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Ian Johnston, chief executive, Dubai Financial Services Authority, is confident the growing flows between Asia and the Middle East will continue.

Retaliatory tariffs, a stronger dollar and several u-turns from the Trump administration are creating an uncertain outlook for 2025 and is pushing up the price of gold; meanwhile, Hong Kong and China are lodging complaints to the WTO.

The deal includes an agreement to buy Banner Life, enter a partnership in the US pension risk transfer business, and an intention to take a 5% shareholding in Legal & General Group.

The release of a competitive low cost large language models not only shifts the AI narrative away from expensive hardware, but also prompts debate about a potential inflection point for fund managers, with some models potentially not surviving.

After US president Donald Trump issued executive orders to place 25% tariffs on Mexican and Canadian imports (now delayed) and 10% on Chinese goods (starting February 4); China has now retaliated with tariffs on US coal, gas, crude oil and more.

The new US president issues orders for the US to leave the World Health Organisation and Paris climate agreement, with digital app TikTok emerging as one potential leverage point between the US and China over tariffs.

The undisclosed deal for DiabTec, struck with Jalphur, gives the firm a MENA manufacturing base, as Kelix Bio continues its acquisition spree.

The proposed $14.9bn deal was partly blocked for national security reasons.

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