The Global Economic News

Image source, AFP via Getty Images By Sareen Habeshian Published 29 August 2026, 00:54 BST Updated 3 hours ago The US has reached a deal with Venezuela to control more than 65 billion barrels of its proven oil reserves, President Donald Trump announced. "This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans," Trump posted on social media. Venezuela's interim President, Delcy Rodriguez, hailed the agreement as one that would help her nation's economic revival. Trump vowed to tap Venezuela's reserves, the world's largest, after the US captured its then-President Nicolás Maduro this year. More recently, Trump has been under pressure to tame domestic petrol prices, which spiked amid the Iran conflict. Secretary of State Marco Rubio called the oil deal "a huge win for both the American and Venezuelan people". Few details were released. "For the V...

Meta 's watershed social media trial just wrapped up in California, but now attention is shifting to the wider industry with TikTok, YouTube and Snap next on the firing line. The Instagram and Facebook owner settled in week two of a trial brought by a coalition of tens of U.S. states alleging that the tech giant had misled the public about the harms its platforms posed to younger users. The agreement includes a payment of up to $18 billion , part of which is tied to conditional action by other social media giants. Meta said it would also make fundamental changes to its platforms for users under the age of 18, including but not limited to a 2-hour daily usage limit that only a parent can lift, disabling extreme makeup and cosmetic surgery filters, tighter age verification measures, and night mode. Meta said it would only pay 70% of the settlement , or around $12.7 billion to the states over a period of 10-years. The remaining $5.3 billion is conditional on the company's rivals...

Image source, BBC News Image caption, Royal Artillery veteran Ray Lawton has been ordered to repay 8,000 By Colletta Smith , BBC Your Voice correspondent and Bobbi Huyton , BBC Your Voice journalist Published 4 hours ago Hundreds of former members of the military have had their pensions slashed after receiving letters telling them to repay thousands of pounds because of a clerical error. The Ministry of Defence (MoD) confirmed to the BBC that more than 1000 retired service personnel are being pursued for debts. The majority, 335 veterans, were overpaid a total of 5.1m as a result of incorrect National Insurance calculations. The Forces Pension Society said it is aware of a small number of veterans whose debts were wiped after raising a formal complaint. Ray Lawton, 70, was told in July he owed 8,000 following six years of overpayments. Days later, his monthly military pension was cut from 550 to 365. "I haven't got 8,000 to pay out," said Lawton, who served 16 years in t...

A federal judge in California on Thursday ruled that the Pentagon's effort to blacklist Anthropic earlier this year violated the First Amendment and deprived the artificial intelligence company of its constitutionally protected liberties. U.S. District Judge Rita Lin vacated Anthropic's supply chain risk designation and declared that the Department of Defense's actions violated the due process clause of the Fifth Amendment. Lin directed the DOD to rescind all guidance, directives, communications or instructions that it issued against the company. "The empty invocation of national security is not a blank check to punish and retaliate against government critics," the judge wrote in her ruling in San Francisco federal court. In March, the DOD designated Anthropic a supply chain risk, meaning the company purportedly threatened U.S. national security, after negotiations about how the military could use its Claude AI models spiraled out of control. "We welcome the...

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President Donald Trump on Thursday signed an executive order that he said will "immediately" change the name of Lake Ontario to "Lake America." Trump's attempt to rename the Great Lake, which straddles the U.S. northern border with Canada, came as a recent breakdown in trade talks between Washington and Ottawa has led to new retaliatory tariffs and a rapidly deteriorating relationship. Trump in recent days had repeatedly threatened to take the symbolic step, but it was unclear if he was being serious. Canadian officials have already said they will not recognize the new name. Countries can use different names for the same geographical features. "We're going to be changing the name of Lake Ontario, effective immediately, to Lake America," Trump said in the Oval Office before signing the executive order. A White House official told Trump that the order directs Interior Secretary Doug Burgum and his department to update the Geographic Names Informatio...

Stocks making the biggest moves after hours: GAP, WDAY, ADSK and more Skip Navigation Markets Business Investing Tech Politics & Policy Video Watchlist Investing Club PRO Livestream Menu Check out the companies making headlines in extended trading. Gap Shares of the clothing retailer jumped about 14% after Gap announced Michael Francis will take the helm at Old Navy, starting Nov. 2. He succeeds Haio Barbeito, who has been the CEO since 2022. Adjusted earnings for Gap in the second quarter topped estimates, coming in at 52 cents per share versus the LSEG consensus estimate of 48 cents. Marvell Technology The semiconductor stock was down 6%. Marvell called for current quarter adjusted earnings of $1.10 per share, plus or minus 5 cents, while analysts polled by LSEG anticipated $1.07 per share. The company also sees non-GAAP gross margin for the period in a range of 57.5% to 58.5%, versus the StreetAccount consensus call for 58.5%. Workday The enterprise software stock added almost ...

