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Turkey Urges Russia and Ukraine to Keep Energy Facilities Out of Conflict

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Turkey has asked Russia, Ukraine, and other actors involved in the war to avoid targeting energy infrastructure, stressing the need for uninterrupted energy supply amid rising attacks near the Turkish coast. Energy Minister Alparslan Bayraktar said Ankara is alarmed by recent drone strikes on Russia-linked vessels in the Black Sea, urging all sides to protect critical infrastructure, including international routes like the Caspian Pipeline Consortium (CPC).

The warning comes after Ukraine claimed responsibility for a drone attack on two empty tankers heading to a Russian port, while denying involvement in another incident involving a Russian-flagged vessel carrying sunflower oil. These attacks have pushed up insurance costs for Black Sea shipping and forced at least one Turkish company to suspend Russia-related operations for safety reasons. The CPC pipeline, which handles more than 1% of global oil supplies, temporarily shut down after damage caused by a Ukrainian drone, prompting Kazakhstan to divert shipments through the Baku-Tbilisi-Ceyhan (BTC) pipeline.

Bayraktar also revealed that Ukrainian President Volodymyr Zelenskiy requested Turkey’s support in securing gas supplies during his recent visit to Ankara. Turkey’s state-run BOTAS and Ukraine’s Naftogaz are now exploring cooperation opportunities. Noting Ukraine’s large underground storage capacity, Bayraktar indicated that the country could stockpile cheaper energy in summer for use during winter.

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Lithuania Shuts Vilnius Airport Again Over Balloon Sightings

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Vilnius Airport in Lithuania halted flight operations for the second time on Wednesday after suspected balloons were detected in its airspace, airport authorities said. The country has witnessed repeated disruptions in recent months due to similar sightings. Officials claim the balloons are used by smugglers transporting cigarettes from neighbouring Belarus.

Lithuanian authorities have also accused Belarusian President Alexander Lukashenko of allowing the activity to continue, calling it a “hybrid attack.” Belarus, a close ally of Russian President Vladimir Putin, has repeatedly denied such claims, instead accusing Western nations of waging a hybrid war against Belarus and Russia.

Vilnius Airport, located roughly 30 kilometres from the Belarus border, has been forced to suspend operations more than ten times since early October because of balloon-related incidents. Authorities continue to monitor the situation as the disruptions affect both security and passenger travel.

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Belgium Opposes EU Plan to Use Frozen Russian Assets for Ukraine

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Belgium has raised strong objections to the European Union’s plan to use frozen Russian assets to provide a “reparations loan” to Ukraine. Prime Minister Bart De Wever and Foreign Minister Maxime Prévot argue that tapping €140bn of Russian state assets held in Belgium could expose the country to massive legal risks and potential bankruptcy if Russia takes action. They have called for an alternative approach, suggesting the EU borrow the necessary funds from financial markets instead.

Most EU countries, including Germany, support the proposal, viewing it as an urgent way to fund Ukraine’s defense amid ongoing Russian attacks. Chancellor Friedrich Merz and EU foreign policy chief Kaja Kallas argue that a reparations loan would strengthen Europe’s position against Moscow and could incentivize Russia to negotiate peace. However, legal experts and Belgium’s central securities depository, Euroclear, caution that lending these frozen assets carries significant financial and legal dangers.

The European Commission is preparing a legal framework to address the plan, but disagreements among member states have delayed progress. Belgium insists on legally binding guarantees to share risk with other EU countries, while Russia has threatened decades of litigation if the assets are used for Ukraine. With the EU summit approaching, a final decision on the contentious proposal remains uncertain.

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King Charles Welcomes German President Steinmeier for First UK State Visit in 27 Years

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King Charles welcomed German President Frank-Walter Steinmeier to Britain on Wednesday, marking the start of a three-day state visit aimed at reinforcing ties between the two nations. This is the first state visit by a German president in nearly three decades and follows Charles’ own inaugural overseas tour to Germany in 2023 after becoming king. The visit highlights a renewed effort to strengthen UK–EU relations in the post-Brexit era.

The king and Queen Camilla greeted President Steinmeier and his wife, Elke Büdenbender, in Windsor before joining a ceremonial carriage procession to Windsor Castle, accompanied by Prince William and Princess Kate. Steinmeier is also scheduled to meet Prime Minister Keir Starmer at Downing Street, followed by a state banquet at the castle later in the day. The trip comes shortly after German Chancellor Friedrich Merz’s visit in July, during which he signed a new treaty with Britain aimed at resetting diplomatic ties.

