From the US to China, 2025 a blockbuster year for stock markets

In 2025, stock markets enjoyed a phenomenal run.

Markets have made some of the biggest gains in a long time, from North America to Europe and Asia.

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In the midst of the turmoil caused by US President Donald Trump’s shake-up of global trade, Wall Street earned a third consecutive year of high returns, but non-US stocks performed even better as investors looked for alternative markets.

The MSCI ACWI Ex-US index, which is globally focused, had its best performance since 2009, when the global and financial crisis was in full swing.

The benchmark S&amp, P 500, which tracks non-US stocks in more than 40 markets, finished up more than 17% on Wednesday, up about 29 percent.

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A break from the decade-long trend of US stocks dominating global indexes is seen by the bullish streak.

Analysts attribute the non-US markets’ exceptional performance, among other things, to Trump’s fear, concerns about Silicon Valley tech companies’ sky-high valuations, advances in artificial intelligence (AI) in China, and the US dollar’s weakness.

According to Charles Schwab analyst Michelle Gibley, “international stocks could be poised for another strong year as earnings and economic growth are anticipated to accelerate and stocks are attractively valued in comparison to stocks in the S&amp, P 500 index,” according to a note earlier this month from Charles Schwab analyst Michelle Gibley.

Some of the biggest gains were made in Asia.

Despite being home to corporate giants like Samsung and Hyundai, South Korea has long been one of the weakest developed nations; however, it has topped the global rankings with its KOSPI&nbsp, finishing&nbsp, up&nbsp, almost 76&nbsp, percent.

Due to strong demand for their chips used in artificial intelligence, SK Hynix and Samsung Electronics led the market, rising by about 280 and 125 percent, respectively.

The SSE Composite Index in Shanghai increased more than 21 percent, while the Hang Seng Index in Hong Kong ended the year nearly 31 percent higher.

The Nikkei 225’s performance in Japan increased by about 28%.

Europe had a strong finish too.

Bangladesh mourns Khaleda Zia in state funeral with massive crowds

Former prime minister Khaleda Zia’s state funeral, which attracted a large crowd of mourners, was held in Bangladesh in a state funeral procession that had a powerful influence on the country for decades.

Zia, the first woman to lead the country’s 170 million-strong population, passed away on Tuesday at the age of 80. On Wednesday, thousands of security personnel lined Dhaka’s streets as her flag-draped coffin travelled through the capital while flying at half-mast across the country.

For the funeral services, a large crowd gathered outside Bangladesh’s parliament building. Since early in the morning, people have poured into Manik Mia Avenue, where the parliament building is located, to pay their last respects.

Despite never having voted for her, retired government official Minhaz Uddin, 70, showed up. He said, “I came here with my grandson because I want to say goodbye to a veteran politician whose contributions will always be remembered,” he said while peering from a barbed wire fence.

Following her husband’s passing, Zia became famous for challenging a military ruler who was ultimately ousted in a massive uprising in 1990. She served as the Bangladesh Nationalist Party’s leader until her death in 1991 after a landslide victory to become the first woman to win parliamentary democracy.

Sheikh Hasina, who led the Bangladesh Awami League party for 15 years before being ousted in a mass uprising in 2024, was known for her calm demeanor, who continued to have a fierce political rivalry with her archrival.

Memories of a Dream: How Music Revives a Woman’s Lost Dream

An ordinary woman in Balykchy, Kyrgyzstan, spends her days cleaning up after her grandchildren and working as a school janitor, making her dreams a distant memory.

However, each evening as she picks up her illustrious Kyrgyz stringed instrument, the memories of her stage acting days as a child flash back.

A subdued reflection on routine, memory, and the never-fading spark.

War in Sudan: Humanitarian collapse, fighting, deadlock, December 2025

The brutal war in Sudan, now deep into its third year, has shifted its centre of gravity to the strategic central region of Kordofan from Darfur, threatening to split the country in two.

December saw the paramilitary Rapid Support Forces (RSF) expand its offensive, seizing vital oil infrastructure and laying siege to key cities, while the government-aligned Sudanese Armed Forces (SAF) intensified aerial campaigns.

Humanitarian conditions hit a new nadir as the United Nations warned of a “survival mode” operations plan due to severe funding cuts, leaving millions at risk of starvation in 2026.

