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4 candidates want to be Germany’s next chancellor. Who are they?

4 candidates want to be Germany’s next chancellor. Who are they?
German Chancellor Olaf Scholz, top candidate for chancellor of Germany's Social Democratic SPD party, Green Party's main candidate and German Minister of Economics and Climate Protection Robert Habeck, Friedrich Merz, main candidate and chairman of the Christian Democratic Union (CDU), co-leader and main candidate of the far-right Alternative for Germany (AfD) party Alice Weidel. (AFP)
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Updated 18 February 2025

4 candidates want to be Germany’s next chancellor. Who are they?

4 candidates want to be Germany’s next chancellor. Who are they?
  • The country has the largest population - 84 million - and the biggest economy in Europe with a GDP of $4.5trn
  • Ahead of the German election, the far-right Alternative for Germany (AfD) is in second place in opinion polls

BERLIN: Four candidates are bidding to be Germany’s next leader in Sunday’s election. The would-be chancellors are the incumbent, the opposition leader, the current vice chancellor and — for the first time — a leader of a far-right party.
Olaf Scholz
The 66-year-old has been Germany’s chancellor since December 2021. The center-left Social Democrat has a wealth of government experience, having previously served as Hamburg’s mayor and as German labor and finance minister. As chancellor, he quickly found himself dealing with unexpected crises. He launched an effort to modernize Germany’s military after Russia’s invasion of Ukraine and made Germany Ukraine’s second-biggest weapons supplier. His government prevented an energy crunch and tried to counter high inflation. But his three-party coalition became notorious for infighting and collapsed in November as it argued over how to revitalize the economy — Europe’s biggest, which has shrunk for the past two years.
Friedrich Merz
Germany’s 69-year-old opposition leader has been the front-runner in the election campaign, with his center-right Union bloc leading polls. He became the leader of his Christian Democratic Union party after longtime Chancellor Angela Merkel — a former rival — stepped down in 2021. Merz has taken his party in a more conservative direction. In the election campaign, he has made curbing irregular migration a central issue. Merz lacks experience in government. He joined the European Parliament in 1989 before becoming a lawmaker in Germany five years later. He took a break from active politics for several years after 2009, practicing as a lawyer and heading the supervisory board of investment manager BlackRock’s German branch.
Robert Habeck
The 55-year-old is the candidate of the environmentalist Greens. He’s also Germany’s current vice chancellor and the economy and climate minister, with responsibility for energy issues. As co-leader of the Greens from 2018 to 2022, he presided over a rise in the party’s popularity, but in 2021 he stepped aside to let Annalena Baerbock — now Germany’s foreign minister — make her first run for the chancellor’s job. Habeck’s record as a minister has drawn mixed reviews, particularly a plan his ministry drew up to replace fossil-fuel heating systems with greener alternatives that deepened divisions in the government.
Alice Weidel
The 46-year-old is making the first bid of the far-right, anti-immigration Alternative for Germany, or AfD, for the country’s top job. An economist by training, Weidel joined the party shortly after it was founded in 2013. She has been co-leader of her party’s parliamentary group since the party first won seats in the national legislature in 2017. She has been a co-leader of the party itself since 2022, along with Tino Chrupalla. In December, she was nominated as the candidate for chancellor — though other parties say they won’t work with the AfD, so she has no realistic path to the top job at present.


MENA mergers and acquisitions deals rise 149% to record $115.5bn in H1: LSEG

MENA mergers and acquisitions deals rise 149% to record $115.5bn in H1: LSEG
Updated 12 min 47 sec ago

MENA mergers and acquisitions deals rise 149% to record $115.5bn in H1: LSEG

MENA mergers and acquisitions deals rise 149% to record $115.5bn in H1: LSEG
  • Deal volumes climbed 16% year on year, reaching highest level in three years
  • UAE drew $39.8 billion in M&A inflows, followed by Ƶ at $3.5 billion

RIYADH: Mergers and acquisitions in the Middle East and North Africa region reached $115.5 billion in the first half of 2025, marking a 149 percent increase over the same period last year. 

The London Stock Exchange Group said in its latest report that this marks the highest first-half total since it began tracking the data in 1980, highlighting the region’s resilience amid global economic headwinds. 

Deal volumes in the region also climbed 16 percent year on year, reaching the highest level in three years, the report noted.  

The sharp uptick signals robust investor appetite despite macroeconomic uncertainty and builds on a solid 2024 performance, when MENA M&A deals rose 7 percent to $92.3 billion. 

