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Europe
BBC Business

Trump hails 'historic' deal for US to control 65bn barrels of Venezuela's oil

Image source, AFP via Getty ImagesBySareen HabeshianPublished29 August 2026, 00:54 BSTUpdated 1 hour agoThe US has reached a deal with Venezuela to control more than 65 billion barrels of its proven oil reserves, President Donald Trump announced. 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 Venezuelan people, this deal will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela's economy," Rubio said on social media. In his own post, Trump said Rubio and Defence Secretary Pete Hegseth had reached the agreement with Venezuela's leadership "through a partnership with private business". He did not elaborate on the partnership or describe possible commitments and terms for the US in the deal, but he claimed the agreement was reached "at no cost to the American Taxpayer". Venezuela's interim president said in a statement that the agreement would have "a significant impact on our nation's revival". The deal calls for the development of 17 strategic oil fields with a proven potential of 65 billion barrels, as well as "an investment of more than $100 billion, and more than $209 billion in taxes for the State", Rodriguez said. "These investments will contribute not only to the recovery and modernization of our industry, but also to our country's economic growth, the energy security of our hemisphere, and greater balance in international markets," she said. Under the deal the US government will retain 55% control of a joint venture with an "experienced private operator in Venezuela", a US official told the BBC's media partner CBS News. Rodriguez gave the venture a 100-year concession to operate in the oil fields, according to the official.

Trump hails 'historic' deal for US to control 65bn barrels of Venezuela's oil
North America
CNBC Finance

Imax says it's open to a sale. Why is no one buying?

In December, Imax CEO Rich Gelfond opened the door to a sale. Almost nine months later, the company's stock has hit an all-time high, its box office is breaking records and the stage is set to carry its momentum through the end of 2026. Imax held preliminary talks with potential buyers earlier this year, but as of May hadn't fielded any official pitches, CNBC reported at the time. Imax hasn't hired new bankers and doesn't have a formalized pitch book, according to a person familiar with the company, who spoke on the condition of anonymity to discuss confidential matters. But it's a busy time for dealmaking in the media space. Paramount Skydance is in the midst of a contested merger with Warner Bros. Discovery worth $110 billion, Fox agreed to acquire Roku in a deal worth $22 billion, and Comcast continues its corporate restructuring with the upcoming spinoff of NBCUniversal, which many in the industry say will give both resulting companies more flexibility to do deals. With a nearly $3 billion market cap, Imax is a relatively inexpensive asset in the entertainment landscape. And it's been on a hot streak in the wake of the pandemic as moviegoers have traded up for higher-priced premium large format cinema experiences. The company's momentum has been further fueled by strong box office sales from films like Universal and Christopher Nolan's "The Odyssey." Over the weekend, global Imax ticket sales for the film surpassed $400 million, the first film to exceed the benchmark in the company's history. This haul represents nearly 30% of total global sales for "The Odyssey" — despite the fact that Imax screens represent less than 1% of movie screens worldwide. And then there's the strong pre-sales for the December release of Warner Bros. and Denis Villeneuve's "Dune: Part Three," which has already sold out specialized screenings into January. Wall Street analysts foresee Imax setting a new global box office record in 2026, hot off the heels of the record $1.28 billion the company posted last year. Imax's 2025 ticket sales were more than 40% higher than 2024 and 13% higher than its previous record, set in 2019. "The brand value of Imax has never been higher," Eric Handler, managing director and senior research analyst at Roth, told CNBC. "They have done a really good job of situating themselves right in the center of the eco-structure for Hollywood. So, it's been a masterful, long-time-coming situation." Contributing to the momentum is Imax's premium ticket prices, which, despite being higher than for other screenings, have not deterred audiences. So far in 2026, the average adult Imax ticket cost $20.57 in the U.S., according to data from EntTelligence. That's more than 60% higher than the average standard ticket, at $12.75 each, and nearly 18% higher than rival premium large format offerings, which average around $17.46 apiece. The company's slate of "filmed for Imax" content is also accelerating and expected to grow materially through 2028. It's diversifying beyond the Hollywood landscape with partnerships in China, Japan and South Korea to screen local-language content. The company is also actively expanding. Around 160 to 175 Imax systems are expected to be installed in 2026, with contracts to build hundreds more already in place, the company told CNBC last year.