Nvidia is bolstering support for Chinese artificial intelligence models in a play to beat domestic chipmakers to optimizing hardware for the systems. The move comes amid growing unease among U.S. lawmakers about the adoption of Chinese AI models by American companies. The chip giant on Wednesday highlighted a "local AI initiative with optimizations for top open models," including DeepSeek's V4 Flash and Alibaba's Qwen 3.8, alongside systems developed by Google and Nvidia itself. But an SEC filing linked to the company's second-quarter earnings also warned of business risks from potential White House restrictions on AI developed in China. Chinese AI models have made leaps in capability in 2026 and their increasing adoption by developers across the globe including in the U.S. has intensified a wave of anxiety from lawmakers in Washington. Access to open AI models, the most capable of which are Chinese, has become a key flashpoint in the intensifying race for techno...

Image source, Getty Images By Imran Rahman-Jones Technology reporter Published 7 hours ago Meta's $18bn ( 13.3bn) settlement with nearly every US state is about more than money. As part of the deal, Facebook and Instagram have agreed to bring in several significant measures to protect children online - though Meta has not admitted to any wrongdoing. These include time limits, warnings over screen time and more parental controls over their children's accounts. At the moment, they will just apply to children in the US - but they could have an impact on the rest of the world. And if they ultimately set a precedent, other social media companies may be forced to take up the rules, too. What does this mean for the UK? The UK has its own measures in place to protect children online. The Online Safety Act mainly put restrictions on what content young people can see online. But the UK government has gone further than the US ban already. Earlier this year, it announced an outright soci...

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Here's when bitcoin may hit $500,000 Brian Sozzi Executive Editor Wed, August 26, 2026 at 2:11 AM PDT 3 min read BTC-USD With the returning rally in the price of bitcoin ( BTC-USD ), comes the return of big calls on bitcoin by the Wall Street bulls. Bernstein analyst Gautum Chhugani thinks bitcoin will notch several important price milestones over the next few years. "In our base case, we expect bitcoin to reach new all-time high of $150K by mid-2027 and $300K by 2029 end. However, given the macro regime shift, if institutional capital actively chases bitcoin, we could see an accelerated timeline, with bitcoin potentially peaking at $500K in 2029 and rapid recovery to new all-time highs of ~$200K by mid-2027. We maintain our bitcoin price forecast of ~$1 M million by 2033 end across the base and bull case," Chhugani said in a note on Wednesday. Bitcoin is having a price gusher to close out August. The price of bitcoin broke through $80,000 early Tuesday for the first tim...

Stocks making the biggest moves midday: NVDA, OKTA, HRL, VEEV Skip Navigation Markets Business Investing Tech Politics & Policy Video Watchlist Investing Club PRO Livestream Menu Check out some of the companies making the biggest moves midday: Nvidia The leading artificial intelligence and infrastructure company surged 9% after second-quarter revenue and earnings beat expectations . Nvidia said Wednesday that revenue in the latest quarter more than doubled. Nvidia earned $2.22 per share after adjustments on $96.22 billion in revenue against analyst consensus estimates of $2.10 per share and $92.17 billion in revenue, according to LSEG. The company expects revenue to rise to $108 billion in the third quarter, higher than expected. Veeva Systems The cloud company with a focus on life sciences jumped 16%. Veeva second-quarter revenue and earnings topped analysts' estimates, as did upbeat guidance for the current quarter and full year. The company anticipates adjusted earnings of ...

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Stocks making the biggest moves premarket: NVDA, HP, CRM, DG, P Skip Navigation Markets Business Investing Tech Politics & Policy Video Watchlist Investing Club PRO Livestream Menu Check out the companies making the biggest moves premarket: Nvidia Shares for the artificial intelligence and infrastructure company rose over 7% in premarket trading after beating expectations on both lines in the second quarter and reporting that revenue more than doubled on Wednesday. Nvidia earned $2.22 per share after adjustments and $96.22 billion in revenue against analyst consensus estimates of $2.10 per share and $92.17 billion in revenue, according to LSEG. The company expects revenue to rise to $108 billion in the third quarter, also higher than expected. Dollar General The discount retailer jumped 12% after raising its full-year earnings guidance. The company now sees profit between $7.80 and $8 per share, up from a previous range of $7.20 to $7.45 per share. Dollar General also said it ...

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The Prime Minister of U.S.-ally Qatar is in Iran for talks on Thursday as part of efforts to "de-escalate tensions" between Tehran and Washington. Qatar, which has served as a back channel between the warring countries, announced Mohammed bin Abdulrahman Al Thani would visit Tehran to "discuss ways to de-escalate tensions and create the conditions conducive to dialogue." It came after the UK Maritime Trade Operations agency said that another oil tanker was struck by an unidentified projectile in the Strait of Hormuz early on Thursday, the latest in a string of sporadic attacks that have kept ships away from the vital energy corridor. A spokesperson for Bin Abdulrahman Al Thani said in a post on X that the Qatari Prime Minister is due to "meet with a number of Iranian officials" during his visit. "The discussions will also address freedom of navigation in the Strait of Hormuz & the need for it to return to the status quo prior to February 28,...