Economy updates

Chevron said it has obtained additional acreage in Venezuela and will double its output at the country's oil fields. The US oil company is the only American firm with major operations there, and the expansion arrives amid Venezuela's political and economic turmoil.

Uber announced the elimination of approximately 3,300 positions, or 10 percent of its global workforce, as part of organizational changes designed to simplify management structures and reduce administrative layers. CEO Dara Khosrowshahi said the company's rapid growth over five years has created unnecessary complexity, and the cuts will help redirect resources toward innovation and autonomous vehicle development.

A federal judge in Virginia rejected the Department of Justice's demand that Google sell its advertising exchange. Judge Leonie Brinkema accepted behavioral remedies instead, finding a forced sale would be technically difficult and harmful to customers. Google faced the lawsuit after the DOJ and multiple states challenged its advertising technology market power in 2023.

Treasury Secretary Scott Bessent identified airlines, the maritime sector and digital assets as possible sanctions targets as the Trump administration moves to squeeze Iran's economy. He cautioned all nations against supporting Tehran, calling such backing the main obstacle to resolving the conflict.

Chevron said it will invest more than $7 billion over five years to expand its operations in Venezuela, with output projected to reach around 600,000 barrels per day, roughly double current levels. The company has received additional acreage in the Orinoco Belt, where it already operates joint ventures. The expansion follows a White House deal to develop Venezuela's oil reserves.

Chevron said it will expand its operations in Venezuela with a $7 billion investment over the next five years, more than doubling production in the country. The expansion follows the Trump administration's move for a Pentagon-backed plan to develop Venezuela's oil reserves.

Renewed hostilities between the U.S. and Iran sent oil prices climbing on Wednesday, bolstering the dollar as investors fled to safer assets. Expectations for a Federal Reserve rate increase reached 67 per cent amid the escalation.

Oil futures climbed nearly 1 percent on Wednesday as the United States and Iran exchanged strikes overnight, the most serious escalation between the two countries in weeks. Brent crude rose to $95.52 a barrel and U.S. West Texas Intermediate to $91.02 as concerns over supply disruption through the Strait of Hormuz intensified.

Venezuela's government-dominated National Assembly approved a multibillion-dollar oil agreement granting the United States control of roughly one-fifth of the country's reserves. US officials argued the agreement serves American interests while limiting Russian and Chinese reach in the region, with Energy Secretary Chris Wright set to arrive in Venezuela for a signing scheduled for Wednesday.

The Trump administration urged G20 countries on Tuesday to protect their industries from Chinese imports, arguing the trade distortions were harming global growth. The push came as a global bond market sell-off deepened, with Japan's 10-year yield reaching 3 per cent for the first time in three decades, amid worries over debt levels and inflation.

On Tuesday the central bank's Monetary Committee reduced its benchmark rate by 0.25 percentage points to 3.25%, continuing a pattern of cuts over the past year. The move reflects annual inflation of 1.5% in July, which falls short of the central bank's target band, alongside a strengthening shekel against major world currencies.

The fast-fashion retailer listed on the Hong Kong stock exchange on Tuesday, concluding years of unsuccessful attempts to list in New York and London. The stock fell on its first day of trading.

Two supertankers carrying Saudi oil were hit by unknown projectiles within minutes of each other while transiting outbound through the Strait of Hormuz late on Monday. Each vessel had loaded 2 million barrels of Saudi crude at the Juaymah terminal the previous week. Shipping intelligence firms characterized the near-simultaneous attacks as marking a new level of risk in the Omani corridor.

The state has become the first major hub for such facilities to pause new grid hookups while examining their legitimacy. Across the Midwest, Mid-Atlantic and South, data centers and other massive electricity consumers have filed requests totaling more than 700 gigawatts—a figure regulators suspect masks phantom demand from companies lacking the resources to build.

Eurozone inflation rose to 3.3% in August from 2.9% in July, according to Eurostat's preliminary estimate. Energy prices surged 14.3% year-on-year, up from 10.3% in July, as geopolitical tensions in the Middle East pushed up fossil fuel costs. The European Central Bank's executive committee will meet on September 10 to decide on interest rates amid the price surge.

The Vietnamese automaker has suspended production plans for three electric vehicles in India, instructing suppliers to stop work while reviewing expenses. The move comes roughly one year after VinFast established its first manufacturing facility outside Vietnam in southern India, where it committed to a $2 billion investment.

Inflation in the eurozone climbed to 3.3 percent in August from 2.9 percent the previous month, driven primarily by energy prices. An ECB policymaker said the bank must brace for a prolonged Middle East conflict that could keep inflation elevated in the currency bloc.

Venezuela's interim president has granted a newly formed U.S. company exclusive rights spanning a century to exploit more than 17 oil fields. The deal pairs this company with North American Blue Energy Partners, which is controlled by Venezuelan businessman Alejandro Betancourt.

Shein's stock fell as much as 10% in its first day of trading on the Hong Kong Stock Exchange, opening at 48.56 Hong Kong dollars before sliding to 43.72 Hong Kong dollars. The fast-fashion retailer's valuation has dropped 73% since 2022 amid rising tariffs, regulatory pressure and competition in key markets.

The Chinese fast-fashion retailer Shein dropped more than 9% in its opening hours after listing on the Hong Kong Stock Exchange on Tuesday. The company's valuation has been divided by four since 2022.

The European Union is suspending imports of Brazilian meat starting September 3. Brazil was removed in May from an EU list of countries complying with rules on antibiotic use in livestock, which the European Commission suspects it is not respecting.