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Trump says Venezuela will be ‘turning over’ up to 50m barrels of oil to US

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Trump says Venezuela will be ‘turning  over’ up to 50m barrels of oil to US


Kayla Epsteinand

Osmond Chia

Getty Images President Donald Trump confirms a US military operation in Venezuela during a press conference on 3 JanuaryGetty Images

US President Donald Trump has said Venezuela “will be turning over” up to 50m barrels of oil to the US, after a surprise military operation that removed President Nicolás Maduro from power.

The oil will be sold at its market price, Trump posted on social media, adding that the money would be controlled by himself and used to benefit the people of Venezuela and the US.

His comments come after he said the US oil industry would be “up and running” in Venezuela within 18 months and that he expected huge investments to pour into the country.

Analysts previously told the BBC it could take tens of billions of dollars, and potentially a decade, to restore Venezuela’s former output.

Trump posted on Truth Social on Tuesday: “I am pleased to announce that the Interim Authorities in Venezuela will be turning over between 30 and 50 MILLION Barrels of High Quality, Sanctioned Oil, to the United States of America.

“This Oil will be sold at its Market Price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States!”

His comment came a day after Delcy Rodríguez, formerly Venezuela’s vice-president, was sworn in as its interim president. Maduro has been brought to the US to face drug-trafficking and weapons charges.

On Monday the US president told NBC News: “Having a Venezuela that’s an oil producer is good for the United States because it keeps the price of oil down.”

Representatives from major US petroleum companies planned to meet the Trump administration this week, the BBC’s US partner CBS reported.

Analysts who previously spoke to the BBC were sceptical that Trump’s plans would have a major impact on the global supply – and therefore price – of oil.

They suggested that firms would look for reassurance that a stable government was in place, and even when they did invest, their projects would not deliver for years.

Trump has argued in recent days that American oil companies can fix Venezuela’s oil infrastructure.

The country has an estimated 303bn barrels – the world’s largest proven reserve – but its oil production has been in decline since the early 2000s.

The Trump administration sees significant potential for its own energy prospects in Venezuela’s reserves.

Increasing the country’s production of oil would be expensive for US firms.

Venezuelan oil is also heavy and more difficult to refine. There is only one US firm, Chevron, currently operating in the country.

Asked for comment about Trump’s plans for US oil production in Venezuela, Chevron spokesman Bill Turenne said the company “remains focused on the safety and wellbeing of our employees, as well as the integrity of our assets”.

“We continue to operate in full compliance with all relevant laws and regulations,” Turenne added.

ConocoPhillips, a major US oil company that no longer has a presence in Venezuela, “is monitoring developments in Venezuela and their potential implications for global energy supply and stability”, said spokesman Dennis Nuss.

“It would be premature to speculate on any future business activities or investments,” Nuss said.

A third company, Exxon, did not immediately respond to requests for comment.

While justifying the seizure of Maduro from Caracas, Trump also claimed that Venezuela “unilaterally seized and stole American oil”.

Vice-President JD Vance echoed those claims on X after Maduro was taken, writing that “Venezuela expropriated American oil property and until recently used that stolen property to get rich and fund their narcoterrorist activities”.

The reality is more complex.

US oil companies have a long history in Venezuela, extracting oil under licence agreements.

Venezuela nationalised its oil industry in 1976 and in 2007, President Hugo Chavez exerted more state control over the remaining foreign-owned assets of US oil firms operating in the country.

In 2019, a World Bank tribunal ordered Venezuela to pay $8.7 billion to ConocoPhillips in compensation for this 2007 move.

That sum has not been paid by Venezuela, so at least one US oil company has outstanding compensation which is owed to it.

But BBC Verify’s Ben Chu said the claim Venezuela has “stolen” American oil is too simplistic, as experts said the oil itself was never actually owned by anyone except Venezuela.

Watch: BBC Verify examines claims Venezuela “stole” US oil



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Bengaluru Techie Tried Rapido As A Side Hustle For 4 Days: Here’s What He Made

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Bengaluru Techie Tried Rapido As A Side Hustle For 4 Days: Here’s What He Made


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The rider chose to work mostly after ten at night. Rapido offers a 20% incentive for rides between ten pm and six am, making late-night slots more rewarding than daytime hours.

Over four days, he rode mainly at night, sometimes starting in the evening and continuing past midnight. Image: X

Over four days, he rode mainly at night, sometimes starting in the evening and continuing past midnight. Image: X

It began as a simple experiment. A Bengaluru resident, curious about the buzz around gig work, decided to spend a few late nights riding for Rapido to see if the money really matched the hype. He was not looking to switch careers or become a full-time rider. He just wanted to know whether a few spare hours after work could actually make a difference to his monthly finances.

