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Early Start with Rahel Solomon
At Least 40 Killed In Spain After Two Trains Collide; Trump To Attend Economic Forum Amid Greenland Tensions; Indiana Wins College Football Title, 27-21, Over Miami Hurricanes. Aired 5:30-6a ET
Aired January 20, 2026 - 05:30 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[05:30:00]
PAU MOSQUERA, CNN CORRESPONDENT: You can see here behind me, Rahel, is the community center located in Cordoba where over the last night the authorities have attended to around 116 families. They have been offering them psychological support and trying to get for them any information that they have regarding their relatives. And this is actually difficult to tell to you Rahel, but from time to time we hear the screaming, the crying of those relatives that are suffering, and maybe they are receiving bad news.
So far, we know that the authorities' main priority right now is to clarify the cause of this deadly train crash. Overnight the officers that have been deployed to the crash site have been working with cranes to try to move the carriages that are still blocking the tracks.
And we also know that over the next few hours they will be sending a section of the track that they believe that is where firstly started the derailment and some wheels of the train to better determine if there was any prior damage to what then what happened later this Sunday afternoon, Rahel.
RAHEL SOLOMON, CNN ANCHOR: OK. Pau Mosquera there for us in Spain. Pau, thank you.
Still ahead, business and world leaders gather for a key economic forum in Davos as President Trump doubles down on his demand for control of Greenland. We'll have the details in a live report straight ahead.
(COMMERCIAL)
[05:36:10]
SOLOMON: Welcome back to EARLY START. This your business breakout. The time now is 5:35.
Let's take a look at where U.S. futures stand ahead of the opening bell on Wall Street, and it is red across the board implying some pretty significant slides if these numbers hold. This is on the back of tariff threats from the U.S. Concerns of a potential trade war between the U.S. and some of its European partners, of course, over the issue of Greenland. We're going to discuss this with our reporter Anna Cooban, watching all of these developments in just a moment.
But here are some of the other business headlines we are watching for you.
U.S. officials want America's largest electric grid operator to demand tech giants pay for the extra demands of AI. The White House and a group of governors want the grid operator PJM to hold an emergency auction for new power plants to cope with the growing needs of AI data centers. Residential bills are up over five percent over last year -- on last year, partly due to the data center boom.
The British government is exploring a possible social media ban aimed at better protecting children online. The ministers say that they will visit Australia to learn more about its ban on social media for those under 16, which took effect last month. They're also considering stronger age verification checks and tougher rules on students using phones in schools.
And Mercedes-Benz has unveiled its newest electric vehicle, the GLB. The luxury car brand has plans to make both traditional and hybrid models of the new car. Its Hungary plant is set to play a large role in the vehicle's rollout. It is not the second-largest Mercedes plant in the world.
President Donald Trump is set to head to Davos later today where he will join other global leaders for the World Economic Forum that is currently underway. His tariff threats and desire to take over Greenland already looming large over the gathering. And we are expecting him to deliver a speech there on Wednesday. Meantime, the U.S. Treasury secretary also speaking on the sidelines of the forum.
Let's get to CNN's Anna Cooban who is following all of these developments for us from London.
Anna, we'll get to Treasury Secretary Scott Bessent in just a moment but let's talk about the action in U.S. futures right now and just markets around the world as investors try to parse through whether we're on the cusp of a potential trade war.
ANNA COOBAN, CNN BUSINESS AND ECONOMICS REPORTER: Yes. Well, investors obviously don't like uncertainty and now we are being plunged back into a situation where we're considering there may be a trade war between Europe and the United States -- two massive trading partners.
We have on the one hand the potential for retaliation, which seems, you know, not unlikely. There are 93 billion euros worth of retaliatory tariffs that could be levied by the EU on the U.S. We also have this so-called "trade bazooka" which has never been deployed before. It would bar the U.S. from aspects of the EU's market.
But also, interestingly, we're seeing this diversification of trading relationships with Canada signing a strategic partnership with China recently, and then the EU signing a trade deal -- historic landmark deal with several Latin American countries recently.
