Venezuela Opens Oil Sector to Foreign Investment Amid US Pressure
Venezuela's acting president signed into law a bill designed to open the country's oil sector to foreign investment, a move that comes after sustained pressure from the United States, according to The Guardian. The legislation aims to give private companies greater control over oil operations within Venezuela. However, experts remain uncertain whether the changes go far enough to satisfy US demands.
The move follows the easing of some US sanctions on Venezuela's oil industry. According to The Guardian, Donald Trump stated that US oil companies were already conducting site assessments in Venezuela for potential operations.
Meanwhile, in other international news, Mexican President Claudia Sheinbaum warned that potential tariffs imposed by the US on countries supplying oil to Cuba could trigger a humanitarian crisis on the island. Sheinbaum stated that Cuba currently has enough oil to last only 15 to 20 days, and 12-hour blackouts have become commonplace, The Guardian reported. The US president signed an executive order on Thursday, declaring a national emergency and laying the groundwork for tariffs, increasing pressure on the Cuban government.
In other news, UK Prime Minister Sir Keir Starmer's recent visit to China signals a potential reset in economic relations between the two countries after a period of diplomatic tension. According to the BBC, both leaders are facing economic pressures and are seeking new opportunities for trade and investment. Starmer's visit, the first by a UK prime minister since Theresa May in 2018, aimed to highlight the strength of British firms in sectors such as finance, pharmaceuticals, healthcare, clean energy, and car manufacturing. President Xi Jinping aimed to demonstrate China's reliability as a partner for trade and investment.
In the United States, former Fed governor Kevin Warsh has been picked by Donald Trump to lead the US Federal Reserve when current chairman Jerome Powell's four-year term ends in May, according to BBC Business. Warsh, a former Fed governor and outspoken critic of the Fed, is expected to support lower interest rates in the near term. The appointment comes amid concerns about the Fed's independence, following Trump's increasing attacks on Powell in recent months.
Back in the UK, the Advertising Standards Authority (ASA) has banned advertisements from cryptocurrency firm Coinbase, stating that they implied crypto could ease people's cost of living concerns. The BBC reported that the ASA upheld complaints against the ads, finding that they "trivialised the risks of cryptocurrency," which is largely unregulated in the UK. Coinbase disagreed with the watchdog's decision.
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