Business
US will control Venezuela oil sales ‘indefinitely’, official says
The US will control sales of sanctioned Venezuelan oil “indefinitely” as it prepares to roll back restrictions on the country’s crude in global markets, the White House said.
Officials said sales were expected to start with 30 million to 50 million barrels of oil and the revenue would be controlled by the US government in order to maintain leverage over the Venezuelan government.
“We’re going to let the oil flow,” Energy Secretary Chris Wright said at a conference with oil and gas executives in Miami.
It’s not clear what portion of the revenues from the sale – which analysts expect to raise about $2.8bn (£2.1bn) – would be shared with Venezuela.
“We need to have that leverage and control of those oil sales to drive the changes that simply must happen in Venezuela,” Wright said, while adding that some of the money would then “flow back into Venezuela”.
White House officials said on Wednesday that they had already taken steps to start marketing the oil and the administration was working with key banks and commodity firms to execute the sales.
The comments offered more insight into plans US President Donald Trump announced on social media on Tuesday.
He said that Venezuela would be “turning over” up to 50 million barrels of oil to the US, and it would be sold at its market price.
The money is set to be deposited into US controlled accounts, which Trump said he as president would control and use to benefit the people of Venezuela and the US.
US Secretary of State Marco Rubio said the aim was to disburse the money “in a way that benefits the Venezuelan people – not corruption, not the regime – so we have a lot of leverage to move on the stabilisation front”.
Analysts said the impact of the change in policy would depend on details, like the pace of the sales.
Venezuela has some of the world’s largest proven oil reserves, but disinvestment, mismanagement and decades of US sanctions have left it with output of only about a million barrels per day – less than 1% of global production.
That supply, which provided critical resources to the Venezuelan government, in recent years has been going primarily to China.
But that too has been disrupted in recent months after the US ramped up strikes and a blockade of Venezuelan tankers as part of its pressure campaign against Maduro.
On Wednesday, Beijing’s foreign minister condemned the US seizure of Maduro and US plans to exert control over Venezuela’s oil resources.
Trump is due to meet with oil executives at the White House on Friday.
Analysts said that in the short term, US oil firm Chevron and US oil refineries, which are set up to process the kind of “heavy” crude that is characteristic of Venezuela’s output, are well placed to benefit from increased flow of oil from Venezuela.
Such a shift could put pressure on Mexico and Canada, which produce similar crude and are currently the main sellers to US refineries.
Oil prices, which are already relatively low amid steady supply and muted demand expectations, slipped further over the last week on the prospect that Venezuela might have increased access to the global market.
But analysts have warned that meaningful expansion of the country’s output will take years and billions of dollars in investment, which firms may be hesitant to undertake, given less risky opportunities in the US and in other countries such as Guyana.
Pinnacle Blooms Network, the pediatric therapy venture of Bharath Healthcare Laboratories, has secured $70 million (Rs 630 crore) from Global Healthcare Fund to fuel its expansion plans.
The two-tranche Series A round, advised by Yukon Capital, is set to become one of the largest early-stage investments in child development infrastructure across Asia, reported Hindu Business Line.
The funding will be deployed in two phases. The first tranche of $70 million will support rapid domestic expansion and technology upgrades. A second follow-on tranche is planned as the company enters markets in Southeast Asia and the GCC.
Capital deployment will enable Pinnacle to scale its network from 70 to 300 multidisciplinary therapy centres within 24 months. It will also accelerate R&D for home-based TherapeuticAI solutions, support large-scale manufacturing of TherapySphere sensory rooms, and fund regulatory submissions for international market access.
At the core of the platform is the proprietary Pinnacle Child Development Operating System—a multi-patent-filed digital therapeutic ecosystem that measures, predicts, and personalizes every aspect of a child’s developmental journey across speech, motor, cognitive, and behavioral domains.
Aneesh Madhav, Chief Executive Officer, Yukon Capital, said, “Pinnacle has solved the fundamental problem in developmental health — how do you make therapy measurable, scalable, and accessible without losing the human element.”
Dr. Koti Reddy Saripalli, Founder G Chairman, Bharath Healthcare Laboratories, said, “The world has finally recognized that developmental health is not charity; it’s essential infrastructure. We’re not raising capital to grow. We’re raising capital to ensure that every child on earth who needs measurable therapy can access it.”
Elon Musk’s platform X has limited image editing with its AI tool Grok to paying users, after it came under fire for allowing people to make sexualised deepfakes.
There has been a significant backlash after the chatbot honoured requests from users to digitally alter images of other people by undressing them without their consent.
But Grok is now telling people asking it to make such material that only paid subscribers would be able to do so – meaning their name and payment information must be on file.
The BBC has approached X for comment.
Those who do not subscribe can still use Grok to edit images on its separate app and website.
“Musk has thrown his toys out of the pram in protest at being held to account for the tsunami of abuse,” said Professor Clare McGlynn, an expert in the legal regulation of pornography, sexual violence and online abuse.