In February, US-based investment bank Morgan Stanley described the momentum as a “structural upswing” in deal volume and value, driven by regulatory reforms and strategic policy shifts across the region. 

“Deals involving a MENA target reached $48.0 billion, 18 percent more than the value recorded last year at this time and a level only exceeded once before, in 2019 when Saudi Aramco acquired a majority stake in SABIC,” LSEG said.   

The analysis revealed that outbound M&A reached $64.5 billion, an all-time first-half record, while the number of outbound deals rose 8 percent. 

The largest deal announced so far this year is Borealis AG’s $30.85 billion acquisition of Borouge PLC in the UAE, which is currently pending completion. 

UAE and Saudi lead activity 

The UAE was the top target country, drawing $39.8 billion in M&A inflows, followed by Ƶ at $3.5 billion.  

Earlier this year, global consulting firm EY said the two countries accounted for 318 M&A deals in 2024, worth $29.6 billion combined, citing improved capital markets, international investor interest, and regulatory liberalization as primary drivers. 

In a sign of continued M&A momentum in Ƶ, the General Authority for Competition approved a record 202 economic concentration requests in January, reflecting the Kingdom’s efforts to strengthen its competitive business environment. 

Economic concentration approvals are required for mergers and acquisitions to ensure they do not create monopolies or disrupt market competition. 

Sectoral breakdown 

The materials sector dominated MENA-targeted M&A activity by value in the first half of the year, accounting for 67 percent of total deal value at $32.1 billion, largely driven by the UAE's ADNOC-OMV merger involving Borouge and Borealis, according to the latest LSEG report. 

The financial sector followed with deals worth $3.3 billion, while the consumer products and services sector recorded $2.9 billion in transactions. The high technology and industrials sectors saw activity totaling $2.6 billion and $2.3 billion, respectively. 

M&A in the energy and power sector reached $2.2 billion during the same period. 

London-based financial services group Rothschild led the MENA financial adviser league table for announced M&A deals in the first half, advising on transactions worth a combined $76.1 billion. 

Equity capital markets  

Equity and equity-related issuance in the MENA region totaled $7.6 billion in the first six months of the year, representing a 57 percent decline in value compared to the same period in the previous year.  

Initial public offerings accounted for 59 percent of the total, while follow-on issuances made up the remaining 41 percent. 

A total of 25 IPOs were recorded — two more than during the same period in 2024 — marking the highest such tally since 2008. 
Collectively, these IPOs raised $4.5 billion, representing a 25 percent rise compared to the previous year.  

“Low-cost airline flynas raised $1.1 billion in its stock market debut on Ƶ’s main Tadawul exchange in May, the largest IPO in the region so far this year,” said LSEG.  

A June report by Forbes Middle East said that Ƶ’s equity capital market maintained strong momentum in the first half, with six companies raising a combined $2.8 billion through initial public offerings on Tadawul. 

The rise in the Kingdom’s IPO pipeline aligns with broader financial reforms, as the Capital Market Authority has introduced new frameworks, including regulations for special purpose acquisition companies, to expand funding avenues and enhance private sector participation. 

The LSEG report said proceeds raised from follow-on offerings reached $3.1 billion during the first quarter, largely boosted by Abu Dhabi's ADNOC Gas’s $2.8 billion share sale in February. 

The energy and power sector led activity, with issuers raising a combined $2.8 billion, accounting for 38 percent of total equity capital raised in the region, followed by the real estate sector at 20 percent. 

HSBC topped the MENA equity capital markets underwriting league table for the first half, with a 15 percent market share, followed by EFG Hermes at 11 percent. 

Debt capital markets  

MENA bond issuance totaled $86.8 billion in the first half, representing a 17 percent increase over the same period last year and marking the highest first-half total since 1980. 

The number of bond issues also rose 17 percent year on year, surpassing all previous first-half records. 

Ƶ was the most active issuer, accounting for 52 percent of total bond proceeds, followed by the UAE at 25 percent, and Qatar at 8 percent.

Earlier this month, a report by S&P Global said Ƶ’s domestic corporate bond and sukuk markets are poised for further growth, driven by Vision 2030 investments and ongoing regulatory reforms. 

In April, Fitch Ratings reported that Ƶ’s debt capital market reached $465.8 billion by the end of March, a 16 percent year-on-year increase, with sukuk making up 60.4 percent of the total. 

The Kingdom’s debt market is expected to surpass $500 billion in outstanding value by the end of 2025, supported by strong economic fundamentals, diversified funding strategies, and continued progress under Vision 2030. 