Four days later, he had more than just an answer. He had numbers, experiences and a reality check that soon went viral on Reddit, sparking a wider conversation about part-time work in the city.

Why he chose Rapido and the night shift

The rider chose to work mostly after ten at night. The reason was practical. Rapido offers a twenty percent incentive for rides between ten pm and six am, making late-night slots more rewarding than daytime hours.

Another detail that caught attention was his claim that Rapido was not charging any commission on rides at the time. While he admitted he was unsure if this was permanent or linked to regulatory issues around bike taxis, the zero-commission factor clearly boosted his take-home earnings.

For him, the goal was simple. Test whether a few hours on the road could actually translate into meaningful extra income.

How the four days unfolded

Over four days, he rode mainly at night, sometimes starting in the evening and continuing past midnight.

On the first day, he worked from six thirty in the evening to nine at night and earned Rs 170. Later, between eleven at night and one thirty in the morning, he earned another Rs 460. His total for around five hours of riding came to Rs 630.

On the second day, he stayed online for about five hours and earned Rs 750.

On the third and fourth days, he rode for roughly three to four hours each night and earned Rs 420 on both days. He noted that these days were slightly slower, with fewer ride requests compared to the earlier shifts.

By the end of the fourth day, he had enough data to calculate what part-time riding really meant in practical terms.

The final numbers

Across four days, the rider clocked a total of seventeen working hours. His gross earnings stood at Rs 2220. From this, he deducted fuel expenses of around Rs 400. That left him with a net profit of Rs 1820 for the entire period.

In simple terms, he earned just over Rs 100 per hour after accounting for petrol. For some readers, that sounded modest. For others, especially those struggling with stagnant salaries and rising living costs, it felt like a useful safety net.

When the internet joined the debate

The Reddit post quickly filled with comments from people living similar double lives.

One user shared that he works in an IT firm from two in the afternoon to ten at night, earning Rs 24000 a month. After his shift, he rides for Rapido from ten pm to six am. According to him, the money he makes on the bike often matches or even beats what he earns at his desk job.

Stories like these pushed the conversation beyond one person’s experience. They raised bigger questions about whether flexible gig work is slowly becoming more attractive than low-paying formal jobs, especially for young workers.

Who this kind of work suits best

The Bengaluru rider ended his post with a grounded conclusion. Rapido and similar platforms may not be perfect, but they work well for students, people from economically weaker backgrounds and those who have free hours late at night.

Lower traffic, higher incentives and the freedom to log in and log out without long-term commitment make gig riding easier to fit around studies or a regular job.

At the same time, he did not romanticise it. Long hours, physical strain and rising fuel costs remain real challenges. This is not easy money. But for many, it is better than having no extra income at all.

A glimpse of Bengaluru’s changing workforce

This four-day experiment reflects a bigger shift in the city’s work culture.

Bengaluru is no longer a place where one job defines a person’s identity. Today, the same individual can be a software employee by day and a bike captain by night.

The story of this part-time Rapido rider is not just about earnings. It is about how people are stitching together livelihoods in a city where ambition often moves faster than paycheques.

And in those late-night rides through quieter streets and glowing phone screens, many are finding not just fares, but a new way to stay afloat.

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More businesses call to be included in pub rates backtrack

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More businesses call to be included in pub rates backtrack


High street shops, pharmacies and music venues have called on Rachel Reeves to axe the looming increases to business rates for them as well as pubs.

The government is expected to announce a climbdown on the increases to business rates bills faced by pubs in England in the coming days.

Landlords and pub owners have been fiercely critical of the impending hikes, with more than 1,000 pubs banning Labour MPs from their premises.

But other lobby groups and backbench MPs have urged the government to widen the relief, saying many other kinds of businesses will not be able to pay the higher bills.

In her November Budget, the chancellor scaled back business rate discounts that have been in force since the pandemic from 75% to 40%, and announced that there would be no discount at all from April.

That, combined with big upward adjustments to rateable values of pub premises, left landlords facing the prospect of much higher bills.

The BBC understands the climbdown will apply only to pubs and not the whole hospitality sector.

The British Independent Retailers Association (Bira) questioned why its members -– which include high street shops, restaurants and cafes — would not be given the same relief.

Its chief executive Andrew Goodacre said independent retailers “face exactly the same challenges as pubs but have been left out of discussions about additional support”.

“Perhaps independent retailers need to follow the pubs’ example and start banning MPs from their premises too,” he said.