So this need to diversify is very much top of mind of politicians. Ursula von der Leyen, earlier at Davos, talking about the need to have an independent Europe.
And it's also top of mind for business leaders, too. CNN's Richard Quest spoke with Olivier Blum, who is the head of Schneider Electric, a European manufacturer, very much there in the forefront of these tariffs. He spoke with him yesterday on this issue and this is what he had to say.
(BEGIN VIDEO CLIP)
RICHARD QUEST, CNN ANCHOR: Are you concerned as a CEO about what's happening in the United States at the moment?
OLIVIER BLUM, CEO, SCHNEIDER ELECTRIC: As multinational, we like to unite people. We are one company delivering solutions to our customers, so we are always concerned not only in the U.S. when there is things that create uncertainty. And, of course, the multipolar world in which we are since a couple of years is creating huge uncertainty.
(END VIDEO CLIP)
[05:40:00]
COOBAN: So he's talking about this multipolar world -- the uncertainty here -- and that is, of course, reflected today in markets. Today will be the first day that U.S. markets are open since the weekend and all of these developments, so we're really watching what happens next, Rahel.
SOLOMON: Anna, have we heard from -- well, we have heard from Scott Bessent, the Treasury secretary, but has he addressed the issue of Greenland and tariffs? What is he saying there?
COOBAN: Well, Scott Bessent talking earlier today. He was really trying to downplay the sort of instability or the uncertainties around this, really urging European countries to stick with these tentative trade deals that a lot of blood, sweat and tears have gone into last year to negotiate. So he's very much trying to tamp down some of the -- some of the worries with European leaders.
SOLOMON: OK. Anna Cooban there for us in London. Anna, thank you.
Still to come on EARLY START, we hear from the people of Greenland amid President Trump's pressure campaign to assert U.S. control over the island.
We'll be right back.
(COMMERCIAL)
[05:45:20]
SOLOMON: Welcome back. I'm Rahel Solomon. And here are some of the stories we are watching for you today.
Today marks the first year of President Donald Trump's second term. Last night Trump told reporters, "I don't think any president has had a better first year than we've had in terms of success." But a recent CNN poll tells a different story. Fifty-eight percent of Americans consider his first year back in office a failure, and the majority say that his policies have hurt the economy.
The World Economic Forum in Davos is now underway. Business and global leaders are gathering for the event, which comes amid tensions of President Trump's tariff threats and push to acquire Greenland. The U.S. president is set to deliver a speech in Davos on Wednesday.
And President Trump claims that he received bad information about European troops in Greenland. The concession came in a phone with the British prime minister over the weekend. That's according to a U.K. official. The source added that the U.S. was briefed in advance by Danish diplomats and that deployments were precoordinated with existing EU and U.S. military structures.
And not long ago the U.S. House Speaker Mike Johnson brought up differences with the U.K. over Greenland. In a speech to Parliament, Johnson said that the U.S. and U.K. need to "calm the waters" over disagreements on foreign policy. This comes a day after British Prime Minister Keir Starmer reiterated his opposition to President Trump's bid to take control of Greenland.
(BEGIN VIDEO CLIP)
REP. MIKE JOHNSON (R-LA), SPEAKER OF THE HOUSE: As the prime ministers said yesterday, let us look to agreement, continue our dialogue, and find a resolution just as we always have in the past. And in that process I am confident that we can and will maintain and strengthen our special relationship between these two nations, send a message of unity and resolve to our allies around the world, and remind our adversaries and the terrorists and tyrants everywhere that our nations that are dedicated to freedom, and justice, and order, and human dignity are stronger and more resolved now than ever before.
(END VIDEO CLIP)
SOLOMON: European leaders are seeking ways to de-escalate tensions amid President Trump's increasingly aggressive rhetoric about the U.S. annexing Greenland. His latest approach is threatening new 10 percent tariffs on eight NATO allies supporting the territory's sovereignty.