LSEG also said Islamic bonds in the region raised $32.2 billion in the first half — an all-time record for the period — representing a 14 percent increase over last year. 

Sukuk accounted for 37 percent of total bond proceeds raised in the region, slightly down from 38 percent during the same period in 2024. 

HSBC led the MENA bond bookrunner rankings, handling $8.9 billion in proceeds, or a 10 percent market share in the first half. 

Investment banking fees 

LSEG estimated that $773.7 million in investment banking fees were generated in the MENA region, a 2 percent decline from the same period in 2024, but still the third-highest first-half total since 2000. 

Debt capital markets underwriting fees rose 20 percent year on year to $278.9 million in the first six months. 

However, equity market underwriting fees dropped to a two-year low of $169.9 million, reflecting an 18 percent year-on-year decline. 

“Advisory fees earned from completed M&A transactions totalled $191 million, 52 percent more than the value registered last year at this time and the highest first-half total since 2022,” said LSEG.

According to the report, Ƶ accounted for 41 percent of all MENA investment banking fees, followed by the UAE at 35 percent, and Qatar at 7 percent. 

HSBC earned the most investment banking fees in the region, collecting $64 million, or an 8 percent share of the total fee pool. 


Pakistan to pilot digital currency, following trend set by Gulf and Asian regulators

Pakistan to pilot digital currency, following trend set by Gulf and Asian regulators
Updated 18 min 36 sec ago

Pakistan to pilot digital currency, following trend set by Gulf and Asian regulators

Pakistan to pilot digital currency, following trend set by Gulf and Asian regulators
  • Central bank governor says legislation for virtual assets near final stage, pilot for digital rupee expected soon
  • Central banks globally are exploring use of digital currencies as interest in blockchain-based payments grows

KARACHI/SINGAPORE: Pakistan’s central bank is preparing to launch a pilot for a digital currency and is finalizing legislation to regulate virtual assets, Governor Jameel Ahmad said on Wednesday, as the country ramps up efforts to modernize its financial system.

Central banks globally are exploring the use of digital currencies as interest in blockchain-based payments grows. Pakistan’s move follows similar steps by regulators in China, India, Nigeria and several Gulf states to test or issue digital currencies through controlled pilot programs.

Speaking at the Reuters NEXT Asia summit in Singapore, Ahmad said Pakistan was “building up our capacity on the central bank digital currency” and hoped to roll out a pilot soon.

He was speaking on a panel alongside Sri Lanka’s central bank governor, P. Nandalal Weerasinghe, with both discussing monetary policy challenges in South Asia.

Ahmad added that a new law would “lay down the foundations for the licensing and regulation” of the virtual assets sector and that the central bank was already in touch with some tech partners.

The move builds on efforts by the government-backed Pakistan Crypto Council, set up in March to drive virtual asset adoption. The PCC is exploring bitcoin mining using surplus energy, has appointed Binance founder Changpeng Zhao as a strategic adviser and plans to establish a state-run bitcoin reserve.

It has also held talks with US-based crypto firms, including the Trump-linked World Liberty Financial.

In May, the State Bank of Pakistan clarified that virtual assets were not illegal. However, it advised financial institutions not to engage with them until a formal licensing framework was in place.

“There are risks associated, and at the same time, there are opportunities in this new emerging field. So we have to evaluate and manage the risk very carefully, and at the same time not allow to let go the opportunity,” he said on the panel.

TIGHT GRIP, FALLING RATES

On the monetary policy front, Ahmad said the central bank would continue to maintain a tight policy stance to stabilize inflation within its 5–7 percent medium-term target.

Pakistan has cut its benchmark rate from a peak of 22 percent to 11 percent over the past year, as inflation fell sharply from 38 percent in May 2023 to 3.2 percent in June, averaging 4.5 percent in the 2025 fiscal year just ended, a nine-year low.

“We are now seeing the results of this tight monetary policy transfer, both on our inflation as well as on the external account,” he said.

Ahmad also said Pakistan was not overly exposed to dollar weakness, noting that the country’s foreign debt was mostly dollar-denominated and only 13 percent comprised Eurobonds or commercial loans.

“We don’t see any major impact,” he said, adding that reserves had risen to $14.5 billion from under $3 billion two years ago.

Ahmad said Pakistan’s current three-year $7 billion IMF program, which runs through September 2027, was on track and had already resulted in reforms in fiscal policy, energy pricing and the foreign exchange market.

“We are confident that after that (IMF program), maybe we will not require an immediate (follow-up).”

Pakistan’s central bank governor was asked during the panel whether Pakistan had financing plans lined up for upcoming military equipment purchases, particularly imports from China.

