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IMF Sees Global Economy Holding Firm Despite Trade and Geopolitical Shocks

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The International Monetary Fund’s upcoming growth forecasts are expected to show that the global economy remains resilient to trade disruptions, with overall performance still “fairly strong,” IMF Managing Director Kristalina Georgieva said in an interview with Reuters. Speaking during a visit to Kyiv, Georgieva indicated the IMF could slightly raise its projections again, following a recent upgrade by the World Bank.

In its October outlook, the IMF lifted its 2025 global growth forecast to 3.2%, citing a smaller-than-expected drag from U.S. tariffs, while keeping its 2026 estimate at 3.1%. Georgieva said the January update, due on January 19, would likely reinforce the message that trade shocks have not derailed global growth, even though risks remain tilted to the downside.

She cautioned that geopolitical tensions, rapid technological shifts and heavy investment in artificial intelligence pose potential threats if productivity gains fail to materialise. Georgieva also warned that many countries have not built sufficient financial buffers to handle future shocks, noting that the IMF is already running 50 lending programmes and may see demand rise if global conditions worsen.

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Nordic Countries Dismiss Trump’s Claims of Russian, Chinese Presence Near Greenland

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Nordic diplomats have rejected U.S. President Donald Trump’s claims that Russian and Chinese vessels are operating near Greenland, calling the assertions unfounded. According to a report by the Financial Times, two senior Nordic diplomats with access to NATO intelligence briefings said there have been no signs of Russian or Chinese ships or submarines in waters around Greenland in recent years. Reuters said it could not independently verify the report, while the White House and NATO did not immediately respond to requests for comment.

Diplomats cited by the FT said intelligence assessments do not support the narrative of heightened foreign naval activity near the island. One senior official was quoted as saying there were “no ships, no submarines,” while another dismissed claims that the waters around Greenland were “crawling” with Russian and Chinese vessels, noting that any such activity was instead concentrated on the Russian side of the Arctic. Vessel-tracking data from MarineTraffic and LSEG also showed no Chinese or Russian ship presence near Greenland.

Trump has repeatedly argued that the United States must control Greenland—an autonomous territory within the Kingdom of Denmark—to prevent Russia or China from gaining a foothold in the strategically located and resource-rich region. Denmark has disputed these claims, with Foreign Minister Lars Løkke Rasmussen saying the portrayal of foreign ships and large Chinese investments near Nuuk was inaccurate. Greenland’s assembly has since moved up a meeting to discuss its response to U.S. statements, amid growing concern among the island’s 57,000 residents over renewed pressure from Washington.

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Denmark and Greenland Push Back Against Trump’s Greenland Takeover Remarks

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Denmark and Greenland have urged US President Donald Trump to stop making statements about taking over Greenland after he reiterated his interest in the Arctic island in a recent media interview. Danish Prime Minister Mette Frederiksen said such remarks were unacceptable, stressing that the United States has no right to annex Greenland or any part of the Danish kingdom.

Trump said the US “needs Greenland” for defence purposes, comments that came shortly after he claimed Washington would run Venezuela following the capture of its president. The remarks sparked concern in Denmark that Greenland, a self-governing Danish territory, could face similar rhetoric or pressure. Frederiksen said the threats were inappropriate toward a close ally and ignored the clear stance of Greenland’s people that the territory is not for sale.

Greenland’s Prime Minister Jens-Frederik Nielsen also criticised Trump’s comments as disrespectful, particularly references linking Greenland to military intervention. Greenland’s strategic location and mineral resources have long drawn US interest, and Trump recently appointed a special envoy to the island. While Greenland has the right to seek independence, it remains economically reliant on Denmark, which has been working to strengthen ties with the island while increasing Arctic defence cooperation with the US.

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Ukraine, US Hold Christmas Day Talks to Advance Peace Deal

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Ukrainian President Volodymyr Zelensky said he held a “very good” conversation on Christmas Day with US special envoy Steve Witkoff and Jared Kushner, as negotiations toward a possible peace deal with Russia continued. Zelensky said the talks covered substantive aspects of the negotiations and generated new ideas aimed at achieving “real peace,” describing the engagement as constructive and timely. Senior Ukrainian officials, including Defense Council Secretary Rustem Umerov, also participated in the discussions.

Zelensky said further talks were planned between Umerov and the US representatives, stressing the importance of seizing every opportunity to move closer to a settlement. The diplomatic push comes amid gradual progress in US-led peace efforts, including recent meetings between Ukrainian, Russian, and American negotiators. Zelensky has outlined a 20-point framework for ending the war, which includes troop withdrawals, security guarantees involving the US and Europe, and the creation of a demilitarized zone in parts of eastern Ukraine.

