Headlines

U.S. control of Venezuela's oil exports has ensnared barrels that had been servicing debt to China, lining up another potential showdown between the two superpowers that could further complicate the South American country's path out of default, Reuters reported. Around a tenth ​of Venezuela's $150 billion foreign debt pile is estimated to be loans from China that the OPEC member was paying in oil cargoes — until the U.S. seized Venezuelan President Nicolas Maduro earlier this ‌month. Debt experts said the ramifications of China's claim on the cargoes and any clash with the U.S.

The U.S. is in talks with Chevron Corp., other crude producers and the world’s biggest oilfield service providers about a plan to quickly revive output in Venezuela at a fraction of the estimated $100 billion cost for a complete rebuilding, Bloomberg News reported. Oilfield contractors such as SLB Ltd., Baker Hughes Co. and Halliburton Co. would focus their initial efforts on repairing or replacing damaged or outdated equipment and refreshing older drilling sites, according to senior administration officials who asked not to be identified discussing internal plans.

Germany's net borrowing in 2025 came in well below the level set out in its budget plan, helped by lower-than-expected spending and higher-than-expected revenues, the finance ministry said on Friday, Reuters reported. This was the nation's first annual budget since sweeping reforms to loosen fiscal rules were passed in March last year, securing record investments to revive the economy while committing to an increase in defence spending.

Gravaa, the company behind an innovative on-board tire inflator, has declared bankruptcy, citing low sales during the current challenging market conditions for the bicycle industry, PinkBike reported. The Dutch company's product utilized a hub-based pump that can inflate or deflate the tires repeatedly via a tube connecting the pump to the valve.

A council has approved a decision to write off more than £100,000 of "unrecoverable" debt, BBC.com reported. Members of South Holland District Council's cabinet heard at a meeting on Tuesday there was a total of £114,957.44 uncollectable debt, made up of both council tax and business rates. Councillor Paul Regdate, the portfolio holder for finance, said there was "no realistic prospect of recovery" and the council had "exhausted" enforcement options. The councillor said over half of the debt related to insolvency cases.

President Donald Trump threatened Canada with 100% tariffs against all its exports to the US if it makes a trade deal with China, escalating tensions between the U.S. and its northern neighbor, Bloomberg News reported. Trump, referring to Prime Minister Mark Carney as “Governor Carney,” said the Canadian leader was “sorely mistaken” for opening up his country to more business from China, including a recent deal allowing an increase in Chinese electric vehicle exports.

The ​Canadian dollar extended its weekly gain against the U.S. dollar on Friday as ‌the greenback posted broad-based declines and domestic data showed that retail sales rose in November, Reuters reported. The loonie was trading 0.5% higher at 1.3715 per U.S. dollar, or 72.91 U.S. cents, after touching its strongest intraday level since January 2 at 1.3705. For the week, the currency was ‌up 1.5%, its biggest weekly gain since May. Investor angst in the currency ​markets this week over intensifying geopolitical tensions has largely been borne by the U.S. dollar.

Russia’s defense institute NIISSU is in severe financial distress even as it continues work on “Sword,” a sophisticated command-and-control system for China’s People’s Liberation Army, United24 Media reported. NIISSU is one of the key enterprises in Russia’s military-industrial complex, specializing in automated command-and-control systems. Its developments are used in several countries allied with Russia. The institute’s most well-known project is the so-called “Sword,” which drew widespread attention after a major leak of internal documents online last year.

The value of the U.S. Treasuries held by Dutch pension fund ABP, Europe's ​largest, dropped steeply from the end of 2024 to September ‌last year, another sign that major European investors have grown more cautious around holding U.S. assets, Reuters reported. The market value of ABP's U.S. Treasury holdings dropped to nearly 19 billion euros ($22 billion) last September from 29 billion euros in December ‌2024, according to statements outlining its investments. That covers the ​second quarter of 2025, when U.S. President Donald Trump's sweeping "Liberation Day" tariffs hit U.S. assets.

Singapore will pour in more than S$1 billion ($786 million) to fund public artificial intelligence research over the next five years, accelerating a bid to bolster a homegrown AI industry in a field dominated by US and Chinese players, Bloomberg News reported. The government is betting the investment will help strengthen its position as an AI research hub, Digital Development and Information Minister Josephine Teo said in a speech at an industry event in the city-state Saturday.