CNN's Nic Robertson has more on how all of this is impacting the people who actually live on the Arctic island.
(BEGIN VIDEOTAPE)
NIC ROBERTSON, CNN INTERNATIONAL DIPLOMATIC EDITOR (voiceover): Greenland's prime minister and his people are walking a tightrope at anti-U.S. protests over the weekend in the capital Nuuk, the biggest yet, trying not to inflame already overheated international tensions.
The prime minister not mentioning President Donald Trump by name, saying, "We're all standing here together today to show that we're united and we're not accepting what's happening to us." Many here feeling like bystanders to their own destiny.
UNIDENTIFIED MALE: Right now, I think as a generation, we're kind of scared for the future because it feels like we don't have enough power to make our own decisions fully.
UNIDENTIFIED FEMALE: It's scary to think about it and it's scary at night to try to sleep. And it's the talk of the day every day. A couple of days ago we talked about buying a rifle --
ROBERTSON: Yeah.
UNIDENTIFIED FEMALE: -- for protection.
ROBERTSON: For defense?
UNIDENTIFIED FEMALE: Yeah.
UNIDENTIFIED MALE: Yeah.
ROBERTSON: Wow, that's serious.
UNIDENTIFIED FEMALE: Yeah, it is serious.
ROBERTSON (voiceover): Gun store owners we've spoken with say they're not seeing a spike in sales. But purchases of camping stoves, gasoline, freeze-dried food is going up -- driven, they say, by the crazy language President Trump is using and concerns that events here really are out of their control.
Now Denmark's move to have NATO allies train for Arctic security has further angered President Trump, who is threatening tariffs on the contributing countries.
ROBERTSON: Compared to other NATO partners, who tough are the conditions up here?
UNIDENTIFIED MALE: It is very, very tough, and that's also why we have to train up here.
ROBERTSON (voiceover): The Danish commander in charge tiptoes around the politics of it all.
ROBERTSON: As a NATO commander, are you personally surprised that a NATO partner could be threatening another NATO partner?
SOREN ANDERSEN, DANISH JOINT ARCTIC COMMAND CHIEF: I look -- I'm not going into politics, but I work perfectly together with the U.S. military. We have done that for decades in Bosnia, in Afghanistan, in Iraq, and we do it also today.
[05:50:00]
ROBERTSON: As a Dane who suffered a lot of losses in Afghanistan -- as many per capita as the United States -- is it disappointing to you that we're in this position? ANDERSEN: Frankly, it is.
ROBERTSON (voiceover): Yet, even while marginalized no one here is giving up hope yet.
ROBERTSON: Do you think this is going to be resolved diplomatically?
SVEND HARDENBERG, GREENLANDIC BUSINESSMAN: I think so. Well, all of us are hoping that will be solved. And the dialogue has started and I'm assuming that will go in a very positive direction for everybody.
ROBERTSON (voiceover): Greenland-born exec Svend Hardenberg is running point for his mining company to get a minerals and rare earths project mired in local politics into production and turning a profit for Greenlanders.
HARDENBERG: We will be paying the Greenland government, just on royalties, equivalent to U.S. dollars $5.5 billion in that period of time. And then you have job creation, infrastructure investments.
ROBERTSON (voiceover): He is bullish about Greenland's potential and sees benefit in Trump's business-first style, but even he is staying out of the red-hot diplomacy.
ROBERTSON: Would the United States help with that development --
HARDENBERG: I don't know.
ROBERTSON: -- if the United States had control in Greenland?
HARDENBERG: Well, that's a scenario some would speculate on. I would not speculate on that.
ROBERTSON: You don't think it's even a remote possibility that the United States is going to control Greenland at some point?
HARDENBERG: I don't think so.
ROBERTSON: Why not?
HARDENBERG: It's -- when I'm looking at how everything is transpiring, I don't see that as an option.