Despite ongoing negotiations, fighting has continued on the ground. Russia has intensified strikes on Ukrainian cities, including Odesa, causing power outages and civilian damage, while Ukrainian forces have conducted drone and sabotage operations against Russian military targets. Russian officials say they are reviewing Ukraine’s proposals, though President Vladimir Putin has reiterated demands that Ukraine cede all of Donetsk. International figures, including Pope Leo, used Christmas messages to call for an end to the violence and renewed diplomatic engagement.

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Gold Heads for Best Year Since 1979 as Crises and Central Bank Buying Fuel Rally

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Gold is on track for its strongest annual performance since 1979, with futures in New York surging nearly 71% in 2025. Prices have climbed from around $2,640 an ounce at the start of the year to above $4,500, driven by global uncertainty ranging from trade distortions and geopolitical conflicts to inflation risks and currency volatility. Analysts say investors are flocking to gold as a safe haven, echoing conditions last seen during the late-1970s energy crisis under former US president Jimmy Carter.

Expectations of US Federal Reserve rate cuts and a weaker dollar have further boosted gold’s appeal, as lower bond yields make non-yielding assets more attractive. Gold’s gains have far outpaced equities, with the S&P 500 up about 18% this year. Major banks such as JPMorgan Chase expect prices to continue rising, forecasting gold could cross $5,000 an ounce in 2026 if current trends persist.

A key driver behind gold’s rally has been aggressive buying by central banks, led by China, as countries seek to reduce dependence on the US dollar and Treasury assets. Central banks have added more than 1,000 tonnes of gold annually over the past three years, well above historical averages. The surge has also lifted other precious metals, with silver, platinum and palladium posting sharp gains, reinforcing gold’s role as a hedge in an increasingly uncertain global financial landscape.

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Kremlin Rejects Claims Putin Wants Soviet Revival or NATO Attack

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The Kremlin has dismissed European accusations that Russian President Vladimir Putin aims to restore the Soviet Union or launch an attack on NATO. Spokesman Dmitry Peskov said on Tuesday that such claims were false and disrespectful, insisting that Putin has repeatedly stated it is impossible to recreate the U.S.S.R. Putin, who once described the Soviet collapse as a major geopolitical catastrophe, has long argued this view relates to the hardship faced by Russians at the time, not a desire to rebuild the former bloc.

The remarks came after German Chancellor Friedrich Merz claimed Putin seeks to revive the “old Soviet Union” and posed a threat to NATO. Western leaders have frequently warned that a successful Russian campaign in Ukraine could embolden Moscow to target NATO member states. Putin, however, has repeatedly called the idea irrational, pointing to NATO’s military superiority.

Peskov rejected Merz’s statements as misguided and offensive, saying the allegations misrepresent Russia’s intentions. He reiterated that suggestions of Moscow preparing to attack NATO are “complete stupidity,” accusing critics of misunderstanding or deliberately twisting Russia’s official positions.

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Von der Leyen Nominated for Second Term as EU Commission President

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EU leaders have nominated Ursula von der Leyen, the current European Commission head, for a second five-year term during a summit in Brussels. Estonian Prime Minister Kaja Kallas has been selected as the EU’s next foreign affairs chief, and former Portuguese Prime Minister António Costa has been chosen as the next chairman of EU summits. All three candidates are from centrist, pro-EU factions.

The European Parliament will vote on the nominations of Ms. von der Leyen and Ms. Kallas. Von der Leyen is from Germany’s centre-right, Costa is a socialist, and Kallas is a liberal. This leadership package represents continuity for the EU amid geopolitical uncertainty, despite a recent surge in support for hard-right parties in the European Parliament elections.

Italy’s Prime Minister Giorgia Meloni has shown resistance, stating that the plans ignore the successes of hard-right parties like her own. Meloni, who heads the right-wing European Conservatives and Reformists (ECR) bloc, abstained from voting for von der Leyen and voted against Costa and Kallas. Despite the ECR becoming the third largest group in the European Parliament, Meloni was not included in the nomination discussions.

Meloni expressed frustration, arguing that European voters had asked for a different direction. Without naming names, she criticized those who believe in oligarchy as the only acceptable form of democracy.

Von der Leyen will need 361 votes from the European Parliament for confirmation. Support from the centre-right European People’s Party, liberals, and social democrats could give her enough backing, but it will be close. Diplomats suggest that von der Leyen might seek Meloni’s support by offering Italy a powerful commission post.

Von der Leyen expressed gratitude for her nomination and highlighted the importance of supporting Ukraine in its conflict with Russia, a task that may become more complex if Donald Trump wins the upcoming US presidential election.