During the rest of the visit, Steinmeier will lay flowers at the tomb of the late Queen Elizabeth, view the historic State Sleigh designed by Prince Albert, and deliver an address to British lawmakers. He will also meet German footballers playing in the Premier League. On Friday, the German president and his wife will travel to Coventry—devastated by bombings during World War Two—where he will lay a wreath at the ruins of the old cathedral alongside the Duke of Kent, commemorating shared history and reconciliation.

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Prada Acquires Versace in Major Luxury Fashion Shake-Up

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Prada has officially acquired Versace in a landmark deal worth $1.38bn (£1.04bn), bringing two iconic Italian luxury labels under one umbrella. The purchase price is significantly lower than the nearly $2bn paid by Versace’s former owner, Capri Holdings, in 2018. With this acquisition, Prada strengthens its portfolio—already home to brands like Miu Miu—as competition intensifies against giants such as LVMH, which owns Louis Vuitton, Dior, and Fendi.

The sale comes after a challenging period for Versace. Its long-time creative chief Donatella Versace stepped down in March, ending a 27-year tenure that began after the death of her brother Gianni. She was succeeded by Dario Vitale, previously a design director at Miu Miu. Under Capri Holdings, the brand moved away from its signature ornate aesthetic toward minimalism while raising prices, a strategy that coincided with slowing sales across Capri’s portfolio, including Michael Kors and Jimmy Choo.

Prada said it received all necessary regulatory approvals to finalize the deal. Capri Holdings noted that proceeds will be used to significantly reduce debt, improving its financial position. Prada CEO Andrea Guerra has expressed confidence in Versace’s long-term potential, saying the brand’s next chapter will require “disciplined execution and patience” as it integrates into the Prada Group.

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Italian Mayor Apologises After Pavarotti Statue Is Accidentally Encased in Ice Rink

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A mayor in the Italian town of Pesaro has apologised to Luciano Pavarotti’s family after the late opera legend’s statue was unintentionally left knee-deep inside a Christmas ice rink. The temporary rink, built in the town’s central piazza, encircled the bronze statue with ice and clear plexiglass walls. Pavarotti’s widow, Nicoletta Mantovani, criticised the setup as an act that “ridiculed” her husband, expressing anger and disappointment at the council’s decision.

Mayor Andrea Biancani admitted the council had “made a mistake” and said he never intended to cause offence. Before the rink opened on 29 November, he even posted a playful edited image of the statue playing ice hockey, using the hashtag #DaiUnCinqueAPavarotti (“Give Pavarotti a high-five”). Mantovani, however, condemned the installation as “poorly executed” and “absurd,” noting that it disrespected the memory of a man who helped elevate Italy’s profile worldwide.

The statue, unveiled in April 2024, honours Pavarotti’s close connection to Pesaro, where he owned a villa and was an honorary citizen. Despite the backlash, the mayor said neither the sculpture nor the rink can be moved at this point but promised that such an incident would not happen again. Pavarotti, one of history’s most celebrated tenors, performed globally with the Three Tenors and famously sang “Nessun Dorma” during the 1990 World Cup. He died in 2007, leaving behind four daughters from two marriages.

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Thousands of German Army Ammunition Rounds Stolen from Lorry

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A major security breach has occurred in eastern Germany after a shipment of Bundeswehr ammunition was stolen from a civilian-operated delivery truck in Burg. According to German media reports, nearly 20,000 rounds were taken, including 10,000 pistol rounds, 9,900 blank assault-rifle rounds, and several smoke grenades. The theft was discovered when the load arrived at Clausewitz Barracks on 26 November, prompting an immediate joint investigation by the army and local police.

Authorities believe the theft happened overnight after the truck driver left the vehicle in an unguarded parking lot and stayed in a nearby hotel. The defence ministry expressed serious concern, noting that such ammunition “must not fall into the wrong hands.” Investigators are examining why the driver did not use the military’s hotline for assistance or request an escort, which is available for sensitive transports.

The incident adds to a pattern of missing ammunition cases in Saxony-Anhalt, where police reported smaller losses in Bernburg and Eisleben earlier this year. However, officials have not identified any link between these events. No arrests or suspects have been confirmed so far as the investigation continues.