Imax says it's open to a sale. Why is no one buying?
Asia
The Hindu BusinessLine

El Nino effect leaves over 1,15,000 in Sri Lanka facing drinking water shortage

Over 1,15,000 people in Sri Lanka are facing drinking water shortages as an emerging El Nino condition, coupled with high temperatures and scant rainfall, intensified dry weather across parts of the island, officials said on Tuesday. Meteorology Department Director General Ajith Wijemanna said an El Nino condition was developing and could be contributing to the prevailing weather pattern. El Nino, a periodic warming of the central and eastern tropical Pacific Ocean, can alter temperature patterns across the region. Its development is being closely monitored for its possible impact on Sri Lanka as the dry spell continues. The island nation, surrounded by the Indian Ocean, is likely to feel the effect more intensely, experts opine. According to the Disaster Management Centre (DMC), 1,15,586 people have been affected by the El Nino weather pattern across seven of Sri Lanka's 25 administrative districts. The severe heat and lack of rainfall have affected many areas, creating serious challenges for the availability of water, it said in a press release. Pragith Danansuriya, a DMC official, said 1,15,534 people are currently affected by the shortage of drinking water. In the north-central Anuradhapura district, the water level in Eruwewa reservoir, which has a capacity of about 3,500 acre-feet, has fallen to around 1,000 acre-feet, irrigation officials said. Water levels have also declined in areas, including Matale in the central region and Nandikadal in the northeast, officials said. The prolonged dry conditions are also affecting aquatic life and wildlife. Thousands of small fish have been found dead in the Mullaithivu lagoon in the northeast, with officials attributing the deaths to the mixing of seawater and freshwater. Natural water sources are drying up in several areas, forcing wild animals to move in search of alternative sources of water. The drought has also affected agriculture, with crops including paddy, coconut, banana and guava facing damage due to lack of water.

El Nino effect leaves over 1,15,000 in Sri Lanka facing drinking water shortage
North America
CNBC Finance

How Taylor Farms became integral to America's food supply system

The cyclospora outbreak that has sickened thousands of people across the U.S. has brought fresh scrutiny of the integral role Taylor Farms and other massive suppliers play in the country's food supply. The company, which the Food and Drug Administration has linked to the parasite's spread, is one of the world's largest producers of fresh-cut vegetables and salads, supplying some of the biggest grocery chains and restaurant companies in the U.S. Its products are sold at retailers including Walmart, Kroger, Whole Foods and Target, and its restaurant customers include McDonald's, Taco Bell and Chipotle. Taylor Farms says 40% of salad kits sold at grocery stores come from the company, giving it a massive role in supplying a convenient and cheap vegetable option for many shoppers. The company, founded in 1995, has grown through a combination of scale and acquisitions, building an operation that spans much of the food supply chain. Taylor Farms works with hundreds of family farms for its produce and handles processing, packaging and distribution itself. That reach has made the company an increasingly important link between farms and some of America's biggest food companies, and heightens the risk of food safety problems spreading. Taylor Farms' scale has put the company under a brighter spotlight as the FDA investigates the cyclospora outbreak that the agency has linked to iceberg lettuce processed at Taylor Farms' facility in central Mexico, some of which was served at Taco Bell restaurants. Taylor Farms declined CNBC's invitation for an interview but sent comments defending the steps it has taken to respond to the outbreak and keep its produce safe. "We are confident in our food and food safety systems and will continue to be transparent as more information becomes available," a spokesperson for Taylor Fresh Foods, the corporate name for Taylor Farms, told CNBC. Taylor Farms said in an August post on its website that it spends more than $200 million a year on food safety. The company added in a statement to CNBC that safety is its "biggest area of funding by several orders of magnitude." Taylor Farms has also voluntarily suspended iceberg lettuce sourcing and production from central Mexico and commissioned independent experts to conduct a review of food safety practices at its facility there. The FDA has not reported a positive product sample for cyclospora, because it can take weeks for symptoms to show and lettuce has a short shelf life, so it is difficult to test the right crop. The breadth of the outbreak, which has led Walmart to recall bagged salads and Taco Bell to pull lettuce at some restaurants, underscores how integral Taylor Farms has made itself to the U.S. food system, and why broader industry consolidation risks worsening foodborne illness outbreaks. Taylor Farms generated roughly $7.3 billion in sales last year, according to PitchBook. The company handles much of the processing and distribution of the produce it sources, including washing, chopping, packaging, labeling, shipping and refrigeration. Taylor Farms and other suppliers like it have succeeded in part by making themselves indispensable to big restaurants. Chains rely on their ability to offer a consistent supply on a huge scale, said Stephen Zagor, a restaurant consultant and adjunct associate professor at Columbia Business School.