Kallas, known for her strong support of Ukraine and criticism of the Kremlin, acknowledged the significant responsibility of her new role. Some critics are concerned that her firm stance on Russia could pose challenges.

Costa praised his colleagues and emphasized the importance of European unity and resilience. He will replace Belgium’s Charles Michel, and Kallas will succeed Spain’s Josep Borrell.

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Emmanuel Macron flexes political muscle with boxing photos

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Emmanuel Macron, the French president, recently made headlines by releasing photos of himself vigorously boxing, showcasing his muscular physique. These images, shared on Instagram by his photographer, emerged shortly after Macron adopted a more assertive stance towards Russia in light of the Ukraine conflict. Social media quickly dubbed him “Rocky,” although some skeptics questioned whether the images had been digitally altered, comparing them to previous photos where Macron’s arms appeared slimmer.

The timing of these pictures, coming on the heels of Macron’s suggestion of potential Western military involvement in Ukraine, was seen as a deliberate message to Russia. Macron warned of the danger of allowing Ukraine to fall, emphasizing Russia’s broader territorial ambitions in Eastern Europe.

Analysts speculated that the release of the boxing photos was a strategic move by Macron to project strength and determination, akin to Vladimir Putin’s own displays of physical prowess. Gaspard Gantzer, a PR expert, suggested that Macron wanted to convey his readiness to confront challenges and defend France’s interests.

While some praised Macron’s muscular appearance and interpreted the images as a symbol of his readiness to face adversaries, others criticized them as political posturing. Opposition figures like Sandrine Rousseau expressed disdain, characterizing the photos as emblematic of the superficiality of politics.

Macron’s interest in sports, particularly boxing, is not new, with his wife, Brigitte Macron, revealing his regular training routine. However, this public display of physical strength was seen as a departure from his previous image, such as the more relaxed portrayal in a shirt with open buttons.

In essence, Macron’s release of boxing photos was interpreted as a strategic communication move amid heightened tensions, aiming to convey resolve and readiness in the face of geopolitical challenges.

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Tucker Carlson to interview Russia’s Putin

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Former Fox News host Tucker Carlson has announced plans to conduct a one-on-one interview with Russian President Vladimir Putin in Moscow. Carlson stated that he aims to provide Americans with a deeper understanding of the conflict in Ukraine, which he believes mainstream media coverage has failed to deliver. He emphasized his personal funding of the trip, highlighting his commitment to independent journalism.

This interview would mark President Putin’s first engagement with a Western journalist since the invasion of Ukraine in February 2022. Carlson’s decision to pursue this interview underscores the significance of the conflict and the need for diverse perspectives in understanding its complexities. It also reflects a departure from traditional media channels, as Carlson intends to broadcast the interview live and unedited on his social media platform, X.

Critics have raised concerns about the potential risks and ethical implications of such an interview, given Putin’s track record and the ongoing humanitarian crisis in Ukraine. However, Carlson remains steadfast in his belief that Americans deserve access to unfiltered information about the conflict. The interview is expected to spark significant interest and debate, shaping public discourse on both sides of the Atlantic.

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Ukraine war: Missiles fired at Russian city Belgorod and occupied Crimea

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Russian authorities claim to have thwarted a Ukrainian attempt to attack a border city as the ongoing aerial conflict between the two nations escalates. They reported intercepting a dozen missiles targeting Belgorod, where 25 people lost their lives on Saturday. Ukraine has not provided a response.

This development follows Russia’s largest aerial bombardment on Ukraine, with President Volodymyr Zelensky stating that Russia deployed around 300 missiles and 200 drones over five days. The renewed attacks began last week, prompting a Ukrainian counterattack on Belgorod that resulted in over 100 injuries.

Zelensky revealed in a broadcast that Russia fired nearly 100 strategically chosen missiles on Tuesday, and Ukrainian forces successfully shot down 10 hypersonic ballistic missiles on that day alone. Ukrainian officials reported over 130 casualties from Tuesday’s attacks, including major cities like Kharkiv and Kyiv.

In response, Russia’s air defense system intercepted 12 missiles targeting Belgorod overnight, causing one fatality and five injuries in the region. Explosions were also heard in Sevastopol, the largest city in Russian-occupied Crimea, where a missile was shot down over the port with no reported casualties or damage.

Ukrainian Ambassador to the US, Oksana Markarova, expressed that Ukraine anticipated Russia’s recent bombardment but stressed the need for more weapons to effectively respond and send a clear message to Russia to halt its actions.

Russian President Vladimir Putin has pledged to increase strikes in retaliation for Ukraine’s recent attacks on Belgorod.

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