French wine and spirits exports experienced a second consecutive year of decline in 2024, as demand for premium products dropped and the industry grappled with lower prices, a softer Chinese market, and potential tariff threats, according to the Federation of Wine and Spirits Exporters (FEVS).

Key Essentials

• Total exports: €15.6 billion ($17.5 billion), a 4% drop from 2023.
• Volume: Steady at 174 million cases, but value hit hard in key markets, particularly in China.
• China’s imports: Down 20%, accounting for the largest portion of the decline. Other markets like Singapore and Hong Kong also saw decreases of 25% and 12%, respectively, making up 90% of the overall drop.

French spirits exports were especially affected, falling 6.5% to €4.5 billion. This decline was largely attributed to China’s economic struggles and Beijing’s anti-dumping measures on European brandy, especially French cognac. Sales of cognac saw an 11% drop in value, although the volume only decreased by 1%, supported by restocking in the United States and precautionary purchases in light of fears of new U.S. tariffs on French wine.

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The gap between the decline in value and the slight drop in volume is believed to reflect a shift toward younger, less expensive cognac. While this trend has impacted the overall value, it has kept volumes relatively stable.

Exports to the United States, which remains France’s largest export market, showed more resilience, with a 5% increase to €3.8 billion. Despite this growth, the wine sector saw a 3% drop in revenue, totaling €10.9 billion, largely driven by an 8% decline in Champagne sales.

Looking ahead, FEVS Chairman Gabriel Picard highlighted two major uncertainties for the upcoming year: the situation in China and the potential impact of U.S. tariffs. While economic fundamentals in the U.S. appear relatively stable, there are concerns about future tax increases. Regarding China, Picard praised efforts to support the Cognac sector but called for “concrete action” to ease trade tensions ahead of a planned visit from Prime Minister François Bayrou.

Swiss pharmaceutical giant Novartis has struck a deal to acquire Anthos Therapeutics, a biopharma company majority-owned by Blackstone’s drug development arm, for up to $3.1 billion. The acquisition is aimed at bolstering Novartis’ presence in the cardiovascular sector, a key focus for the company as its blockbuster heart failure drug Entresto faces patent expiration this year.

Founded in 2019 by Blackstone’s Life Sciences division and Novartis, Anthos was created to develop abelacimab, a promising treatment designed to prevent strokes and prevent recurring blood clots. This transaction underscores Novartis’ commitment to cardiovascular treatments, which is one of five critical therapeutic areas the company is prioritizing.

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The deal, which is expected to close by mid-2025, marks a significant step in the evolving partnership between a major pharmaceutical company and private equity, a model that has gained traction in the industry. Novartis will pay an initial $925 million, with potential additional payments up to $2.15 billion, contingent on the successful development of the therapy.

This marks the largest sale of a majority-owned company by Blackstone’s Life Sciences division to date. In December 2023, Blackstone was exploring the sale of Anthos, and the current deal brings the partnership to a close.

Abelacimab is part of a new class of anticoagulants known as factor XI inhibitors, designed to potentially replace established blood thinners like Eliquis (Bristol Myers-Squibb and Pfizer) and Xarelto (Johnson & Johnson and Bayer), both of which are billion-dollar sellers. Other major companies in the factor XI race include Bristol-Myers Squibb and Johnson & Johnson, who are advancing a similar drug candidate, as well as Merck & Co, which is progressing with a mid-stage development candidate. Bayer, meanwhile, faced a setback in 2023 with its factor XI drug.

Nicholas Galakatos, Chairman of Anthos’ board and Global Head of Blackstone Life Sciences expressed pride in the firm’s role in launching and growing Anthos, adding, “We believe abelacimab has the potential to be a leader in the new class of Factor XI anticoagulants and are pleased to have Novartis as a committed partner to advance the development and commercialization of abelacimab for millions of patients at risk of strokes.”

Anthos is currently conducting multiple Phase 3 clinical trials, with data expected in the second half of 2026. While Novartis holds a small minority equity stake in Anthos, the company has not disclosed the exact size of this investment.