Here are the key battlefield, humanitarian, and political developments for December 2025.

Fighting and military control

    Battle for oil and the South Sudan deal: On December 8, the RSF seized the strategic Heglig oilfield – Sudan’s largest – in West Kordofan. Following a deadly drone attack on the facility, a tripartite agreement involving SAF, RSF, and Juba saw South Sudanese troops deploy to secure the field and neutralise it from combat.

  • Kordofan as the new epicentre: Violence surged across Kordofan. The RSF claimed control of Babnusa, the gateway to West Kordofan, though the army denied the total fall of the city. Meanwhile, the RSF maintained “airtight sieges” on Kadugli and Dilling in South Kordofan, while pushing towards the strategic North Kordofan capital, el-Obeid.
  • Escalation of drone warfare: Drones were used extensively by both sides with devastating effect. A strike on the Atbara power plant in River Nile state plunged major cities, including Port Sudan, into darkness. In Kalogi, South Kordofan, a drone attack on a preschool and hospital killed at least 116 people, including 46 children.
  • Attacks on UN Peacekeepers: On December 13, a drone attack hit a UN logistics base in Kadugli, killing six Bangladeshi peacekeepers and wounding eight others. UN Secretary-General Antonio Guterres condemned the attack, stating it may constitute a war crime.
  • El-Fasher a “crime scene”: A UN team gained access to el-Fasher for the first time since its fall in October, describing the largely deserted city as a “crime scene”. A report by the Yale Humanitarian Research Lab documented a systematic RSF campaign to burn bodies and destroy evidence of mass killings.
  • Military plane crash: An Ilyushin Il-76 military transport plane crashed at Port Sudan’s Osman Digna airbase due to a technical malfunction, killing the entire crew.

Humanitarian crisis

  • Aid funding collapse: The UN announced it has been forced to halve its 2026 appeal to $23bn due to donor fatigue. Consequently, the World Food Programme (WFP) warned it must cut food rations by 70 percent starting in January, affecting communities already facing famine.
  • Sudan tops emergency list: The International Rescue Committee (IRC) placed Sudan at the top of its Emergency Watchlist for 2026, citing the convergence of conflict, economic collapse, and shrinking international support.
  • Systematic sexual violence: A report by the Strategic Initiative for Women in the Horn of Africa (SIHA) documented nearly 1, 300 cases of sexual violence, attributing 87 percent of them to the RSF. The report detailed how rape is being used as a weapon of war, particularly against non-Arab groups.
  • Health catastrophe: Malnutrition rates have skyrocketed, with UNICEF reporting that 53 percent of children screened in North Darfur are acutely malnourished. In Khartoum, a survey found 97 percent of households face food shortages, as authorities began exhuming makeshift graves in residential areas to move bodies to official cemeteries.
  • EU Air Bridge: The European Union launched an “air bridge” operation to deliver life-saving supplies to Darfur, describing the situation there as “one of the world’s hardest places to reach”.

Diplomacy and political developments

    Deadlock at the UN: Sudanese Prime Minister Kamil Idris presented a peace plan to the UN Security Council proposing an RSF withdrawal and disarmament. The RSF rejected the proposal as “wishful thinking” and “fantasy”.

  • Al-Burhan rejects compromise: Speaking from Turkiye, SAF chief Abdel Fattah al-Burhan ruled out negotiations, insisting the war would only end with the RSF’s “surrender” and disarmament.
  • Civilian “Third Pole”: In Nairobi, civilian leaders, including former PM Abdalla Hamdok and rebel leader Abdelwahid al-Nur, signed a declaration forming a new antiwar bloc, attempting to reclaim political agency from the warring generals.
  • US pressure and sanctions: US Secretary of State Marco Rubio intensified diplomatic efforts, stating President Donald Trump is personally involved. The US Treasury sanctioned four Colombian nationals and companies for recruiting mercenaries to fight for the RSF.
  • ICC Conviction: In a historic verdict, the International Criminal Court sentenced former Popular Defence Forces (Janjaweed) leader Ali Kushayb to 20 years in prison for war crimes committed in Darfur (2003-2004), the first such conviction for the region.

Mali, Burkina Faso ban US citizens in response to Trump travel bans

Mali and Burkina Faso have announced their plan to apply reciprocal visa bans to citizens of the United States, weeks after President Donald Trump included the West African countries in an expanded travel ban list.