“Instead of taking the responsible steps to ensure Grok could not be used for abusive purposes, it has withdrawn access for the vast majority of users.”
It comes after the government urged regulator Ofcom to use all its powers – up to and including an effective ban – against X over concerns about unlawful AI images created on the site.
Addressing concerns that sexualised images of adults and children had been generated by Grok, Prime Minister Sir Keir Starmer said it was “disgraceful” and “disgusting”.
He said Ofcom had the government’s “full support” to act on the content.
“It’s unlawful. We’re not going to tolerate it. I’ve asked for all options to be on the table,” he said in an interview with Greatest Hits Radio.
Government sources told BBC News: “We would expect Ofcom to use all powers at its disposal in regard to Grok and X.”
Ofcom’s powers under the Online Safety Act include being able to seek a court order to prevent third parties from helping the Elon Musk-owned platform raise money or be accessed in the UK.
The BBC has approached the regulator for comment.
Grok is a free tool which users can tag directly in posts or replies under other users’ posts to ask it for a particular response.
But the feature has also allowed people to request it to edit images – and ask it to digitally strip people of most of their clothing.
Grok has fulfilled many user requests asking it to edit images of women to show them in bikinis or little clothing – something those subject to such requests have told the BBC left them feeling “humiliated” and “dehumanised“.
However as of Friday morning, Grok has told users asking it to alter images uploaded to X that “image generation and editing are currently limited to paying subscribers”.
It adds users “can subscribe to unlock these features”.
Some posts on the platform seen by BBC News suggest only those with a blue tick “verified” mark – exclusive to X’s paid subscriber tier – were able to successfully request image edits to Grok.
Prof McGlynn said the move echoed X’s approach to pornographic Taylor Swift deepfakes on the platform last year – where it blocked searches for sexualised material generated of the popstar using a Grok AI video feature.
“He is doing this to stoke free speech arguments,” she added.
“He will claim regulation is stifling people’s use of this technology. But, all the regulation requires is that he takes necessary precautions to reduce harm.”
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Starting a SIP is easy, but building real wealth takes one extra habit. This simple yearly step can quietly transform an ordinary SIP into a powerful retirement corpus
By aligning your SIP with your income growth, you make full use of compounding while protecting your savings from inflation.
Nowadays, Systematic Investment Plans (SIPs) are widely seen as one of the most reliable long-term investment options. Many people begin investing a small amount every month from their first job to secure their future. However, few realise that a simple SIP strategy can almost double your retirement corpus. This lesser-known method is called a Step-Up SIP.
What Is A Step-Up SIP?
In a regular SIP, you invest a fixed amount in a mutual fund every month and continue with the same contribution for years. A Step-Up SIP improves on this approach by increasing your monthly investment slightly each year, usually by 5% to 10%.
As your salary rises over time, your ability to invest also improves. Step-Up SIP allows you to increase your investment gradually, without putting pressure on your monthly budget.
How Much Can A Regular SIP Create?
Let’s assume you are 30 years old and just starting your career.
Monthly salary: Rs 40,000
Monthly SIP investment (30% of salary): Rs 12,000
If you invest Rs 12,000 every month for 30 years without increasing the amount, and earn an average annual return of 12%, your retirement corpus could grow to around Rs 3.70 crore.
While compounding plays a major role in growing your investment, many investors ignore inflation. After 30 years, Rs 3.70 crore will not have the same purchasing power as it does today. Rising medical expenses, daily living costs, and lifestyle needs at retirement can significantly reduce its real value.
How A Step-Up SIP Delivers Bigger Returns
Now consider investing the same Rs 12,000 through a Step-Up SIP, increasing the amount by 8% every year.
Year 2 SIP: Rs 12,960
Year 3 SIP: Around Rs 14,000, and so on
With the same average annual return of 12%, your total corpus after 30 years could grow to approximately Rs 7.61 crore.
Simply increasing your SIP contribution each year can nearly double your retirement fund. This is why Step-Up SIP is considered one of the most effective ways to beat inflation.
The key difference is not the mutual fund scheme, but the discipline of increasing your investment regularly. By aligning your SIP with your income growth, you make full use of compounding while protecting your savings from inflation.
Who Should Opt For A Step-Up SIP?
Step-Up SIP is ideal for:
- Young professionals whose salaries increase every year
- Investors aiming to build a large retirement corpus
- Those who want to reduce the long-term impact of inflation
- People planning for children’s education or major future goals
- Investors seeking better inflation-adjusted returns
Planning Your SIP The Right Way
If you are planning a long-term SIP for retirement, simply starting an SIP is not enough. You must begin with the right amount and increase it every year.
Choosing equity mutual funds can be a smart move, as they have historically delivered returns that outpace inflation. For instance, many large-cap mutual funds have delivered average annual returns of over 12% over the past decade.
The right plan, financial discipline, and the habit of stepping up your SIP every year can help you build a strong retirement fund and enjoy a financially secure, worry-free life after retirement.
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January 09, 2026, 16:10 IST
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