travel two days on a ferry or arrive by helicopter.
The town is 300 miles from the capital, Nuuk.
Air Greenland is to operate two daily 75-minute direct flights between Nuuk and Qaqortoq year-round.
This is expected to rise 17 weekly services in summer, while Icelandair plans to run four weekly summer flights to and from Keflavík, starting from June 2.
In recent years, Greenland has been working to boost visitor numbers.
Earlier this year US President Donald Trump’s threats to invade Greenland resulted in a 46% increase in foreign guests – most of them Americans.
The town is 300 miles from the capital, NuukCredit: Posnov
Latin America’s investment banking giants of 2025, driving record M&A deals, booming equity offerings, and landmark debt transactions.
Despite the region’s ongoing challenges, Latin America remains attractive to foreign investment, especially in sectors such as renewable energy, technology, and infrastructure.
Foreign investment flows are often spurred by economic reforms, privatization efforts, and regulatory improvements.
BTG Pactual reaffirmed its position as the region’s top bank, while Itaú BBA capitalized on the rebound in equities, capturing a commanding market share and leading notable IPOs. And Bradesco BBI excelled in debt issuance, coordinating major corporate debentures and sovereign bonds, while maintaining strong cross-border market engagement.
The following list highlights the firms at the forefront of Latin America’s investment banking sector, shaping the region’s financial future.
Best Investment Bank
BTG Pactual
The leading Latin American investment bank, BTG Pactual ranked first in M&A with $15 billion in deal volume and led in ECM with $2 billion in deals. In DCM, the Brazilian bank issued more than $159 billion in 2025 alone. Among these transactions was the $2.6 billion merger between BRF (formerly Brasil Foods) and Marfrig, the biggest in the region for the year. On the equities side, the bank acted as lead left coordinator on the 10.5 billion Brazilian real (about $2 billion) capital raise for Cosan, a Brazilian sugar and ethanol producer with operations in energy, oil and gas, agribusiness, and logistics.
M&A
BTG Pactual
It was a year in which industry-specific consolidation trends met still-elevated interest rates in Latin America, and M&A belonged to those who could structure complex deals with top-level execution. Such was the case for BTG Pactual, the No. 1 M&A advisory house in Latin America for yet another year. With more than $15 billion in deal volume in 2025 alone, the Brazilian powerhouse continued to lead in both volume and number of deals.
Among BTG Pactual’s key deals was the roughly $4 billion combination of BRF and Marfrig, a landmark transaction in Brazil’s food sector. BTG was also the financial adviser to Paper Excellence on the sale of its minority stake in pulp-producer Eldorado Brasil Celulose to J&F Investimentos for 15 billion reais (about $2.8 billion). Beyond BTG’s home turf, it played a key part in the take-private of Brazilian-based Serena Energia, valued at roughly $2.8 billion, by Singapore’s sovereign wealth fund GIC and General Atlantic, where the bank served as the exclusive financial adviser to Serena. The bank also acted as the exclusive financial adviser to Equatorial Energia in the sale of its power-transmission portfolio to Canada’s CDPQ for 9.4 billion-reais.
Equities
Itaú BBA
Through a combination of innovation and robust market positioning, Brazilian Itaú BBA took advantage of the rebound in Latin American
to close the year with a commanding 24% market share in the region’s ECM deals—56% of the share in the bank’s home market. As follow-ons dominated market growth on the back of improving risk sentiment among corporates and persistently elevated interest rates, the bank managed to structure some of the year’s most important deals. Among these deals was the landmark $196 million Aura Minerals IPO, which provided the Florida-based company with the capital structure to deepen its presence in Brazil. Itaú led the 1.2 billion real (about $226 million) Caixa Seguridade secondary offering, allowing the state-backed bank to improve its classification under the Brazilian regulatory framework. Itaú played a role in structuring the roughly $190 million C&A Brasil transaction, in which controlling shareholders sold a 21% stake through a block trade.
Debt
Bradesco BBI
With a mix of domestic and cross-border issuances, Brazil’s Bradesco BBI rode the persistent high-interest-rate environment in the region, which prompted corporates to gravitate toward fixed-income instruments with excellent performance. In the domestic market, the bank acted as lead bookrunner on Vale’s local debenture issuance, serving as a key coordinator in distributing one of the largest capital raisings in Brazil during the year. Bradesco also led the Ecovias Rio Minas debenture, cited as one of the largest corporate debenture transactions of 2025. In structured credit, Bradesco BBI participated in the CloudWalk FIDC, one of the most significant FIDC offerings of the year, and acted as bookrunner on a 3.1 billion Brazilian real (about $591 million) FIDC issuance in April 2025. Internationally, the bank played a central role in benchmark cross-border bond offerings. Bradesco acted as a bookrunner on Brazil’s new 10-year, 2035, dollar-denominated sovereign benchmark bond, raising $2.5 billion, a significant transaction.