In separate letters shared late on Tuesday, both countries emphasised that the new measures were aimed at applying the same rules to Americans travelling to their countries as their citizens face when travelling to the US.

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Mali’s Ministry of Foreign Affairs and International Cooperation said US citizens travelling to the country would experience “the same conditions and requirements as those imposed by the American authorities on Malian citizens entering the United States”.

It added that the changes were being introduced as “a matter of reciprocity and with immediate effect”.

Burkina Faso said it was applying “equivalent visa measures to citizens of the United States of America” and emphasised that it “remains committed to mutual respect, the sovereign equality of States, and the principle of reciprocity in its international relations”.

The announcements came after Trump said on December 16 he was adding seven more countries, as well as the holders of Palestinian Authority documents, to a list of countries whose nationals were “fully” restricted and limited from entering the US.

Burkina Faso and Mali were among the countries added to the list, all of which were either Arab or African nations.

Trump said at the time that the changes were being introduced to meet US “foreign policy, national security, and counterterrorism objectives”.

A section explaining the reasons for the ban on nationals from Burkina Faso said the US Department of State had found “terrorist organisations continue to plan and conduct terrorist activities throughout Burkina Faso”.

It also cited visa overstays and a historic refusal to “accept back” nationals deported from the US.

In relation to Mali, Trump’s announcement said the State Department had found “armed conflict between the Malian government and armed groups is common throughout the country and that” terrorist organisations operate freely in certain areas of Mali”.

In total, the new additions brought the total to 19 countries plus Palestine, the countries banned under Trump, who also introduced similar travel bans during his first presidency.

Together with Niger, which was also included in the list of new countries banned by the US in mid-December, Mali and Burkina Faso have recently sought to distance themselves from Western countries while working together in a new grouping known as the Alliance of Sahel States (AES).

All three countries are led by military leaders who have forged closer ties with Russia in recent years, while kicking out French and US soldiers previously stationed there.

Mali has welcomed Russian forces, including about 1, 500 personnel from the Wagner mercenary group and roughly 1, 000 fighters from the Kremlin-controlled paramilitary group Africa Corps.

At a recent Sahel summit in Bamako, Mali, the three countries announced the launch of a joint military battalion aimed at fighting armed groups across the region.

An A-Z list of 2025’s biggest stories

The same words keep appearing throughout the entire year as you go back in time.

The top-trending terms of 2025, from artificial intelligence to Zohran Mamdani, shaped headlines across politics, conflict, technology and climate.

According to a loose analysis of our own most-viewed story tags and those that appeared in Google’s most searched, AJ Labs hascompiled an A to Z list of names, places, and issues that generated sustained interest throughout 2025.

Taken together, these terms are a patchwork of issues that are also likely to spill into 2026, from ongoing conflicts to a changing technosocial landscape not seen since the dawn of the internet.

By the words that inspired the year, this is 2025 from A to Z.

Artificial Intelligence

AI adoption is growing rapidly, and this year’s biggest discussions focused on how it will transform workplaces and reshape economies.

In October, the Reuters Institute carried out a survey in six countries and found that the proportion of respondents who said they used a generative AI system such as ChatGPT jumped from 40 percent to 61 percent this year. Big AI players like Nvidia, Google, Meta, and OpenAI are making massive circular deals this year as governments try to regulate the rapidly expanding technology and resounding concerns about job losses and echoes of a dotcom-style bust.

According to UBS projections, global annual AI spending is expected to swell to $375bn by the end of the year before topping $3 trillion annually by 2030 – this includes spending on AI infrastructure, as well as power and resources for electricity demand.

Bitcoin

In 2025, Bitcoin reached new heights thanks to US-based crypto ETFs’ maturation and institutional inflows.

President Trump positioned himself as the “crypto president”, and propelled family crypto ventures and the broader sector into the mainstream. He overturned the US Securities and Exchange Commission’s crackdown on crypto companies and rewarded those pro-crypto executives and businesses that raised money to support candidates who supported their goals in the 2024 election cycle.

On October 6, Bitcoin reached an all-time high of $126, 080, marking a defining moment for the digital asset, before reminding investors how quickly momentum can reverse as it finishes the year at $88, 400.

