The year in review
Global developments
The Islamic State in Iraq and the Levant extended its bloody reach far beyond its base in Iraq and Syria. The group's barbarity was unrelenting. Gruesome propaganda included the burning alive in a cage of a Jordanian pilot whom ISIL had captured, the beheading of 21 Egyptian Coptic Christians in Libya and the murder of the 82-year-old head of antiquities at Palmyra, a heritage site in Syria that was looted by ISIL.
Western governments felt compelled to counter the threat, especially after ISIL claimed responsibility for an assault on Paris in which gunmen mowed down people in restaurants and bars and at a rock concert, killing 130 and injuring hundreds. President François Hollande declared that France was at war with ISIL.
After claiming that a Russian airliner had been bombed by ISIL affiliates in Egypt, Russia sent fighter jets to Syria, ostensibly to bomb ISIL. Most of its firepower, however, was directed at other opponents of the Syrian despot, Bashar Assad, a client of Vladimir Putin.
Turkey also entered the fray, after a student gathering was bombed in a town near the Syrian border. But Turkey also targeted the Kurdish PKK. Suicide-bombers in Ankara attacked a peace rally that called for an end to Turkey's actions against the Kurds, killing 102 people. The chaos only strengthened the hand of the ruling Justice and Development party, which won an election in November.
Around half the hundreds of thousands of people who streamed into Europe in the continent's worst refugee crisis since the Balkan wars came from Syria. The image of a 3-year-old Syrian boy found drowned on a Turkish beach caused widespread outrage. Several summits were held to try to resolve the crisis. Germany threw open its borders and is on course to accept more than 1 million asylum-seekers this year.
After years of talks, Iran and six world powers reached a deal on Iran's nuclear program. Some hailed it as a chance for Iran to come out of the cold. Others, notably Israel, said the deal was a mistake that would allow Iran to develop nuclear weapons and throw its weight around.
Global business
China's stock markets plunged during the summer, sending out global ripples. China's ham-handed attempts to stop the sell-off, such as directing large state investors to buy shares, did nothing to calm nerves. Nor did a sudden devaluation of the yuan. The whole episode raised questions about the state of China's slowing economy and the competence of its regulators.
The total value of announced takeovers in 2015 passed $4.3 trillion, breaking a record set in 2007. Pfizer's $160 billion purchase of Allergan, Dow Chemical's $130 billion merger with DuPont and Anheuser-Busch InBev's $110 billion acquisition of SAB Miller were three of the biggest in history. Other deals included Shell/BG Group ($70 billion), Charter Communications/Time Warner Cable ($55 billion), Anthem/Cigna ($52 billion) and Heinz/Kraft ($50 billion).