The recent release of Deepseek’s artificial intelligence model has sent ripples through the tech world, with Demis Hassabis, CEO of Google DeepMind, calling it “probably China’s best work.” However, despite the accolades, he cautioned that the company hasn’t unveiled any groundbreaking scientific advancements.

Key Points to Know

In a move that stirred up global markets, Deepseek, a Chinese AI company, published a paper last month claiming its AI model was trained at a fraction of the cost of leading players like OpenAI and on less powerful Nvidia systems. This announcement ignited a significant market sell-off, raising questions about the massive investment tech giants are making in AI infrastructure.

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Hassabis acknowledged the model’s impressive engineering, praising it as “probably the best work I’ve seen from China.” Speaking at an event in Paris before the AI Action Summit, Hassabis emphasized that while Deepseek’s achievement is noteworthy, it doesn’t represent any major technological leap. “It’s not a huge change from what we’ve seen before,” he remarked.

The Bigger Picture

Despite the media frenzy surrounding Deepseek, Hassabis stressed that there are no new scientific breakthroughs in the model, with the company relying on established AI techniques. “The hype is a bit exaggerated,” he added, pointing out that although the engineering is strong, there’s no fundamental shift in the technology.

Deepseek’s claims about its cost-efficiency and chip usage have been met with skepticism. Experts question whether the Chinese company’s development costs are as low as they suggest, with some analysts suspecting that the actual expenses could be much higher.

Looking Ahead: AGI On The Horizon

The industry has long debated when artificial general intelligence (AGI)—AI that exceeds human intelligence—will come to fruition. Hassabis believes we’re on the brink of achieving it, estimating that AGI could be just five years away. “We’re very close now,” he said. “It would be extraordinary, and society needs to be ready for it.”

While many industry leaders, including OpenAI CEO Sam Altman, share a sense of optimism about AGI’s imminent arrival, there are significant risks associated with its development. The idea of humans losing control over their creations remains a major concern, echoed by AI pioneers like Max Tegmark and Joshua Bengio.

The Road Ahead

As the AI race continues to heat up, Deepseek’s AI model has brought China into the conversation as a serious contender on the global stage. While the hype around the company may be inflated, its role in the shifting landscape of artificial intelligence cannot be ignored. The next few years will determine whether Deepseek’s advancements are just a stepping stone or the beginning of a truly transformative era in AI.

Elon Musk is at the forefront of a $97.4 billion bid to acquire the assets of the nonprofit that controls OpenAI, further intensifying his ongoing clash with OpenAI CEO Sam Altman. The group backing Musk’s bid includes Vy Capital, Xai (Musk’s AI company), Hollywood mogul Ari Emanuel, and other investors.

This move represents Musk’s latest attempt to take control of an organization he co-founded nearly a decade ago. However, the bid faces strong resistance, as OpenAI’s board is closely aligned with Altman, who swiftly dismissed Musk’s offer with a pointed remark: “No thank you but we will buy Twitter for $9.74 billion if you want.” Musk responded with a sharp “Swindler.”

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Despite the tense exchange, Musk’s offer complicates OpenAI’s plans to complete a $40 billion fundraising round, which would nearly double the company’s valuation to $300 billion. Led by SoftBank, this deal would position OpenAI among the world’s most valuable private companies, alongside Musk’s SpaceX and ByteDance, the parent company of TikTok.

OpenAI’s board of directors, which remains loyal to Altman, may need to deal with the complex challenge of compensating the nonprofit that controls OpenAI if they move ahead with Musk’s bid. OpenAI, with over 2,000 employees, is structured with a nonprofit board that has legal control despite its limited resources, with only two employees and $22 million in assets.

Musk’s bid could force OpenAI to pay a high price for separating from the nonprofit board, which has led to legal scrutiny. In the eyes of many experts, Musk’s proposal is an effort to set the nonprofit’s assets at a very high value, which would create challenges for OpenAI’s move to full independence. The nonprofit’s board must ensure that the sale of assets is at fair market value, or they could face questions from charity regulators.

