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8/29: CBS Weekend News
Icelanders vote 'no' to talks aimed at joining the EU in close referendum
The vote against the EU led by 52.8 percent with nearly all votes counted, according to RÚV, Iceland's broadcaster.
(Image credit: Marco Di Marco)
Inside Jenin, where life is hard for displaced Palestinians - and the pain keeps getting worse
‘I’ve £80k in the account, here’s my pin’: turning the tables on the scammers
Plagued by bank impersonation scams, one Guardian Money reader got even by stringing the fraudsters along … for hours
“A couple of Sundays ago at just past 11am my mobile rang. An automated message purported to be from Barclays Bank, querying a payment to Argos for more than £1,000. Not only had I not made a payment to Argos recently, nor do I bank with Barclays.
I am plagued with these kinds of calls. Usually, when possible, I make it clear to the scammers that I know their game. Usually, that call ends there and then.
Continue reading...Southern California city deploys drone to track down lost pets
Last weekend of August brings storms across Utah, beyond
Trump claims new deal with Venezuela will help lower elevated gas prices as midterms approach
School district faces tens of thousands of dollars in extra fuel costs as diesel price soars
Nepal's foreign minister calls for global climate change crackdown as flooding death toll rises
California grape growers drowning in unsold product as wine demand falls
I was told I was unworthy to be a mother, then they stole my baby
Addisu Gobena smashes Sydney Marathon record as Jepchirchir wins fourth women’s major
Ethiopian former javelin thrower claims men’s race in 2hr 4min 42sec
Kenyan adds harbourside crown to Boston, New York and London titles
Ethiopia’s Addisu Gobena surged to a record-breaking victory in the men’s race at the Sydney Marathon, while Kenya’s Peres Jepchirchir claimed the women’s crown on Sunday.
In perfect conditions, Gobena won the hotly contested men’s race in two hours four minutes and 42 seconds – more than a minute and a half quicker than the previous record on the hilly harbourside course which attracted 40,000 competitors from around the world.
Continue reading...Families balance hope and despair in race to find survivors in Nepal as 41 Australians still missing
The walls of a teaching hospital are filled with pictures of unidentified victims as authorities collect DNA samples and plan burials before morgues fill up
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Some of them are young, some old; most of them appear to be men. Some of them could be sleeping, except for the mud that covers their bodies. Some, it seems, would be impossible to recognise even if you knew them well.
Every few hours Nepalese authorities hang pictures of the deceased, who have not been identified, on a wall at the back of a teaching hospital in Kathmandu.
Continue reading...Trump Promises His Venezuela Oil Deal Will Lower Gas Prices. But When?
President Donald Trump announced Friday that the United States has entered a “historic” deal with Venezuela, saying that it gives the U.S. majority control over more than 65 billion barrels of oil reserves. Calling it the “BIGGEST OIL DEAL IN WORLD HISTORY” in a post on Truth Social, he said that the agreement would “substantially lower Gas Prices for all Americans.”
The Trump Administration has long expressed an interest in Venezuela, which boasts the world’s largest proven crude-oil reserves as of 2023—approximately 303 billion barrels, according to the U.S. Energy Information Administration (EIA).
But the President did not outline how soon, exactly, Americans can expect to feel relief at the pumps. TIME has reached out to the White House for comment on the expected timeline.
Read More: What’s Happening With the U.S. and Venezuela, Explained
The answer is especially relevant amid the ongoing war with Iran. One of the linchpins of the conflict is a Tehran-imposed blockade on the Strait of Hormuz, through which one-fifth of the world’s oil had previously passed. The move has been consequential for the global economy. In the United States, the national average cost for a gallon of gas is $4.08 as of Saturday, according to the AAA, as compared to $3.20 one year ago.
Secretary of State Marco Rubio called the deal a “huge win” for America in a social media post on Friday, saying that it means “lowering gas prices here at home.”
Any eventual decline in gas prices could provide relief at a time when Americans are already contending with persistent inflation, which was the focus of remarks made by Federal Reserve Chair Kevin Warsh at the Jackson Hole Economic Policy Symposium in Wyoming on Friday.
However, it could be a while before the impact of the new deal with Venezuela is directly felt.
What we know about Trump’s Venezuela oil deal
Much of what is known about the deal comes from a statement released on Telegram by acting Venezuelan President Delcy Rodríguez late Friday.