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Russia Says India’s Dip in Oil Imports Likely Short-Lived

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India’s imports of Russian oil may decline only temporarily, according to Kremlin spokesperson Dmitry Peskov, who said Moscow plans to increase supplies using advanced methods to counter Western sanctions. His remarks come ahead of President Vladimir Putin’s visit to New Delhi, where both nations aim to strengthen defence and energy partnerships as India’s Russian oil intake is expected to fall to a three-year low.

Peskov emphasised that Russia remains India’s top oil supplier and is working to create a secure environment for buyers despite U.S. and European restrictions targeting major Russian producers. He added that Moscow has long operated under sanctions and continues to refine technologies to bypass their impact. Payment mechanisms and protection of bilateral trade from third-country pressure will be key agenda items during Putin’s talks in India.

Meanwhile, Indian refiners have responded differently to the tightening sanctions. Companies like MRPL, HPCL and HMEL have halted Russian purchases, while IOC continues sourcing from non-sanctioned suppliers and BPCL is in advanced negotiations. Nayara Energy, partly owned by Rosneft, is processing only Russian crude as other suppliers withdraw, and Reliance says it will process pre-committed Russian cargoes already en route.

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EU Struggles to Shift Savers From Cash as Investment Reforms Lag

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The European Union continues to face an uphill battle in encouraging households to move money from cash into investments, even after a decade of efforts toward a capital markets union. Despite more than 60 legislative proposals, progress has been slowed by national interests, political shifts and technical hurdles. As a result, Europeans continue to hoard cash, with savings in bank deposits reaching 12.1 trillion euros—about 30% of household wealth—far higher than in the United States. In Germany, the figure is even more striking, with over 40% of financial assets held in cash or deposits.

Alarmed by the continued fragmentation of capital markets, several EU countries—led by Spain—have launched a pilot project to introduce a “Finance Europe” label that would help savers identify investment products that support EU companies. Meanwhile, policymakers and think tanks are pushing to scale Italy’s successful Savings Investment Plan (PIR), which directs household savings toward local firms, into a broader EU-wide scheme. Such initiatives are part of the bloc’s broader Savings and Investments Union (SIU), set to be unveiled this week, which includes proposals to empower the European Securities and Markets Authority and ease cross-border barriers for asset managers.

However, cultural and trust-related obstacles remain significant. Many EU households remain risk-averse and skeptical of investment products, often citing low returns, high fees and lack of reliable financial guidance. Former ECB chief Mario Draghi noted that EU household wealth has grown much slower than in the U.S., partly due to low interest rates on deposits that fail to keep pace with inflation. As regulators push for greater integration, experts warn the SIU will fall short unless it addresses public distrust and simplifies investment pathways for ordinary savers.

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Pope Leo Concludes First Overseas Trip with Peace Appeal in Lebanon

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Pope Leo XIV concluded his first overseas journey as the Catholic leader with a powerful call for peace during a three-day visit to Lebanon. His final day included a solemn prayer at the site of the 2020 Beirut port explosion, where a devastating chemical blast killed 200 people and left billions of dollars in damage. The pontiff, who has emphasized that humanity’s future is threatened by ongoing global conflicts, also prepared to lead a waterfront Mass expected to draw nearly 100,000 people before departing for Rome.

Throughout the visit, Pope Leo urged Lebanon’s political and religious leaders to persevere in peace efforts despite continued tensions following last year’s conflict between Israel and Hezbollah. In a significant meeting with leaders of Lebanon’s Christian, Sunni, Shi’ite, and Druze communities, he encouraged unity and dialogue to heal a nation burdened by years of political paralysis, economic collapse, and widespread migration. Observers worldwide paid close attention, as this marked his first major international appearance since becoming pope in May.

The pope also visited a psychiatric hospital run by Franciscan nuns and met survivors and families affected by the Beirut blast, offering prayers and symbolic gestures of solidarity. Many Lebanese, including young volunteers, expressed hope that his visit could signal a fresh start after years of hardship. Lebanon, home to the region’s largest Christian population, continues to struggle with the effects of spillover violence from the Gaza conflict and the weight of hosting nearly one million refugees, all while confronting a severe economic crisis that has persisted since 2019.

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