Amidst rising global concerns, China launched military exercises around Taiwan, while President Zelenskyy sought a 50-year US security guarantee for Ukraine and President Trump confirmed a US strike in Venezuela, alongside a review of the events that defined world politics in 2025.

• FirstFT: China launches military exercises around Taiwan — Financial Times -
• Zelenskyy calls for 50-year US security guarantee for Ukraine — Financial Times -
• Trump confirms US carried out strike on ‘dock area’ in Venezuela — Financial Times -

• The events that defined world politics in 2025 — Financial Times -
• Trump-Zelenskyy talks fail to deliver breakthrough on Ukraine peace deal — Financial Times -
• A year of trade drama and the plot twists yet to come — Financial Times -
• China launches military drills around Taiwan — Financial Times -
• FirstFT: Zelenskyy pushes for longer-term US security guarantees — Financial Times -
• Ukraine and the battle for Trump’s mind — Financial Times -
• Netanyahu to meet Trump as differences over Gaza grow — Financial Times -

The burgeoning AI industry saw new billionaires emerge from the A.I. boom, **Nvidia finalized a $20 billion licensing deal, and SoftBank secured a $4 billion AI data centre deal with DigitalBridge, underscoring both companies' embrace of AI applications and the debate on whether the AI boom is a bubble**.

• The New Billionaires of the A.I. Boom — The New York Times Business -
• Five Things to Know About Nvidia’s $20 Billion Licensing Deal — Wall Street Journal -
• SoftBank strikes $4bn AI data centre deal with DigitalBridge — Financial Times -

• SoftBank to Buy Data Center Investment Firm DigitalBridge for $4 Billion — Wall Street Journal -
• What Are Companies Actually Doing With AI? Our Reporters Talk It Out — Wall Street Journal -
• The AI boom is not a bubble — Financial Times -

In corporate news, a **$400,000 Massachusetts lobster heist made headlines, Lululemon's founder called for a board overhaul, Sears' last great hope failed to materialize, and Nestlé underwent a significant overhaul following an office romance, while Sam’s Club expanded its success against Costco in China**.

• The Case of the $400,000 Massachusetts Lobster Heist — Wall Street Journal -
• Lululemon founder calls for board overhaul at struggling fitness brand — Financial Times -
• Lululemon Founder Chip Wilson Launches Proxy Fight to Overhaul Board — Wall Street Journal -

• Why Sears’s Last Great Hope Was a Promise That Never Materialized — The New York Times Business -
• Juliane Gallina Left the CIA for Venture Capital. Here Is Her Approach to Startup Investing. — Wall Street Journal -
• Swiss Asset Manager GAM Opposes Takeover of Honda Unit by India’s Motherson — Wall Street Journal -
• How an Office Romance Sparked an Overhaul at Nestlé — Wall Street Journal -
• Sam’s Club Is Beating Costco at Its Own Game—in China — Wall Street Journal -

U.S. crude oil stockpiles rose unexpectedly, silver prices tumbled after a rally, and US stocks were eclipsed by the rest of the world in 2025, as **Iran’s currency spiraled, nuclear-powered commercial ships moved closer to reality, and accounting rulemakers prepared to delve into crypto in 2026**.

• U.S. Crude Oil Stockpiles Rose in Week Ended Dec. 19 — Wall Street Journal -
• Energy & Utilities Roundup: Market Talk — Wall Street Journal -
• US stocks eclipsed by rest of world in 2025 as investors diversify — Financial Times -

• Silver price tumbles as record-breaking rally goes into reverse — Financial Times -
• Iran’s currency ‘turns to ash’ as economy spirals — Financial Times -
• The Age of Nuclear-Powered Commercial Ships May Be Getting Closer — Wall Street Journal -
• Delivery start-ups finally get the K-shaped economy they need — Financial Times -
• Accounting Rulemaker to Delve Into Crypto in 2026 Amid Trump Push — Wall Street Journal -
• Be Prepared to Keep Paying More for Electricity — Wall Street Journal -
• Meet a U.S. Start-Up Trying to Break China’s Rare-Earth Monopoly — The New York Times Business -
• China signals tolerance for stronger renminbi — Financial Times -
• The rise of the side hustle — Financial Times -
• Why don’t companies target over 55s as consumers more? — Financial Times -
• Why don’t UK banks lend more? Ask their customers — Financial Times -
• ‘Capital of capital’: how Abu Dhabi rose as a sovereign wealth power — Financial Times -
• The wildcat traders and US contractors piling into Pakistan’s antimony — Financial Times -

Major social and policy stories include youth sports professionalization leading to burnout, concerns over Uber flagging sexual misconduct without removing drivers, allegations of corruption following a deadly rail derailment in Mexico, and Saudi Arabia targeting critics of rising living costs, alongside UK defence funding challenges and NHS care innovations.

• As Youth Sports Professionalize, Kids Are Burning Out Fast — The New York Times Business -
• Trump-linked crypto venture fires auditor after FT inquiries — Financial Times -
• The human cost of a world without rules — Financial Times -

• Deadly derailment in Mexico revives allegations of rail project corruption — Financial Times -
• Saudi Arabia goes after critics of rising cost of living — Financial Times -
• Uber Flags Sexual Misconduct but Many Drivers Stay on the Road — The New York Times Business -
• Winter fuel was Labour’s administration-defining mistake — Financial Times -
• UK needs £800bn of new funding by 2040 to meet defence pledge, says report — Financial Times -
• ‘Hospital at Home’ scheme aims to revolutionise NHS care — Financial Times -
• Europe’s largest defence groups set to return $5bn to shareholders in 2025 — Financial Times -

President Trump renewed threats to sue Federal Reserve Chair Jay Powell for 'incompetence', confirming **he would name Powell’s successor in January, while Kevin Hassett emerged as a loyalist and contender for the Fed Chair position**.

• Trump renews threats to sue Jay Powell for ‘incompetence’ — Financial Times -
• How Kevin Hassett Became a Trump Loyalist and Fed Chair Contender — The New York Times Business -

The year 2025 marked a procession of giants passing away, including Louis V. Gerstner, the former CEO who revived IBM, with actors Idris Elba and Meera Syal receiving New Year honours, as audiobooks outsold hardcovers, and luxury homes in Paris saw a buying spree.

• Deaths in 2025: A Yearlong Procession of Giants — The New York Times Business -
• Louis V. Gerstner, Who Revived a Faltering IBM in the ’90s, Dies at 83 — The New York Times Business -
• Opinion | Lou Gerstner, the Man Who Revived IBM — Wall Street Journal -

• Actors Idris Elba and Meera Syal receive New Year honours — Financial Times -
• Louis Gerstner Jr., Former CEO Who Transformed IBM, Dies at 83 — Wall Street Journal -
• Listen to This: Some Audiobooks Are Outselling Hardcovers — Wall Street Journal -
• Joyful things to do in January — Financial Times -
• Submit your questions to FT Editor Roula Khalaf: What will shape 2026? — Financial Times -
• Exploring Jeddah, Saudi Arabia, With an Airline Pilot — The New York Times Business -
• Arnaults’ buying spree boosts sluggish market for luxury homes in Paris — Financial Times -
• Cities on screen: Istanbul in nine films — Financial Times -