US Federal Reserve chair Jerome Powell is under criminal investigation by the Justice Department, a probe he calls a "pretext" amid a pressure campaign by President Donald Trump to cut interest rates. Also in this edition: Germany's chancellor travels to India to boost trade ties as exports to China slump.

The EU is set to pass a trade deal with South American trade bloc Mercosur after Brussels unveiled new concessions this week. Also in this edition: HSBC has agreed to pay nearly €268 million to the French treasury to settle a case over fraud on dividend tax payments. Plus, a protest from hundreds of UK pubs over higher business rates seems to have been successful.

US President Donald Trump has called for the US military budget to reach $1.5 trillion in 2027, more than half of the allocated spending for this year, in a bid to build a "dream military" in "troubled and dangerous times". He also vowed to crack down on US defence firms who privilege payouts to shareholders and executives instead of investing in building new manufacturing plants. Plus, China's AI startup sector gets its litmus test with a string of stock market launches this week. 

Warner Brothers Discovery has rejected the latest takeover bid from Paramount Skydance, saying it's still inferior to a rival offer from Netflix. Despite a $40 billion guarantee from billionaire Larry Ellison, WBD's board says the plan is a risky leveraged buyout, financed by debt. But first, the United States says it's "selectively" removing sanctions to bring Venezuelan oil back into international markets, starting with the sale of up to 50 million barrels to the US. 

In a Truth Social post late on Tuesday night, US President Donald Trump announced that Venezuela would be "turning over" between 30 and 50 million barrels of oil to the US, where it will then be sold at market prices. In this edition, we explore what impact this move could have for the US as well as for China, which was the top buyer of Venezuelan oil before a US-imposed blockade last month. Elsewhere, Japan reacts angrily to China's decision to ban exports of "dual-use" items.

A severe cold snap has gripped Europe, causing deadly accidents and travel chaos. In the German capital Berlin, freezing temperatures have made the situation even worse for tens of thousands of households that have been affected by a widespread power outage since Saturday. A suspected arson attack claimed by a left-wing group is thought to have knocked electricity offline, sparking questions over the vulnerability of Germany's wider infrastructure. 

French farmers are continuing their protests across the country this Tuesday, in a bid to raise awareness about the difficult financial situation they face and the threat posed by the EU-Mercosur trade pact. This as Italy has reportedly planned to support the deal when EU ambassadors vote on the measure on January 9. Also in this edition: automaker Hyundai showcases its new humanoid Atlas robot at the Consumer Electronics Show in Las Vegas, saying the robots will be rolled out in production sites in 2028.

The Trump administration is reportedly planning to meet executives of top US oil companies to discuss Venezuela this week, after the administration declared it would "run" the country and US Big Oil firms would revive the oil industry. As Washington accuses Venezuela of "stealing American oil", we take a look back at its long history of involvement in the Latin American country's vital sector. 

US President Donald Trump has made no secret of his desire for American firms to take control of Venezuela's massive oil reserves. But the dilapidated state of the country's petroleum infrastructure will make exploiting those reserves difficult and expensive. Meanwhile, China is facing the loss of one of its key suppliers of sour, heavy crude. We take a closer look in this edition.

The European Union's controversial new rules on polluting industrial imports have gone into effect on January 1, following a two-year transition period. Heavy goods such as steel, aluminium and cement are now subject to a new fee levied according to the amount of CO2 emitted during their production. Beijing has issued a statement slamming the measure as unfairly targeting Chinese goods.