Chevron will spend more than $7 billion over the next five years to double its oil production in Venezuela to around 600,000 barrels per day. The company received new areas to develop in the Orinoco Belt and expects to benefit from improved contract terms and existing infrastructure.
Key Facts
Chevron plans to invest over $7 billion in Venezuela’s oil projects to increase production to 600,000 barrels per day.
The company was assigned additional land in the Orinoco Belt, expanding its Petroindependencia joint venture.
Venezuela has the world’s largest oil reserves but oil output has dropped from over 3 million barrels per day to about 1.25 million.
Chevron’s costs are expected to be less than $20 per barrel, aided by existing infrastructure like roads and pipelines.
Other companies like ENI, KEO Capital, and Primavera are also preparing to sign energy contracts in Venezuela.
The expansion supports U.S. efforts under President Donald Trump to increase Venezuela’s oil output and investment.
Venezuela’s oil output is expected to reach 2 million barrels per day by the end of this decade, according to the U.S. Energy Secretary.
Chevron has operated in Venezuela continuously since 1923, with three joint ventures in the country.
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Uber has cut 3,300 jobs, about 10% of its staff, the largest reduction since the COVID-19 pandemic started. The company says this restructuring will help it work faster and focus more on its drivers, delivery workers, and business partners while preparing for self-driving car technology.
Key Facts
Uber laid off 3,300 employees, or 10% of its workforce.
CEO Dara Khosrowshahi said the cuts aim to simplify management and make decisions faster.
The number of "micro-teams" with very few employees will be cut by half.
Uber is pushing for most employees to return to the office, allowing only about 1% to work remotely.
In recent months, Uber also cut 10% of its customer service jobs due to AI adoption.
Uber plans to invest $10 billion to grow its robotaxi (self-driving taxi) business.
Revenue grew 18% from 2024 to 2025, reaching $52 billion, with a 12% increase in the second quarter of 2026.
Despite revenue growth, Uber's stock has fallen 8% this year but rose slightly after the layoff announcement.
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Uber is cutting more than 3,000 jobs worldwide, reducing its workforce by about 10% to levels seen in 2021. The company aims to simplify its organization, speed up decision-making, and focus spending on core businesses like ride-hailing, delivery, and autonomous vehicles.
Key Facts
Uber will reduce its global workforce by over 3,000 employees, around 10% of total staff.
The job cuts will affect both managers and non-managers.
Uber plans to combine many small teams into larger groups to improve efficiency.
The company wants to simplify its structure and speed up decisions.
Uber is focusing on areas like autonomous vehicle partnerships, ride-hailing, delivery, and robotaxis.
The workforce will be about 30,000 people after the cuts, similar to 2021 numbers.
Almost all employees are now required to work in person at designated offices, with only about 1% allowed to work remotely.
The layoffs could save Uber up to $2 billion annually.
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A $150,000 home equity loan in September 2026 has monthly payments of about $1,831 for 10 years or $1,446 for 15 years at an 8.14% interest rate. Interest rates on these loans are lower than personal loans or credit cards, but borrowers should be aware that their home is used as collateral and the loan carries the risk of foreclosure if payments are missed.
Key Facts
The average interest rate for home equity loans is 8.14% as of September 2, 2026.
For a $150,000 loan, monthly payments are approximately $1,831 for a 10-year loan and $1,446 for a 15-year loan.
Payments are slightly lower now than in the previous year and after Federal Reserve rate cuts in 2025.
Home equity loans have fixed interest rates, which helps borrowers plan their monthly budgets.
Borrowing with home equity involves using the home as security, risking foreclosure if payments are not made.
The Federal Reserve may raise interest rates soon, which could increase loan costs.
Homeowners are advised to compare offers from different lenders before choosing a home equity loan.
Home equity loans generally have lower interest rates than personal loans and credit cards.
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A $100,000 annuity can provide retirees with a steady monthly income, but the exact amount depends on factors like the retiree’s age and the type of annuity chosen. Generally, older retirees receive higher monthly payments because insurers expect to pay for fewer years.
Key Facts
A $100,000 single-life immediate annuity pays more monthly income as the buyer’s age increases.
For example, at age 60, a man might get about $530 per month, and at age 80, about $1,150.
Women receive slightly less than men at the same age because they tend to live longer.
Joint-life annuities for couples pay less monthly, around $536 for a 65-year-old couple, because payments continue until both pass away.
Some annuities add guarantees, like payments for a minimum number of years, which can affect monthly amounts.
Annuities provide a guaranteed income stream and can be part of overall retirement income alongside Social Security and savings.
Choosing the right annuity depends on individual needs, including considerations like spouse protection and payment guarantees.
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Norbert J. Michel says that problems in the American economy come from government spending and interference. He argues that the free-market system is not to blame for these economic difficulties.
Key Facts
American economic struggles are significant today.
Some people blame free-market capitalism for these problems.
Norbert J. Michel disagrees with this view.
He says government spending affects the economy negatively.
Government intervention also harms economic performance.
The article focuses on the causes of economic challenges in the U.S.