How Taylor Farms became integral to America's food supply system
Asia
The Hindu BusinessLine

Charity Commissioner of Maharashtra to hear Mehli Mistry-Tata Trusts dispute on October 15

The Charity Commissioner of Maharashtra (CCM) will hear Tata Trusts’ response on complaints filed by former trustee Mehli Mistry on October 15. The matter was listed for hearing on Tuesday and has now been deferred to next month as the Sir Ratan Tata Trust ( SRTT) sought more time citing the exit of board member Vijay Singh. Mistry stepped down as a trustee in three trusts last October after board members voted against his reappointment. Subsequently, Tata Trusts filed a change report with the CCM notifying the regulator about the end of Mistry’s term. Mistry has raised issues of governance and alleged misconduct by trustees in his objection to the change reports filed by SRTT, Sir Dorabji Tata Trust and Bai Hirabai Jamsetji Tata Navsari Charitable Institution. On Tuesday, lawyers representing SRTT informed the CCM that the trust needs to substitute Singh, whose term in the trust ended last month. Singh had signed the change report, which has been objected to by Mistry. Matters related to two other trusts were also adjourned to October 15. Interestingly, SRTT itself faces a CCM restriction and is barred from conducting meetings. The CCM is probing alleged violations of the Maharashtra Public Trusts Act by the trust. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Charity Commissioner of Maharashtra to hear Mehli Mistry-Tata Trusts dispute on October 15
Asia
The Hindu BusinessLine

HCLTech launches ₹185 cr advanced semiconductor lab in Bengaluru

HCL Technologies (HCLTech) on Tuesday announced the launch of an advanced semiconductor lab in Bengaluru, entailing an investment of ₹185 crore. The move comes as India seeks to establish itself as a global hub for semiconductor manufacturing and chip design, underpinned by the ₹1.27 lakh crore Semicon 2.0 programme. The government, last month, notified Semicon 2.0, outlining eligibility and incentives across the full stack of the semiconductor value chain. A recent string of high-profile investment commitments from domestic conglomerates and global players, spanning wafer fabrication and advanced packaging and chip design, has further underscored growing confidence in India's semiconductor ambitions. In a release on Tuesday, HCLTech said the new facility is a significant milestone in the company's commitment to advancing semiconductor innovation and accelerating time-to-market for global clients and positions it strongly in offering integrated semiconductor testing capabilities. "With two decades of semiconductor expertise, HCLTech’s new 40,000 sq ft advanced semiconductor lab, featuring 25,000 sq ft of Class 10K and 1K cleanrooms, delivers end-to-end post-silicon engineering, advanced testing and failure analysis," the release said. The facility is equipped with tools from Teradyne, Advantest, Keysight, Tektronix and Thermo Fisher Scientific Inc supporting research and development, pre-production and production qualification, enabling faster turnaround, superior quality and reduced complexity for global customers, the company further informed. The lab provides a unified platform for electrical validation, automated testing, qualification and failure analysis, streamlining the journey from design specifications to finished semiconductor parts, it added. By closing critical gaps in India’s semiconductor landscape, the lab enables HCLTech to deliver faster, more comprehensive solutions, giving customers access to cutting-edge facilities and skilled teams, ultimately driving greater innovation and efficiency for clients and the industry as a whole, it said. "This facility reflects our deep commitment to investing in high-end engineering capabilities. We are excited to contribute to the country’s vision of becoming a global hub for advanced technology,” Hari Sadarahalli, Corporate Vice President and Global Head, Engineering and R&D Services at HCLTech, said. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

HCLTech launches ₹185 cr advanced semiconductor lab in Bengaluru
Asia
The Hindu BusinessLine

Notebook makers urge govt to impose MIP; getting hurt from ASEAN imports

The All India Notebook Manufacturers Association has requested the Commerce Ministry to impose a minimum import price (MIP) on notebooks to protect the domestic industry from a surge in imports from ASEAN countries. In a communication to the Commerce Ministry, the association said the product attracts nil customs duty under the India-ASEAN free trade agreement that came into force in January 2010. The 10 member states of ASEAN are Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei, Vietnam, Laos, Myanmar, and Cambodia. "An MIP on imported notebooks would prevent foreign suppliers from leveraging the zero per cent BCD (basic customs duty) and zero per cent IGST corridor to weaken Indian MSMEs," it said. It added that without immediate intervention, the domestic players "face inevitable destruction." The domestic market, it said, is flooded by predatory, low-cost imports of finished notebooks from the ASEAN region, predominantly Indonesia, which take advantage of a completely tax-free import corridor created by the intersection of free trade agreements and domestic tax exemptions. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Notebook makers urge govt to impose MIP; getting hurt from ASEAN imports
Europe
The Guardian

US trade regulator and 22 states accuse Amazon of taking $20bn with secret surcharges