ROBERTSON (voiceover): In the land of uncertainty, Greenlanders are embracing what they can control, themselves -- letting go of tensions on skis and skates or escaping the geopolitical strains with music and comedy. Hard reality -- no one here is laughing for long, still hoping Trump runs out of bluster.
Nic Robertson, CNN, Nuuk, Greenland.
(END VIDEOTAPE)
SOLOMON: All right. Still ahead, college football crowns a new champion. We'll have the highlights from the thrilling battle between Indiana and Miami. We'll be right back.
(COMMERCIAL)
[05:56:40]
SOLOMON: Some sad news now from the world of high fashion. Legendary Italian designer Valentino Garvani has died at the age of 93. He dressed the stars and became a fashion legend.
Valentino came to fame in the 1960s designing dresses worn by Elizabeth Taylor, Audrey Hepburn, and Jackie Kennedy. His evening gowns and couture helped shaped the fashion industry for decades until he retired in 2008. And even after his retirement, his dresses were still worn by celebrities as they walked the red carpet for many years.
Brutal cold is gripping much of the U.S. this week. The cold snap has brought temperatures 20 to 30 degrees below average with dangerous subzero wind chills impacting much of the Midwest and Great Lakes. That cold air is fueling heavy lake effect snowfall with multiple feet expected to pile up in some areas.
Forecasters are looking ahead to the weekend as weather models show the potential for a major winter storm that could spread snow and ice as far south as Texas. CNN meteorologists say that forecast may be adjusted though as more data comes in later this week.
The Indiana Hoosiers are celebrating the perfect end to a perfect season. They are the new college football champions after their 27-21 victory over the Miami Hurricanes. It's the first-ever title for the Hoosiers, capping an undefeated 16-0 season.
Heisman Trophy winner Fernando Mendoza had one rushing touchdown, 186 passing yards, and was named Offensive Player of the Game.
CNN World Sport anchor Coy Wire was there for all the action.
(BEGIN VIDEOTAPE)
COY WIRE, CNN WORLD SPORTS ANCHOR: This was the championship no one saw coming. Two teams overcoming the odds to reach this moment. Miami looking for their first national title in 24 years on their home field. Tickets for nosebleeds were around $4,000.
Indiana and their Heisman-winning quarterback Fernando Mendoza -- Fernando had his moment. "Heismandoza" making his presence felt -- sheer will and determination to put his team up by 10 in the fourth quarter.
But the Hurricanes jabbed back. Their superstar playmaker Malachi Toney willing his way into the zone, bringing Miami within three. After an Indiana field goal, Miami would have a chance to go for the win, but it's intercepted by Jamari Sharpe, and the Hoosiers pull off the unthinkable. The team that had more losses than any team in college football history have climbed to the mountaintop. I caught up with Coach Curt Cignetti and some of the stars after the win.
CURT CIGNETTI, HEAD COACH, INDIANA HOOSIERS: A champion is made when nobody's looking. Um, our kids have a great work ethic, great leadership. It's commitment to a worthwhile goal and just try to improve daily. And anything's possible when you prepare the right way and have the right people on your staff and in the locker room.
JAMARI SHARPE, DEFENSIVE BACK, INDIANA HOOSIERS: All year we've been battling, having games like this. This fight we just fought to the end all year.
FERNANDO MENDOZA, QUARTERBACK, INDIANA HOOSIERS: I'm stuttering right now because I can't even words. They are my brothers for life, and it's been the most special brothers. I'm so emotional about it I can't even process it. Usually, I burst into tears but it's -- I mean, they're my brothers for life and it's just a special group of guys and no one I'd rather do it with.
[06:00:00]
WIRE: Twenty-seven-21 is the final. The Indiana Hoosiers, for the first time ever, are your college football national champions.
Coy Wire, CNN. Back to you.
(END VIDEOTAPE)
SOLOMON: Congrats, Indiana. And Coy, thank you.
And thank you for joining us here on EARLY START. I'm Rahel Solomon live in New York. "CNN THIS MORNING" starts right now.