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A federal judge decided that Google does not need to break up its advertising technology business. The judge denied the U.S. Department of Justice’s request to force Google to sell part of its ad exchange business after a previous ruling said Google had an illegal monopoly.
Key Facts
A federal judge named Leonie Brinkema made the ruling on Wednesday.
The judge rejected the DOJ’s request to break up Google’s ad tech business.
The DOJ had accused Google of having an illegal monopoly in advertising technology.
The specific business involved is Google’s AdX exchange.
The judge ruled despite earlier findings that Google controlled the ad tech market unfairly.
The decision means Google can keep its advertising technology intact for now.
The case is part of a larger government effort to regulate big tech companies.
The ruling focuses on competition laws in the advertising technology industry.
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The U.S. Mint released a new $1 coin featuring President Donald Trump as part of the country's 250th anniversary celebration. The coin is legal money but is sold as a collectible at prices higher than its $1 face value.
Key Facts
The coin shows President Donald Trump's portrait on one side.
It is part of the U.S. semiquincentennial (250th anniversary) celebrations.
The coin is legal tender but sold mostly to collectors, not for spending.
The U.S. Mint website had high traffic and put visitors on a waiting list with about a 20-minute delay.
Prices for the coins are $61 for a roll of 25 coins or $154.50 for a bag of 100 coins.
The coin has a gold-colored finish but is made from non-precious metals.
Collectors pay more than face value because of production costs and collectible demand.
The coins come in special packaging aimed at coin collectors (numismatists).
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Uber drivers from several European countries have started a large legal case against Uber. They say Uber’s AI system sets their pay and jobs unfairly and breaks data protection laws by using their personal information without clear rules.
Key Facts
Drivers in the UK, Netherlands, and other countries joined the legal claim against Uber.
The lawsuit is filed at Amsterdam’s district court, where Uber’s European headquarters is located.
The case challenges Uber’s AI algorithm that decides pay rates and who gets which ride jobs.
Drivers say the algorithm offers different pay to different drivers for the same job and lowers fares based on what it thinks drivers will accept.
The claim argues Uber breaks Europe’s data protection law (GDPR) by using driver data without proper consent.
The Dutch data protection authority fined Uber €825 million for related automated account deactivations. Uber plans to appeal.
Drivers say the AI system has lowered their annual earnings by about £5,000 since 2023 in the UK.
Uber’s CEO has described the system as targeting different trips to drivers based on preferences or behavior.
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An Axios reporter named Erica Pandey says that food prices around the world are expected to rise soon. She explained this prediction during an interview on CBS News 24/7 Mornings using recent data.
Key Facts
Erica Pandey is an Axios reporter covering food inflation.
She predicts a rise in global food prices soon.
The prediction is based on current data trends.
Pandey discussed her views on CBS News 24/7 Mornings.
Food inflation means the cost of food is going up.
The report focuses on worldwide food price increases.
The interview was featured on the CBS News app and website.
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When a debt collector freezes your bank account, pending transactions like debit card payments, automatic withdrawals, and checks may still go through, be rejected, or get reversed depending on their processing stage. You can protect some types of income, and there are steps to dispute the freeze or manage your payments while resolving the debt.
Key Facts
A bank levy lets debt collectors take money directly from your bank account to cover unpaid debts.
When the account is frozen, pending transactions may settle, be returned, or rejected based on timing and available funds.
Debit card purchases already authorized might still complete, but final charges could differ, causing payment denial if funds are low.
Automatic withdrawals and checks not fully processed when the freeze happens may be returned, triggering fees or service problems.
Some incoming deposits, like Social Security or veterans’ benefits, usually have federal protection and may not be frozen.
You should get the garnishment notice and check the creditor and amount; you may be able to claim exemptions to protect funds.
Disputes can be filed to release protected or excess frozen money, with the final decision made by a judge.
It is important to contact billers and possibly pause autopay while addressing the underlying debt or seeking debt relief help.
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Australia’s economy is growing more slowly, with real GDP rising 0.4% in the June quarter and 2.1% over the year, down from earlier growth rates. People are spending less on overseas travel and more on electric vehicles, while most economic growth is due to population increase rather than higher productivity.
Key Facts
Australia’s economy grew by 0.4% in the June quarter and 2.1% over the last year, showing slower but steady growth.
The economy has not collapsed despite global events like the conflict between the US, Israel, and Iran.
Household incomes increased slightly after inflation, by 0.6% in the quarter, but growth slowed when adjusted for population.
Fewer Australians traveled overseas in the northern summer, partly due to high airfares caused by expensive jet fuel.
Spending on electric and hybrid vehicles rose sharply, with vehicle purchases up 10%, supported by government subsidies.
Without increased EV spending, household consumption would be too weak, showing people are feeling cost-of-living pressure.
Household savings rates stayed steady at about 6.5%, meaning people are still saving as well as spending.
Economic growth per person shrank slightly, indicating that growth relies mostly on population growth, not improved productivity.
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The Dutch central bank moved a large part of its gold reserves from North America to London to be better prepared for possible future crises. The bank now holds more gold in London because it can be traded more easily there in emergencies.