Charlie Kirk

Conservative activist and media figure Charlie Kirk became a central and controversial figure in 2025 following his assassination, which sent shockwaves through US politics and globally.

Kirk, the man behind Turning Point USA, had spent years at the forefront of campus culture conflicts, where he cultivated a large following through provocative lectures delivered on campus and in close collaboration with Donald Trump and the MAGA movement.

On September 10, he was shot dead near where he was engaged in a debate at Utah Valley University. His murder sparked debates about extremism and political violence in the US, which grew even more so.

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Donald Trump

US President Donald Trump warrants a standalone article for the scale, speed and unprecedented nature of changes he unleashed during his second term, and for the wide web of issues tied to his leadership.

In 2025 alone, he signed 225 executive orders, surpassing the number he signed during his entire first term.

He pardone those responsible for the 2021 Capitol Hill riots when he returned to office on January 20 and started his term. Soon after, he announced sweeping global tariffs – but often focused on China, followed by the “One Big Beautiful Bill”, which triggered deep federal spending cuts and stripped funding from major US programmes, including USAID. His administration reformed environmental and diversity policies and increased immigration enforcement.

Internationally, he questioned longstanding alliances, scaled back support for Ukraine and escalated pressure on Iran, including US strikes on its nuclear facilities. His policies, ironically, polarized both Americans and politicians, particularly in the healthcare and defense sectors, which caused the longest government shutdown before Thanksgiving.

And that’s just some of what he did this year.

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Elections

Polls were a little less muted this year than they were in 2024, despite the hundreds of millions of eligible voters participating in 69 elections across the world.

National elections took place in countries such as Germany, Canada and Japan, alongside dozens of parliamentary, presidential and local contests across Africa, Asia and Europe. Sanae Takaichi became the first woman to hold the position of prime minister in Japan.

Far right

Far-right politics were a hot topic on social media, where such narratives were significant in shaping public opinion.

In Europe, far-right parties recorded some of their strongest results on record, including becoming the second-largest force in Germany’s federal election, where the AfD won 20.8 precent of the vote.

In other countries, protests in the UK, like those promoting “Unite the Kingdom,” led by right-wing activist Tommy Robinson, saw a sizable turnout of protesters and counterprotesters in August. Elon Musk’s role in the rally – where he appeared in front of protesters via a live link – highlighted the influence social media networks now play in promoting particular narratives and the powerful figures steering the wheel.

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Gaza

Israel’s two-year-old genocidal war against Gaza was fought by Israeli forces, who continued to bombard the area with air and ground attacks and repeatedly displaced the population. A particular turning point was when the IPC declared famine in Gaza in August, following Israel’s continued blockade of aid and the purposeful starvation of the population.

At least 25, 000 Palestinians were killed and 62, 000 others were hurt by Israel alone in 2025.

In October, a ceasefire was brokered between Hamas and Israel. Israeli attacks have continued, though.

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Houthis

The Iran‑aligned Houthis in Yemen were central in the wider Middle East crisis, drawing global attention for both military actions and diplomatic developments.

A significant international trade route was impacted by the group’s attacks on Israeli military and commercial ships in the Red Sea and against Israel, which also sparked Israeli and US air strikes on Houthi positions and infrastructure year after.

According to ACLED, there were more than 48 strikes on Yemen in 2025 from Israel, including strikes on Hodeidah port.

Iran

Israel launched a string of strikes on June 13 that targeted Iran’s main nuclear facility in Natanz, including the country’s main nuclear facility.

During the 12-day conflict, Israel also attacked residential neighbourhoods, killing several nuclear scientists and military commanders. Iranian cities were targeted by Israeli cities in retaliation with hundreds of ballistic missiles.

On June 22, the situation escalated when the United States joined the attacks, bombing three nuclear facilities&nbsp, in Fordow, Natanz, and Isfahan.

International concern was immediately sparked by the attacks, which led to UN Security Council meetings and sharp retaliation from Iran, including ballistic missile launches targeting US bases in the area and threats to international shipping through the Strait of Hormuz.

Jeffrey Epstein

In 2025, the Jeffrey Epstein saga continued to make headlines as new documents, emails and images were released under the Epstein Files Transparency Act, with the New York Times claiming more than 130,000 papers have been released to date.

Photos of Epstein’s private island, call logs and email exchanges with high‑profile figures were published by the House Oversight Committee, drawing global attention and sparking heated political debate.

