Evening digest: Trump oil move jolts China, media megadeal Stalls, Arctic showdown looms

Global markets and geopolitics collide as Washington’s hard-edged strategy ripples across energy, media, defense, and aviation.

A US push to redirect Venezuelan oil away from China is roiling crude prices and inflaming Beijing, while corporate boardrooms brace for high-stakes M&A brinkmanship.

Diplomatic tensions intensify ahead of Arctic talks with Denmark, even as US airlines make long-dated bets on fleet expansion amid regulatory risk.

Together, the moves underscore a volatile mix of power politics and capital allocation.

Trump's oil grab strips China of Venezuelan supply

The Trump administration's move to divert Venezuelan crude away from China toward US refineries is igniting Beijing's fury and depressing global oil prices.

China, which imported 389,000 barrels per day from Venezuela in 2025, roughly 4% of its seaborne oil imports, faces losing access to discounted crude worth billions of dollars annually.

Foreign Ministry spokesperson Mao Ning denounced the US as a "bully" for both deposing Maduro militarily and demanding Venezuela prioritise American interests.

Trump announced plans to control $2 billion in Venezuelan crude sales, claiming the proceeds would benefit Venezuela and America, while refiners reroute tankers destined for Chinese ports.

Oil prices fell 1% on expectations of expanded supply flooding markets.

Warner's board torpedoes Paramount's "largest LBO ever"

Warner Bros. Discovery's board unanimously rejected Paramount's $108 billion bid for the sixth time on Wednesday, labeling it a leveraged buyout that would create the largest debt burden in M&A history.

Despite Larry Ellison's $40.4 billion personal guarantee and increased breakup fees, WBD's directors flagged over $50 billion in debt financing, making Paramount, a $14 billion company, attempt a 7x market cap acquisition.

Netflix's $72 billion offer remains the safer bet: $400 billion market cap, investment-grade credit rating, $12 billion annual free cash flow, versus Paramount's junk rating and negative free cash flow.

WBD shareholders face a January 21 tender deadline, but the board warns that dumping Netflix would incur $4.7 billion in penalties.

Rubio's Denmark visit sets stage for high-stakes Arctic showdown

US Secretary of State Marco Rubio confirmed on Wednesday that he will meet Danish leaders next week, but offered no reassurance, saying Trump's Greenland acquisition goal remains unwavering.

While Rubio told lawmakers the administration prefers to "purchase" the Arctic island rather than invade it, he pointedly refused to rule out military options when pressed by reporters.

The contrast signals a familiar Trump negotiating playbook: maximalist rhetoric to pressure Denmark into talks while maintaining the threat credibly.

Denmark and Greenland have sought this meeting three times previously without success, and their requests come after six NATO powers, France, Germany, Italy, Poland, Spain, UK, jointly declared the island "belongs to its people."

Alaska Airlines goes all-in on Boeing's Max future

Alaska Airlines announced Wednesday its largest aircraft purchase in 90 years, 105 Boeing 737 MAX 10s and five 787 Dreamliners through 2035, worth an estimated multibillion dollars.

The sprawling order brings Alaska's total Boeing commitment to 245 aircraft, cementing its dominance by a single manufacturer after shedding all Airbus jets by 2023.

CEO Ben Minicucci framed the deal as fuel for his "Alaska Accelerate" expansion plan: the 737-10s will seat 204 passengers, up from 178 on existing MAX 9s, boosting capacity on high-demand routes, while five new 787-10 widebodies unlock service to at least 12 European and Asian hubs from Seattle-Tacoma by 2030.

The timing risks a gamble: the 737-10 still awaits FAA certification, originally slated for 2023, now likely 2026 with Boeing caught between anti-icing fixes and supply-chain constraints.