He responded that he was not aware of such plans, and said the central bank’s mandate remained ensuring smooth interbank market functioning and maintaining ample foreign exchange “so that there is no problem as far as trade financing is concerned.”


Macron turns to politics on second day of UK state visit

Macron turns to politics on second day of UK state visit
Updated 21 min 49 sec ago

Macron turns to politics on second day of UK state visit

Macron turns to politics on second day of UK state visit
  • The Macrons began the second day of their visit by paying their respects at the tomb of the late Queen Elizabeth II at Windsor’s St. George’s Chapel
  • This is the first state visit by a French president to Britain since Nicolas Sarkozy in 2008 and the first by a European Union head of state since Brexit in 2020
WINDSOR: French President Emmanuel Macron’s state visit to Britain turned to politics Wednesday as London is expected to press Paris for new measures to curb undocumented immigration.
The number of migrants arriving on England’s southern coast via small boats from northern France is a major political issue for Labour Prime Minister Keir Starmer.
Starmer is expected to push the French leader to do more to stop the crossings when the two leaders meet over lunch at the prime minister’s 10 Downing Street residence.
London hopes to strike a “one in, one out” deal to send small boat migrants back to the continent, in exchange for the UK accepting asylum seekers in Europe who have a British link, the domestic PA news agency reported.
After he took power a year ago, Starmer promised to “smash the gangs” getting thousands of migrants onto the small boats, only to see numbers rise to record levels.
More than 21,000 migrants have crossed from northern France to southeast England in rudimentary vessels this year, providing a massive headache for Starmer as the far-right soars in popularity.
In a speech to parliament Tuesday, Macron promised to deliver on measures to cut the number of migrants crossing the English Channel, describing the issue as a “burden” to both countries.
He said France and the UK had a “shared responsibility to address irregular migration with humanity, solidarity and fairness.”
The talks at Downing Street come after a first day dominated by pomp and a warm welcome from King Charles III and members of the royal family.
Tuesday’s royal welcome from King Charles III and his wife Queen Camilla included a horse-drawn carriage procession, a 41-gun salute and a sumptuous banquet at Windsor Castle, west of London, for the president and his wife Brigitte.


The Macrons began the second day of their visit by paying their respects at the tomb of the late Queen Elizabeth II at Windsor’s St. George’s Chapel.
Macron then discussed biodiversity issues with the king during a stroll in the castle grounds before he bade farewell to his host and headed to central London.
This is the first state visit by a French president to Britain since Nicolas Sarkozy in 2008 and the first by a European Union head of state since Brexit in 2020.
After Britain’s acrimonious departure from the European Union, the two countries smoothed post-Brexit tensions in 2023 during a state visit by the famously Francophile king and a summit with Prime Minister Rishi Sunak in France.
At Tuesday evening’s banquet, Charles used a speech to around 160 guests — including royals, Starmer and music icons Elton John and Mick Jagger — to warn that the two nations’ alliance was as crucial as ever amid a “multitude of complex threats.”
Charles concluded by toasting a new UK-France “entente... no longer just cordiale, but now amicale,” prompting Macron to laud “this entente amicale that unites our two fraternal peoples in an unwavering alliance.”
Hours earlier, in a speech to parliament, the French president had adopted a similar tone, saying that the two countries must work together to defend the post-World War II “international order.”
On Wednesday morning, Macron was also due to meet entrepreneurs and scientists working on artificial intelligence at Imperial College London.
Later, the French president will also visit the British Museum to formally announce the loan of the famous Bayeux Tapestry depicting the 1066 Norman conquest of England.
On Wednesday evening Macron will meet with the business community at a dinner held in his honor at the Guildhall, a historic building in the City of London, the capital’s financial district, with 650 guests in attendance.

Saudi POS spending up 5% in early July driven by hotel sector

Saudi POS spending up 5% in early July driven by hotel sector
Updated 40 min 5 sec ago

Saudi POS spending up 5% in early July driven by hotel sector

Saudi POS spending up 5% in early July driven by hotel sector

RIYADH: Ƶ’s point-of-sale transactions climbed 5 percent to SR14.3 billion ($3.81 billion) in the week ending July 5, driven by increased spending across multiple sectors.

The latest data from the Kingdom’s central bank, also known as SAMA, showed that hotels led the growth, registering the largest jump in transaction value, up 22.7 percent to SR260.74 million. 

The sector also saw an 18 percent rise in the number of transactions, reaching 802 million.