Among the most talked‑about revelations in late 2025 were emails in which Epstein allegedly referenced Donald Trump and claimed a victim had spent time at his house, leading to fierce partisan disputes over context and accuracy. The White House called the disclosures a smear, while critics argued they raised uncomfortable questions about elite networks.

Kendrick Lamar

Kendrick Lamar was one of the most-talked-about artists in music, driven by the ongoing effect of his song Not Like Us, which became his longest-charting rap song ever, spending more than 50 weeks on the Billboard Hot 100.

After Lamar’s Super Bowl halftime performance, which more than 133.5 million people watched, the song also topped the charts.

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Louvre

In October, the Louvre Museum in Paris was shaken by one of the most audacious art robberies in recent memory, when thieves made off with priceless French crown jewels worth an estimated   $102m.

The gang broke into the museum in broad daylight, cut display cases with power tools, and escaped on scooters in a brutal raid that took less than eight minutes while the museum was open to the public.

French authorities launched a nationwide manhunt, but the bulk of the stolen jewels remains missing. The most-visited museum in the world was severely compromised by the heist, which caused urgent security fixes.

Migration

This year, migration debates continued to grip government chambers worldwide, with polarising policy changes adopted in different countries.

As a result of a partnership between France and the UK for a “one in, one out” plan for small boat crossings, asylum laws and border controls were tightened in both Europe and North America.

Across the pond, the US saw one of the most aggressive immigration enforcement policies, with Immigration and Customs Enforcement (ICE) escalating operations in the country. ICE reportedly detained more than 68 000 people, and hundreds of thousands have been deported.

Nuclear

As it stands, in 2025, there are 12, 241 nuclear warheads active worldwide, with several countries increasing or modernising their stockpiles instead of reducing them, as they have for the past two decades.

The year was most notable for direct US and Israeli strikes on Iranian nuclear facilities, according to Pentagon officials, which delayed Iran’s nuclear program by an estimated one to two years.

On the energy front, 2025 saw a mix of expansion and contraction in nuclear power. A groundbreaking agreement between the US and the UK helped to create thousands of jobs as a result of the US’s signing of a landmark agreement. While in Germany, nuclear phase-out continued, with the closing of ageing plants, despite other European nations looking towards nuclear power for green energy.

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West Bank occupied

In parallel to Israel’s ongoing war in Gaza, it launched the largest military assault in decades on the West Bank, expanded illegal Israeli settlements, and carried out regular home demolitions.

So far in 2025, the UN’s OCHA documented 1, 680 Israeli settlers’ attacks in more than 270 communities in the West Bank, or on average five incidents per day.

The olive harvest has also continued to be marked by widespread settler violence, with 178 attacks documented in October and November in 88 communities.

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Pope

With the resignation of Pope Francis and the election of a new pontiff, the Catholic Church underwent a historic leadership transition in April.

The 2025 conclave was notable for being the largest in the Church’s history, with 133 cardinal electors gathering in the Sistine Chapel to vote on the next pope, surpassing previous limits on electors and reflecting the global diversity of the College of Cardinals.

The cardinals chose Cardinal Robert Francis Prevost, who became Pope Leo XIV after several rounds of secret voting, making this the first pope to be elected from the United States.

Qatar

In 2025, Qatar was not only a key diplomatic player, but also a flashpoint in the region’s wider conflicts.

A Qatari security official and others were killed in an unprecedented airstrike on Doha in September, prompting widespread condemnation of the attack as a violation of Qatar’s sovereignty and international law.

The strike prompted emergency meetings of Gulf and Islamic bodies in solidarity with Doha, as it became the sixth country that Israel attacked this year.

RSF

The Rapid Support Forces (RSF) in Sudan were at the heart of the country’s devastating civil war, expanding their territorial authority and intensifying what the UN called one of the worst humanitarian crises ever to occur.

The paramilitary group consolidated its grip over large parts of western Sudan, including areas around el-Fasher in North Darfur, where UN officials and rights groups reported mass killings that left tens of thousands of civilians dead and widespread destruction of displacement camps.

At least 4,200 civilians were killed by the RSF, according to ACLED. They were accused of systematic abuses, including ethnically targeted violence, sexual assault, looting and attacks on hospitals and aid convoys.