Key Facts
The Dutch central bank shifted 86 metric tons of gold from New York and Ottawa to London between March and August.
Before the move, New York held 31.3% and Ottawa 19.7% of Dutch gold reserves; now both hold 18.5% each.
The bank owns a total of 612.4 metric tons of gold worth about 72.2 billion euros ($83.6 billion) as of the end of 2025.
Around 27 metric tons of gold were physically moved from the U.S. and Canada to a vault in Zeist, Netherlands.
A similar amount was moved from Zeist to London, while the rest was relocated through selling gold in New York and buying it in London.
The bank said gold stored in London is easier to trade internationally and can be accessed faster during a crisis.
Gold in New York and Ottawa is less readily available for immediate use in emergency situations.
The move was made as part of the bank’s "crisis preparedness" amid global political uncertainty.
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CBS Mornings Deals offers special discounts on various products aimed at improving daily life. Customers can visit the website cbsdeals.com to find these deals and make purchases.
Key Facts
CBS Mornings Deals shares exclusive discounts on different products.
These products are designed to help improve everyday lifestyle.
Discounts are available on the website cbsdeals.com.
Purchases made through the site help CBS earn commissions.
The segment encourages viewers to take advantage of the offers today.
The deals are promoted during CBS Mornings news programming.
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Chinese electric vehicle (EV) maker Geely Auto Group, through its luxury brand Zeekr, is preparing to sell cars in North America soon, starting with Canada. This move follows a new trade deal that lowers Canadian tariffs on Chinese EVs, allowing them to compete with U.S. brands like Tesla and GM mainly by offering lower prices.
Key Facts
Geely Auto Group is one of China’s largest EV companies, producing its luxury brand Zeekr in a highly automated factory in Ningbo, China.
The factory uses artificial intelligence and is 99% automated, with humans mainly monitoring the process.
Zhao Chunlin, Zeekr’s Vice President of manufacturing, stated that Chinese EVs have become high quality due to strong customer demand in China’s large market.
Zeekr claims that even Tesla cars made in China are of better quality than those made in the U.S.
A trade deal between Canada and China signed in January 2024 reduces Canadian tariffs on Chinese EVs from 100% to 6%.
As a result, Canada will allow the import and sale of 49,000 Chinese EVs in the first year under this deal.
Chinese EVs have grown quickly in markets like Australia and Europe, gaining significant market shares by offering lower prices.
The U.S. has not allowed Chinese EVs due to concerns about security and protecting U.S. automakers but might see future collaborations instead of direct competition.
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Personalized pricing means setting different prices for each customer based on their needs or situation. This can help both sellers and buyers by making deals that fit what customers can afford.
Key Facts
Personalized pricing adjusts prices for individual customers.
It can make buying easier for people who need lower prices.
Sellers can still make money by charging more to those willing to pay.
This approach can increase sales by matching prices to customers.
It requires knowing customer information to set the right price.
Personalized pricing is used in many areas like online shopping and services.
It aims to create fair deals that benefit both sides.
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Wage garnishment means a part of your paycheck can be taken to pay off debts after a court order. Federal and state laws limit how much can be taken, and you may be able to ask the court to reduce or stop the garnishment if it makes it hard to pay for basic needs.
Key Facts
Wage garnishment happens when a court orders part of your paycheck to be used to pay a debt.
Federal law limits garnishment to 25% of disposable earnings or the amount over 30 times the federal minimum wage, whichever is less.
Some states have stricter garnishment limits that offer more protection.
Garnishment limits differ for debts like child support and taxes.
You may request a court to reduce or stop garnishment by showing financial hardship and providing proof of income and expenses.
Acting quickly after receiving garnishment papers is important to protect your rights.
Debt relief options, like debt management plans or debt settlement, may help manage overall debt and ease financial strain.
Working with a consumer attorney can help you understand how the law works in your state and what options you have.
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An expert suggests that travelers should book their holiday flights early, even though the holiday season is still several months away. Booking now could help avoid higher prices and limited seat availability closer to the holidays.
Key Facts
Holiday travel is still months away, but booking flights early is recommended.
Flight prices often rise as the holiday season approaches.
Booking early can secure better prices and more seat choices.
Airlines may reduce available seats as the holidays get closer.
Planning ahead can reduce travel stress during busy times.
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Putting $200,000 into a high-yield savings account could earn about $8,000 in interest over one year, based on current interest rates around 4%. Unlike certificates of deposit (CDs), these savings accounts let you keep access to your money while benefiting from changing rates.
Key Facts
High-yield savings accounts currently offer interest rates between 3.95% and 4.10%.
A $200,000 deposit could earn approximately $7,900 to $8,200 in interest over one year if rates stay the same.
These accounts have variable interest rates that can go up or down, unlike fixed-rate CDs.
CDs offer rates up to 4.50% but require locking funds until maturity, limiting access.
High-yield savings accounts give savers flexibility to withdraw or move money anytime.
The Federal Reserve may raise interest rates soon, which could increase savings account returns.
Savers should compare rates from different banks before choosing an account.
Using online marketplaces can help people easily find and compare high-yield savings options.
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