According to SAMA’s bulletin, the telecommunication division followed, recording a 9.8 percent increase in transaction value to SR136.09 million.

Public utilities spending ranked next, rising 8.8 percent to SR56.92 million, with transactions up 7.2 percent to 740 million.

Food and beverages — responsible for the largest share of total POS value among the defined categories — recorded a 6.9 percent increase to SR2.13 billion.

Transportation spending rose 4.1 percent to SR776.28 million, while restaurants and cafes saw a 3.5 percent increase, totaling SR1.95 billion and claiming the second-biggest share of this week’s POS.

Miscellaneous goods and services claimed the third-largest share of the total transaction value, with an uptick of 8.6 percent to SR1.79 billion.

The smallest spending gains were in gas stations, rising by 1.1 percent to SR974.03 million, and electronics, which increased by 3 percent to SR187.56 million.

The health and furniture sectors also saw upward changes, increasing by 3.7 percent and 8 percent to reach SR871.34 million and SR289.99 million, respectively. 

On the downside, spending on education dipped by 33.5 percent to SR141.12 million, followed by a 6 percent decrease in spending on jewelry.

Recreation and culture followed the trend, falling 2.3 percent to SR287.79 million.

Geographically, Riyadh dominated POS transactions, with expenses in the capital reaching SR4.87 billion, a 3.9 percent increase from the previous week. 

Jeddah followed with a 6.8 percent rise to SR2.06 billion, while Dammam ranked third, up 1 percent to SR680.17 million.

Tabuk saw the smallest increase, inching up 0.1 percent to SR278.76 million, followed by Khobar with a 0.5 percent uptick to SR387.48 million.

Hail recorded 4.21 million deals in transaction volume, up 6.4 percent, while Makkah reached 8.9 million transactions, rising 8.8 percent.


Ƶ’s FII conference organizer plans IPO: report

Ƶ’s FII conference organizer plans IPO: report
Updated 49 min 32 sec ago

Ƶ’s FII conference organizer plans IPO: report

Ƶ’s FII conference organizer plans IPO: report
  • RA&A working with banks to prepare for possible listing by next year
  • Richard Attias would remain shareholder after any potential transaction and stay on as chairman

RIYADH: Richard Attias and Associates, the organizer of Ƶ’s Future Investment Initiative summit, is planning for a potential initial public offering, according to a report. 

Founder and Chairman of RA&A Richard Attias told Bloomberg in an emailed response that the events and advisory firm is currently working with banks, including Evercore Inc., to prepare for a possible listing as soon as next year. 

FII is widely considered as one of the flagship investment events in the Kingdom, where world leaders and industry experts gather to discuss opportunities and challenges across the global financial landscape.

Attias has been a prominent speaker at FII events, where Ƶ showcases its Vision 2030 ambitions to position itself as an international business destination by the end of the decade. 

Citing Attias, Bloomberg reported that “he would still remain a shareholder after any potential transaction and stay on as chairman of the board. No final decisions have been made.”

Participants attend the annual Future Investment Initiative conference in Riyadh on Oct. 29, 2024. AFP

Sanabil, the investment arm of the Kingdom’s Public Investment Fund, currently owns about 75 percent of RA&A, while Attias possesses the remaining stake. 

He is currently the chairman of the executive committee at the FII institute, a non-profit run by Ƶ’s sovereign wealth fund. 

In February, the FII Institute hosted its Priority Summit in Miami, which featured an address from US President Donald Trump. 

Trump’s keynote speech underscored the need for strategic investments that generate both financial returns and long-term social impact. 

“Today, it is a tremendous honor to become the first American president to address the Future Investment Initiative Institute,” said Trump at the event. 

US President Donald Trump speaks at FII PRIORITY Miami 2025 Summit at the Faena Hotel and Forum in Miami Beach, Florida, Feb. 19, 2025. AFP

He added: “I come today with a simple message for business leaders from all across the nation and all around the world. If you want to build the future, push boundaries, unleash breakthroughs, transform industries, and make a fortune.” 

The eighth edition of FII, held in Riyadh last year, featured over 500 speakers and facilitated more than 200 sessions, including plenary discussions, breakouts, and conclaves, addressing economic stability, geopolitical tensions, and equitable development.

Since its launch in 2017, the FII Institute has been organizing annual events in Riyadh. Over the years, the program has emerged as one of the flagship conferences in the financial sector.

Founded in 2008, RA&A currently employs over 100 people worldwide, providing ideas, connections, and platforms to guide its clients, which include corporations, governments, NGOs, and nonprofits, according to its LinkedIn profile.