“It provides for the development of 17 strategic fields, with a proven potential of 65 billion barrels of oil, more than $100 billion in investment and more than $209 billion in tax revenue for the state,” the statement 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 stability in international markets.”
Despite its vast oil reserves, the country only produced about 1.1 million barrels per day in July, according to a secondary-source estimate from the Organization of the Petroleum Exporting Countries.
The EIA has attributed Venezuela’s long-term production decline largely to “government mismanagement, international sanctions, and the country’s economic crisis,” which contributed to “a lack of investment and maintenance in the energy sector and a deteriorating infrastructure.” The agency found that Venezuela’s total energy production declined by an average of 8.2% annually between 2011 and 2021.
“The U.S. deal with Venezuela is very important strategically,” says Claudio Galimberti, the chief economist at Rystad Energy. “The new wave of investments that is about to come to Venezuela as a result of this deal will be crucial to turn around the country's aging oil infrastructure. Venezuela will be able to increase its production at a faster rate and unlock barrels that would otherwise have stayed underground.”
The agreement envisions private operators playing a central role in that effort. Rodríguez’s post explained that the agreement allows Venezuela to increase its oil production “through the participation of private operators,” without further elaboration.
A State Department official tells TIME that Rodríguez has granted a private company, which is “a joint project of the U.S. government and an experienced private operator in Venezuela,” 100-year rights to develop the fields, adding: “This new entity will be the second largest corporate holder of proven reserves after Saudi Aramco.”
The deal would give the U.S. 55% of the new company’s effective output, “split between equity ownership and guaranteed at-cost off-take,” the official says.
Although they declined to comment on the expected timeline for these steps, the official adds: "As the company scales production, the resulting stable supply of at-cost oil in our Hemisphere will go toward filling the U.S. strategic petroleum reserve and fulfilling the supply needs of our Great U.S. Military.”
Other key factors also remain unknown—including how the deal will be financed and whether it includes any target dates for achieving various outcomes.
Why gas prices won’t lower immediately
One of the main reasons that Americans are unlikely to see immediate relief from high gas prices is that the deal is linked to 17 oil fields in Venezuela, not access to 65 billion barrels of already-produced crude oil.
While those fields contain proven reserves, Venezuela does not have the infrastructure in place currently to produce the oil at a rate that would significantly and rapidly affect the wallets of everyday Americans.
Such concerns arose after former Venezuelan President Nicolás Maduro was ousted by the United States in January, when oil executives and analysts assessed the viability of developing the country’s reserves.
Speaking at the White House on Jan. 9, ExxonMobil Chairman and CEO Darren Woods called it “uninvestable,” given his assessment of the “legal and commercial constructs—frameworks—in place today in Venezuela.”
“There's an opportunity in Venezuela with all the resources there,” he said. “We don't have that challenge of finding; we have the challenge of developing those resources.”
Patrick De Haan, the head of petroleum analysis for GasBuddy/PDI, provides a similar assessment. He tells TIME, “While the hope of lower gas prices sounds promising, it still will take billions of investment to get that oil.”
In her statement, Rodríguez said the initiative is expected to “facilitate a significant flow of investment aimed at the recovery and reconstruction of strategic infrastructure for the development of our hydrocarbons industry.”
But it remains unclear where that investment will come from, including whether the private operator will provide the financing and how the project will proceed “at no cost to the American Taxpayer,” as Trump said.
De Haan also questioned whether the agreement’s unusual structure could discourage investment. “How can the U.S. lay claim to a sovereign country’s natural resources?” he says, adding that even with approval from Venezuela’s acting president, a 100-year contract could face legal challenges or prove difficult to enforce.
“That may slow down oil companies from wanting to invest in Venezuela,” he explains.
And financing is only one hurdle; the physical work required also shapes the timeline.
“Drilling and pumping that oil will take a very long time. Changes to fuel prices won’t happen overnight or even in months,” De Haan says, adding that global refining capacity is currently constrained, further limiting the speed at which additional crude supply could affect the market.
Galimberti says that consumers should expect a long road between the initial investment and the ultimate production and distribution of oil.
“You will need to factor in several quarters and, in quite a few cases, years,” he says. “Therefore, it is a deal whose benefits will be seen mostly in the medium-long term.”
“To lower gasoline and diesel prices in the short term, the most effective way by far is by increasing the flows from the Middle East,” Galimberti says. He points to recent successes in bypassing the Strait of Hormuz, including pipelines and ports being developed across the Gulf.