Musk’s aggressive approach signals his intent to reshape the AI industry, with his own AI company, Xai, directly competing with OpenAI. At the same time, Altman has garnered significant support in Washington, securing investments and backing from major players like SoftBank and Oracle.

The ongoing battle for control of OpenAI illustrates the high stakes involved in the race for artificial intelligence supremacy, with Musk and Altman at the center of a high-profile tech showdown.

Norway is setting the standard for electric vehicle (EV) adoption worldwide. What was once a niche market has transformed into the norm, with EVs accounting for 88.9% of all car sales in 2024. Even more striking, in the first weeks of 2025, EVs made up over 96% of new cars sold, according to the Norwegian Public Roads Agency.

This progress brings Norway closer to its goal of 100% electric vehicle sales, a target originally set in 2017. 

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A Blueprint For Success: Consistent Policies Drive Growth

Norway’s success can be attributed to consistent, long-term policies that foster the adoption of electric vehicles. Rather than enforcing prohibitive measures, Norway introduced a suite of incentives such as VAT exemptions, discounts on road and parking taxes, and even the ability to use bus lanes. The country has also heavily invested in public charging infrastructure, making EVs an increasingly viable option for citizens.

Norway’s Deputy Minister of Transport, Cecilie Knibbe Krogglund, refers to these changes as a “new normal” for the country’s 5.5 million residents. The government’s focus on electric mobility goes beyond passenger vehicles: it is set to switch to fully electric city buses by 2025 and aims for 75% of heavy commercial vehicles to be green by 2030.

A Different Landscape In Europe And The U.S.

Norway’s aggressive push to transition its fleet to electric vehicles stands in contrast to the more gradual changes in other regions. The European Union has legislated a ban on new carbon-emitting vehicles by 2035, while Britain aims to eliminate the sale of new petrol and diesel cars by 2030. In the U.S., however, electric vehicles accounted for just 8.1% of total car sales in 2024, a modest increase from 7.8% the year before, according to market research from Cox Automotive.

Norway’s strong performance is bolstered by its relatively low energy costs, driven by its status as a major oil and gas exporter. But not every country can match this advantage. Germany, for example, recently scrapped its EV subsidies, leading to a dip in sales. However, the country is considering tax breaks for electric cars in response to declining sales.

Norwegian Policies: A Global Example

Despite its role as an oil and gas producer, Norway’s electric vehicle policies have earned international praise. The future of EVs in Norway is bright, and the country plans to only sell “zero-emission” passenger cars by 2025, making it the world’s leader in EV adoption. For Norwegians like Harald Nils Rostvik, a professor at the University of Stavanger, the advantages of driving an electric car are undeniable. “They’re quieter, more economical, and cleaner. Plus, you don’t need to worry about oil filters or opening the hood.”

Norway’s commitment to sustainable mobility sets a high bar, showing how thoughtful policies and incentives can shift a nation’s automotive landscape in just over a decade.

Cyprus’s trade deficit has seen a modest reduction of 3.97% in 2024, dropping from €8,470.4 million in January–December 2023 to €8,134.3 million in the same period of 2024, according to provisional data from Cystat

Key Highlights:

• Imports: Total imports for 2024 were €12,256.1 million, down by 7% from 2023 (€13,179.8 million).
• Exports: Exports fell by 12.5% to €4,121.8 million, compared to €4,709.4 million in 2023.

December 2024 Snapshot

• Imports in December surged to €1,314.3 million, a significant increase of 37.8% from December 2023 (€954.1 million).
  • Imports from the EU: €662.7 million
  • Imports from third countries: €651.6 million
• Exports in December totaled €359 million, down by 8.5% from December 2023 (€392.4 million).
  • Exports to the EU: €88 million
  • Exports to third countries: €271 million

Noteworthy: December imports included a significant €372.5 million from vessel and aircraft ownership transfers—up dramatically from just €4.8 million in December 2023.