The British Retail Consortium (BRC) said the current business rates system “is not fit for purpose”.

Helen Dickinson, the BRC’s chief executive, said: “This latest announcement looks like another sticking plaster on a broken system rather than the more fundamental reform required.”

Jon Collins, chief executive of music venue body LIVE, said: “If the government is preparing a U-turn on business rates for pubs, it must not leave live events and arenas behind.”

The National Pharmacy Association chief executive Henry Gregg said the sector could face a 140% increase in rates, while the lobby group for gyms, pools and leisure centres said those businesses faced potential rate increases of 60%.

“Failure to provide a business rates support package to gyms, pools and leisure centres will lead to higher prices, reduced services, redundancies and in some cases the loss of gyms from our communities,” chief executive of ukactive Huw Edwards said.

Some of those lobby group concerns were echoed by MPs.

“Venues, clubs and cinemas up and down the country are already struggling for survival,” Conservative MP Dame Caroline Dinenage wrote to the chancellor on Thursday.

She said the planned rates reforms risk “pushing many over the edge”.

“The Treasury needs to be open about how it decided on the changes, while the sector desperately needs more details on the alternative support promised by the Prime Minister.”

Reeves said earlier this week that the government had reduced the rate of tax on pubs and hospitality, but the Independent Valuation Office increased what they saw as the value of those properties.

“Now we’re working with the sector to look at the implications of a range of policies and looking at planning and licensing,” she said in an interview with Good Morning Britain.

“I want to support our pubs; I want to support our high streets. That’s why we made the change to the rates. But I recognise that many paths are still struggling and we’re working with them.”



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Saks Global struggles to line up financing as potential bankruptcy filing looms

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Saks Global struggles to line up financing as potential bankruptcy filing looms


Pedestrians walk past a Saks Fifth Avenue store in Chicago, Dec. 30, 2025.

Scott Olson | Getty Images

Beleaguered retail chain Saks Global is struggling to line up as much as $1 billion in financing to keep its business afloat during a potential Chapter 11 bankruptcy filing, CNBC has learned. 

The luxury chain has been working to secure a “debtor-in-possession” loan, which would allow it to fund operations in the event of a potential bankruptcy filing, people familiar with the matter said. But investors have so far shown little interest in lending Saks the money because they’re skeptical the company can successfully reorganize and pay them back, said the people, who spoke on the condition of anonymity because the discussions are private.

While DIP lenders get repaid before other creditors during bankruptcy proceedings, they don’t always recoup their full investment, and some investors are concerned that could happen if they finance Saks, the people said.

The storied 159-year-old department store, which now owns Neiman Marcus and Bergdorf Goodman, is both a destination and a symbol for luxury fashion, known for offering top brands like Chanel and Dior alongside up and comers like Good American. Across the entire enterprise, Saks Global has more than 70 full-line luxury stores and about 100 off-price locations. 

Since Saks missed an interest payment to bondholders late last month, only a “limited number” of investors have shown interest in financing the DIP loan, while a number of others have declined to get involved, the people said. 

Saks declined to comment on investor interest in its fundraising efforts.

A wide array of firms invest in companies that could be headed for bankruptcy, including top banks and private equity. However, the only firms likely to be interested in investing in Saks at this point are either liquidators that also have investment vehicles or alternative asset managers that have experience in distressed retail, one source said. Still, even some of those investors have declined to get involved with Saks’ DIP loan, the people said.

Liquidation is one of several potential outcomes Saks faces. However, if it can’t line up a DIP loan, which would be used to pay for essential expenses like payroll, rent and inventory, that scenario would be more likely. The retailer is already struggling to pay those costs.

Failure to line up financing would prevent Saks from filing for Chapter 11 bankruptcy, which would give the company a chance to reorganize and potentially find a buyer willing to take on its business as a going concern. It could then be faced with Chapter 7 bankruptcy, which is reserved for liquidation. 

That could mean the end for one of the most fabled department stores in history, whose flagship store on Fifth Avenue, considered by some to be its most valuable asset, has become a global destination. 

In the meantime, Saks has also been in talks with liquidators for a number of stores that are in the process of closing, but not yet the entire chain, the people said.

Saks’ troubles have been mounting since it acquired its longtime rival Neiman Marcus in a $2.7 billion deal in 2024, which was heavily financed with debt.

The tie-up between the two rivals was expected to create a luxury retail powerhouse that could better streamline costs and negotiate with vendors.

Instead, Saks has struggled to pay its vendors on time, leading to inventory gaps and declining sales. A slowdown in the overall luxury market, which has seen growth stagnate in recent years, has compounded the issues.



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