Even without potential legal hurdles from within Venezuela, executing on the promise of the reserves could take years, which means that Americans may be in for a wait before they see the impact at gas stations across the U.S.
Six ways parents could make the return to school a little easier
Mount Fuji pics, life-changing ramen and a weak yen - why young Brits are going to Japan
Exclusive: Roger Federer Talks Induction Into Tennis Hall of Fame
Inside Trump’s Plan to Give the Pentagon a Stake in Venezuela’s Oil Riches
One Nation claims victory in Secret Harbour byelection in Western Australia
One Nation candidate Luke Herdegen secures 57% of the vote after preferences as Barnaby Joyce says ‘politics has changed’
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Barnaby Joyce has declared “politics has changed” after One Nation claimed victory in the Secret Harbour state byelection in Western Australia.
The One Nation MP celebrated the win on Sunday and said the results showed his party could convert high polling into on-the-ground votes.
Continue reading...Fire in California’s Big Sur region doubles in size overnight, forcing evacuations
Plaskett fire has swept through more than 5,900 acres in Monterey county and remains un-contained, says Cal Fire
A fire in California’s Big Sur region doubled in size overnight, forcing the evacuation of nearby residents, in a coastal region where firefighters have battled another blaze for weeks.
The Plaskett fire, which sparked on Tuesday, had swept through more than 5,900 acres (2,400 hectares) in Monterey county as of Friday, and remained un-contained, according to Cal Fire. Its cause is under investigation.
Continue reading...Landlady to 9/11 hijackers reveals their links to alleged Saudi spy
Canada installs large Lake Ontario sign in latest jab at US
British heavyweight Moses Itauma stretchered out after shock defeat in gruelling world title fight
British heavyweight Moses Itauma stretchered out after shock defeat in gruelling world title fight
One officer dead, one injured in a shooting at South Carolina park, police say
Fire in California’s Big Sur region doubles in size overnight, forcing evacuations
Plaskett fire has swept through more than 5,900 acres in Monterey county and remains un-contained, says Cal Fire
A fire in California’s Big Sur region doubled in size overnight, forcing the evacuation of nearby residents, in a coastal region where firefighters have battled another blaze for weeks.
The Plaskett fire, which sparked on Tuesday, had swept through more than 5,900 acres (2,400 hectares) in Monterey county as of Friday, and remained un-contained, according to Cal Fire. Its cause is under investigation.
Continue reading...Filip Hrgovic stuns Britain’s Moses Itauma to claim IBF world heavyweight title
21-year-old Itauma stopped after ninth-round rally
34-year-old Hrgovic is first Croat to win such a title
Moses Itauma’s hopes of becoming the second-youngest world heavyweight champion in history lay in ruins after the extraordinarily tough and resilient Filip Hrgovic stopped him in the ninth round of their IBF title fight. Yet, until the latter stages of round eight, the sheer speed and dextrous power of the Briton had dominated the contest, with the Croat being dropped in the second and caught again and again by jolting combinations.
The fight changed course when Itauma’s stamina suddenly dipped and he began to weave in woozy fatigue as Hrgovic fought back with granite-like determination. Itauma could not withstand the dark storm rolling over him in the ninth and he sank back against the ropes as Hrgovic opened up with renewed conviction. Just as the referee stepped in to stop the fight, Ben Davison, Itauma’s trainer, also sent a white towel sailing sadly over the listing ropes to save his man from a knockout.
Continue reading...A MAGA Uproar Ensued After a Bill Was Given a Nick Shirley Nickname
Trump’s Venezuelan Oil Deal Relies on a Powerful and Divisive Partner
Novak Djokovic feels ‘as best as I can be’ before tilt at 25th grand slam title in New York
Serb hopes to take advantage of wide-open men’s draw
Elena Rybakina has eyes on No 1 world ranking
Novak Djokovic said he was as prepared as he could be for the US Open as he attempts to take advantage of the wide-open men’s draw and battle for a potential 25th grand slam title.
Djokovic arrived in New York having competed only once after his semi-final run at Wimbledon, losing in his opening match of the Cincinnati Open to Thiago Agustín Tirante while struggling with the humidity. However, he now sees the silver lining in that defeat, which he believes gave him the time to make sure he was in optimal shape for the US Open. “I don’t like early losses anywhere, to be honest, but it gave me time to be prepared for US Open in a most adequate way,” he said. “I had almost a few weeks, actually two weeks, to really train and get my body and mind into the right state, prepared for what’s coming up.