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November 2024 Recap

• Imports in November increased by 3.7%, reaching €1,139.6 million (compared to €1,098.6 million in November 2023).
• Domestic exports grew by 7.7%, totaling €244.1 million.
  • Industrial product exports were up to €236.5 million from €218.2 million in November 2023.
  • Agricultural exports remained steady at €6.5 million.

However, exports of foreign products plummeted by 74.2%, from €519.2 million in November 2023 to just €134.1 million in November 2024.

Eurobank Group has completed its acquisition of a further 37.5% stake in Hellenic Bank, elevating its total ownership to a commanding 93.47%. This move solidifies Eurobank’s position as the dominant force in Cyprus’s banking sector.

In conjunction with this acquisition, Eurobank has made a public offer to buy out the remaining shareholders of Hellenic Bank, signaling its intent to consolidate control.

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The deal represents a significant turning point for Hellenic Bank, as Eurobank takes over shares previously owned by Demetra Holdings Plc, Logicom, and the Cyprus Union of Bank Employees (ETYK). With this substantial stake, Eurobank has officially become the majority shareholder, marking the start of a new era for the bank.

This acquisition is seen as a boost for the Cypriot banking industry, promoting stability and fostering growth and innovation. It also emphasizes Cyprus’s growing appeal to international investors. Eurobank’s acquisition is set to make the combined entity the largest bank in Cyprus, enhancing its capacity to drive economic progress and financial development across the nation.

Now part of a larger regional financial powerhouse, Hellenic Bank is poised to benefit from Eurobank’s expertise and operational excellence. This partnership will not only improve service quality but also foster stronger customer relationships and drive a major digital transformation.

For both Hellenic Bank and its customers, this acquisition marks the start of an exciting new phase—one that promises enhanced banking experiences backed by Eurobank Group’s powerful resources and capabilities.

Thousands of artists demand that Christie’s cancel its upcoming AI-generated art auction, arguing that the works were created using technology trained on copyrighted material without consent. In an open letter, they accuse the auction house of enabling the exploitation of human artists, calling it an act of “mass theft.”

AI In The Spotlight At Christie’s

Christie’s has branded its Augmented Intelligence auction as the first major sale dedicated entirely to AI-generated artwork. The event, set for 20 February, features 20 pieces, with prices ranging from $10,000 to $250,000. Among the artists included are Refik Anadol and the late AI art pioneer Harold Cohen.

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However, a growing number of creatives are pushing back. The letter, signed by over 3,000 artists—including Karla Ortiz and Kelly McKernan, both of whom are suing AI companies for unauthorized use of their work—claims that many pieces in the auction were generated using AI models trained on copyrighted artworks without permission or compensation.

“You are rewarding and incentivizing AI companies that exploit human creativity,” the letter states, urging Christie’s to cancel the sale.

AI And Copyright: A Legal Minefield

The broader issue of AI’s use of copyrighted content has sparked legal battles across industries. Artists, authors, publishers, and music labels have filed lawsuits, arguing that AI-generated content unfairly competes with human creators while relying on their work. AI models behind popular tools like Stable Diffusion and Midjourney are at the center of these disputes.

Ed Newton-Rex, a British composer and a leading advocate for artists’ rights, noted that at least nine pieces in the auction appear to have been created with AI models trained on existing artworks. Some works, however, do not show evidence of such training.

Defending AI Art

Christie’s has responded to the backlash, stating that in most cases, the AI tools used in the auction were trained on the artists’ inputs. “The artists featured in this sale have established multidisciplinary practices, many recognized by major museums. AI is being used to expand their creative process, often in a controlled manner,” a spokesperson said.

Some artists participating in the auction also dismissed the criticism. Mat Dryhurst, whose work with his wife Holly Herndon is listed with an estimated price of $70,000 to $90,000, defended their involvement. “We’ve been actively exploring and intervening in this space—it’s well within our rights,” he said. “This debate should focus on corporate practices and policy, not artists adapting to evolving technology.”