‘Amazon has millions of advertising customers who were misled into paying significantly higher prices,’ the FTC chair says. Photograph: Charles-McClintock Wilson/NurPhoto/ShutterstockView image in fullscreen‘Amazon has millions of advertising customers who were misled into paying significantly higher prices,’ the FTC chair says. Photograph: Charles-McClintock Wilson/NurPhoto/ShutterstockAmazonUS trade regulator and 22 states accuse Amazon of taking $20bn with secret surcharges FTC alleges in lawsuit that online retailer ‘secretly and systematically overcharged’ advertisers for years The US’s main trade regulator and 22 states sued Amazon on Monday, alleging the online retailer “secretly and systematically overcharged” advertisers on Amazon.com. The Federal Trade Commission (FTC) said these practices led to higher costs for customers on items like groceries and other essential goods that are sold on Amazon. “Amazon has millions of advertising customers who were misled into paying significantly higher prices. These higher costs were largely passed on to American consumers,” said Andrew Ferguson, the FTC chair. The agency accused the company of taking in more than $20bn from “hidden surcharges”, in what it deems an “ad-rigging scheme”. Amazon’s advertising business has grown significantly in recent years, becoming the third-largest online advertising marketplace after Google and Meta. The FTC says Amazon generates more than $68bn in ad revenue on its website. The lawsuit alleges that 1.2 million advertising customers were overcharged since 2019, including more than 500,000 small- and medium-sized businesses. An Amazon spokesperson pointed the Guardian to a blog post the company published in response to the legal action, which calls the legal action a “misguided lawsuit”. The government’s case hinges on Amazon’s advertising auction system, called “second-price auctions”, that lets the winning bidder pay only slightly more than the second-highest bid. Regulators allege that with this system, Amazon could secretly raise the second-highest bids with a higher “shill” bid of its own. “We believe Amazon manipulated its ad auctions to inflate what sellers had to pay, adding billions of dollars in costs that ultimately get passed on to customers with higher prices,” said Jeff Jackson, the attorney general for North Carolina, one of the states involved in the suit. The suit alleges Amazon tested how much it could increase the amount it charges without advertisers flinching. Internal documents show one manager allegedly describing the company’s pricing strategy as “hoping that advertisers don’t notice and decrease bids or ad spend”. Amazon denied these allegations and said the company gives “customers the lowest prices every day across the widest selection of products”. “After reviewing approximately 1.5 million pages spanning six years, the FTC leans on a handful of simplified communications to allege a companywide effort to deceive,” Amazon wrote in its blog post. “That is patently false.”

US trade regulator and 22 states accuse Amazon of taking $20bn with secret surcharges
Europe
BBC Business

Kushner states regret over World Cup sell-off plan

Venture capitalist Joshua Kushner, who was set to be the lead investor in Fifa president Gianni Infantino's scrapped plan to sell off stakes in the World Cup, says he now regrets joining the proposal. In his first public comments since the now-shelved Fifa Forward Enterprise (FFE) scheme sparked a major crisis for the governing body, Kushner said: "Had we known what this would devolve into, we would not have gotten involved". The brother of US President Donald Trump's son-in-law, Kushner added he had "failed to appreciate the political dynamics of global football". However, he also defended the proposal, saying, "we stand behind the motivations of FFE", and that its intention "was to direct more capital and equity equally" among Fifa's 211 member associations. Thrive Eternal, a firm founded by Kushner, had held talks with Infantino about heading up a $4.2bn (£3.1bn) investment in 20% of a new Fifa commercial subsidiary, before the idea was abandoned days after it was revealed in July amid a huge backlash. Kushner's comments come just days after Uefa asked a court in New York to approve subpoenas for testimony and documents from both the American billionaire and Thrive as it considers lodging a criminal complaint against Infantino in Switzerland. European football's governing body Uefa has led the rebellion against the Fifa president, who is facing calls to stand down. In a statement, Kushner said: "Money in football has historically been concentrated amongst a small group of countries. "The idea behind FFE was to direct more capital and equity equally amongst all 211 member countries, providing significantly more investment to underdeveloped nations to nurture local talent, support grassroots football, enhance the fan experience, and ultimately grow the global game everywhere. "It was an idea that every member association would vote on, not an obligation or determination. "While we stand behind the motivations of FFE, we failed to appreciate the political dynamics of global football, and the lengths some would go to. Thrive has a long track record of being a partner to all constituents. Had we known what this would devolve into, we would not have gotten involved." In late July, shortly before scrapping the plan, Fifa said, "Thrive Eternal...is expected to lead the proposed investor group for FFE", claiming it would have seen the funding distributed to each national association for the 2027-2030 cycle increase from £5.9m to £14.7m.

Kushner states regret over World Cup sell-off plan