Continue reading...'Healey eyes banks and oil tax' and 'X Factor comeback'
They fell in love - then had to check they weren't brother and sister
‘Inept, incompetent, craven’: Scott Bessent struggles to clean up the president’s mess
There’s little optimism about treasury secretary’s ability to handle Trump’s tariffs, Iran sanctions and colossal US debt
History remembers Gen Dwight Eisenhower, the supreme commander of the allied forces in Europe during the second world war, for his role in the D-day invasion of Normandy. Whether Scott Bessent will achieve similar posterity as the face of the “economic D-day” in Iran remains to be seen.
The US treasury secretary, already trying to manage a $40tn national debt pile, this week took charge of Donald Trump’s effort to reverse-engineer his war of choice. Whereas the US would typically take on an adversary with diplomacy, sanctions and military force, in that order, the US president started with a six-month bombing campaign and now hopes that economic isolation can finish the job.
Continue reading...Sarah Ferguson to return to UK after relocating amid Epstein revelations
Former Duchess of York moved to Swiss chalet during fallout over her friendship with convicted child sex offender
Sarah Ferguson will return to the UK after relocating to a Swiss chalet amid the fallout over the friendship between her and her ex-husband, Andrew Mountbatten-Windsor, and the convicted child sex offender Jeffrey Epstein, according to reports.
The pair were stripped of their royal titles in October over the scandal of their relationship with Epstein. According to the Sun, the former Duchess of York, 66, is renting a six-bedroom gated property in the home counties.
Continue reading...I've been to Gamescom six times - here's what excited me this year
‘We owe it to history’ to defeat One Nation, PM tells Labor faithful – as it happened
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Joyce explains One Nation’s migration policy with sheep and cattle
Barnaby Joyce has used sheep and cattle to illustrate his claim that One Nation wants to cut net overseas migration to 130,000 people without counting short-stay visas.
No it’s not. … Short-term visa stay and things such as the Palm scheme, and Pauline’s quite right, are not counted in the net overseas migration number, overwhelmingly – small portion are – because they don’t stay for 12 months. They stay generally for a period of nine.
So it’s like saying to someone, how many sheep have you got. You go, ‘well, I’ve got, you know, 5000.’ Oh, yes, and how many cattle have you got? ‘Oh, well, I’ve got 2000.’ Oh, so you’ve got 7000 all up. So, no, no. Two different things.
Continue reading...Itauma punches himself out against Hrgovic in world-title fight
British boxer Moses Itauma stretchered off after shock defeat in world title fight
Four baby goats at mobile petting zoo in North Carolina test positive for rabies
NASA administrator explains how Roman Telescope will change understanding of the universe
El-Sayed apologizes for comments responding to attack on Michigan synagogue
Cameron beats Mayer to become unified light-middleweight champion
One Nation claims victory in Secret Harbour byelection in Western Australia
One Nation candidate Luke Herdegen secures 57% of the vote after preferences as Barnaby Joyce says ‘politics has changed’
Get our breaking news email, free app or daily news podcast
Barnaby Joyce has declared “politics has changed” after One Nation claimed victory in the Secret Harbour state byelection in Western Australia.
The One Nation MP celebrated the win on Sunday and said the results showed his party could convert high polling into on-the-ground votes.
Continue reading...'Supporters aren't always wrong' - Moyes on Everton fans' anger
Missouri college football player dies after medical emergency during season opener
Man dies after train hits van on level crossing
Palestinian woman and NBC News team reportedly attacked in West Bank
Matt Bradley and crew assaulted while interviewing woman who said settlers had driven family out of home
A Palestinian woman and an NBC News team are reported to have been attacked and injured by masked Israeli settlers in the Israeli-occupied West Bank on Saturday, amid worsening confrontations in the area.
Benjamin Netanyahu said he condemned the violence committed “by a handful of rioters”.
Continue reading...Israeli Settlers Attack Palestinians, Drawing Sharp Rebukes
Palestinian woman and NBC News team reportedly attacked in West Bank
Matt Bradley and crew assaulted while interviewing woman who said settlers had driven family out of home
A Palestinian woman and an NBC News team are reported to have been attacked and injured by masked Israeli settlers in the Israeli-occupied West Bank on Saturday, amid worsening confrontations in the area.
Benjamin Netanyahu said he condemned the violence committed “by a handful of rioters”.
Continue reading...