Syria

The al-Assad dynasty, which ruled for more than 50 years, was taken out of power by a rebel offensive on December 8.

The 14-year-long war led to one of the world’s largest migration crises, with some 6.8 million Syrians, about a third of the population, fleeing the country at the war’s peak in 2021.

Over 782, 000 Syrians have already left their home countries in the past year, according to the International Organization for Migration (IOM).

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Tariffs

On April 1, Trump imposed reciprocal tariffs on the US’s trading partners, rattling global trade and increasing tensions in international relations.

A number of businesses said they would switch their supply chains as a result of the levies. It is estimated that the US-imposed tariffs generated more than $124.5bn in revenue between January and September 2025. According to the Tax Foundation, Trump tariffs will increase taxes by an average of $1,100 per US household in 2025.

Ukraine

The war in Ukraine entered its fourth year in 2025 and was defined by intensified fighting, stalled diplomacy and a shift in US policy that reshaped the conflict’s trajectory.

Russian forces had made incremental but costly gains on the eastern front over the course of the year, gaining roughly 19% of the territory on the battlefield (118, 000 square kilometers or 45,550 miles).

The conflict saw a marked escalation in advanced warfare, including expanded use of long-range missiles and, significantly, the use of drones on both sides.

Venezuela

The Venezuelan situation, which Trump’s administration’s foreign policy initiative, garnered additional international attention as a result of his administration’s decision to “narcoterrorist” a new battlefield.

Since August, Washington deployed thousands of troops, warships and aircraft across the region, reopened military bases in Puerto Rico and conducted drills, in what analysts describe as the largest US presence in Latin America in decades.

More than 100 people died as a result of the US’s series of strikes on Venezuelan boats in September, which it claimed were carrying drugs.

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Weather

The year 2025 kicked off with the devastating Palisades Fire in Los Angeles, which destroyed thousands of homes and buildings. For the first nine months of 2025, according to Gallagher Reinsurance Brokers, total global insured loss for natural disasters and climate-related events was estimated to be $ 105 billion, making this the sixth consecutive year with losses of more than $100 billion.

Other extreme weather events, such as heavy rains and flooding, also battered large parts of Asia in late 2025: Northern Vietnam experienced historic flood levels after prolonged tropical rainfall, while India and Pakistan dealt with monsoon‑related floods that were among the deadliest of the year. The Philippines, Taiwan, and southern China were affected by the powerful winds and floods caused by Typhoon Ragasa and other Pacific storms.

In October, Hurricane Melissa became the strongest storm to hit Jamaica, making landfall as a Category 5, causing widespread damage.

Xi Jinping

Xi Jinping pushed for strategic autonomy and regional dominance in 2025.

He was in charge of China’s 14th Five-Year Plan at home, with state media reporting steady growth and setting the stage for 2026. He also chaired the 25th Shanghai Cooperation Organisation summit in Tianjin, hosting more than 20 heads of state and positioning China as a central force in Global South and Eurasian security.

Following Trump’s tariff mandate, which saw both sides escalate into a tit-for-tat of levies that, at one point, climbed to triple digits, but a mid-year truce eased pressure on global markets, led to renewed and aggressive trade and technology tensions.

Yoon Suk Yeol

In December 2024, South Korea was thrust into a political crisis after then-President Yoon Suk Yeol declared martial law, citing rising unrest and an alleged threat to national security.

It resulted in the deployment of troops, detention of opposition lawmakers and the curtailing of press freedom. A year on, prosecutors indicted Yoon Suk Yeol for insurrection on December 15, accusing him of seeking to provoke military aggression from North Korea to help consolidate his power.

Earlier this month, special prosecutor Cho Eun-seok told a briefing that his team had indicted Yoon, five former cabinet members, and 18 others on insurrection charges, following a six-month probe into his declaration of martial law last year.

Zohran Mamdani

After Trump, the most talked about US politician in 2025 might just be Zohran Mamdani, who became New York City’s first Muslim, South Asian and African-born mayor by winning 50.8 percent of the vote.

He won the city’s primary elections in June by campaigning against rent freezes, universal childcare, public transportation, and green infrastructure.

However, his campaign experienced intense scrutiny and backlash online, with Equality Labs tracking more than 17 million social media posts about him in 2025 containing Islamophobic, xenophobic and polarising content.