Refik Anadol echoed similar sentiments, calling the backlash the result of “lazy critic practices and doomsday hysteria.”

As tensions rise between creatives and AI developers, Christie’s auction is set to be a flashpoint in the ongoing battle over art, technology, and intellectual property rights.

Artificial Intelligence is gaining traction across European enterprises, but large corporations are far ahead of small and medium-sized businesses in both adoption rates and applications.

According to Eurostat, 13% of EU businesses with at least 10 employees are now using AI—a 5.5% increase from 2023. Every member state has reported growth in AI adoption, but the most significant uptake is among large companies, where 42% are leveraging the technology.

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How Businesses Are Using AI

The most widely implemented AI applications vary by company size, but overall, text mining is the most common (7%), helping businesses analyze vast amounts of written content. Natural language generation, which automates text and speech creation, follows at 5.4%, while speech recognition, used for transcribing spoken language, is at 4.8%. Other notable AI technologies include deep learning and workflow automation, both of which are more prevalent in larger organizations.

AI Leaders And Laggards In Europe

Denmark tops the list in AI adoption, with 27.6% of businesses integrating the technology, followed by Sweden (25.1%) and Belgium (24.7%). On the other end of the spectrum, Romania (3.1%), Poland (5.9%), and Bulgaria (6.5%) have the lowest adoption rates.

When looking solely at large enterprises, Finland leads with an impressive 70% adoption rate. Meanwhile, France and Italy lag behind the EU average, with around one-third of their large businesses using AI. Germany (48%) and Spain (44%) are ahead of the curve, outpacing the overall EU trend.

As AI continues to evolve, businesses of all sizes will need to consider how best to integrate the technology to stay competitive in an increasingly digital landscape.

Egypt’s tourism industry is reaching new heights, with 15.78 million visitors in 2024—its highest-ever recorded figure. This marks a 6% increase from the previous year when the country welcomed 14.9 million tourists. With a strong start to the current fiscal year, Egypt is setting its sights on an ambitious long-term goal: attracting 30 million visitors annually in the coming years.

Tourism Minister Sherif Fathy revealed that Egypt received 8.7 million tourists between July and December 2024. If this momentum continues—with an average of 1.4 million arrivals per month—the country could close the fiscal year with an estimated 17 million visitors. According to the Egyptian Cabinet, the top source markets driving this growth include Germany, Russia, and Saudi Arabia, which have consistently contributed to Egypt’s tourism surge.

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Hotel Occupancy Surges As Demand Grows

The rising influx of tourists has also had a significant impact on hotel occupancy rates. In December 2024, the nationwide average occupancy rate reached 69%, reflecting a 25% increase compared to the same period in 2023. Key destinations such as Sharm El Sheikh, Greater Cairo, South Sinai, and Hurghada saw occupancy rates exceed 75%, underscoring the growing appeal of Egypt’s tourism hotspots.

Investment Opportunities In Hospitality

Minister Fathy highlighted Egypt’s ongoing efforts to attract more investment in the hospitality sector. The government has rolled out incentives and financing initiatives to encourage hotel development, aiming to expand capacity and enhance the tourism experience. These measures are part of Egypt’s broader strategy to strengthen its position as a top global travel destination.

Resilience Amid Geopolitical Challenges

Despite geopolitical tensions in the region, Egypt’s tourism industry has remained resilient. The steady increase in visitors throughout 2024 signals strong global confidence in Egypt’s travel offerings. As the country looks ahead, tourism authorities anticipate continued growth, reinforcing Egypt’s status as a premier destination with a rich blend of cultural heritage, historical sites, and world-class hospitality.

With record-breaking arrivals and a clear vision for the future, Egypt is on track to solidify its place among the world’s leading travel destinations. If current trends persist, the nation’s goal of welcoming 30 million tourists annually may be within reach sooner than expected.